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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of assumptions used in determining actuarial information

The following assumptions were used in determining the actuarial information for the Pension Plan and the SERP for the years ended December 31, 2017, 2016, and 2015:

		2017				2016				2015
		Pension Plan		SERP		Pension Plan		SERP		Pension Plan		SERP
Discount rate used to determine net periodic pension cost		3.97%		3.97%		4.17%		4.17%		3.82%		3.82%
Discount rate used to calculate end of year liability disclosures		3.46%		3.46%		3.97%		3.97%		4.17%		4.17%
Expected long-term rate of return on assets		7.75%		n/a		7.75%		n/a		7.75%		n/a
Rate of compensation increase		n/a		n/a		n/a		n/a		n/a		n/a

Pension Plan [Member]

Schedule of reconciliation of benefit obligation

The following table reconciles the beginning and ending balances of the Pension Plan’s benefit obligation, as computed by the Company’s independent actuarial consultants, and its plan assets, with the difference between the two amounts representing the funded status of the Pension Plan as of the end of the respective year.

($ in thousands)		2017				2016				2015
Change in benefit obligation
Benefit obligation at beginning of year		$	36,840				36,164				35,615
Service cost			—				—				—
Interest cost			1,449				1,502				1,364
Actuarial (gain) loss			1,941				1,288				1,236
Benefits paid			(2,080	)			(2,114	)			(2,051	)
Benefit obligation at end of year			38,150				36,840				36,164
Change in plan assets
Plan assets at beginning of year			36,950				35,489				37,282
Actual return on plan assets			6,436				3,575				258
Employer contributions			—				—				—
Benefits paid			(2,080	)			(2,114	)			(2,051	)
Plan assets at end of year			41,306				36,950				35,489
Funded status at end of year		$	3,156				110				(675	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2017 and 2016 as it relates to the Pension Plan, excluding the related deferred tax assets.

($ in thousands)		2017				2016
Other assets		$	3,156				110
Other liabilities			—				—
		$	3,156				110

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in accumulated other comprehensive income (“AOCI”) at December 31, 2017 and 2016, as it relates to the Pension Plan.

($ in thousands)		2017				2016
Net gain (loss)		$	(3,925	)			(5,856	)
Prior service cost			—				—
Amount recognized in AOCI before tax effect			(3,925	)			(5,856	)
Tax (expense) benefit			1,452				2,164
Net amount recognized as increase (decrease) to AOCI		$	(2,473	)			(3,692	)

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2017 and 2016, as it relates to the Pension Plan:

($ in thousands)		2017				2016
Accumulated other comprehensive loss at beginning of fiscal year		$	(3,692	)			(3,466	)
Net gain (loss) arising during period			1,686				(412	)
Amortization of unrecognized actuarial loss			244				238
Tax (expense) benefit of changes during the year, net			(711	)			(52	)
Accumulated other comprehensive gain (loss)			(2,473	)			(3,692	)
Reclassification from AOCI to Retained Earnings due to statutory tax changes			(436	)			—
Accumulated other comprehensive gain (loss) at end of fiscal year		$	(2,909	)			(3,692	)

Schedule of reconciliation of prepaid pension costs

The following table reconciles the beginning and ending balances of the prepaid pension cost related to the Pension Plan:

($ in thousands)		2017				2016
Prepaid pension cost as of beginning of fiscal year		$	5,965				5,007
Net periodic pension income (cost) for fiscal year			1,117				958
Actual employer contributions			—				—
Prepaid pension asset as of end of fiscal year		$	7,082				5,965

Schedule of net pension costs

Net pension (income) cost for the Pension Plan included the following components for the years ended December 31, 2017, 2016, and 2015:

($ in thousands)		2017				2016				2015
Service cost – benefits earned during the period		$	—				—				—
Interest cost on projected benefit obligation			1,449				1,502				1,364
Expected return on plan assets			(2,810	)			(2,698	)			(2,847	)
Net amortization and deferral			244				238				—
Net periodic pension (income) cost		$	(1,117	)			(958	)			(1,483	)

Schedule of expected benefit payments

The following table is an estimate of the benefits that will be paid in accordance with the Pension Plan during the indicated time periods, assuming the Pension Plan is operated on an ongoing basis. As previously noted, the Company intends to terminate and liquidate the Pension Plan in 2018, which would result in the settlement of all benefits.

