DEFINED BENEFIT PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2020

DEFINED BENEFIT PENSION PLAN

Schedule of anticipated distributions over the next five years

The anticipated distributions over the next five years and through December 31, 2030 are detailed in the table below (dollars in thousands):

2021	$	133
2022		140
2023		144
2024		142
2025		157
2026-2030		901
Total	$	1,617

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):

	2020		2019
Change in benefit obligation:
Benefit obligation, beginning of year	$	3,447	$	2,991
Interest cost		99		117
Actuarial (gain) loss		220		469
Benefits paid		(132)		(130)
Benefit obligation at end of year		3,634		3,447
Change in plan assets:
Fair value of plan assets, beginning of year		2,259		1,987
Actual return on plan assets		29		381
Employer contributions		108		22
Benefits paid		(132)		(131)
Fair value of plan assets at end of year		2,264		2,259
Funded status, included with other liabilities	$	(1,370)	$	(1,188)

Schedule of assumptions in the actuarial valuation

	2020	2019
Weighted average discount rate	2.45%	2.92%
Rate of increase in future compensation levels	N/A	N/A
Expected long-term rate of return on plan assets	2.00%	8.00%

Schedule of asset allocation

	Target	Actual
	Allocation	Allocation
Equity securities	50% to 70%	0%
Fixed income securities	30% to 50%	100%