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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
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) | 2022 |  | 2021 |  | 2020
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 41,657 |  |  | 44,750 |  |  | 41,592 |
Service cost | — |  |  | — |  |  | — |
Interest cost | 1,043 |  |  | 981 |  |  | 1,223 |
Actuarial (gain) loss | (10,286) |  |  | (2,041) |  |  | 3,788 |
Benefits paid | (1,803) |  |  | (2,033) |  |  | (1,853) |
Accumulated benefit obligation at end of year | 30,611 |  |  | 41,657 |  |  | 44,750 |
Change in plan assets |  |  |  |  |
Plan assets at beginning of year | 44,904 |  |  | 48,167 |  |  | 43,824 |
Actual return on plan assets | (9,446) |  |  | (1,230) |  |  | 6,196 |
Employer contributions | — |  |  | — |  |  | — |
Benefits paid | (1,803) |  |  | (2,033) |  |  | (1,853) |
Plan assets at end of year | 33,655 |  |  | 44,904 |  |  | 48,167 |
Funded status at end of year | $ | 3,044 |  |  | 3,247 |  |  | 3,417 |
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) | 2022 |  | 2021 |  | 2020
Change in benefit obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 4,660 |  |  | 5,982 |  |  | 5,638 |
Service cost | — |  |  | — |  |  | — |
Interest cost | 112 |  |  | 119 |  |  | 158 |
Actuarial (gain) loss | (1,006) |  |  | (1,119) |  |  | 517 |
Benefits paid | (245) |  |  | (322) |  |  | (331) |
Accumulated benefit obligation at end of year | 3,521 |  |  | 4,660 |  |  | 5,982 |
Plan assets | — |  |  | — |  |  | — |
Funded status at end of year | $ | (3,521) |  |  | (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, 2022 and 2021, as it relates to the Pension Plan.
($ in thousands) | 2022 |  | 2021
Net loss | $ | (1,497) |  |  | (1,441) |
Prior service cost | — |  |  | — |
Amount recognized in AOCI before tax effect | (1,497) |  |  | (1,441) |
Tax benefit | 344 |  |  | 331 |
Net amount recognized as decrease to AOCI | $ | (1,153) |  |  | (1,110) |
The following table presents information regarding the amounts recognized in AOCI at December 31, 2022 and 2021, as it relates to the SERP:
($ in thousands) | 2022 |  | 2021
Net gain | $ | 1,551 |  |  | 1,088 |
Prior service cost | — |  |  | — |
Amount recognized in AOCI before tax effect | 1,551 |  |  | 1,088 |
Tax expense | (356) |  |  | (250) |
Net amount recognized as increase to AOCI | $ | 1,195 |  |  | 838 |
Schedule of Reconciliation of Balances in AOCI | The following table reconciles the beginning and ending balances of AOCI at December 31, 2022 and 2021, as it relates to the Pension Plan:
($ in thousands) | 2022 |  | 2021
Accumulated other comprehensive loss at beginning of fiscal year | $ | (1,110) |  |  | (1,364) |
Net loss arising during period | (312) |  |  | (247) |
Amortization of unrecognized actuarial loss | 256 |  |  | 577 |
Tax expense (benefit) of changes during the year, net | 13 |  |  | (76) |
Accumulated other comprehensive loss at end of fiscal year | $ | (1,153) |  |  | (1,110) |
The following table reconciles the beginning and ending balances of AOCI at December 31, 2022 and 2021, as it relates to the SERP:
($ in thousands) | 2022 |  | 2021
Accumulated other comprehensive income (loss) at beginning of fiscal year | $ | 838 |  |  | (35) |
Net gain arising during period | 1,007 |  |  | 1,119 |
Prior service cost | — |  |  | — |
Amortization of unrecognized actuarial (loss) gain | (544) |  |  | 15 |
Amortization of prior service cost and transition obligation | — |  |  | — |
Tax expense related to changes during the year, net | (106) |  |  | (261) |
Accumulated other comprehensive income at end of fiscal year | $ | 1,195 |  |  | 838 |
