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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

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



($ in thousands)	2014			2013
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	9,326		$	10,215
Service cost	248			359
Interest cost	392			402
Actuarial gain/assumption changes	2,804			(1,379		)
Benefits paid	(1,719		)	(271		)
Benefit obligation at end of year	$	11,051		$	9,326
Accumulated benefit obligation at end of year	$	9,473		$	8,427
Change in Plan Assets
Fair value of plan assets at beginning of year	$	8,633		$	6,799
Actual return on plan assets	407			1,105
Employer contribution	650			1,000
Benefits/expenses paid	(1,718		)	(271		)
Fair value of plan assets at end of year	$	7,972		$	8,633
Funded status - liability	$	(3,079	)	$	(693	)

Amounts recorded in equity
Net actuarial loss	$	4,453		$	1,961
Prior service cost	(119		)	(148		)
Total amount recorded	$	4,334		$	1,813
Amount recorded, net taxes	$	2,600		$	1,088

Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2014 and 2013 include the following components:



($ in thousands)	2014			2013
Net (gain)/loss	$	2,973		$	(1,867	)
Recognition of net actuarial gain or (loss)	(481		)	(282		)
Recognized prior service cost	29			28
Total changes	$	2,521		$	(2,121	)
Changes, net of taxes	$	1,511		$	(1,271	)

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)	$	312
Amortization prior service cost	$	(29	)

Based on actuarial estimates, it is expected that annual benefit payments from the pension trust 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)	2014			2013			2012
Cost components:
Service cost	$	(248	)	$	(359	)	$	(284	)
Interest cost	(392		)	(402		)	(375		)
Expected return on plan assets	576			542			454
Net amortization and deferral	(452		)	(253		)	(190		)
Total net periodic pension cost	$	(516	)	$	(472	)	$	(395	)

The following SERP benefit information is as of December 31:



($ in thousands)	2014			2013
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	6,131		$	6,507
Service cost	26			318
Interest cost	258			219
Actuarial gain/assumption changes	1,399			(913		)
Benefits paid	$	(383	)	$	—
Benefit obligation at end of year	$	7,431		$	6,131
Accumulated benefit obligation at end of year	$	6,937		$	6,099
Funded status - liability	$	(7,431	)	$	(6,131	)



($ in thousands)	2014		2013
Amounts recorded in stockholders’ equity
Net actuarial (gain)	$	2,072	$	696
Prior service cost	—		—
Total amount recorded	$	2,072	$	696
Amount recorded, net taxes	$	1,243	$	418

Other changes in benefit obligations recognized in other comprehensive income for 2014 and 2013 include the following components:



($ in thousands)	2014			2013
Net (gain) loss	$	1,399		$	(745	)
Recognition of net actuarial gain or (loss)	(23		)	(229		)
Total changes	$	1,376		$	(974	)
Changes, net of taxes	$	826		$	(584	)

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)	$	337

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)	2014		2013		2012
Cost components:
Service cost	$	26	$	318	$	525
Interest cost	258		219		208
Net amortization and deferral	23		229		287
Total net periodic pension cost	$	307	$	766	$	1,020