Marine Products (MPX) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 19, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	MARINE PRODUCTS CORP
Entity Central Index Key	0001129155
Trading Symbol	mpx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,125,173
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 18,347	$ 8,745	[1]
Marketable securities	[1]		2,966
Accounts receivable, net of allowance for doubtful accounts of $20 in 2019 and $25 in 2018		9,894	3,872	[1]
Inventories		47,824	46,770	[1]
Income taxes receivable		452	452	[1]
Prepaid expenses and other current assets		1,127	1,795	[1]
Total current assets		77,644	64,600	[1]
Property, plant and equipment, net of accumulated depreciation of $26,702 in 2019 and $26,213 in 2018		15,155	14,552	[1]
Goodwill		3,308	3,308	[1]
Other intangibles, net		465	465	[1]
Marketable securities	[1]		4,699
Deferred income taxes		3,427	3,325	[1]
Other assets		10,795	9,931	[1]
Total assets		110,794	100,880	[1]
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		12,417	4,673	[1]
Accrued expenses and other liabilities		15,496	13,494	[1]
Total current liabilities		27,913	18,167	[1]
Pension liabilities		8,073	7,045	[1]
Other long-term liabilities		578	456	[1]
Total liabilities		36,564	25,668	[1]
Common stock		3,413	3,433	[1]
Retained earnings		73,382	73,954	[1]
Accumulated other comprehensive loss		(2,565)	(2,175)	[1]
Total stockholders' equity		74,230	75,212	[1]
Total liabilities and stockholders' equity		$ 110,794	$ 100,880	[1]
[1]	Note 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 20	$ 25
Accumulated depreciation	$ 26,702	$ 26,213

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement
Net sales	$ 83,053	$ 77,536
Cost of goods sold	64,354	59,885
Gross profit	18,699	17,651
Selling, general and administrative expenses	9,831	8,618
Operating income	8,868	9,033
Interest income	57	33
Income before income taxes	8,925	9,066
Income tax provision	1,456	1,457
Net income	$ 7,469	$ 7,609
Earnings per share
Basic (in dollars per share)	$ 0.22	$ 0.22
Diluted (in dollars per share)	0.22	0.22
Dividends paid per share (in dollars per share)	$ 0.12	$ 0.10

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income and Comprehensive Income
Net income	$ 7,469	$ 7,609
Other comprehensive income, net of taxes:
Pension adjustment	17	19
Unrealized gain on debt securities, net of reclassification adjustments	7	7
Comprehensive income	$ 7,493	$ 7,635

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2017	$ 3,457		$ 68,127	$ (1,980)	$ 69,604
Balance (in shares) at Dec. 31, 2017	34,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 20	$ 496			516
Stock issued for stock incentive plans, net (in shares)	194
Stock purchased and retired	$ (20)	(496)	(2,419)		(2,935)
Stock purchased and retired (in shares)	(200)
Net income			7,609		7,609
Pension adjustment, net of taxes				19	19
Unrealized gain on securities, net of taxes and reclassification adjustment				7	7
Dividends paid			(3,465)		(3,465)
Balance at Mar. 31, 2018	$ 3,457		69,852	(1,954)	71,355
Balance (in shares) at Mar. 31, 2018	34,566
Balance at Dec. 31, 2018	$ 3,433		73,954	(2,175)	75,212	[1]
Balance (in shares) at Dec. 31, 2018	34,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 14	524			538
Stock issued for stock incentive plans, net (in shares)	141
Stock purchased and retired	$ (34)	$ (524)	(4,338)		(4,896)
Stock purchased and retired (in shares)	(344)
Net income			7,469		7,469
Pension adjustment, net of taxes				17	17
Unrealized gain on securities, net of taxes and reclassification adjustment				7	7
Dividends paid			(4,117)		(4,117)
Balance at Mar. 31, 2019	$ 3,413		73,382	(2,565)	74,230
Balance (in shares) at Mar. 31, 2019	34,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 2)			$ 414	$ (414)	$ 414
[1]	Note 1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018
OPERATING ACTIVITIES
Net income	$ 7,469		$ 7,609
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	505		417
(Accretion) of discount/amortization of premium related to marketable securities, net	(5)		87
Stock-based compensation expense	538		516
Deferred income tax (benefit)/provision	(109)		129
(Increase) decrease in assets:
Accounts receivable	(6,022)		(4,761)
Inventories	(1,054)		(6,034)
Prepaid expenses and other current assets	668		784
Income taxes receivable			(406)
Other non-current assets	(651)		(2)
Increase (decrease) in liabilities:
Accounts payable	7,744		7,636
Accrued expenses and other liabilities	1,956		1,562
Other long-term liabilities	1,005		(27)
Net cash provided by operating activities	12,044		7,510
INVESTING ACTIVITIES
Capital expenditures	(1,108)		(309)
Purchases of marketable securities	(299)		(3,581)
Sales of marketable securities	7,530		4,675
Maturities of marketable securities	448		350
Net cash provided by investing activities	6,571		1,135
FINANCING ACTIVITIES
Payment of dividends	(4,117)		(3,465)
Cash paid for common stock purchased and retired	(4,896)		(2,935)
Net cash used for financing activities	(9,013)		(6,400)
Net increase in cash and cash equivalents	9,602		2,245
Cash and cash equivalents at beginning of period	8,745	[1]	7,684
Cash and cash equivalents at end of period	18,347		9,929
Supplemental information:
Income tax payments, net	$ 1,446		$ 1,556
[1]	Note 1

