PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

OTHER BENEFIT PLANS

Schedule of Changes in Projected Benefit Obligations and Plan Assets

Information as to the Company’s employee benefit plans at December 31, 2019 and 2018 is as follows:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2019		2018		2019		2018
Change in benefit obligation:
Beginning benefit obligation	$	2,118	$	2,862	$	924	$	1,086
Interest cost		87		93		37		34
Actuarial (gain) loss		631		(325)		164		(62)
Benefits paid		(121)		(512)		(134)		(134)
Ending benefit obligation		2,715		2,118		991		924
Change in plan assets (primarily equity and fixed income investments and money market funds), at fair value:
Beginning plan assets		2,151		2,356		885		1,047
Actual return		415		(61)		163		(28)
Employer contribution		27		368		0		0
Benefits paid		(121)		(512)		(134)		(134)
Ending plan assets		2,472		2,151		914		885
Funded status at end of year	$	(243)	$	33	$	(77)	$	(39)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2019		2018		2019		2018
Funded status included in other liabilities	$	(243)	$	33	$	(77)	$	(39)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (loss)

Amounts recognized in accumulated other comprehensive income (loss) consist of:

	Pension Benefits				SERP Benefits
(dollars in thousands)	2019		2018		2019		2018
Net actuarial loss	$	1,464	$	1,242	$	597	$	615

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)	2019		2018		2017		2019		2018		2017
Net pension expense:
Service cost	$	0	$	0	$	0	$	0	$	0	$	0
Interest cost		87		93		104		37		34		40
Expected return on plan assets		(137)		(138)		(143)		(55)		(61)		(63)
Recognized net actuarial loss		132		193		185		73		73		80
Settlement cost		0		224		0		0		0		0
Net pension expense	$	82	$	372	$	146	$	55	$	46	$	57
Net (gain) loss	$	353	$	(296)	$	(36)	$	56	$	27	$	(61)
Amortization of net loss		(132)		(193)		(185)		(73)		(73)		(80)
Total recognized in other comprehensive income (loss)		221		(489)		(221)		(17)		(46)		(141)
Total recognized in net pension expense and other comprehensive income (loss)	$	303	$	(117)	$	(75)	$	38	$	0	$	(84)

Schedule of Assumptions Used in Calculating the Net Benefit Obligation

	Pension Benefits						SERP Benefits
	2019		2018		2017		2019		2018		2017
The following assumptions were used in calculating the net benefit obligation:
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
Lump sum assumed interest rates
First 5 years	2.01	%	3.33	%	2.05	%	N/A		N/A		N/A
Next 15 years	3.06	%	4.39	%	3.61	%	N/A		N/A		N/A
All future years	3.65	%	4.72	%	4.27	%	N/A		N/A		N/A
The following assumptions were used in calculating the net pension expense:
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
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 2019 and 2018, target allocation for 2020, 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	2020		2019		2018		of Return
Equity securities	55-65	%	61	%	59	%	8.85	%
Debt securities	35-45	%	36	%	40	%	3.00	%
Other	5-10	%	3	%	1	%	0.10	%
Total			100	%	100	%	6.50	%

The Company’s SERP plan asset allocation at year-end 2019 and 2018, target allocation for 2020, 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	2020		2019		2018		of Return
Equity securities	55-65	%	65	%	58	%	8.85	%
Debt securities	35-45	%	34	%	40	%	3.00	%
Other	5-10	%	1	%	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, 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	$	0	$	0
Equity securities - US mid cap stock mutual funds		115		115		0		0
Equity securities - US small cap stock mutual funds		119		119		0		0
Equity securities - international stock mutual funds		257		257		0		0
Equity securities - emerging markets stock mutual funds		111		111		0		0
Debt securities - intermediate term bond mutual funds		402		402		0		0
Debt securities - short term bond mutual funds		480		480		0		0
Cash - money market account		74		74		0		0
Total	$	2,470	$	2,470	$	0	$	0

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 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	$	0	$	0
Equity securities - US mid cap stock mutual funds		46		46		0		0
Equity securities - US small cap stock mutual funds		47		47		0		0
Equity securities - emerging markets stock mutual funds		43		43		0		0
Equity securities - international stock mutual funds		100		100		0		0
Debt securities - intermediate term bond mutual funds		156		156		0		0
Debt securities - short term bond mutual funds		155		155		0		0
Cash - money market account		13		13		0		0
Total	$	913	$	913	$	0	$	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

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)
2020	$	259	$	132
2021		220		126
2022		228		120
2023		205		112
2024		202		103
2025-2029		870		364