XML 56 R42.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
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)202120202019
Change in benefit obligation   
Benefit obligation at beginning of year$44,750 41,592 36,354 
Service cost— — — 
Interest cost981 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 year41,657 44,750 41,592 
Change in plan assets
Plan assets at beginning of year48,167 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 year44,904 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)202120202019
Change in benefit obligation   
Projected benefit obligation at beginning of year$5,982 5,638 5,794 
Service cost— — — 
Interest cost119 158 219 
Actuarial (gain) loss(1,119)517 23 
Benefits paid(322)(331)(398)
Projected benefit obligation at end of year4,660 5,982 5,638 
Plan assets— — — 
Funded status at end of year$(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)20212020
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)20212020
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)20212020
Net loss$(1,441)(1,771)
Prior service cost— — 
Amount recognized in AOCI before tax effect(1,441)(1,771)
Tax benefit331 407 
Net amount recognized as decrease to AOCI$(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)20212020
Net gain (loss)$1,088 (46)
Prior service cost— — 
Amount recognized in AOCI before tax effect1,088 (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)20212020
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)20212020
Accumulated other comprehensive income (loss) at beginning of fiscal year$(35)484 
Net gain (loss) arising during period1,119 (517)
Prior service cost— — 
Amortization of unrecognized actuarial (loss) gain15 (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)20212020
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)20212020
Accrued liability as of beginning of fiscal year$(5,936)(6,266)
Net periodic pension cost for fiscal year(134)(1)
Benefits paid322 331 
Accrued liability as of end of fiscal year$(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)202120202019
Service cost – benefits earned during the period$— — — 
Interest cost on projected benefit obligation981 1,223 1,482 
Expected return on plan assets(1,059)(1,300)(1,562)
Net amortization and deferral577 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)202120202019
Service cost – benefits earned during the period$— — — 
Interest cost on projected benefit obligation119 158 219 
Net amortization and deferral15 (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, 20231,976 
Year ending December 31, 20242,029 
Year ending December 31, 20252,112 
Year ending December 31, 20262,149 
Years ending December 31, 2027-203111,086 
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$252 
Year ending December 31, 2023249 
Year ending December 31, 2024246 
Year ending December 31, 2025269 
Year ending December 31, 2026273 
Years ending December 31, 2027-20311,395 
Schedule of Pension Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2021, by asset category, were as follows:
($ 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 funds44,637 — 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 funds47,830 — 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:
 202120202019
 Pension
Plan		SERPPension
Plan		SERPPension
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/a3.03 %n/a4.08 %n/a
Rate of compensation increase
n/an/an/an/an/an/a