PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018
CHANGE IN BENEFIT OBLIGATION:
Net benefit obligation - beginning of period	$	13,668	$	14,620
Interest cost		644		666
Actuarial loss (gain)		410		(630)
Gross benefits paid		(789)		(988)
Net benefit obligation - end of period	$	13,933	$	13,668
CHANGE IN PLAN ASSETS:
Fair value of plan assets - beginning of period	$	10,852	$	12,120
Employer contributions		400		470
Gross benefits paid		(789)		(988)
Return (loss) on plan assets		2,546		(750)
Fair value of plan assets - end of period	$	13,009	$	10,852
Un-funded status at end of period	$	(924)	$	(2,816)

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,
	2019			2018			2017
COMPONENTS OF NET PERIODIC COST:
Interest cost	$	644		$	666		$	697
(Gain) loss on assets		(628)			750			(1,421)
Amortization of loss (gain)		484			(990)			1,241
Net periodic cost	$	500		$	426		$	517
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, 2019 the benefits expected to be paid in the next five fiscal years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands):

Year	Amount
2020	$	867
2021		896
2022		917
2023		931
2024		944
2025-2030		4,929

Schedule of fair values and asset allocation

The fair values and asset allocation of our plan assets as of December 31, 2019 and 2018 and the target allocation for fiscal 2019, 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, 2019				December 31, 2018
					% of Plan				% of Plan
Asset Category	Asset Allocation		Fair Value		Assets		Fair Value (1)		Assets
Cash and equivalents	0% to 10	%	$	835	6	%	$	557	5	%
Equity securities	40% to 57	%		8,019	62	%		6,460	58	%
Fixed income securities	35% to 50	%		4,155	32	%		4,121	37	%
Total			$	13,009	100	%	$	11,138	100	%

(1) The fair value balance at December 31, 2018 includes a $286,000 past due payable which was distributed in the first half of 2019.