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RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
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)20232022
Change in benefit obligation - Pension
Benefit obligation at beginning of year$8,487 $11,310 
Interest cost416 312 
Actuarial (gain)/loss assumption changes168 (2,780)
Benefits paid(303)(355)
Benefit obligation and accumulated benefit obligation at end of year$8,768 $8,487 
Change in Plan Assets
Fair value of plan assets at beginning of year$8,449 $11,125 
Actual return on plan assets752 (2,486)
Employer contribution165 165 
Benefits/expenses paid(303)(355)
Fair value of plan assets at end of year$9,063 $8,449 
Funded status - asset (liability)$295 $(38)
 
Amounts recorded in equity
Net actuarial loss$2,355 $2,588 
Total amount recorded$2,355 $2,588 
Amount recorded, net of taxes$1,696 $1,864 
The following SERP benefit information is as of December 31:
($ in thousands)20232022
Change in benefit obligation - SERP
Benefit obligation at beginning of year$6,186 $7,847 
Interest cost290 182 
Actuarial gain/assumption changes168 (1,315)
Benefits paid(520)(528)
Benefit obligation and accumulated benefit obligation at end of year6,124 6,186 
Funded status - liability$(6,124)$(6,186)
($ in thousands)20232022
Amounts recorded in stockholders’ equity
Net actuarial loss$1,390 $1,263 
Total amount recorded$1,390 $1,263 
Amount recorded, net of taxes$1,001 $910 
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Other changes in plan assets and benefit obligations recognized in other comprehensive income include the following as of December 31:
($ in thousands)20232022
Net (gain) loss$(166)$259 
Recognition of net actuarial loss(67)(47)
Total changes(233)212 
Changes, net of taxes$(168)$154 
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$448 
Interest cost(416)
Amortization of net gain/(loss)(57)
Net periodic pension benefit/(cost)$(25)
Other changes in benefit obligations recognized in other comprehensive income for 2023 and 2022 included the following components: 
($ in thousands)20232022
Net loss (gain) $167 $(1,315)
Recognition of net actuarial loss(40)(115)
Total changes$127 $(1,430)
Changes, net of taxes$91 $(1,029)
The Company expects to recognize the following amounts as a component of net periodic pension costs during the next fiscal year ($ in thousands):
Interest cost$(276)
Amortization of net gain(54)
Net periodic pension earnings/(cost)$(330)
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:
20242025202620272028Thereafter
$374 $472 $503 $501 $495 $2,851 
Based on actuarial estimates, it is expected that annual SERP benefit payments will be as follows ($ in thousands):
20242025202620272028Thereafter
$498 $573 $565 $555 $544 $2,500 
Schedule of Fair Value of Plan Assets by Investment Type See the following table for fair value hierarchy by investment type at December 31:
($ in thousands)Fair Value Hierarchy20232022
Pension Plan Assets:
Cash and Cash EquivalentsLevel 1$91 $113 
Collective FundsLevel 28,972 8,336 
Fair value of plan assets$9,063 $8,449 
Schedule of Components of Net Periodic Pension Cost
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202320222021
Cost components:
Interest cost$(416)$(312)$(291)
Expected return on plan assets418 553 752 
Net amortization and deferral(67)(47)(74)
Total net periodic pension earnings/(cost)$(65)$194 $387 
Total pension and retirement expense was as follows for each of the years ended December 31:
($ in thousands)202320222021
Cost components:
Interest cost$(291)$(182)$(163)
Net amortization and other(40)(114)(125)
Total net periodic pension cost$(331)$(296)$(288)