Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

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



($ in thousands)	2018			2017
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	10,099		$	9,905
Service cost	—			15
Interest cost	365			386
Actuarial (gain)/assumption changes	(837		)	1,505
Benefits paid	(221		)	(124		)
Settlements paid	—			(1,588		)
Benefit obligation at end of year	$	9,406		$	10,099
Accumulated benefit obligation at end of year	$	9,406		$	10,099
Change in Plan Assets
Fair value of plan assets at beginning of year	$	7,819		$	6,974
Actual return on plan assets	(505		)	804
Employer contribution	165			165
Benefits/expenses paid	(221		)	(124		)
Fair value of plan assets at end of year	$	7,258		$	7,819
Funded status - liability	$	(2,148	)	$	(2,280	)

Amounts recorded in equity
Net actuarial loss	$	3,162		$	2,973
Total amount recorded	$	3,162		$	2,973
Amount recorded, net taxes	$	2,277		$	1,784

The following SERP benefit information is as of December 31:



($ in thousands)	2018			2017
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	7,759		$	8,015
Interest cost	268			287
Actuarial gain/assumption changes	267			466
Benefits paid	(544		)	(444		)
Curtailments	—			(565		)
Benefit obligation at end of year	$	7,750		$	7,759
Accumulated benefit obligation at end of year	$	7,750		$	7,759
Funded status - liability	$	(7,750	)	$	(7,759	)



($ in thousands)	2018		2017
Amounts recorded in stockholders’ equity
Net actuarial loss (gain)	$	1,978	$	1,935
Total amount recorded	$	1,978	$	1,935
Amount recorded, net taxes	$	1,425	$	1,161

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



($ in thousands)	2018			2017
Net loss (gain)	$	253		$	(355	)
Recognition of net actuarial loss	(64		)	(137		)
Recognized prior service cost	—			61
Total changes	$	189		$	(431	)
Changes, net of taxes	$	136		$	(259	)

Other changes in benefit obligations recognized in other comprehensive income for 2018 and 2017 included the following components:



($ in thousands)	2018			2017
Net (gain) loss	$	109		$	(101	)
Recognition of net actuarial gain or (loss)	(66		)	(212		)
Total changes	$	43		$	(313	)
Changes, net of taxes	$	31		$	188

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



Interest cost	$	(304	)
Amortization of net (gain)/loss	(62		)
Net periodic pension earnings/(cost)	$	(366	)

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



Expected return on plan assets	$	522
Interest cost	(389		)
Amortization of net gain/(loss)	(75		)
Net periodic pension benefit/(cost)	$	58

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

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

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)	2018			2017			2016
Cost components:
Service cost	$	—		$	(15	)	$	(223	)
Interest cost	(365		)	(386		)	(406		)
Expected return on plan assets	585			531			517
Net amortization and deferral	(64		)	(122		)	(184		)
Settlement recognition	—			47			—
Total net periodic pension earnings/(cost)	$	156		$	55		$	(296	)

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



($ in thousands)	2018			2017			2016
Cost components:
Interest cost	$	(268	)	$	(287	)	$	(323	)
Net amortization and other	(223		)	(211		)	(343		)
Total net periodic pension earnings/(cost)	$	(491	)	$	(498	)	$	(666	)