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2019
General [Abstract]
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the annual report of Marine Products Corporation (“Marine Products,” the “Company” or “MPC”) on Form 10-K for the year ended December 31, 2018. A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2019
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS Recently Adopted Accounting Standards: · Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). · ASU No. 2017-08 — Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. · ASU No. 2018-02— Income Statement—Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. · ASU No. 2018-07 — Compensation —Stock Compensation (Topic 718) —Improvements to Nonemployee Share-Based Payment Accounting. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: · ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. · ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. · ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.

NET SALES

NET SALES	3 Months Ended
	Mar. 31, 2019
NET SALES
NET SALES	3. NET SALES Accounting Policy: MPC’s contract revenues are generated principally from selling: (1) fiberglass motorized boats and accessories and (2) parts to independent dealers. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. Satisfaction of contract terms occur with the transfer of title of our boats, accessories, and parts to our dealers. Net sale is measured as the amount of consideration we expect to receive in exchange for transferring the goods to the dealer. The amount of consideration we expect to receive consists of the sales price adjusted for dealer incentives. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold as they are deemed to be assurance-type warranties (see Note 7). Incidental promotional items that are immaterial in the context of the contract are recognized as expense. Fees charged to customers for shipping and handling are included in net sales in the accompanying consolidated statements of operations and the related costs incurred by the Company are included in cost of goods sold. Nature of goods: MPC’s performance obligations within its contracts consists of: (1) boats and accessories and (2) parts. The Company transfers control and recognizes revenue on the satisfaction of its performance obligations (point in time) as follows: · Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer · Boats and accessories (international sales) – upon delivery to shipping port · Parts – upon shipment/delivery to carrier Payment terms: For most domestic customers, MPC manufactures and delivers boats and accessories and parts ahead of payment - i.e., MPC has fulfilled its performance obligations prior to submitting an invoice to the dealer. MPC invoices the customer when the products are delivered and receives the related compensation, typically within seven to ten business days after invoicing. For some domestic customers and all international customers, MPC requires payment prior to transferring control of the goods. These amounts are classified as deferred revenue and recognized when control has transferred, which generally occurs within three months of receiving the payment. When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company’s arrangements with its customers. Significant judgments: Determining the transaction price The transaction price for MPC’s boats and accessories is the invoice price adjusted for dealer incentives. The Company utilizes the expected value method to estimate the variable consideration related to dealer incentives. Key inputs and assumptions in determining variable consideration includes: · Inputs: Current model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e. incentive earned as a percentage of total incentive potential) · Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors Other: Our contracts with dealers do not provide them with a right of return. Accordingly, we do not have any obligations recorded for returns or refunds. Disaggregation of revenues: The following table disaggregates our sales by major source (in thousands): The following table disaggregates our revenues between domestic and international (in thousands): Three months ended (in thousands) March 31, 2019 March 31, 2018 Boats and accessories $ 82,065 $ 76,655 Parts 988 881 Net sales $ 83,053 $ 77,536 Timing of revenue recognition for each of the periods presented is shown below: Three months ended (in thousands) March 31, 2019 March 31, 2018 Products transferred at a point in time $ 83,053 $ 77,536 Products transferred over time - - Net sales $ 83,053 $ 77,536 Contract balances: Amounts received from international and certain domestic dealers toward the purchase of boats are classified as deferred revenue and are included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. (in thousands) March 31, December 31, March 31, December 31, Deferred revenue $ 612 $ 496 $ 1,315 $ 864 Substantially all of the amounts of deferred revenue disclosed above as of December 31, 2017 and December 31, 2018 were recognized as sales during the immediately following quarters, respectively, when control transferred.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended March 31, (In thousands) 2019 2018 Net income available for stockholders: $ 7,469 $ 7,609 Less: Adjustments for earnings attributable to participating securities (183 ) (212 ) Net income used in calculating earnings per share $ 7,286 $ 7,397 Weighted average shares outstanding (including participating securities) 34,243 34,607 Adjustment for participating securities (872 ) (986 ) Shares used in calculating basic and diluted earnings per share 33,371 33,621

