PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations and Plan Assets

Information as to the Company’s employee benefit plans at December 31, 2018 and 2017 is as follows:

	Pension Benefits		SERP Benefits
(dollars in thousands)	2018	2017	2018	2017
Change in benefit obligation:
Beginning benefit obligation	$2,862	$2,841	$1,086	$1,163
Interest cost	93	104	34	40
Actuarial (gain)/loss	(325)	134	(62)	20
Benefits paid	(512)	(217)	(134)	(137)
Ending benefit obligation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2,118	2,862	924	1,086
Change in plan assets (primarily equity and fixed
income investments and money market funds),
at fair value:
Beginning plan assets	2,356	2,063	1,047	1,000
Actual return	(61)	313	(28)	144
Employer contribution	368	197	0	40
Benefits paid	(512)	(217)	(134)	(137)
Ending plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2,151	2,356	885	1,047
Funded status at end of year	$33	$(506)	$(39)	$(39)

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits		SERP Benefits
(dollars in thousands)	2018	2017	2018	2017
Net actuarial loss	$1,242	$1,731	$615	$661

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:

	Pension Benefits		SERP Benefits
(dollars in thousands)	2018	2017	2018	2017
Funded status included in other liabilities	$33	$(506)	$(39)	$(39)

Components of Net Periodic Benefit Cost

Net pension expense and other amounts recognized in other comprehensive income include the following:

	Pension Benefits			SERP Benefits
(dollars in thousands)	2018	2017	2016	2018	2017	2016
Net pension expense:
Service cost	$0	$0	$0	$0	$0	$0
Interest cost	93	104	105	34	40	45
Expected return on plan assets	(138)	(143)	(139)	(61)	(63)	(70)
Recognized net actuarial loss	193	185	135	73	80	80
Settlement cost	224	0	128	0	0	0
Net pension expense	$372	$146	$229	$46	$57	$55
Net (gain)/loss	$(296)	$(36)	$122	$27	$(61)	$29
Amortization of net loss	(193)	(185)	(135)	(73)	(80)	(80)
Total recognized in other comprehensive
income	(489)	(221)	(13)	(46)	(141)	(51)
Total recognized in net pension expense
and other comprehensive income	$(117)	$(75)	$216	$0	$(84)	$4

Schedule of Assumptions Used in Calculating the Net Benefit Obligation

	Pension Benefits			SERP Benefits
	2018	2017	2016	2018	2017	2016
The following assumptions were used in calculating the net benefit obligation:
Weighted average discount rate	4.08%	3.46%	3.86%	4.08%	3.46%	3.86%
Rate of increase in future compensation	N/A	N/A	N/A	N/A	N/A	N/A
Lump sum assumed interest rates
First 5 years	3.33%	2.05%	1.57%	N/A	N/A	N/A
Next 15 years	4.39%	3.61%	3.45%	N/A	N/A	N/A
All future years	4.72%	4.27%	4.39%	N/A	N/A	N/A
The following assumptions were used in calculating the net pension expense:
Weighted average discount rate	3.46%	3.86%	3.96%	3.46%	3.86%	3.96%
Rate of increase in future compensation	N/A	N/A	N/A	N/A	N/A	N/A
Expected long-term rate of return	6.50%	6.50%	7.00%	6.50%	6.50%	7.00%

Schedule of Allocation of Plan Assets

The Company's pension plan asset allocation at year-end 2018 and 2017, target allocation for 2019, and expected long-term rate of return by asset category are as follows:

		Percentage of Plan		Weighted
	Target	Assets		Average Expected
	Allocation	at Year End		Long-Term Rate
Asset Category	2019	2018	2017	of Return
Equity securities	55-65%	59%	63%	8.69%
Debt securities	35-45%	40%	33%	3.00%
Other	5-10%	1%	4%	0.10%
Total		100%	100%	6.50%

The Company's SERP plan asset allocation at year-end 2018 and 2017, target allocation for 2019, and expected long-term rate of return by asset category are as follows:

		Percentage of Plan		Weighted
	Target	Assets		Average Expected
	Allocation	at Year End		Long-Term Rate
Asset Category	2019	2018	2017	of Return
Equity securities	55-65%	58%	66%	8.69%
Debt securities	35-45%	40%	32%	3.00%
Other	5-10%	2%	2%	0.10%
Total		100%	100%	6.50%

Schedule Of Fair Values Of Pension Plan and Postretirement Plan Assets By Asset Category

The fair values of the Company's pension plan assets at December 31, 2018, by asset category are as follows:

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
Asset Category	Total	(Level 1)	(Level 2 )	(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$784	$784	$0	$0
Equity securities - US mid cap stock mutual funds	107	107	0	0
Equity securities - US small cap stock mutual funds	114	114	0	0
Equity securities - international stock mutual funds	225	225	0	0
Equity securities - emerging markets stock mutual funds	49	49	0	0
Debt securities - intermediate term bond mutual funds	309	309	0	0
Debt securities - short term bond mutual funds	543	543	0	0
Cash - money market account	17	17	0	0
Total	$2,148	$2,148	$0	$0

The fair values of the Company's pension plan assets at December 31, 2017, by asset category are as follows:

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
Asset Category	Total	(Level 1)	(Level 2 )	(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$911	$911	$0	$0
Equity securities - US mid cap stock mutual funds	119	119	0	0
Equity securities - US small cap stock mutual funds	125	125	0	0
Equity securities - international stock mutual funds	240	240	0	0
Equity securities - emerging markets stock mutual funds	95	95	0	0
Debt securities - intermediate term bond mutual funds	344	344	0	0
Debt securities - short term bond mutual funds	387	387	0	0
Debt securities - commercial	50	0	50	0
Cash - money market account	82	82	0	0
Total	$2,353	$2,303	$50	$0

The fair values of the Company's SERP assets at December 31, 2018, by asset category are as follows:

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
Asset Category	Total	(Level 1)	(Level 2 )	(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$322	$322	$0	$0
Equity securities - US mid cap stock mutual funds	43	43	0	0
Equity securities - US small cap stock mutual funds	43	43	0	0
Equity securities - emerging markets stock mutual funds	18	18	0	0
Equity securities - international stock mutual funds	89	89	0	0
Debt securities - intermediate term bond mutual funds	123	123	0	0
Debt securities - short term bond mutual funds	231	231	0	0
Cash - money market account	15	15	0	0
Total	$884	$884	$0	$0

The fair values of the Company's SERP assets at December 31, 2017, by asset category are as follows:

		Quoted Prices
		in Active	Significant	Significant
		Markets for	Observable	Unobservable
		Identical Assets	Inputs	Inputs
Asset Category	Total	(Level 1)	(Level 2 )	(Level 3)
(dollars in thousands)
Equity securities - US large cap common stocks	$422	$422	$0	$0
Equity securities - US mid cap stock mutual funds	58	58	0	0
Equity securities - US small cap stock mutual funds	60	60	0	0
Equity securities - emerging markets stock mutual funds	42	42	0	0
Equity securities - international stock mutual funds	115	115	0	0
Debt securities - intermediate term bond mutual funds	146	146	0	0
Debt securities - short term bond mutual funds	158	158	0	0
Debt securities - commercial	30	0	30	0
Cash - money market account	15	15	0	0
Total	$1,046	$1,016	$30	$0

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid over the next ten years:

	Pension	SERP
Plan Year	Benefits	Benefits
(dollars in thousands)
2019	$223	$133
2020	183	127
2021	195	121
2022	194	114
2023	180	106
2024-2028	829	392