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RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
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)20222021
Change in benefit obligation - Pension
Benefit obligation at beginning of year$11,310 $12,037 
Interest cost312 291 
Actuarial (gain)/loss assumption changes(2,780)(722)
Benefits paid(355)(296)
Benefit obligation and accumulated benefit obligation at end of year$8,487 $11,310 
Change in Plan Assets
Fair value of plan assets at beginning of year$11,125 $10,435 
Actual return on plan assets(2,486)821 
Employer contribution165 165 
Benefits/expenses paid(355)(296)
Fair value of plan assets at end of year$8,449 $11,125 
Funded status - liability$(38)$(185)
 
Amounts recorded in equity
Net actuarial loss$2,588 $2,376 
Total amount recorded$2,588 $2,376 
Amount recorded, net taxes$1,864 $1,711 
The following SERP benefit information is as of December 31:
($ in thousands)20222021
Change in benefit obligation - SERP
Benefit obligation at beginning of year$7,847 $8,419 
Interest cost182 163 
Actuarial gain/assumption changes(1,315)(206)
Benefits paid(528)(529)
Benefit obligation and accumulated benefit obligation at end of year6,186 7,847 
Funded status - liability$(6,186)$(7,847)
($ in thousands)20222021
Amounts recorded in stockholders’ equity
Net actuarial loss$1,263 $2,693 
Total amount recorded$1,263 $2,693 
Amount recorded, net taxes$910 $1,939 
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:
($ in thousands)20222021
Net (gain) loss$259 $(792)
Recognition of net actuarial loss(47)(74)
Total changes212 (866)
Changes, net of taxes$154 $(624)
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$418 
Interest cost(416)
Amortization of net gain/(loss)(67)
Net periodic pension benefit/(cost)$(65)
Other changes in benefit obligations recognized in other comprehensive income for 2022 and 2021 included the following components: 
($ in thousands)20222021
Net (gain) loss$(1,315)$(206)
Recognition of net actuarial gain or (loss)(115)(125)
Total changes$(1,430)$(331)
Changes, net of taxes$(1,029)$(239)
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$(291)
Amortization of net (gain)/loss(40)
Net periodic pension earnings/(cost)$(331)
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:
20232024202520262027Thereafter
$341 $373 $466 $498 $495 $2,732 
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):
20232024202520262027Thereafter
$515 $492 $567 $559 $549 $2,549 
Schedule of Fair Value of Plan Assets by Investment Type See the following table for fair value hierarchy by investment type at December 31:
($ in thousands)Fair Value Hierarchy20222021
Pension Plan Assets:
Cash and Cash EquivalentsLevel 1$113 $102 
Collective FundsLevel 28,336 11,023 
Fair value of plan assets$8,449 $11,125 
Schedule of Components of Net Periodic Pension Cost
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202220212020
Cost components:
Interest cost$(312)$(291)$(338)
Expected return on plan assets553 752 643 
Net amortization and deferral(47)(74)(68)
Total net periodic pension earnings/(cost)$194 $387 $237 
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202220212020
Cost components:
Interest cost$(182)$(163)$(229)
Net amortization and other(114)(125)(86)
Total net periodic pension earnings/(cost)$(296)$(288)$(315)