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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
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) | 2021 |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 44,750 |  |  | 41,592 |  |  | 36,354 |
Service cost | — |  |  | — |  |  | — |
Interest cost | 981 |  |  | 1,223 |  |  | 1,482 |
Actuarial (gain) loss | (2,041) |  |  | 3,788 |  |  | 5,492 |
Benefits paid | (2,033) |  |  | (1,853) |  |  | (1,736) |
Benefit obligation at end of year | 41,657 |  |  | 44,750 |  |  | 41,592 |
Change in plan assets |  |  |  |  |
Plan assets at beginning of year | 48,167 |  |  | 43,824 |  |  | 39,170 |
Actual return on plan assets | (1,230) |  |  | 6,196 |  |  | 6,390 |
Employer contributions | — |  |  | — |  |  | — |
Benefits paid | (2,033) |  |  | (1,853) |  |  | (1,736) |
Plan assets at end of year | 44,904 |  |  | 48,167 |  |  | 43,824 |
Funded status at end of year | $ | 3,247 |  |  | 3,417 |  |  | 2,232 |
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) | 2021 |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |  |
Projected benefit obligation at beginning of year | $ | 5,982 |  |  | 5,638 |  |  | 5,794 |
Service cost | — |  |  | — |  |  | — |
Interest cost | 119 |  |  | 158 |  |  | 219 |
Actuarial (gain) loss | (1,119) |  |  | 517 |  |  | 23 |
Benefits paid | (322) |  |  | (331) |  |  | (398) |
Projected benefit obligation at end of year | 4,660 |  |  | 5,982 |  |  | 5,638 |
Plan assets | — |  |  | — |  |  | — |
Funded status at end of year | $ | (4,660) |  |  | (5,982) |  |  | (5,638) |
Schedule of Amounts Recognized in Balance Sheet | The following table presents information regarding the amounts recognized in the Consolidated Balance Sheets at December 31, 2021 and 2020 as it relates to the Pension Plan, excluding the related deferred tax assets.
($ in thousands) | 2021 |  | 2020
Other assets | $ | 3,247 |  |  | 3,417 |
The following table presents information regarding the amounts recognized in the Consolidated Balance Sheets at December 31, 2021 and 2020 as it relates to the SERP, excluding the related deferred tax assets.
($ in thousands) | 2021 |  | 2020
Other liabilities | $ | (4,660) |  |  | (5,982) |
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, 2021 and 2020, as it relates to the Pension Plan.
($ in thousands) | 2021 |  | 2020
Net loss | $ | (1,441) |  |  | (1,771) |
Prior service cost | — |  |  | — |
Amount recognized in AOCI before tax effect | (1,441) |  |  | (1,771) |
Tax benefit | 331 |  |  | 407 |
Net amount recognized as decrease to AOCI | $ | (1,110) |  |  | (1,364) |
The following table presents information regarding the amounts recognized in AOCI at December 31, 2021 and 2020, as it relates to the SERP:
($ in thousands) | 2021 |  | 2020
Net gain (loss) | $ | 1,088 |  |  | (46) |
Prior service cost | — |  |  | — |
Amount recognized in AOCI before tax effect | 1,088 |  |  | (46) |
Tax (expense) benefit | (250) |  |  | 11 |
Net amount recognized as (decrease) increase to AOCI | $ | 838 |  |  | (35) |
Schedule of Reconciliation of Balances in AOCI | The following table reconciles the beginning and ending balances of AOCI at December 31, 2021 and 2020, as it relates to the Pension Plan:
($ in thousands) | 2021 |  | 2020
Accumulated other comprehensive loss at beginning of fiscal year | $ | (1,364) |  |  | (2,866) |
Net (loss) gain arising during period | (247) |  |  | 1,107 |
Amortization of unrecognized actuarial loss | 577 |  |  | 843 |
Tax benefit of changes during the year, net | (76) |  |  | (448) |
Accumulated other comprehensive loss at end of fiscal year | $ | (1,110) |  |  | (1,364) |
The following table reconciles the beginning and ending balances of AOCI at December 31, 2021 and 2020, as it relates to the SERP:
($ in thousands) | 2021 |  | 2020
Accumulated other comprehensive income (loss) at beginning of fiscal year | $ | (35) |  |  | 484 |
Net gain (loss) arising during period | 1,119 |  |  | (517) |
Prior service cost | — |  |  | — |
