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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

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)	2019				2018			2017
Change in benefit obligation
Benefit obligation at beginning of year	$	36,354			38,150			36,840
Service cost	—				—			—
Interest cost	1,482				1,312			1,449
Actuarial loss (gain)	5,492				(1,160	)		1,941
Benefits paid	(1,736		)		(1,948	)		(2,080	)
Benefit obligation at end of year	41,592				36,354			38,150
Change in plan assets
Plan assets at beginning of year	39,170				41,306			36,950
Actual return on plan assets	6,390				(188	)		6,436
Employer contributions	—				—			—
Benefits paid	(1,736		)		(1,948	)		(2,080	)
Plan assets at end of year	43,824				39,170			41,306
Funded status at end of year	$	2,232			2,816			3,156

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)	2019				2018			2017
Change in benefit obligation
Projected benefit obligation at beginning of year	$	5,794			5,970			5,910
Service cost	—				124			118
Interest cost	219				200			227
Actuarial (gain) loss	23				(102	)		85
Benefits paid	(398		)		(398	)		(370	)
Projected benefit obligation at end of year	5,638				5,794			5,970
Plan assets	—				—			—
Funded status at end of year	$	(5,638	)		(5,794	)		(5,970	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2019 and 2018 as it relates to the Pension Plan, excluding the related deferred tax assets.

($ in thousands)	2019				2018
Other assets	$	2,232			2,816

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2019 and 2018 as it relates to the SERP, excluding the related deferred tax assets.

($ in thousands)	2019				2018
Other liabilities	$	(5,638	)		(5,794	)

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in accumulated other comprehensive income (loss) (“AOCI”) at December 31, 2019 and 2018, as it relates to the Pension Plan.

($ in thousands)	2019				2018
Net loss	$	(3,721	)		(4,034	)
Prior service cost	—				—
Amount recognized in AOCI before tax effect	(3,721		)		(4,034	)
Tax benefit	855				943
Net amount recognized as decrease to AOCI	$	(2,866	)		(3,091	)

The following table presents information regarding the amounts recognized in AOCI at December 31, 2019 and 2018, as it relates to the SERP:

($ in thousands)	2019				2018
Net gain	$	629			814
Prior service cost	—				—
Amount recognized in AOCI before tax effect	629				814
Tax expense	(145		)		(190	)
Net amount recognized as increase to AOCI	$	484			624

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2019 and 2018, as it relates to the Pension Plan:

($ in thousands)	2019				2018
Accumulated other comprehensive loss at beginning of fiscal year	$	(3,091	)		(2,909	)
Net loss arising during period	(664		)		(143	)
Amortization of unrecognized actuarial loss	977				34
Tax benefit of changes during the year, net	(88		)		(73	)
Accumulated other comprehensive loss at end of fiscal year	$	(2,866	)		(3,091	)

The following table reconciles the beginning and ending balances of AOCI at December 31, 2019 and 2018, as it relates to the SERP:

($ in thousands)	2019				2018
Accumulated other comprehensive income (loss) at beginning of fiscal year	$	624			457
Net (loss) gain arising during period	(22		)		102
Prior service cost	—				—
Amortization of unrecognized actuarial gain	(163		)		(13	)
Amortization of prior service cost and transition obligation	—				—
Tax expense related to changes during the year, net	45				78
Accumulated other comprehensive income (loss) at end of fiscal year	$	484			624

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)	2019				2018
Prepaid pension cost (liability) as of beginning of fiscal year	$	(6,608	)		(6,695	)
Net periodic pension cost for fiscal year	(56		)		(311	)
Benefits paid	398				398
Prepaid pension cost (liability) as of end of fiscal year	$	(6,266	)		(6,608	)

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

($ in thousands)	2019				2018
Prepaid pension cost as of beginning of fiscal year	$	6,851			7,082
Net periodic pension cost for fiscal year	(897		)		(231	)
Actual employer contributions	—				—
Prepaid pension asset as of end of fiscal year	$	5,954			6,851

Schedule of net pension costs

Net pension (income) cost for the Pension Plan included the following components for the years ended December 31, 2019, 2018, and 2017:

($ in thousands)	2019				2018			2017
Service cost – benefits earned during the period	$	—			—			—
Interest cost on projected benefit obligation	1,482				1,312			1,449
Expected return on plan assets	(1,562		)		(1,115	)		(2,810	)
Net amortization and deferral	977				34			244
Net periodic pension cost (income)	$	897			231			(1,117	)

Net pension cost for the SERP included the following components for the years ended December 31, 2019, 2018, and 2017:

($ in thousands)	2019				2018			2017
Service cost – benefits earned during the period	$	—			124			118
Interest cost on projected benefit obligation	219				200			227
Net amortization and deferral	(163		)		(13	)		(34	)
Net periodic pension cost	$	56			311			311

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, 2020	$	330
Year ending December 31, 2021	327
Year ending December 31, 2022	323
Year ending December 31, 2023	319
Year ending December 31, 2024	315
Years ending December 31, 2025-2029	1,712

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, 2020	$	1,858
Year ending December 31, 2021	1,930
Year ending December 31, 2022	1,992
Year ending December 31, 2023	2,033
Year ending December 31, 2024	2,059
Years ending December 31, 2025-2029	10,870

Schedule of expected benefit payments

The fair values of the Company’s pension plan assets at December 31, 2019, by asset category, were as follows:

($ in thousands)	Total Fair Value at December 31, 2019				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	$	274			—			274			—
Investment funds
Fixed income funds	43,550				—			43,550			—
Total	$	43,824			—			43,824			—

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			—			39,170			—

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, 2019, 2018, and 2017:

	2019						2018						2017
	Pension Plan			SERP			Pension Plan			SERP			Pension Plan			SERP
Discount rate used to determine net periodic pension cost	4.08	%		3.92	%		3.46	%		3.46	%		3.97	%		3.97	%
Discount rate used to calculate end of year liability disclosures	3.03	%		2.89	%		4.08	%		3.92	%		3.46	%		3.46	%
Expected long-term rate of return on assets	4.08	%		n/a			2.75	%		n/a			7.75	%		n/a
Rate of compensation increase	n/a			n/a			n/a			n/a			n/a			n/a

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