PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
CHANGE IN BENEFIT OBLIGATION:
Net benefit obligation - beginning of period	$	14,308	$	$ 14,224
Interest cost		694		665
Actuarial (gain) loss		(888)		344
Gross benefits paid		(846)		(925)
Net benefit obligation - end of period	$	13,268	$	14,308
CHANGE IN PLAN ASSETS:
Fair value of plan assets - beginning of period	$	15,940	$	14,568
Employer contributions		400		400
Gross benefits paid		(846)		(925)
(Loss) return on plan assets		(2,877)		1,897
Fair value of plan assets - end of period	$	12,617	$	15,940
(Under) over funded status at end of period	$	(651)	$	1,632

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,
	2022			2021			2020
COMPONENTS OF NET PERIODIC COST:
Interest cost	$	694		$	665		$	658
Gain on assets		(953)			(842)			(758)
Amortization of loss		—			105			247
Net periodic (benefit) cost	$	(259)		$	(72)		$	147
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, 2022 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
2023	$	1,078
2024		1,069
2025		1,072
2026		1,061
2027		1,061
2028-2032		4,147

Schedule of fair values and asset allocation

The fair values and asset allocation of our plan assets as of December 31, 2022 and 2021 and the target allocation for fiscal 2022, 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, 2022				December 31, 2021
					% of Plan				% of Plan
Asset Category	Asset Allocation		Fair Value		Assets		Fair Value (1)		Assets
Cash and equivalents	0% to 10	%	$	748	6	%	$	928	6	%
Equity securities	40% to 57	%		8,870	61	%		9,678	61	%
Fixed income securities	35% to 50	%		2,999	33	%		5,334	33	%
Total			$	12,617	100	%	$	15,940	100	%