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PENSION PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Pension Plans  
Schedule of financial information related to pension plan

Presented below is financial information relating to this plan for the periods indicated (dollars in thousands):

​

​

​

​

​

​

​

​

​

Year Ended

​

Year Ended

​

​

December 31, 

​

December 31, 

​

    

2021

    

2020

CHANGE IN BENEFIT OBLIGATION:

 

​

  

 

​

  

Net benefit obligation - beginning of period

​

$

14,224

​

$

$ 13,933

Interest cost

​

 

665

​

 

658

Actuarial loss

​

 

344

​

 

408

Gross benefits paid

​

 

(925)

​

 

(775)

Net benefit obligation - end of period

​

$

14,308

​

$

14,224

​

​

​

​

​

​

​

CHANGE IN PLAN ASSETS:

​

 

  

​

 

  

Fair value of plan assets - beginning of period

​

$

14,568

​

$

13,009

Employer contributions

​

 

400

​

 

400

Gross benefits paid

​

 

(925)

​

 

(775)

Return on plan assets

​

 

1,897

​

 

1,934

Fair value of plan assets - end of period

​

$

15,940

​

$

14,568

​

​

​

​

​

​

​

Over funded status at end of period

​

$

1,632

​

$

344

​

Schedule of pension expense components

The pension expense includes the following components (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended

    

Year Ended

 

Year Ended

​

​

​

December 31, 

​

December 31, 

 

December 31, 

​

​

​

2021

​

2020

 

2019

​

COMPONENTS OF NET PERIODIC COST:

 

​

  

 

​

  

​

​

​

​

Interest cost

​

$

665

​

$

658

​

$

644

​

Gain on assets

​

 

(842)

​

 

(758)

​

 

(628)

​

Amortization of loss

​

 

105

​

 

247

​

 

484

​

Net periodic (benefit) cost

​

$

(72)

​

$

147

​

$

500

​

​

​

​

​

​

​

​

​

​

​

​

WEIGHTED-AVERAGE ASSUMPTION USED:

​

 

  

​

 

  

​

​

​

​

Discount rate

​

 

5.0

%  

 

5.0

%

​

5.0

%

Rate of compensation increase

​

 

0.0

%  

 

0.0

%

​

0.0

%

​

Schedule of expected benefit payments

As of December 31, 2021 the benefits expected to be paid in the next five years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands):

​

​

​

​

​

Year

    

Amount

2022

​

$

925

2023

​

 

974

2024

​

 

1,026

2025

​

 

1,085

2026

​

 

1,152

2027-2031

​

 

4,854

​

Schedule of fair values and asset allocation

The fair values and asset allocation of our plan assets as of December 31, 2021 and 2020 and the target allocation for fiscal 2021, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

​

​

December 31, 2020

 

​

​

​

​

​

​

​

​

% of Plan

​

​

​

​

​

% of Plan

 

Asset Category

​

Asset Allocation

​

​

Fair Value 

​

Assets

​

​

Fair Value (1)

​

Assets

 

Cash and equivalents

    

0% to 10

%  

​

$

928

​

6

%  

​

$

877

​

6

%

Equity securities

 

40% to 57

%  

​

 

9,678

​

61

%  

​

 

9,755

​

67

%

Fixed income securities

 

35% to 50

%  

​

 

5,334

​

33

%  

​

 

3,936

​

27

%

Total

 

  

​

​

$

15,940

 

100

%  

​

$

14,568

 

100

%