DEFINED BENEFIT PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of anticipated distributions over the next five years

The anticipated distributions over the next five years and through December 31, 2029 are detailed in the table below (dollars in thousands):


2020	$	131
2021		129
2022		137
2023		143
2024		141
2025-2029		869
Total	$	1,550

Schedule of funded status, amounts recognized in the balance sheets and activity from the date of acquisition

The following table sets forth the plan’s funded status and amounts recognized in the Corporation’s balance sheets and the activity from date of acquisition (dollars in thousands):


	2019		2018
Change in benefit obligation:
Benefit obligation, beginning of year	$	2,991	$	3,332
Interest cost		117		109
Actuarial (gain) loss		469		(316)
Benefits paid		(130)		(134)
Benefit obligation at end of year		3,447		2,991
Change in plan assets:
Fair value of plan assets, beginning of year		1,987		2,191
Actual return on plan assets		381		(134)
Employer contributions		22		64
Benefits paid		(131)		(134)
Fair value of plan assets at end of year		2,259		1,987

Funded status, included with other liabilities	$	(1,188)	$	(1,004)

Schedule of assumptions in the actuarial valuation


	2019	2018
Weighted average discount rate	2.92%	4.02%
Rate of increase in future compensation levels	N/A	N/A
Expected long-term rate of return on plan assets	8.00%	8.00%

Schedule of asset allocation

The intention of the plan sponsor is to invest the plan assets in mutual funds with the following asset allocation, which was in place at both December 31, 2019 and December 31, 2018:


	Target	Actual
	Allocation	Allocation
Equity securities	50% to 70%	60%
Fixed income securities	30% to 50%	40%