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. STOCK-BASED COMPENSATION The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of March 31, 2019, there were approximately 1,730,900 shares available for grant. Stock-based compensation for the three months ended March 31, 2019 and 2018 were as follows: Restricted Stock (in thousands) Three months ended March 31, 2019 2018 Pre – tax cost $ 538 $ 516 After tax cost $ 420 $ 402 The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2019: Shares Weighted Non-vested shares at December 31, 2018 947,710 $ 9.41 Granted 141,600 17.21 Vested (248,770 ) 7.64 Forfeited (1,000 ) 5.90 Non-vested shares at March 31, 2019 839,540 $ 11.26 The total fair value of shares vested was approximately $3,701,000 during the three months ended March 31, 2019 and approximately $4,121,000 during the three months ended March 31, 2018. Other Information As of March 31, 2019, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,972,000. This cost is expected to be recognized over a weighted-average period of 2.7 years. For the three months ended March 31, 2019, approximately $418,000 of excess tax benefit for stock-based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $545,000 as of March 31, 2018.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2019
MARKETABLE SECURITIES
MARKETABLE SECURITIES	6. MARKETABLE SECURITIES During the first quarter of 2019, the Company changed its investment strategy and as of March 31, 2019, no longer held investments in marketable securities. The Company held investments in marketable securities for a short duration in the first quarter of 2019. During 2018, Marine Products’ marketable securities were held with a large, well-capitalized financial institution. Management determined the appropriate classification of debt securities at the time of purchase and reevaluated such designations as of each balance sheet date. Debt securities were classified as available-for-sale because the Company did not have the intent to hold the securities to maturity. Available-for-sale debt securities were stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold was based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale debt securities have been included in interest income. The net realized gains (losses) and the reclassification of net realized gains (losses) from other comprehensive income are as follows: Three months ended March 31, (in thousands) 2019 2018 Net realized gain (loss) $ 4 $ (19 ) Reclassification of net realized gains (losses) from other comprehensive income $ 4 $ (19 ) Gross unrealized gains (losses) on marketable securities are as follows: March 31, 2019 December 31, 2018 Gross unrealized Gross unrealized (in thousands) Gains (Losses) Gains (Losses) Municipal Obligations $ - $ - $ 2 $ (2 ) Corporate Obligations - - 1 (10 ) $ - $ - $ 3 $ (12 ) There were no available-for-sale debt securities as of March 31, 2019. The amortized cost basis, fair value and net unrealized gains on the available-for-sale debt securities as of December 31, 2018 are as follows: December 31, 2018 Type of Securities Amortized Cost Basis Fair Value Net Unrealized Losses (in thousands) Municipal Obligations $ 1,490 $ 1,490 $ - Corporate Obligations 6,184 6,175 (9 ) Total $ 7,674 $ 7,665 $ (9 )

WARRANTY COSTS AND OTHER CONTIN

WARRANTY COSTS AND OTHER CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
WARRANTY COSTS AND OTHER CONTINGENCIES
WARRANTY COSTS AND OTHER CONTINGENCIES	7. WARRANTY COSTS AND OTHER CONTINGENCIES Warranty Costs: For our Chaparral and Robalo products, Marine Products provides a lifetime limited structural hull warranty and a transferable one-year limited warranty to the original owner. Chaparral also includes a five-year limited structural deck warranty. Warranties for additional items are provided for periods of one to five years and are not transferrable. Additionally, as it relates to the first subsequent owner, a five-year transferrable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer. The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time. An analysis of the warranty accruals for the three months ended March 31, 2019 and 2018 is as follows: (in thousands) 2019 2018 Balance at beginning of period $ 5,607 $ 5,373 Less: Payments made during the period (950 ) (689 ) Add: Warranty provision for the period 1,044 981 Changes to warranty provision for prior periods 65 38 Balance at March 31 $ 5,766 $ 5,703 The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheets. Repurchase Obligations: The Company is a party to various agreements with first party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the first party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had no material repurchases of inventory under contractual agreements during the three months ended March 31, 2019 and March 31, 2018. Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by first-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time. The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $15.4 million as of March 31, 2019. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $4.1 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $19.5 million as of March 31, 2019.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2019
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	8. BUSINESS SEGMENT INFORMATION The Company has only one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company. In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2019
INVENTORIES
INVENTORIES	9. INVENTORIES Inventories consist of the following: (in thousands) March 31, December 31, Raw materials and supplies $ 27,686 $ 26,874 Work in process 10,640 10,671 Finished goods 9,498 9,225 Total inventories $ 47,824 $ 46,770

