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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Summary of changes in benefit obligations and plan assets
The following table sets forth changes in the plan's net benefit obligation and accumulated benefit information as of December 31:
($ in thousands)20212020
Change in benefit obligation - Pension
Benefit obligation at beginning of year$12,037 $10,710 
Interest cost291 338 
Actuarial (gain)/loss assumption changes(722)1,248 
Benefits paid(296)(259)
Benefit obligation and accumulated benefit obligation at end of year$11,310 $12,037 
Change in Plan Assets
Fair value of plan assets at beginning of year$10,435 $8,920 
Actual return on plan assets821 1,609 
Employer contribution165 165 
Benefits/expenses paid(296)(259)
Fair value of plan assets at end of year$11,125 $10,435 
Funded status - liability$(185)$(1,602)
 
Amounts recorded in equity
Net actuarial loss$2,376 $3,242 
Total amount recorded$2,376 $3,242 
Amount recorded, net taxes$1,711 $2,335 
The following SERP benefit information is as of December 31:
($ in thousands)20212020
Change in benefit obligation - SERP
Benefit obligation at beginning of year$8,419 $8,011 
Interest cost163 229 
Actuarial gain/assumption changes(206)708 
Benefits paid(529)(529)
Benefit obligation and accumulated benefit obligation at end of year$7,847 $8,419 
Funded status - liability$(7,847)$(8,419)
($ in thousands)20212020
Amounts recorded in stockholders’ equity
Net actuarial loss$2,693 $3,024 
Total amount recorded$2,693 $3,024 
Amount recorded, net taxes$1,939 $2,178 
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income
Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:
($ in thousands)20212020
Net (gain) loss$(792)$282 
Recognition of net actuarial loss(74)(67)
Total changes$(866)$215 
Changes, net of taxes$(624)$155 
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$552 
Interest cost(312)
Amortization of net gain/(loss)(46)
Net periodic pension benefit/(cost)$194 
Other changes in benefit obligations recognized in other comprehensive income for 2021 and 2020 included the following components: 
($ in thousands)20212020
Net (gain) loss$(206)$708 
Recognition of net actuarial gain or (loss)(125)(86)
Total changes$(331)$622 
Changes, net of taxes$(239)$448 
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):
Interest cost$(182)
Amortization of net (gain)/loss(114)
Net periodic pension earnings/(cost)$(296)
Schedule of expected annual benefit payments
Based on actuarial estimates, it is expected that annual benefit payments from the pension trust will be as follows:
20222023202420252026Thereafter
$317 $338 $374 $470 $503 $2,645 
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):
20222023202420252026Thereafter
$526 $510 $487 $562 $553 $2,592 
Schedule of fair value of plan assets by investment type See the following table for fair value hierarchy by investment type at December 31:
($ in thousands)Fair Value Hierarchy20212020
Pension Plan Assets:
Cash and Cash EquivalentsLevel 1$102 $70 
Collective FundsLevel 211,023 10,365 
Fair value of plan assets$11,125 $10,435 
Components of net periodic pension cost
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202120202019
Cost components:
Service cost$— $— $— 
Interest cost(291)(338)(389)
Expected return on plan assets752 643 522 
Net amortization and deferral(74)(68)(75)
Total net periodic pension earnings/(cost)$387 $237 $58 
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202120202019
Cost components:
Interest cost$(163)$(229)$(303)
Net amortization and other(125)(86)(62)
Total net periodic pension earnings/(cost)$(288)$(315)$(365)