($ in thousands)		Estimated benefit payments
Year ending December 31, 2018		$	1,539
Year ending December 31, 2019			1,711
Year ending December 31, 2020			1,764
Year ending December 31, 2021			1,867
Year ending December 31, 2022			1,910
Years ending December 31, 2023-2027			10,039

Schedule of fair value of plan assets

The fair values of the Company’s pension plan assets at December 31, 2017, by asset category, are as follows:

($ in thousands)
		Total Fair Value at December 31, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Fixed income investments
Money market funds		$	41,306				—				41,306				—
Total		$	41,306				—				41,306				—

The fair values of the Company’s pension plan assets at December 31, 2016, by asset category, are as follows:

($ in thousands)
		Total Fair Value at December 31, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Fixed income investments
Money market funds		$	9,590				—				9,590				—
Equity investments
Large cap value fund			15,595				15,595				—				—
Small cap growth fund			2,624				2,624				—				—
Mid cap equity fund			3,220				3,220				—				—
Foreign equity fund			2,669				2,669				—				—
Company stock			3,252				3,252				—				—
Total		$	36,950				27,360				9,590				—

SERP [Member]

Schedule of reconciliation of benefit obligation

The following table reconciles the beginning and ending balances of the SERP’s benefit obligation, as computed by the Company’s independent actuarial consultants:

($ in thousands)		2017				2016				2015
Change in benefit obligation
Projected benefit obligation at beginning of year		$	5,910				5,778				5,216
Service cost			118				106				201
Interest cost			227				238				206
Actuarial (gain) loss			85				145				497
Benefits paid			(370	)			(357	)			(342	)
Projected benefit obligation at end of year			5,970				5,910				5,778
Plan assets			—				—				—
Funded status at end of year		$	(5,970	)			(5,910	)			(5,778	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2017 and 2016 as it relates to the SERP, excluding the related deferred tax assets.

($ in thousands)		2017				2016
Other assets – prepaid pension asset (liability)		$	(6,695	)			(6,754	)
Other assets (liabilities)			725				844
		$	(5,970	)			(5,910	)

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in AOCI at December 31, 2017 and 2016, as it relates to the SERP:

($ in thousands)		2017				2016
Net gain (loss)		$	725				844
Prior service cost			—				—
Amount recognized in AOCI before tax effect			725				844
Tax (expense) benefit			(268	)			(311	)
Net amount recognized as increase (decrease) to AOCI		$	457				533

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2017 and 2016, as it relates to the SERP:

($ in thousands)		2017				2016
Accumulated other comprehensive income at beginning of fiscal year		$	533				625
Net gain (loss) arising during period			(85	)			(145	)
Prior service cost			—				—
Amortization of unrecognized actuarial loss			(34	)			(35	)
Amortization of prior service cost and transition obligation			—				—
Tax benefit (expense) related to changes during the year, net			43				88
Accumulated other comprehensive income (loss) at end of fiscal year		$	457				533

Schedule of reconciliation of prepaid pension costs

The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:

($ in thousands)		2017				2016
Prepaid pension cost (liability) as of beginning of fiscal year		$	(6,754	)			(6,802	)
Net periodic pension cost for fiscal year			(311	)			(309	)
Benefits paid			370				357
Prepaid pension cost (liability) as of end of fiscal year		$	(6,695	)			(6,754	)

Schedule of net pension costs

Net pension cost for the SERP included the following components for the years ended December 31, 2017, 2016, and 2015:

($ in thousands)		2017				2016				2015
Service cost – benefits earned during the period		$	118				106				201
Interest cost on projected benefit obligation			227				238				206
Net amortization and deferral			(34	)			(35	)			(79	)
Net periodic pension cost		$	311				309				328

Schedule of expected benefit payments

The following table is an estimate of the benefits that will be paid in accordance with the SERP during the indicated time periods:

($ in thousands)		Estimated benefit payments
Year ending December 31, 2018		$	414
Year ending December 31, 2019			411
Year ending December 31, 2020			408
Year ending December 31, 2021			420
Year ending December 31, 2022			415
Years ending December 31, 2023-2027			2,041

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