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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
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)202020192018
Change in benefit obligation   
Benefit obligation at beginning of year$41,592 36,354 38,150 
Service cost— — — 
Interest cost1,223 1,482 1,312 
Actuarial loss (gain)3,788 5,492 (1,160)
Benefits paid(1,853)(1,736)(1,948)
Benefit obligation at end of year44,750 41,592 36,354 
Change in plan assets
Plan assets at beginning of year43,824 39,170 41,306 
Actual return on plan assets6,196 6,390 (188)
Employer contributions— — — 
Benefits paid(1,853)(1,736)(1,948)
Plan assets at end of year48,167 43,824 39,170 
Funded status at end of year$3,417 2,232 2,816 
The following table reconciles the beginning and ending balances of the SERP’s benefit obligation, as computed by the Company’s independent actuarial consultants:
($ in thousands)202020192018
Change in benefit obligation   
Projected benefit obligation at beginning of year$5,638 5,794 5,970 
Service cost— — 124 
Interest cost158 219 200 
Actuarial (gain) loss517 23 (102)
Benefits paid(331)(398)(398)
Projected benefit obligation at end of year5,982 5,638 5,794 
Plan assets— — — 
Funded status at end of year$(5,982)(5,638)(5,794)
Schedule of Amounts Recognized in Balance Sheet
The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2020 and 2019 as it relates to the Pension Plan, excluding the related deferred tax assets.
($ in thousands)20202019
Other assets$3,417 2,232 
The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2020 and 2019 as it relates to the SERP, excluding the related deferred tax assets.
($ in thousands)20202019
Other liabilities$(5,982)(5,638)
Schedule of Amounts Recognized in Other Comprehensive Income
The following table presents information regarding the amounts recognized in accumulated other comprehensive income (loss) (“AOCI”) at December 31, 2020 and 2019, as it relates to the Pension Plan.
($ in thousands)20202019
Net loss$(1,771)(3,721)
Prior service cost— — 
Amount recognized in AOCI before tax effect(1,771)(3,721)
Tax benefit407 855 
Net amount recognized as decrease to AOCI$(1,364)(2,866)
The following table presents information regarding the amounts recognized in AOCI at December 31, 2020 and 2019, as it relates to the SERP:
($ in thousands)20202019
Net (loss) gain$(46)629 
Prior service cost— — 
Amount recognized in AOCI before tax effect(46)629 
Tax expense11 (145)
Net amount recognized as (decrease) increase to AOCI$(35)484 
Schedule of Reconciliation of Balances in AOCI
The following table reconciles the beginning and ending balances of AOCI at December 31, 2020 and 2019, as it relates to the Pension Plan:
($ in thousands)20202019
Accumulated other comprehensive loss at beginning of fiscal year
$(2,866)(3,091)
Net gain (loss) arising during period1,107 (664)
Amortization of unrecognized actuarial loss
843 977 
Tax benefit of changes during the year, net
(448)(88)
Accumulated other comprehensive loss at end of fiscal year
$(1,364)(2,866)
The following table reconciles the beginning and ending balances of AOCI at December 31, 2020 and 2019, as it relates to the SERP:
($ in thousands)20202019
Accumulated other comprehensive income (loss) at beginning of fiscal year$484 624 
Net (loss) gain arising during period(517)(22)
Prior service cost— — 
Amortization of unrecognized actuarial gain(157)(163)
Amortization of prior service cost and transition obligation— — 
Tax expense related to changes during the year, net155 45 
Accumulated other comprehensive income (loss) at end of fiscal year$(35)484 
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)20202019
Prepaid pension cost as of beginning of fiscal year
$5,954 6,851 
Net periodic pension cost for fiscal year
(766)(897)
Actual employer contributions
— — 
Prepaid pension asset as of end of fiscal year
$5,188 5,954 
The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:
($ in thousands)20202019
Accrued liability as of beginning of fiscal year$(6,266)(6,608)
Net periodic pension cost for fiscal year(1)(56)
Benefits paid331 398 
Accrued liability as of end of fiscal year$(5,936)(6,266)
Schedule of Net Pension Costs
Net pension cost for the Pension Plan included the following components for the years ended December 31, 2020, 2019, and 2018:
($ in thousands)202020192018
Service cost – benefits earned during the period$— — — 
Interest cost on projected benefit obligation1,223 1,482 1,312 
Expected return on plan assets(1,300)(1,562)(1,115)
Net amortization and deferral843 977 34 
Net periodic pension cost$766 897 231 
Net pension cost for the SERP included the following components for the years ended December 31, 2020, 2019, and 2018:
($ in thousands)202020192018
Service cost – benefits earned during the period$— — 124 
Interest cost on projected benefit obligation158 219 200 
Net amortization and deferral(157)(163)(13)
Net periodic pension cost$1 56 311 
Schedule of Expected Benefit Payments
The following table is an estimate of the benefits that will be paid in accordance with the Pension Plan during the indicated time periods, assuming the Pension Plan is operated on an ongoing basis.
($ in thousands)Estimated
benefit
payments
Year ending December 31, 2021$1,843 
Year ending December 31, 20221,918 
Year ending December 31, 20231,977 
Year ending December 31, 20242,021 
Year ending December 31, 20252,085 
Years ending December 31, 2026-203010,891 
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, 2021$330 
Year ending December 31, 2022326 
Year ending December 31, 2023322 
Year ending December 31, 2024318 
Year ending December 31, 2025340 
Years ending December 31, 2026-20301,719 
Schedule of Pension Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2020, by asset category, were as follows:
($ 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 funds47,830 — 47,830 — 
Total$48,167 — 48,167 — 
The fair values of the Company’s pension plan assets at December 31, 2019, by asset category, were as follows:
($ 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 funds43,550 — 43,550 — 
      Total$43,824 — 43,824 — 
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, 2020, 2019, and 2018:
 202020192018
 Pension
Plan		SERPPension
Plan		SERPPension
Plan		SERP
Discount rate used to determine net periodic pension cost
3.03 %2.89 %4.08 %3.92 %3.46 %3.46 %
Discount rate used to calculate end of year liability disclosures
2.24 %2.04 %3.03 %2.89 %4.08 %3.92 %
Expected long-term rate of return on assets
3.03 %n/a4.08 %n/a2.75 %n/a
Rate of compensation increase
n/an/an/an/an/an/a