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company's current annual estimated tax rate. Income tax provision for the first quarter of 2019 reflects an effective tax rate of 16.3 percent, compared to an effective tax rate of 16.1 percent for the comparable period in the prior year. The slight increase in effective rate in the first quarter of 2019 is primarily due to investment gains as compared to investment losses in the same period in 2018. The effective rate in both periods includes the effect of beneficial permanent differences including discrete adjustments related to restricted stock dividends and liabilities related to state income taxes.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2019
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	11. EMPLOYEE BENEFIT PLANS The Company participates in a multiple employer pension plan. The following represents the net periodic benefit (credit) cost and related components for the plan: (in thousands) Three months ended 2019 2018 Interest cost $ 64 $ 63 Expected return on plan assets (117 ) (125 ) Amortization of net losses 22 20 Net periodic benefit (credit) $ (31 ) $ (42 ) The Company did not make a contribution to this plan during the three months ended March 31, 2019. The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading. The SERP assets are stated at fair value and totaled approximately $6,119,000 as of March 31, 2019 and $5,518,000 as of December 31, 2018. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations. Trading gains related to the SERP assets totaled approximately $590,000 during the three months ended March 31, 2019, compared to trading losses of approximately $92,000 during the three months ended March 31, 2018.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. There were no available-for-sale dent securities as of March 31, 2019. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2019 and December 31, 2018. Fair Value Measurements at March 31, 2019 with: (in thousands) Total Assets: Investments measured at Net Asset Value - Trading securities $ 6,119 Fair Value Measurements at December 31, 2018 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale debt securities: Municipal Obligations $ 1,490 $ — $ 1,490 $ — Corporate Obligations 6,175 — 6,175 — $ 7,665 $ — $ 7,665 $ — Investments measured at Net Asset Value - Trading securities $ 5,518 The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	13. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of the following: (in thousands) Pension Unrealized Total Balance at December 31, 2018 $ (2,178 ) $ 3 $ (2,175 ) Change during the period ended March 31, 2019: Before-tax amount _ 13 13 Tax provision _ (3 ) (3 ) Adoption of account standard (Note 2) (404 ) (10 ) (414 ) Reclassification adjustment, net of taxes Amortization of net loss (1) 17 - 17 s Net realized gain (2) - (3 ) (3 ) Total activity for the period (387 ) (3 ) (390 ) Balance at March 31, 2019 $ (2,565 ) $ - $ (2,565 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income. (in thousands) Pension Unrealized Total Balance at December 31, 2017 $ (1,936 ) $ (44 ) $ (1,980 ) Change during the period ended March 31, 2018: Before-tax amount - (10 ) (10 ) Tax provision - 2 2 Reclassification adjustment, net of taxes Amortization of net loss (1) 19 - 19 Net realized loss (2) - 15 15 Total activity for the period 19 7 26 Balance at March 31, 2018 $ (1,917 ) $ (37 ) $ (1,954 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
LEASES
LEASES	14. LEASES The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. Prior year financial statements have not been restated and therefore those amounts are not presented below. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related Right-Of-Use asset and liability at the present value of lease payments over the term. Renewal options have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. The Company’s lease population consists primarily of office equipment. The Company does not have any finance leases. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments are recognized as expense when incurred. As of March 31, 2019, the Company had no operating leases that had not yet commenced. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: (in thousands) Classification on the Consolidated Balance Sheet March 31, 2019 Assets: Operating lease right-of-use assets Other assets $ 193 Liabilities: Current maturities of operating leases Accrued expenses and other liabilities $ 46 Long-term operating lease liabilities Other long-term liabilities 145 Total lease liabilities $ 191 Lease Costs: The components of lease expense for the period are reported as follows: (in thousands) Classification on the Consolidated Three months ended Operating lease cost Selling, general and administrative expenses $ 13 Short-term lease cost Selling, general and administrative expenses 1 Total lease cost $ 14 Other information: Cash paid for amounts included in the measurement of lease liabilities –operating leases (in thousands) $ 11 Weighted average remaining lease term –operating leases 4.2 years Weighted average discount rate – operating leases 3.68 % Lease Commitments: Future minimum lease payments at March 31, 2019 were as follows: Maturity of lease liabilities Operating Leases 2019 (excluding the three months ended March 31, 2019) $ 41 2020 52 2021 52 2022 52 2023 10 Thereafter - Total lease payments 207 Less: Amounts representing interest (16 ) Present value of lease liabilities $ 191