Amortization of unrecognized actuarial (loss) gain | 15 |  |  | (157) |
Amortization of prior service cost and transition obligation | — |  |  | — |
Tax (expense) benefit related to changes during the year, net | (261) |  |  | 155 |
Accumulated other comprehensive income (loss) at end of fiscal year | $ | 838 |  |  | (35) |
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) | 2021 |  | 2020
Prepaid pension cost as of beginning of fiscal year | $ | 5,188 |  |  | 5,954 |
Net periodic pension cost for fiscal year | (499) |  |  | (766) |
Actual employer contributions | — |  |  | — |
Prepaid pension asset as of end of fiscal year | $ | 4,689 |  |  | 5,188 |
The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:
($ in thousands) | 2021 |  | 2020
Accrued liability as of beginning of fiscal year | $ | (5,936) |  |  | (6,266) |
Net periodic pension cost for fiscal year | (134) |  |  | (1) |
Benefits paid | 322 |  |  | 331 |
Accrued liability as of end of fiscal year | $ | (5,748) |  |  | (5,936) |
Schedule of Net Pension Costs | Net pension cost for the Pension Plan included the following components for the years ended December 31, 2021, 2020, and 2019:
($ in thousands) | 2021 |  | 2020 |  | 2019
Service cost – benefits earned during the period | $ | — |  |  | — |  |  | — |
Interest cost on projected benefit obligation | 981 |  |  | 1,223 |  |  | 1,482 |
Expected return on plan assets | (1,059) |  |  | (1,300) |  |  | (1,562) |
Net amortization and deferral | 577 |  |  | 843 |  |  | 977 |
Net periodic pension cost | $ | 499 |  |  | 766 |  |  | 897 |
Net pension cost for the SERP included the following components for the years ended December 31, 2021, 2020, and 2019:
($ in thousands) | 2021 |  | 2020 |  | 2019
Service cost – benefits earned during the period | $ | — |  |  | — |  |  | — |
Interest cost on projected benefit obligation | 119 |  |  | 158 |  |  | 219 |
Net amortization and deferral | 15 |  |  | (157) |  |  | (163) |
Net periodic pension cost | $ | 134 |  |  | 1 |  |  | 56 |
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, 2022 | $ | 1,919 |
Year ending December 31, 2023 | 1,976 |
Year ending December 31, 2024 | 2,029 |
Year ending December 31, 2025 | 2,112 |
Year ending December 31, 2026 | 2,149 |
Years ending December 31, 2027-2031 | 11,086 |
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, 2022 | $ | 252 |
Year ending December 31, 2023 | 249 |
Year ending December 31, 2024 | 246 |
Year ending December 31, 2025 | 269 |
Year ending December 31, 2026 | 273 |
Years ending December 31, 2027-2031 | 1,395 |
Schedule of Pension Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2021, by asset category, were as follows:
($ in thousands) | Total Fair Value at December 31, 2021 |  | 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 | 44,637 |  |  | — |  |  | 44,637 |  |  | — |
Total | $ | 44,904 |  |  | — |  |  | 44,904 |  |  | — |
The fair values of the Company’s pension plan assets at December 31, 2020, by asset category, were as follows:
($ in thousands) | Total Fair Value at December 31, 2020 |  | 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 | $ | 337 |  |  | — |  |  | 337 |  |  | — |
Investment funds |  |  |  |  |  |  |
Fixed income funds | 47,830 |  |  | — |  |  | 47,830 |  |  | — |
Total | $ | 48,167 |  |  | — |  |  | 48,167 |  |  | — |
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, 2021, 2020, and 2019:
| 2021 |  | 2020 |  | 2019
| Pension Plan |  | SERP |  | Pension Plan |  | SERP |  | Pension Plan |  | SERP
Discount rate used to determine net periodic pension cost | 2.24 | % |  | 2.04 | % |  | 3.03 | % |  | 2.89 | % |  | 4.08 | % |  | 3.92 | %
Discount rate used to calculate end of year liability disclosures | 2.62 | % |  | 2.48 | % |  | 2.24 | % |  | 2.04 | % |  | 3.03 | % |  | 2.89 | %
Expected long-term rate of return on assets | 2.24 | % |  | n/a |  | 3.03 | % |  | n/a |  | 4.08 | % |  | n/a
Rate of compensation increase | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | n/a

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