Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2016

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



($ in thousands)	2016			2015
Change in benefit obligation - Pension
Benefit obligation at beginning of year	$	8,970		$	11,051
Service cost	223			265
Interest cost	406			466
Actuarial gain/assumption changes	378			(1,239		)
Benefits paid	(50		)	(33		)
Settlements paid	(22		)	(1,540		)
Benefit obligation at end of year	$	9,905		$	8,970
Accumulated benefit obligation at end of year	$	8,475		$	7,661
Change in Plan Assets
Fair value of plan assets at beginning of year	$	6,707		$	7,972
Actual return on plan assets	339			(142		)
Employer contribution	—			450
Benefits/expenses paid	(50		)	(33		)
Settlements paid	(22		)	(1,540		)
Fair value of plan assets at end of year	$	6,974		$	6,707
Funded status - liability	$	(2,931	)	$	(2,263	)

Amounts recorded in equity
Net actuarial loss	$	3,465		$	3,123
Prior service cost	(61		)	(90		)
Total amount recorded	$	3,404		$	3,033
Amount recorded, net taxes	$	2,042		$	1,820

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



($ in thousands)	2016			2015
Net loss (gain)	$	556		$	(482	)
Recognition of net actuarial loss	(213		)	(849		)
Recognized prior service cost	29			29
Total changes	$	372		$	(1,302	)
Changes, net of taxes	$	188		$	(781	)

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	$	230
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)	2016			2015			2014
Cost components:
Service cost	$	(223	)	$	(265	)	$	(248	)
Interest cost	(406		)	(466		)	(392		)
Expected return on plan assets	517			615			576
Net amortization and deferral	(184		)	(284		)	(45		)
Settlement recognition	—			(536		)	(407		)
Total net periodic pension cost	$	(296	)	$	(936	)	$	(516	)

The following SERP benefit information is as of December 31:



($ in thousands)	2016			2015
Change in benefit obligation - SERP
Benefit obligation at beginning of year	$	7,999		$	7,431
Service cost	—			—
Interest cost	323			278
Actuarial gain/assumption changes	129			726
Benefits paid	(436		)	(436		)
Benefit obligation at end of year	$	8,015		$	7,999
Accumulated benefit obligation at end of year	$	7,482		$	7,117
Funded status - liability	$	(8,015	)	$	(7,999	)



($ in thousands)	2016		2015
Amounts recorded in stockholders’ equity
Net actuarial loss (gain)	$	2,248	$	2,462
Prior service cost	—		—
Total amount recorded	$	2,248	$	2,462
Amount recorded, net taxes	$	1,349	$	1,477

Other changes in benefit obligations recognized in other comprehensive income for 2016 and 2015 include the following components:



($ in thousands)	2016			2015
Net (gain) loss	$	129		$	726
Recognition of net actuarial gain or (loss)	(343		)	(337		)
Total changes	$	(214	)	$	389
Changes, net of taxes	$	638		$	233

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)	$	372

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)	2016		2015		2014
Cost components:
Service cost	$	—	$	—	$	26
Interest cost	323		278		258
Net amortization and deferral	343		337		23
Total net periodic pension cost	$	666	$	615	$	307