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Mar. 31, 2019
SUBSEQUENT EVENT
SUBSEQUENT EVENT	15. SUBSEQUENT EVENT On April 23, 2019, the Board of Directors approved a $0.12 per share cash dividend payable June 10, 2019 to stockholders of record at the close of business May 10, 2019.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
RECENT ACCOUNTING STANDARDS	RECENT ACCOUNTING STANDARDS Recently Adopted Accounting Standards: · Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). · ASU No. 2017-08 — Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. · ASU No. 2018-02— Income Statement—Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. · ASU No. 2018-07 — Compensation —Stock Compensation (Topic 718) —Improvements to Nonemployee Share-Based Payment Accounting. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: · ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. · ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. · ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.

NET SALES (Tables)

NET SALES (Tables)	3 Months Ended
	Mar. 31, 2019
NET SALES
Schedule of disaggregation of revenues	Three months ended (in thousands) March 31, 2019 March 31, 2018 Boats and accessories $ 82,065 $ 76,655 Parts 988 881 Net sales $ 83,053 $ 77,536 Three months ended (in thousands) March 31, 2019 March 31, 2018 Products transferred at a point in time $ 83,053 $ 77,536 Products transferred over time - - Net sales $ 83,053 $ 77,536
Schedule of contract balances	(in thousands) March 31, December 31, March 31, December 31, Deferred revenue $ 612 $ 496 $ 1,315 $ 864

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
EARNINGS PER SHARE
Schedule of reconciliation of outstanding weighted average shares	Three months ended March 31, (In thousands) 2019 2018 Net income available for stockholders: $ 7,469 $ 7,609 Less: Adjustments for earnings attributable to participating securities (183 ) (212 ) Net income used in calculating earnings per share $ 7,286 $ 7,397 Weighted average shares outstanding (including participating securities) 34,243 34,607 Adjustment for participating securities (872 ) (986 ) Shares used in calculating basic and diluted earnings per share 33,371 33,621

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	Restricted Stock (in thousands) Three months ended March 31, 2019 2018 Pre – tax cost $ 538 $ 516 After tax cost $ 420 $ 402
Schedule of the changes in non-vested restricted shares	Shares Weighted Non-vested shares at December 31, 2018 947,710 $ 9.41 Granted 141,600 17.21 Vested (248,770 ) 7.64 Forfeited (1,000 ) 5.90 Non-vested shares at March 31, 2019 839,540 $ 11.26

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2019
MARKETABLE SECURITIES
Schedule of net realized (losses) gains and reclassification of net realized (losses) gains from other comprehensive income	Three months ended March 31, (in thousands) 2019 2018 Net realized gain (loss) $ 4 $ (19 ) Reclassification of net realized gains (losses) from other comprehensive income $ 4 $ (19 )
Schedule of gross unrealized gains (losses) on marketable securities	March 31, 2019 December 31, 2018 Gross unrealized Gross unrealized (in thousands) Gains (Losses) Gains (Losses) Municipal Obligations $ - $ - $ 2 $ (2 ) Corporate Obligations - - 1 (10 ) $ - $ - $ 3 $ (12 )
Schedule of amortized cost basis, fair value and net unrealized gains on available-for-sale securities	December 31, 2018 Type of Securities Amortized Fair Net (in thousands) Municipal Obligations $ 1,490 $ 1,490 $ - Corporate Obligations 6,184 6,175 (9 ) Total $ 7,674 $ 7,665 $ (9 )

WARRANTY COSTS AND OTHER CONT_2

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2019
WARRANTY COSTS AND OTHER CONTINGENCIES
Schedule of analysis of warranty accruals	(in thousands) 2019 2018 Balance at beginning of period $ 5,607 $ 5,373 Less: Payments made during the period (950 ) (689 ) Add: Warranty provision for the period 1,044 981 Changes to warranty provision for prior periods 65 38 Balance at March 31 $ 5,766 $ 5,703

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2019
INVENTORIES
Schedule of inventories	(in thousands) March 31, December 31, Raw materials and supplies $ 27,686 $ 26,874 Work in process 10,640 10,671 Finished goods 9,498 9,225 Total inventories $ 47,824 $ 46,770

