PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

PENSION AND OTHER POSTRETIREMENT PLANS

Schedule of Changes in Projected Benefit Obligations and Plan Assets

Information as to the Company’s employee benefit plans at December 31, 2020 and 2019 is as follows:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2020		2019		2020		2019
Change in benefit obligation:
Beginning benefit obligation	$	2,715	$	2,118	$	991	$	924
Interest cost		75		87		27		37
Actuarial (gain) loss		276		631		84		164
Benefits paid		(356)		(121)		(134)		(134)
Ending benefit obligation		2,710		2,715		968		991
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value:
Beginning plan assets		2,472		2,151		914		885
Actual return		233		415		99		163
Employer contribution		—		27		—		—
Benefits paid		(356)		(121)		(134)		(134)
Ending plan assets		2,349		2,472		879		914
Funded status at end of year	$	(361)	$	(243)	$	(89)	$	(77)

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income consist of:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2020		2019		2020		2019
Net actuarial loss	$	1,362	$	1,464	$	553	$	597

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2020		2019		2020		2019
Funded status included in other liabilities	$	(361)	$	(243)	$	(89)	$	(77)

Schedule of Components of Net Periodic Benefit Cost

Net period benefit cost and other amounts recognized in other comprehensive income (loss) include the following:

	Pension Benefits						SERP Benefits
(dollars in thousands)	2020		2019		2018		2020		2019		2018
Net pension expense:
Service cost	$	—	$	—	$	—	$	—	$	—	$	—
Interest cost		75		87		93		27		37		34
Expected return on plan assets		(140)		(137)		(138)		(51)		(55)		(61)
Recognized net actuarial loss		171		132		193		80		73		73
Settlement cost		115		—		224		0		0		0
Net pension expense	$	221	$	82	$	372	$	56	$	55	$	46
Net (gain) loss	$	69	$	353	$	(296)	$	36	$	56	$	27
Amortization of net loss		(171)		(132)		(193)		(80)		(73)		(73)
Total recognized in other comprehensive income (loss)		(102)		221		(489)		(44)		(17)		(46)
Total recognized in net pension expense and other comprehensive income (loss)	$	119	$	303	$	(117)	$	12	$	38	$	—

Schedule of Assumptions Used in Calculating the Net Benefit Obligation

	Pension Benefits						SERP Benefits
	2020		2019		2018		2020		2019		2018
The following assumptions were used in calculating the net benefit obligation:
Weighted average discount rate	2.08	%	2.98	%	4.08	%	2.08	%	2.98	%	4.08	%
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	0.53	%	2.01	%	3.33	%	N/A		N/A		N/A
Next 15 years	2.31	%	3.06	%	4.39	%	N/A		N/A		N/A
All future years	3.09	%	3.65	%	4.72	%	N/A		N/A		N/A
The following assumptions were used in calculating the net pension expense:
Weighted average discount rate	2.98	%	4.08	%	3.46	%	2.98	%	4.08	%	3.46	%
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	%	6.50	%	6.50	%	6.50	%	6.50	%

Schedule of Allocation of Plan Assets

The Company’s pension plan asset allocation at year-end 2020 and 2019, target allocation for 2021, 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	2021		2020		2019		of Return
Equity securities	55-65	%	65	%	61	%	8.85	%
Debt securities	35-45	%	31	%	36	%	3.00	%
Other	5-10	%	4	%	3	%	0.10	%
Total			100	%	100	%	6.50	%

The Company’s SERP plan asset allocation at year-end 2020 and 2019, target allocation for 2021, 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	2021		2020		2019		of Return
Equity securities	55-65	%	64	%	65	%	8.85	%
Debt securities	35-45	%	34	%	34	%	3.00	%
Other	5-10	%	2	%	1	%	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, 2020, 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	$	962	$	962	$	—	$	—
Equity securities - US mid cap stock mutual funds		124		124		—		—
Equity securities - US small cap stock mutual funds		129		129		—		—
Equity securities - international stock mutual funds		202		202		—		—
Equity securities - emerging markets stock mutual funds		105		105		—		—
Debt securities - intermediate term bond mutual funds		526		526		—		—
Debt securities - short term bond mutual funds		205		205		—		—
Cash - money market account		93		93		—		—
Total	$	2,346	$	2,346	$	—	$	—

The fair values of the Company’s pension plan assets at December 31, 2019, 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	$	912	$	912	$	—	$	—
Equity securities - US mid cap stock mutual funds		115		115		—		—
Equity securities - US small cap stock mutual funds		119		119		—		—
Equity securities - international stock mutual funds		257		257		—		—
Equity securities - emerging markets stock mutual funds		111		111		—		—
Debt securities - intermediate term bond mutual funds		402		402		—		—
Debt securities - short term bond mutual funds		480		480		—		—
Cash - money market account		74		74		—		—
Total	$	2,470	$	2,470	$	—	$	—

The fair values of the Company’s SERP assets at December 31, 2020, 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	$	360	$	360	$	0	$	0
Equity securities - US mid cap stock mutual funds		23		23		0		0
Equity securities - US small cap stock mutual funds		72		72		0		0
Equity securities - emerging markets stock mutual funds		37		37		0		0
Equity securities - international stock mutual funds		72		72		0		0
Debt securities - intermediate term bond mutual funds		216		216		0		0
Debt securities - short term bond mutual funds		82		82		0		0
Cash - money market account		16		16		0		0
Total	$	878	$	878	$	0	$	0

The fair values of the Company’s SERP assets at December 31, 2019, 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	$	353	$	353	$	—	$	—
Equity securities - US mid cap stock mutual funds		46		46		—		—
Equity securities - US small cap stock mutual funds		47		47		—		—
Equity securities - emerging markets stock mutual funds		43		43		—		—
Equity securities - international stock mutual funds		100		100		—		—
Debt securities - intermediate term bond mutual funds		156		156		—		—
Debt securities - short term bond mutual funds		155		155		—		—
Cash - money market account		13		13		—		—
Total	$	913	$	913	$	—	$	—

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)
2021	$	212	$	131
2022		205		125
2023		214		117
2024		192		109
2025		196		99
2026-2030		839		329