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RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule 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)20242023
Change in benefit obligation - Pension
Benefit obligation at beginning of year$8,768 $8,487 
Interest cost416 416 
Actuarial (gain)/loss assumption changes(669)168 
Benefits paid(334)(303)
Benefit obligation and accumulated benefit obligation at end of year$8,181 $8,768 
Change in Plan Assets
Fair value of plan assets at beginning of year$9,063 $8,449 
Actual (loss) return on plan assets(178)752 
Employer contribution— 165 
Benefits/expenses paid(334)(303)
Fair value of plan assets at end of year$8,551 $9,063 
Funded status - asset $370 $295 
 
Amounts recorded in equity
Net actuarial loss$2,255 $2,355 
Total amount recorded$2,255 $2,355 
Amount recorded, net of taxes$1,624 $1,696 
The following SERP benefit information is as of December 31:
($ in thousands)20242023
Change in benefit obligation - SERP
Benefit obligation at beginning of year$6,124 $6,186 
Interest cost277 290 
Actuarial gain/assumption changes(180)168 
Benefits paid(501)(520)
Benefit obligation and accumulated benefit obligation at end of year5,720 6,124 
Funded status - liability$(5,720)$(6,124)
($ in thousands)20242023
Amounts recorded in stockholders’ equity
Net actuarial loss$1,157 $1,390 
Total amount recorded$1,157 $1,390 
Amount recorded, net of taxes$833 $1,001 
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:
($ in thousands)20242023
Net (gain)$(43)$(166)
Recognition of net actuarial loss(57)(67)
Total changes(100)(233)
Changes, net of taxes$(72)$(168)
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$420 
Interest cost(445)
Amortization of net gain/(loss)(57)
Net periodic pension benefit/(cost)$(82)
Other changes in benefit obligations recognized in other comprehensive income for 2024 and 2023 included the following components: 
($ in thousands)20242023
Net (gain) loss $(179)$167 
Recognition of net actuarial loss(54)(40)
Total changes$(233)$127 
Changes, net of taxes$(168)$91 
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):
Interest cost$(291)
Amortization of net gain(42)
Net periodic pension (costs)/earnings$(333)
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:
($ in thousands)
20252026202720282029Thereafter
$484 $502 $498 $493 $502 $3,011 
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):
20252026202720282029Thereafter
$580 $572 $562 $551 $539 $2,443 
Schedule of Fair Value of Plan Assets by Investment Type See the following table for fair value hierarchy by investment type at December 31:
($ in thousands)Fair Value Hierarchy20242023
Pension Plan Assets:
Cash and Cash EquivalentsLevel 1$87 $91 
Collective FundsLevel 28,464 8,972 
Fair value of plan assets$8,551 $9,063 
Schedule of Components of Net Periodic Pension Cost
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202420232022
Cost components:
Interest cost$(416)$(416)$(312)
Expected return on plan assets448 418 553 
Net amortization and deferral(58)(67)(47)
Total net periodic pension (costs)/earnings$(26)$(65)$194 
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202420232022
Cost components:
Interest cost$(277)$(291)$(182)
Net amortization and other(54)(40)(114)
Total net periodic pension cost$(331)$(331)$(296)