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2019
EMPLOYEE BENEFIT PLANS
Schedule of net periodic benefit cost (credit) and related components for the plan	(in thousands) Three months ended 2019 2018 Interest cost $ 64 $ 63 Expected return on plan assets (117 ) (125 ) Amortization of net losses 22 20 Net periodic benefit (credit) $ (31 ) $ (42 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
FAIR VALUE MEASUREMENTS
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at March 31, 2019 with: (in thousands) Total Assets: Investments measured at Net Asset Value - Trading securities $ 6,119 Fair Value Measurements at December 31, 2018 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale debt securities: Municipal Obligations $ 1,490 $ — $ 1,490 $ — Corporate Obligations 6,175 — 6,175 — $ 7,665 $ — $ 7,665 $ — Investments measured at Net Asset Value - Trading securities $ 5,518

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	(in thousands) Pension Unrealized Total Balance at December 31, 2018 $ (2,178 ) $ 3 $ (2,175 ) Change during the period ended March 31, 2019: Before-tax amount _ 13 13 Tax provision _ (3 ) (3 ) Adoption of account standard (Note 2) (404 ) (10 ) (414 ) Reclassification adjustment, net of taxes Amortization of net loss (1) 17 - 17 s Net realized gain (2) - (3 ) (3 ) Total activity for the period (387 ) (3 ) (390 ) Balance at March 31, 2019 $ (2,565 ) $ - $ (2,565 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income. (in thousands) Pension Unrealized Total Balance at December 31, 2017 $ (1,936 ) $ (44 ) $ (1,980 ) Change during the period ended March 31, 2018: Before-tax amount - (10 ) (10 ) Tax provision - 2 2 Reclassification adjustment, net of taxes Amortization of net loss (1) 19 - 19 Net realized loss (2) - 15 15 Total activity for the period 19 7 26 Balance at March 31, 2018 $ (1,917 ) $ (37 ) $ (1,954 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
LEASES
Schedule of operating leases assets and liabilities	(in thousands) Classification on the Consolidated Balance Sheet March 31, 2019 Assets: Operating lease right-of-use assets Other assets $ 193 Liabilities: Current maturities of operating leases Accrued expenses and other liabilities $ 46 Long-term operating lease liabilities Other long-term liabilities 145 Total lease liabilities $ 191
Schedule of operating leases expense	(in thousands) Classification on the Consolidated Three months ended Operating lease cost Selling, general and administrative expenses $ 13 Short-term lease cost Selling, general and administrative expenses 1 Total lease cost $ 14
Schedule of leases cost	Cash paid for amounts included in the measurement of lease liabilities –operating leases (in thousands) $ 11 Weighted average remaining lease term –operating leases 4.2 years Weighted average discount rate – operating leases 3.68 %
Schedule of maturity of lease liabilities	Maturity of lease liabilities Operating Leases 2019 (excluding the three months ended March 31, 2019) $ 41 2020 52 2021 52 2022 52 2023 10 Thereafter - Total lease payments 207 Less: Amounts representing interest (16 ) Present value of lease liabilities $ 191

NET SALES - Disaggregates sales

NET SALES - Disaggregates sales by major source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 83,053	$ 77,536
Boats And accessories
Disaggregation of Revenue [Line Items]
Net sales	82,065	76,655
Parts
Disaggregation of Revenue [Line Items]
Net sales	$ 988	$ 881

NET SALES - Timing of revenue r

NET SALES - Timing of revenue recognition (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 83,053	$ 77,536
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	83,053	77,536
Products transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0

NET SALES - Deferred revenue an

NET SALES - Deferred revenue and are included in Accrued expenses and other liabilities on the Consolidated Balance Sheets (Details 2) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accrued expenses and other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 612	$ 496	$ 1,315	$ 864

NET SALES (Detail Textuals)

NET SALES (Detail Textuals)	3 Months Ended
	Mar. 31, 2019
NET SALES
Revenue, description of payment terms	seven to ten business days

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
EARNINGS PER SHARE
Net income available for stockholders:	$ 7,469	$ 7,609
Less: Adjustments for earnings attributable to participating securities	(183)	(212)
Net income used in calculating earnings per share	$ 7,286	$ 7,397
Weighted average shares outstanding (including participating securities)	34,243	34,607
Adjustment for participating securities	(872)	(986)
Shares used in calculating basic and diluted earnings per share	33,371	33,621

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of stock-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
STOCK-BASED COMPENSATION
Pre - tax cost	$ 538	$ 516
After tax cost	$ 420	$ 402

