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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
EMPLOYEE BENEFIT PLANS  
Schedule of funded status of the Retirement Income Plan

​

​

​

​

​

​

​

​

December 31, 

    

2022

    

2021

(in thousands)

 

​

  

 

​

  

Accumulated benefit obligation at end of year

​

$

3,146

​

$

5,832

​

​

​

​

​

​

​

Change in projected benefit obligation:

​

 

​

​

 

  

Benefit obligation at beginning of year

​

$

5,832

​

$

5,576

Service cost

​

 

—

​

 

—

Interest cost

​

 

133

​

 

147

Actuarial loss

​

 

(1,045)

​

 

347

Benefits paid

​

 

(322)

​

 

(238)

Settlement

​

​

(1,452)

​

​

—

Projected benefit obligation at end of year

​

$

3,146

​

$

5,832

Change in plan assets:

​

 

​

​

 

  

Fair value of plan assets at beginning of year

​

$

6,870

​

$

7,351

Actual return on plan assets

​

 

(1,594)

​

 

(243)

Benefits paid

​

 

(322)

​

 

(238)

Settlements

​

​

(1,452)

​

​

—

Fair value of plan assets at end of year

​

$

3,502

​

$

6,870

Funded status at end of year

​

$

356

​

$

1,038

​

​

​

​

​

​

​

​

December 31, 

    

2022

    

2021

(in thousands)

​

​

​

​

​

​

Amounts recognized in the consolidated balance sheets consist of:

​

​

​

​

​

​

Pension plan assets

​

$

356

​

$

—

Noncurrent other assets

​

 

—

​

 

1,038

​

​

$

356

​

$

1,038

​

​

​

​

​

​

​

​

​

December 31, 

    

2022

    

2021

(in thousands)

 

​

  

 

​

  

Amounts (pre-tax) recognized in accumulated other comprehensive loss consist of:

 

​

  

 

​

  

Net loss

​

$

2,558

​

$

3,303

Prior service cost (credit)

​

 

—

​

 

—

​

​

$

2,558

​

$

3,303

​

Schedule of amounts recorded in the consolidated balance sheet as pension liabilities

​

​

​

​

​

​

​

​

December 31, 

    

2022

    

2021

(in thousands)

 

​

  

 

​

  

SERP liability

​

$

(14,440)

​

$

(15,564)

​

Schedule of net periodic cost (benefit)

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

2022

​

2021

​

2020

Service cost for benefits earned during the period

​

$

—

​

$

—

​

$

—

Interest cost

​

 

133

​

 

147

​

 

230

Expected return on plan assets

​

 

—

​

 

(289)

​

 

(292)

Amortization of net losses

​

 

113

​

 

73

​

 

98

Settlement loss

​

​

1,180

​

​

—

​

​

647

Net periodic cost (benefit)

​

$

1,426

​

$

(69)

​

$

683

​

Schedule of amounts recognized in other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

    

2022

    

2021

    

2020

Net loss (gain)

​

$

549

​

$

879

​

$

(154)

Amortization of net loss

​

 

(113)

​

 

(73)

​

 

(98)

Settlement loss

​

​

(1,180)

​

​

—

​

​

(647)

Amount recognized in accumulated other comprehensive income (loss)

​

$

(744)

​

$

806

​

$

(899)

​

Schedule of weighted average assumptions

​

​

​

​

​

​

​

​

​

December 31, 

    

2022

    

2021

    

2020

 

Projected benefit obligation:

 

  

 

  

 

  

​

Discount rate

 

Note (1)

​

Note (1)

​

2.70

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

Net benefit cost:

 

  

 

  

 

  

 

Discount rate

 

Note (1)

​

2.70

%  

3.70

%  

Expected return on plan assets

 

—

%  

4.00

%  

4.00

%  

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

(1) Projected benefit obligation as of December 31, 2022 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement.

Schedule of allocation of plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of

​

Percentage of

 

​

​

​

​

​

​

​

Plan Assets as of

​

Plan Assets as of

 

​

​

Target Allocation

​

December 31, 

​

December 31, 

 

Asset Category

    

for 2023

    

2022

    

2021

 

Cash and Cash Equivalents

 

0

%

-

5.0

%  

3.7

%  

1.4

%

Fixed Income Securities

 

15.0

%

-

100.0

%  

96.3

 

98.6

​

Total

 

​

​

​

​

​

100.0

%  

100.0

%

Schedule of plan assets using the fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments (in thousands)

    

​

​

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

 

​

(1)

​

$

129

​

$

129

​

$

—

Fixed Income Securities

 

​

(2)

​

 

3,373

​

 

—

​

 

3,373

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

3,502

​

$

129

​

$

3,373

​

Fair Value Hierarchy as of December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments (in thousands)

    

​

​

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

 

​

(1)

​

$

87

​

$

87

​

$

—

Fixed Income Securities

 

​

(2)

​

 

6,783

​

 

—

​

 

6,783

Total Assets in the Fair Value Hierarchy

​

​

​

​

$

6,870

​

$

87

​

$

6,783

​

(1)Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
(2)Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Subsequent to December, 31, 2022, these securities were liquidated to fund the annuity purchase.

​

Schedule of future benefits payable for the Retirement Income Plan over the next ten years

​

​

​

​

​

(in thousands)

    

  

​

2023

​

$

3,171

​

Schedule Of Nonvested Restricted Stock Units Activity

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Grant-Date Fair

​

    

Shares

    

Value

Non-vested shares at January 1, 2022

 

671,370

​

$

14.70

Granted

 

311,703

​

​

11.61

Vested

 

(193,403)

​

​

11.96

Forfeited

 

(25,500)

​

​

14.11

Non-vested shares at December 31, 2022

 

764,170

​

$

14.15

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Grant-Date Fair

​

    

Shares

    

Value

Non-vested shares at January 1, 2021

 

678,220

​

$

12.89

Granted

 

189,750

​

​

16.55

Vested

 

(194,800)

​

​

10.25

Forfeited

 

(1,800)

​

​

11.76

Non-vested shares at December 31, 2021

 

671,370

​

$

14.70

​