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) | 2022 |  | 2021
Prepaid pension cost as of beginning of fiscal year | $ | 4,689 |  |  | 5,188 |
Net periodic pension cost for fiscal year | (147) |  |  | (499) |
Actual employer contributions | — |  |  | — |
Prepaid pension asset as of end of fiscal year | $ | 4,542 |  |  | 4,689 |
The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:
($ in thousands) | 2022 |  | 2021
Accrued liability as of beginning of fiscal year | $ | (5,748) |  |  | (5,936) |
Net periodic pension cost for fiscal year | 432 |  |  | (134) |
Benefits paid | 245 |  |  | 322 |
Accrued liability as of end of fiscal year | $ | (5,071) |  |  | (5,748) |
Schedule of Net Pension Costs | Net pension cost for the Pension Plan included the following components for the years ended December 31, 2022, 2021, and 2020:
($ in thousands) | 2022 |  | 2021 |  | 2020
Service cost – benefits earned during the period | $ | — |  |  | — |  |  | — |
Interest cost on projected benefit obligation | 1,043 |  |  | 981 |  |  | 1,223 |
Expected return on plan assets | (1,152) |  |  | (1,059) |  |  | (1,300) |
Net amortization and deferral | 256 |  |  | 577 |  |  | 843 |
Net periodic pension cost | $ | 147 |  |  | 499 |  |  | 766 |
Net pension cost for the SERP included the following components for the years ended December 31, 2022, 2021, and 2020:
($ in thousands) | 2022 |  | 2021 |  | 2020
Service cost – benefits earned during the period | $ | — |  |  | — |  |  | — |
Interest cost on projected benefit obligation | 112 |  |  | 119 |  |  | 158 |
Net amortization and deferral | (544) |  |  | 15 |  |  | (157) |
Net periodic pension cost | $ | (432) |  |  | 134 |  |  | 1 |
Schedule of Expected Benefit Payments | The following table is an estimate of the benefits that will be paid in accordance with the Pension Plan for each of the five calendar years ending December 31, 2027 and thereafter, assuming the Pension Plan is operated on an ongoing basis.
($ in thousands) | Estimated benefit payments
2023 | $ | 1,932 |
2024 | 1,973 |
2025 | 2,035 |
2026 | 2,069 |
2027 | 2,109 |
2028-2032 | 10,728 |
The following table is an estimate of the benefits that will be paid in accordance with the SERP for each of the five calendar years ending December 31, 2027 and thereafter:
($ in thousands) | Estimated benefit payments
2023 | $ | 240 |
2024 | 237 |
2025 | 275 |
2026 | 277 |
2027 | 295 |
2028-2032 | 1,345 |
Schedule of Pension Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2022, by asset category, were as follows:
($ in thousands) | Total Fair Value at December 31, 2022 |  | 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 | $ | 194 |  |  | — |  |  | 194 |  |  | — |
Fixed income investment funds | 33,461 |  |  | — |  |  | 33,461 |  |  | — |
Total | $ | 33,655 |  |  | — |  |  | 33,655 |  |  | — |
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 |  |  | — |
Fixed income investment funds | 44,637 |  |  | — |  |  | 44,637 |  |  | — |
Total | $ | 44,904 |  |  | — |  |  | 44,904 |  |  | — |
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, 2022, 2021, and 2020:
| 2022 |  | 2021 |  | 2020
| Pension Plan |  | SERP |  | Pension Plan |  | SERP |  | Pension Plan |  | SERP
Discount rate used to determine net periodic pension cost | 2.62 | % |  | 2.48 | % |  | 2.24 | % |  | 2.04 | % |  | 3.03 | % |  | 2.89 | %
Discount rate used to calculate end of year liability disclosures | 4.94 | % |  | 4.90 | % |  | 2.62 | % |  | 2.48 | % |  | 2.24 | % |  | 2.04 | %
Expected long-term rate of return on assets | 2.62 | % |  | n/a |  | 2.24 | % |  | n/a |  | 3.03 | % |  | n/a

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