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of changes in non vested restricted shares (Details 1) - Restricted Stock	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Shares
Non-vested shares at December 31, 2018 | shares	947,710
Granted | shares	141,600
Vested | shares	(248,770)
Forfeited | shares	(1,000)
Non-vested shares at March 31, 2019 | shares	839,540
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2018 | $ / shares	$ 9.41
Granted | $ / shares	17.21
Vested | $ / shares	7.64
Forfeited | $ / shares	5.90
Non-vested shares at March 31, 2019 | $ / shares	$ 11.26

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan	3 Months Ended
	Mar. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares of common stock	3,000,000
Period of common stock issued	ten years
Number of shares available for grants	1,730,900

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Detail Textuals 1) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 3,701,000	$ 4,121,000

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Detail Textuals 2) - Restricted Stock - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted shares	$ 8,972,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	2 years 7 months
Tax benefits for compensation tax deductions in excess of compensation expense	$ 418,000	$ 545,000

MARKETABLE SECURITIES - Net rea

MARKETABLE SECURITIES - Net realized gains and reclassification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
MARKETABLE SECURITIES
Net realized gain (loss)	$ 4	$ (19)
Reclassification of net realized gains (losses) from other comprehensive income	$ 4	$ (19)

MARKETABLE SECURITIES - Gross u

MARKETABLE SECURITIES - Gross unrealized gains (losses) on marketable securities (Details 1) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	$ 0	$ 3
Gross unrealized (Losses)	0	(12)
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	0	2
Gross unrealized (Losses)	0	(2)
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	0	1
Gross unrealized (Losses)	$ 0	$ (10)

MARKETABLE SECURITIES - Amortiz

MARKETABLE SECURITIES - Amortized cost basis, fair value and net unrealized gains on available-for-sale securities (Details 2) $ in Thousands	Dec. 31, 2018USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 7,674
Fair Value	7,665
Net Unrealized Losses	(9)
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,490
Fair Value	1,490
Net Unrealized Losses	0
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	6,184
Fair Value	6,175
Net Unrealized Losses	$ (9)

WARRANTY COSTS AND OTHER CONT_3

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 5,607	$ 5,373
Less: Payments made during the period	(950)	(689)
Add: Warranty provision for the period	1,044	981
Changes to warranty provision for prior periods	65	38
Balance at March 31	$ 5,766	$ 5,703

WARRANTY COSTS AND OTHER CONT_4

WARRANTY COSTS AND OTHER CONTINGENCIES (Detail Textuals) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Warrant Cost And Other Contingencies [Line Items]
Contractual repurchase limit (% of average net receivable) - one lender	16.00%
Maximum repurchase obligation - one lender	$ 15.4
Maximum repurchase obligation - additional lenders	4.1
Aggregate repurchase obligation	$ 19.5
Chaparral products
Warrant Cost And Other Contingencies [Line Items]
Period of warranty provided by company on limited structural deck	5 years
Period of warranty provided by company on transferable other components	1 year
Period of warranty provided by company on additional items	one to five years
Period of warranty provided by company on transferable structural hull	5 years
Period of transferable hull warranty terminates after the date of the original retail purchase	5 years
Robalo products
Warrant Cost And Other Contingencies [Line Items]
Period of warranty provided by company on limited structural deck	5 years
Period of warranty provided by company on transferable other components	1 year
Period of warranty provided by company on additional items	one to five years
Period of warranty provided by company on transferable structural hull	5 years
Period of transferable hull warranty terminates after the date of the original retail purchase	5 years

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Detail Textuals)	3 Months Ended
	Mar. 31, 2019Segment
BUSINESS SEGMENT INFORMATION
Number of reportable segment	1

INVENTORIES - Summary of invent

INVENTORIES - Summary of inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
INVENTORIES
Raw materials and supplies	$ 27,686	$ 26,874
Work in process	10,640	10,671
Finished goods	9,498	9,225
Total inventories	$ 47,824	$ 46,770	[1]
[1]	Note 1

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
INCOME TAXES
Income tax provision effective tax rate	16.30%	16.10%

EMPLOYEE BENEFIT PLANS- Net per

EMPLOYEE BENEFIT PLANS- Net periodic benefit cost (credit) and related components (Details) - Multiple employer pension plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Multiemployer Plans [Line Items]
Interest cost	$ 64	$ 63
Expected return on plan assets	(117)	(125)
Amortization of net losses	22	20
Net periodic benefit (credit)	$ (31)	$ (42)

