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PENSION PLAN (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Defined Benefit Plan Activity
Information pertaining to the activity in the Company’s defined benefit plan, using the latest available actuarial valuations with a measurement date of December 31, 2019 and 2018 is as follows:
(Dollars in thousands)20192018
Change in benefit obligation
     Benefit obligation at beginning of year$9,416  $10,058  
     Service cost—  —  
     Interest cost392  352  
     Actuarial loss99  348  
     Assumption changes1,769  (1,127) 
     Curtailment impact—  —  
     Benefits paid(241) (215) 
     Benefit obligation at end of year$11,435  $9,416  
Change in plan assets:
     Fair value of plan assets at beginning of year$5,238  $5,166  
     Actual return on plan assets808  (429) 
     Employer contribution360  716  
     Benefits paid(241) (215) 
     Fair value of plan assets at end of year$6,165  $5,238  
Funded status$(5,270) $(4,179) 
Unrecognized net actuarial loss5,883  4,687  
Unrecognized prior service cost—  —  
Prepaid pension cost recognized$613  $508  
Accumulated benefit obligation$11,435  $9,416  
Weighted Average Assumptions Used
At December 31, 2019, 2018 and 2017, the weighted average assumptions used to determine the benefit obligation are as follows:
201920182017
Discount rate3.24 %4.23 %3.55 %
Rate of compensation increaseN/AN/AN/A  
For the years December 31, 2019, 2018 and 2017, the weighted average assumptions used to determine net periodic pension cost are as follows:
201920182017
Discount rate3.24 %3.55 %4.05 %
Expected long-term rate of return on plan assets6.75 %6.75 %6.75 %
Rate of compensation increaseN/AN/AN/A  
Components of Net Periodic Pension Cost
The components of net periodic pension cost are as follows:

(Dollars in thousands)201920182017
Service cost$—  $—  $—  
Interest cost392  352  360  
Expected return on plan assets(407) (372) (345) 
Amortization of prior service costs—  —  —  
Amortization of net actuarial loss271  306  241  
Net periodic pension cost$256  $286  $256  
Pension Plan Asset Allocations
The Company’s pension plan asset allocations at December 31, 2019 and 2018 are as follows:
12/31/201912/31/2018
Plan Assets
     Cash4 %5 %
     Fixed income23 %24 %
     Alternative investments15 %17 %
     Domestic equities33 %31 %
     Foreign equities24 %23 %
     Real estate investment trusts1 %— %
     Total100 %100 %
Plan Assets at Fair Value by Level
The following table sets forth by level, within the fair value hierarchy, as defined in Note 17, “Fair Value Measurements,” the Pension Plan’s assets at fair value as of December 31, 2019.
(Dollars in thousands)Level ILevel IILevel IIITotal
Assets:
     Cash$247  $—  $—  $247  
     Fixed income1,418  —  —  1,418  
     Alternative investments—  —  925  925  
     Domestic equities2,034  —  —  2,034  
     Foreign equities1,480  —  —  1,480  
     Real estate investment trusts—  —  61  61  
Total assets at fair value$5,179  $—  $986  $6,165  

The following table sets forth by level, within the fair value hierarchy, as defined in Note 17, “Fair Value Measurements,” the Pension Plan’s assets at fair value as of December 31, 2018.
(Dollars in thousands)Level ILevel IILevel IIITotal
Assets:
     Cash$262  $—  $—  $262  
     Fixed income1,257  —  —  1,257  
     Alternative investments—  —  890  890  
     Domestic equities1,624  —  —  1,624  
     Foreign equities1,205  —  —  1,205  
Total assets at fair value$4,348  $—  $890  $5,238  
Estimate of Plan Contributions in Future Years
Below we show the best estimate of the plan contribution for next fiscal year. We also show the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter.

(Dollars in thousands)Cash Flow
Contributions for the period of January 1, 2019 through December 31, 2019$360  
Estimated future benefit payments reflecting expected future service 
2020$323  
2021$331  
2022$386  
2023$429  
2024$450  
2025 through 2028$2,652