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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018, 2017, and 2016:

		2018								2017								2016
		Pension Plan				SERP				Pension Plan				SERP				Pension Plan				SERP
Discount rate used to determine net periodic pension cost			3.46%				3.46%				3.97%				3.97%				4.17%				4.17%
Discount rate used to calculate end of year liability disclosures			4.08%				3.92%				3.46%				3.46%				3.97%				3.97%
Expected long-term rate of return on assets			2.75%				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)		2018				2017				2016
Change in benefit obligation
Benefit obligation at beginning of year		$	38,150				36,840				36,164
Service cost			—				—				—
Interest cost			1,312				1,449				1,502
Actuarial (gain) loss			(1,160	)			1,941				1,288
Benefits paid			(1,948	)			(2,080	)			(2,114	)
Benefit obligation at end of year			36,354				38,150				36,840
Change in plan assets
Plan assets at beginning of year			41,306				36,950				35,489
Actual return on plan assets			(188	)			6,436				3,575
Employer contributions			—				—				—
Benefits paid			(1,948	)			(2,080	)			(2,114	)
Plan assets at end of year			39,170				41,306				36,950
Funded status at end of year		$	2,816				3,156				110

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2018 and 2017 as it relates to the Pension Plan, excluding the related deferred tax assets.

($ in thousands)		2018				2017
Other assets		$	2,816				3,156
Other liabilities			—				—
		$	2,816				3,156

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, 2018 and 2017, as it relates to the Pension Plan.

($ in thousands)		2018				2017
Net gain (loss)		$	(4,034	)			(3,925	)
Prior service cost			—				—
Amount recognized in AOCI before tax effect			(4,034	)			(3,925	)
Tax (expense) benefit			943				1,452
Net amount recognized as increase (decrease) to AOCI		$	(3,091	)			(2,473	)

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2018 and 2017, as it relates to the Pension Plan:

($ in thousands)		2018				2017
Accumulated other comprehensive loss at beginning of fiscal year		$	(2,909	)			(3,692	)
Net gain (loss) arising during period			(143	)			1,686
Amortization of unrecognized actuarial loss			34				244
Tax (expense) benefit of changes during the year, net			(73	)			(711	)
Accumulated other comprehensive gain (loss)			(3,091	)			(2,473	)
Reclassification from AOCI to Retained Earnings due to statutory tax changes			—				(436	)
Accumulated other comprehensive gain (loss) at end of fiscal year		$	(3,091	)			(2,909	)

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)		2018				2017
Prepaid pension cost as of beginning of fiscal year		$	7,082				5,965
Net periodic pension income (cost) for fiscal year			(231	)			1,117
Actual employer contributions			—				—
Prepaid pension asset as of end of fiscal year		$	6,851				7,082

Schedule of net pension costs

Net pension (income) cost for the Pension Plan included the following components for the years ended December 31, 2018, 2017, and 2016:

($ in thousands)		2018				2017				2016
Service cost – benefits earned during the period		$	—				—				—
Interest cost on projected benefit obligation			1,312				1,449				1,502
Expected return on plan assets			(1,115	)			(2,810	)			(2,698	)
Net amortization and deferral			34				244				238
Net periodic pension (income) cost		$	231				(1,117	)			(958	)

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.

($ in thousands)		Estimated benefit payments
Year ending December 31, 2019		$	1,735
Year ending December 31, 2020			1,792
Year ending December 31, 2021			1,898
Year ending December 31, 2022			1,957
Year ending December 31, 2023			2,000
Years ending December 31, 2024-2028			10,582

Schedule of fair value of plan assets

The fair values of the Company’s pension plan assets at December 31, 2018, by asset category, were as follows:

($ in thousands)
		Total Fair Value at December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents		$	267				267				—				—
Investment funds
Fixed income funds			38,903				—				38,903				—
Total		$	39,170				267				38,903				—

The fair values of the Company’s pension plan assets at December 31, 2017, by asset category, were 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)
Cash and cash equivalents (money market fund)		$	41,306				—				41,306				—
Total		$	41,306				—				41,306				—

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)		2018				2017				2016
Change in benefit obligation
Projected benefit obligation at beginning of year		$	5,970				5,910				5,778
Service cost			124				118				106
Interest cost			200				227				238
Actuarial (gain) loss			(102	)			85				145
Benefits paid			(398	)			(370	)			(357	)
Projected benefit obligation at end of year			5,794				5,970				5,910
Plan assets			—				—				—
Funded status at end of year		$	5,794				(5,970	)			(5,910	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2018 and 2017 as it relates to the SERP, excluding the related deferred tax assets.

($ in thousands)		2018				2017
Other assets – prepaid pension asset (liability)		$	(6,608	)			(6,695	)
Other assets (liabilities)			814				725
		$	(5,794	)			(5,970	)

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in AOCI at December 31, 2018 and 2017, as it relates to the SERP:

($ in thousands)		2018				2017
Net gain (loss)		$	814				725
Prior service cost			—				—
Amount recognized in AOCI before tax effect			814				725
Tax (expense) benefit			(190	)			(268	)
Net amount recognized as increase (decrease) to AOCI		$	624				457

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2018 and 2017, as it relates to the SERP:

($ in thousands)		2018				2017
Accumulated other comprehensive income at beginning of fiscal year		$	457				533
Net gain (loss) arising during period			102				(85	)
Prior service cost			—				—
Amortization of unrecognized actuarial loss			(13	)			(34	)
Amortization of prior service cost and transition obligation			—				—
Tax benefit (expense) related to changes during the year, net			78				43
Accumulated other comprehensive income (loss) at end of fiscal year		$	624				457

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)		2018				2017
Prepaid pension cost (liability) as of beginning of fiscal year		$	(6,695	)			(6,754	)
Net periodic pension cost for fiscal year			(311	)			(311	)
Benefits paid			398				370
Prepaid pension cost (liability) as of end of fiscal year		$	(6,608	)			(6,695	)

Schedule of net pension costs

Net pension cost for the SERP included the following components for the years ended December 31, 2018, 2017, and 2016:

($ in thousands)		2018				2017				2016
Service cost – benefits earned during the period		$	124				118				106
Interest cost on projected benefit obligation			200				227				238
Net amortization and deferral			(13	)			(34	)			(35	)
Net periodic pension cost		$	311				311				309

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, 2019		$	411
Year ending December 31, 2020			408
Year ending December 31, 2021			401
Year ending December 31, 2022			391
Year ending December 31, 2023			380
Years ending December 31, 2024-2028			1,970

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