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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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 with assistance from its 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)						2023						2022						2021
Change in benefit obligation
Benefit obligation at beginning of year						$	30,611					41,657						44,750
Service cost						—						—						—
Interest cost						1,451						1,043						981
Actuarial gain						(1,470)						(10,286)						(2,041)
Benefits paid, including lump sums						(11,135)						(1,803)						(2,033)
Transfer to insurer						(19,457)						—						—
Accumulated benefit obligation at end of year						—						30,611						41,657
Change in plan assets
Plan assets at beginning of year						33,655						44,904						48,167
Actual return on plan assets						(547)						(9,446)						(1,230)
Employer contributions						—						—						—
Benefits paid, including lump sums						(11,135)						(1,803)						(2,033)
Transfer to insurer						(19,457)						—						—
Plan assets at end of year						2,517						33,655						44,904
Funded status at end of year (1)						$	2,517					3,044						3,247
(1) - As of December 31, 2023, the Pension Plan was terminated and surplus assets were held in the Pension Plan's trust account until deployed as contributions to the Company's 401(k) Plan in 2024 and 2025.

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)						2023						2022						2021
Change in benefit obligation
Benefit obligation at beginning of year						$	3,521					4,660						5,982
Service cost						—						—						—
Interest cost						158						112						119
Actuarial gain						(86)						(1,006)						(1,119)
Benefits paid						(241)						(245)						(322)
Accumulated benefit obligation at end of year						3,352						3,521						4,660
Plan assets						—						—						—
Funded status at end of year						$	(3,352)					(3,521)						(4,660)

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, 2023 and 2022, as it relates to the Pension Plan.

($ in thousands)						2023						2022
Net actuarial loss						$	—					(1,497)
Prior service cost						—						—
Amount recognized in AOCI before tax effect						—						(1,497)
Tax benefit						—						344
Net amount recognized as decrease to AOCI						$	—					(1,153)

The following table presents information regarding the amounts recognized in AOCI at December 31, 2023 and 2022, as it relates to the SERP:

($ in thousands)						2023						2022
Net (loss) gain						$	(100)					1,551
Prior service cost						—						—
Amount recognized in AOCI before tax effect						(100)						1,551
Tax benefit (expense)						23						(356)
Net amount recognized as (decrease) increase to AOCI						$	(77)					1,195

Schedule of Reconciliation of Balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2023 and 2022, as it relates to the Pension Plan:

($ in thousands)						2023						2022
Accumulated other comprehensive loss at beginning of fiscal year						$	(1,153)					(1,110)
Net loss arising during period						(693)						(312)
Recognition of net actuarial loss due to plan settlement						998						—
Amortization of net unrecognized actuarial loss						1,192						256
Tax (benefit) expense of changes during the year, net						(344)						13
Accumulated other comprehensive loss at end of fiscal year						$	—					(1,153)

The following table reconciles the beginning and ending balances of AOCI at December 31, 2023 and 2022, as it relates to the SERP:

($ in thousands)						2023						2022
Accumulated other comprehensive income at beginning of fiscal year						$	1,195					838
Net gain arising during period						86						1,007
Prior service cost						—						—
Amortization of unrecognized actuarial loss						(1,737)						(544)
Tax benefit (expense) related to changes during the year, net						379						(106)
Accumulated other comprehensive (loss) income at end of fiscal year						$	(77)					1,195

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 for the periods presented. As noted above, there are no remaining obligations of the Pension Plan and assets at December 31, 2023 represent the surplus cash held in the Pension Plan's trust account for contributions to be made to the Company's 401(k) plan during 2024 and 2025.

($ in thousands)						2023						2022
Prepaid pension cost as of beginning of fiscal year						$	4,542					4,689
Net periodic pension cost for fiscal year						(2,025)						(147)
Actual employer contributions						—						—
Prepaid pension asset as of end of fiscal year						$	2,517					4,542

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

($ in thousands)						2023						2022
Accrued liability as of beginning of fiscal year						$	(5,071)					(5,748)
Net periodic pension cost for fiscal year						1,579						432
Benefits paid						241						245
Accrued liability as of end of fiscal year						$	(3,251)					(5,071)

Schedule of Net Pension Costs

Net pension cost for the Pension Plan included the following components for the years ended December 31, 2023, 2022, and 2021:

($ in thousands)						2023						2022						2021
Service cost – benefits earned during the period						$	—					—						—
Interest cost on projected benefit obligation						1,451						1,043						981
Expected return on plan assets						(1,616)						(1,152)						(1,059)
Net amortization and deferral						1,192						256						577
Recognized settlement loss						998						—						—
Net periodic pension cost						$	2,025					147						499

Net pension cost for the SERP included the following components for the years ended December 31, 2023, 2022, and 2021:

($ in thousands)						2023						2022						2021
Service cost – benefits earned during the period						$	—					—						—
Interest cost on projected benefit obligation						158						112						119
Amortization of net actuarial (loss) gain						(1,737)						(544)						15
Net periodic pension cost						$	(1,579)					(432)						134

The components of net periodic benefit cost other than the service cost component are included in the line item "Other operating expenses" in the consolidated statements of income.

Schedule of Assumptions Used in Determining Actuarial Information

The following assumptions were used in determining the actuarial information for the Pension Plan for the years ended December 31, 2023, 2022, and 2021:

						2023						2022						2021
Discount rate used to determine net periodic pension cost						4.94%						2.62%						2.24%
Expected long-term rate of return on assets						4.94%						2.62%						2.24%
Discount rate used to calculate end of year liability disclosures (1)						n/a						4.94%						2.62%
(1) - As of December 31, 2023, there were no Pension Plan obligations or liabilities.

The following assumptions were used in determining the actuarial information for the SERP for the years ended December 31, 2023, 2022, and 2021:

						2023						2022						2021
Discount rate used to determine net periodic pension cost						4.90		%				2.48		%				2.04		%
Discount rate used to calculate end of year liability disclosures						4.68		%				4.90		%				2.48		%

Schedule of Expected Benefit Payments

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
2024						$	240
2025						278
2026						280
2027						298
2028						288
2029-2033						1,322

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