EMPLOYEE BENEFIT PLANS (Detail

EMPLOYEE BENEFIT PLANS (Detail Textuals 1) - Supplemental Executive Retirement Plan (SERP) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Supplemental executive retirement plan, assets	$ 6,119,000		$ 5,518,000
Trading gains (loss) related to SERP	$ 590,000	$ 92,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Available-for-sale debt securities:
Assets		$ 7,665
Municipal Obligations
Available-for-sale debt securities:
Assets		1,490
Corporate obligations
Available-for-sale debt securities:
Assets		6,175
Fair Value, Measurements, Recurring
Available-for-sale debt securities:
Assets		7,665
Investments measured at Net Asset Value - Trading securities	$ 6,119	5,518
Fair Value, Measurements, Recurring | Municipal Obligations
Available-for-sale debt securities:
Assets		1,490
Fair Value, Measurements, Recurring | Corporate obligations
Available-for-sale debt securities:
Assets		6,175
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (Level 1)
Available-for-sale debt securities:
Assets		0
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (Level 1) | Municipal Obligations
Available-for-sale debt securities:
Assets		0
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (Level 1) | Corporate obligations
Available-for-sale debt securities:
Assets		0
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2)
Available-for-sale debt securities:
Assets		7,665
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Municipal Obligations
Available-for-sale debt securities:
Assets		1,490
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Corporate obligations
Available-for-sale debt securities:
Assets		6,175
Fair Value, Measurements, Recurring | Significant unobservable inputs (Level 3)
Available-for-sale debt securities:
Assets		0
Fair Value, Measurements, Recurring | Significant unobservable inputs (Level 3) | Municipal Obligations
Available-for-sale debt securities:
Assets		0
Fair Value, Measurements, Recurring | Significant unobservable inputs (Level 3) | Corporate obligations
Available-for-sale debt securities:
Assets		$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019		Mar. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		$ (2,175)	[1]	$ (1,980)
Change during the period ended March 31, 2019:
Before-tax amount		13		(10)
Tax provision		(3)		2
Adoption of account standard (Note 2)		(414)
Reclassification adjustment, net of taxes
Amortization of net loss	[2]	17		19
Net realized loss (gain)	[3]	(3)		15
Total activity for the period		(390)		26
Balance		(2,565)		(1,954)
Pension Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(2,178)		(1,936)
Change during the period ended March 31, 2019:
Before-tax amount		0		0
Tax provision		0		0
Adoption of account standard (Note 2)		(404)
Reclassification adjustment, net of taxes
Amortization of net loss	[2]	17		19
Net realized loss (gain)	[3]	0		0
Total activity for the period		(387)		19
Balance		(2,565)		(1,917)
Unrealized Loss On Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		3		(44)
Change during the period ended March 31, 2019:
Before-tax amount		13		(10)
Tax provision		(3)		2
Adoption of account standard (Note 2)		(10)
Reclassification adjustment, net of taxes
Amortization of net loss	[2]	0		0
Net realized loss (gain)	[3]	(3)		15
Total activity for the period		(3)		7
Balance		$ 0		$ (37)
[1]	Note 1
[2]	Reported as part of selling, general and administrative expenses.
[3]	Reported as part of interest income.

LEASES - Assets and liabilities

LEASES - Assets and liabilities related to operating leases recorded on balance sheet (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	Mar. 31, 2019USD ($)
Liabilities:
Total lease liabilities	$ 191
Other assets
ASSETS
Operating lease right-of-use assets	193
Accrued expenses and other liabilities
Liabilities:
Current maturities of operating leases	46
Other long-term liabilities
Liabilities:
Long-term operating lease liabilities	$ 145

LEASES - Components of lease ex

LEASES - Components of lease expense (Details 1) - ASU No. 2016-02, Leases (Topic 842) - Selling, general and administrative expenses $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Line Items]
Operating lease cost	$ 13
Short-term lease cost	1
Total lease cost	$ 14

LEASES - Other information (Det

LEASES - Other information (Details 2) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Line Items]
Cash paid for amounts included in the measurement of lease liabilities - operating leases (in thousands)	$ 11
Weighted average remaining lease term - operating leases	4 years 2 months
Weighted average discount rate - operating leases	3.68%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details 3) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	Mar. 31, 2019USD ($)
Maturity of lease liabilities
2019 (excluding the three months ended March 31, 2019)	$ 41
2020	52
2021	52
2022	52
2023	10
Thereafter	0
Total lease payments	207
Less: Amounts representing interest	(16)
Present value of lease liabilities	$ 191

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - Subsequent event	4 Months Ended
	Apr. 23, 2019$ / shares
Subsequent Event [Line Items]
Dividends payable, date declared	Apr. 23, 2019
Cash dividend payable (in dollars per share)	$ 0.12
Dividends payable date	Jun. 10, 2019
Dividends payable, record date	May 10, 2019