Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2015

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



($ in thousands)	2015			2014
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	11,051		$	9,326
Service cost	265			248
Interest cost	466			392
Actuarial gain/assumption changes	(1,239		)	2,804
Benefits paid	(33		)	(1,719		)
Settlements paid	(1,540		)	—
Benefit obligation at end of year	$	8,970		$	11,051
Accumulated benefit obligation at end of year	$	7,661		$	9,473
Change in Plan Assets
Fair value of plan assets at beginning of year	$	7,972		$	8,633
Actual return on plan assets	(142		)	407
Employer contribution	450			650
Benefits/expenses paid	(33		)	(1,718		)
Settlements paid	(1,540		)	—
Fair value of plan assets at end of year	$	6,707		$	7,972
Funded status - liability	$	(2,263	)	$	(3,079	)

Amounts recorded in equity
Net actuarial loss	$	3,123		$	4,453
Prior service cost	(90		)	(119		)
Total amount recorded	$	3,033		$	4,334
Amount recorded, net taxes	$	1,820		$	2,600

Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2015 and 2014 include the following components:



($ in thousands)	2015			2014
Net (gain) loss	$	(482	)	$	2,973
Recognition of net actuarial loss	(849		)	(481		)
Recognized prior service cost	29			29
Total changes	$	(1,302	)	$	2,521
Changes, net of taxes	$	(781	)	$	1,511

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



Amortization net actuarial gain	$	213
Amortization prior service cost	$	(29	)

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

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)	2015			2014			2013
Cost components:
Service cost	$	(265	)	$	(248	)	$	(359	)
Interest cost	(466		)	(392		)	(402		)
Expected return on plan assets	615			576			542
Net amortization and deferral	(284		)	(45		)	(253		)
Settlement recognition	(536		)	(407		)	—
Total net periodic pension cost	$	(936	)	$	(516	)	$	(472	)

The following SERP benefit information is as of December 31:



($ in thousands)	2015			2014
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	7,431		$	6,131
Service cost	—			26
Interest cost	278			258
Actuarial gain/assumption changes	726			1,399
Benefits paid	(436		)	(383		)
Benefit obligation at end of year	$	7,999		$	7,431
Accumulated benefit obligation at end of year	$	7,117		$	6,937
Funded status - liability	$	(7,999	)	$	(7,431	)



($ in thousands)	2015		2014
Amounts recorded in stockholders’ equity
Net actuarial (gain)	$	2,462	$	2,072
Prior service cost	—		—
Total amount recorded	$	2,462	$	2,072
Amount recorded, net taxes	$	1,477	$	1,243

Other changes in benefit obligations recognized in other comprehensive income for 2015 and 2014 include the following components:



($ in thousands)	2015		2014
Net (gain) loss	$	726	$	1,399
Recognition of net actuarial gain or (loss)	337		(23		)
Total changes	$	1,063	$	1,376
Changes, net of taxes	$	638	$	826

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)	$	343

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)	2015		2014		2013
Cost components:
Service cost	$	—	$	26	$	318
Interest cost	278		258		219
Net amortization and deferral	337		23		229
Total net periodic pension cost	$	615	$	307	$	766