Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

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



($ in thousands)	2019			2018
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	9,406		$	10,099
Interest cost	389			365
Actuarial (gain)/assumption changes	1,161			(837		)
Benefits paid	(246		)	(221		)
Settlements paid	—			—
Benefit obligation and accumulated benefit obligation at end of year	$	10,710		$	9,406
Change in Plan Assets
Fair value of plan assets at beginning of year	$	7,258		$	7,819
Actual return on plan assets	1,744			(505		)
Employer contribution	165			165
Benefits/expenses paid	(247		)	(221		)
Fair value of plan assets at end of year	$	8,920		$	7,258
Funded status - liability	$	(1,790	)	$	(2,148	)

Amounts recorded in equity
Net actuarial loss	$	3,027		$	3,162
Total amount recorded	$	3,027		$	3,162
Amount recorded, net taxes	$	2,180		$	2,277

The following SERP benefit information is as of December 31:



($ in thousands)	2019			2018
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	7,750		$	7,759
Interest cost	303			268
Actuarial gain/assumption changes	486			267
Benefits paid	(528		)	(544		)
Curtailments	—			—
Benefit obligation and accumulated benefit obligation at end of year	$	8,011		$	7,750
Funded status - liability	$	(8,011	)	$	(7,750	)



($ in thousands)	2019		2018
Amounts recorded in stockholders’ equity
Net actuarial loss (gain)	$	2,402	$	1,978
Total amount recorded	$	2,402	$	1,978
Amount recorded, net taxes	$	1,730	$	1,425

Other changes in benefit obligations recognized in other comprehensive income for 2019 and 2018 included the following components:



($ in thousands)	2019			2018
Net (gain) loss	$	486		$	109
Recognition of net actuarial gain or (loss)	(62		)	(66		)
Total changes	$	424		$	43
Changes, net of taxes	$	305		$	31

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



($ in thousands)	2019			2018
Net loss (gain)	$	(60	)	$	253
Recognition of net actuarial loss	(75		)	(64		)
Total changes	$	(135	)	$	189
Changes, net of taxes	$	(97	)	$	136

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	$	643
Interest cost	(338		)
Amortization of net gain/(loss)	(68		)
Net periodic pension benefit/(cost)	$	237

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	$	(229	)
Amortization of net (gain)/loss	(86		)
Net periodic pension earnings/(cost)	$	(315	)

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)	2019			2018			2017
Cost components:
Service cost	$	—		$	—		$	(15	)
Interest cost	(389		)	(365		)	(386		)
Expected return on plan assets	522			585			531
Net amortization and deferral	(75		)	(64		)	(122		)
Settlement recognition	—			—			47
Total net periodic pension earnings/(cost)	$	58		$	156		$	55

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



($ in thousands)	2019			2018			2017
Cost components:
Interest cost	$	(303	)	$	(268	)	$	(287	)
Net amortization and other	(62		)	(223		)	(211		)
Total net periodic pension earnings/(cost)	$	(365	)	$	(491	)	$	(498	)