Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:



($ in thousands)	2017			2016
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	9,905		$	8,970
Service cost	15			223
Interest cost	386			406
Actuarial gain/assumption changes	1,505			378
Benefits paid	(124		)	(50		)
Settlements paid	(1,588		)	(22		)
Benefit obligation at end of year	$	10,099		$	9,905
Accumulated benefit obligation at end of year	$	10,099		$	8,475
Change in Plan Assets
Fair value of plan assets at beginning of year	$	6,974		$	6,707
Actual return on plan assets	804			339
Employer contribution	165			—
Benefits/expenses paid	(124		)	(50		)
Settlements paid	—			(22		)
Fair value of plan assets at end of year	$	7,819		$	6,974
Funded status - liability	$	(2,280	)	$	(2,931	)

Amounts recorded in equity
Net actuarial loss	$	2,973		$	3,465
Prior service cost	—			(61		)
Total amount recorded	$	2,973		$	3,404
Amount recorded, net taxes	$	1,784		$	2,042

Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:



($ in thousands)	2017			2016
Net loss (gain)	$	(355	)	$	556
Recognition of net actuarial loss	(137		)	(213		)
Recognized prior service cost	61			29
Total changes	$	(431	)	$	372
Changes, net of taxes	$	(259	)	$	188

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year:



Amortization net actuarial gain	$	64
Amortization prior service cost	$	—

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows:

See the following table for fair value hierarchy by investment type at December 31:

Total pension and retirement expense was as follows for each of the years ended December 31:



($ in thousands)	2017			2016			2015
Cost components:
Service cost	$	(15	)	$	(223	)	$	(265	)
Interest cost	(386		)	(406		)	(466		)
Expected return on plan assets	531			517			615
Net amortization and deferral	(122		)	(184		)	(284		)
Settlement recognition	47			—			(536		)
Total net periodic pension cost	$	55		$	(296	)	$	(936	)

The following SERP benefit information is as of December 31:



($ in thousands)	2017			2016
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	8,015		$	7,999
Service cost	—			—
Interest cost	287			323
Actuarial gain/assumption changes	466			129
Benefits paid	(444		)	(436		)
Curtailments	(565		)	—
Benefit obligation at end of year	$	7,759		$	8,015
Accumulated benefit obligation at end of year	$	7,759		$	7,482
Funded status - liability	$	(7,759	)	$	(8,015	)



($ in thousands)	2017		2016
Amounts recorded in stockholders’ equity
Net actuarial loss (gain)	$	1,935	$	2,248
Prior service cost	—		—
Total amount recorded	$	1,935	$	2,248
Amount recorded, net taxes	$	1,161	$	1,349

Other changes in benefit obligations recognized in other comprehensive income for 2017 and 2016 include the following components:



($ in thousands)	2017			2016
Net (gain) loss	$	(101	)	$	129
Recognition of net actuarial gain or (loss)	(212		)	(343		)
Total changes	$	(313	)	$	(214	)
Changes, net of taxes	$	188		$	638

The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):



Amortization net actuarial gain or (loss)	$	63

Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):

Total pension and retirement expense was as follows for each of the years ended December 31:



($ in thousands)	2017		2016		2015
Cost components:
Service cost	$	—	$	—	$	—
Interest cost	287		323		278
Net amortization and deferral	211		343		337
Total net periodic pension cost	$	498	$	666	$	615