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PENSION PLAN (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 is as follows:
(Dollars in thousands)20202019
Change in benefit obligation
     Benefit obligation at beginning of year$11,435 $9,416 
     Interest cost365 392 
     Actuarial loss(54)99 
     Assumption changes1,255 1,769 
     Benefits paid(286)(241)
     Benefit obligation at end of year$12,715 $11,435 
Change in plan assets:
     Fair value of plan assets at beginning of year$6,165 $5,238 
     Actual return on plan assets511 808 
     Employer contribution706 360 
     Benefits paid(286)(241)
     Fair value of plan assets at end of year$7,096 $6,165 
Funded status$(5,619)$(5,270)
Unrecognized net actuarial loss6,591 5,883 
Prepaid pension cost recognized$972 $613 
Accumulated benefit obligation$12,715 $11,435 
Weighted Average Assumptions Used
At December 31, 2020, 2019 and 2018, the weighted-average assumptions used to determine the benefit obligation are as follows:
202020192018
Discount rate2.50 %3.24 %4.23 %
Rate of compensation increaseN/AN/AN/A
For the years December 31, 2020, 2019 and 2018, the weighted-average assumptions used to determine net periodic pension cost are as follows:
202020192018
Discount rate2.50 %3.24 %3.55 %
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)202020192018
Interest cost$365 $392 $352 
Expected return on plan assets(438)(407)(372)
Amortization of net actuarial loss420 271 306 
Net periodic pension cost$347 $256 $286 
Pension Plan Asset Allocations
The Company’s pension plan asset allocations at December 31, 2020 and 2019 are as follows:
20202019
Plan Assets
     Cash9 %4 %
     Fixed income20 %23 %
     Alternative investments19 %15 %
     Domestic equities27 %33 %
     Foreign equities24 %24 %
     Real estate investment trusts1 %1 %
     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 18 – Fair Value Measurements, the Pension Plan’s assets at fair value as of December 31, 2020.
(Dollars in thousands)Level ILevel IILevel IIITotal
Assets:
     Cash$639 $— $— $639 
     Fixed income1,419 — — 1,419 
     Alternative investments— — 1,348 1,348 
     Domestic equities1,916 — — 1,916 
     Foreign equities1,703 — — 1,703 
     Real estate investment trusts— — 71 71 
Total assets at fair value$5,677 $— $1,419 $7,096 

The following table sets forth by level, within the fair value hierarchy, as defined in Note 18 – 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 
Estimate of Plan Contributions in Future Years
The following table includes the Company's best estimate of the plan contribution for next fiscal year and 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, 2021 through December 31, 2021$199 
Estimated future benefit payments reflecting expected future service 
2021$344 
2022$407 
2023$423 
2024$445 
2025$508 
2026 through 2030$2,652