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Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Postretirement Health And Life Coverage [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Funded Status

The following tables provide a reconciliation of the changes in the plan’s health and life insurance benefit obligations and fair value of plan assets for the years ended December 31, 2018 and 2017, and a statement of the funded status at December 31, 2018 and 2017.

(Dollars in thousands)
		December 31,
Change in benefit obligations:		2018				2017
Benefit obligations, January 1		$	508			$	540
Service cost			4				4
Interest cost			17				20
Change in experience			(38	)			(11	)
Change in assumptions			(17	)			20
Change due to plan amendment		$	60				—
Benefit payments			(59	)			(65	)
Benefit obligations, December 31		$	475			$	508
Change in fair value of plan assets:
Fair value of plan assets, January 1		$	—			$	—
Employer contributions			59				65
Benefit payments			(59	)			(65	)
Fair value of plan assets, December 31		$	—			$	—
Funded status at year end		$	(475	)		$	(508	)

Schedule of Amounts Recognized in Balance Sheet

The amount recognized in other liabilities on the consolidated balance sheets at December 31, 2018 and 2017, is as follows:

(Dollars in thousands)
		2018				2017
Accrued benefit liability		$	475			$	508

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

The amounts recognized in accumulated other comprehensive loss consist of:

(Dollars in thousands)		December 31,
		2018				2017
Net gain, pretax		$	(76	)		$	(22	)
Net prior service cost, pretax			(89	)			(174	)

Schedule of Net Periodic Benefit (Income) Costs

The components of net periodic postretirement benefit (income) cost for 2018, 2017 and 2016 are as follows:

(Dollars in thousands)
		2018				2017				2016
Service cost		$	4			$	4			$	4
Interest cost			17				20				23
Amortization of prior service cost			(25	)			(35	)			(35	)
Amortization of net (gain) or loss			(1	)			—				—
Net periodic postretirement benefit (income) cost		$	(5	)		$	(11	)		$	(8	)

Schedule of Assumptions Used

Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31, 2018 and 2017 are as follows:

Weighted-average assumptions:		2018				2017
Discount rate			4.00	%			3.50	%
Rate of compensation increase			3.00	%			2.50	%

Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016 are as follows:

Weighted-average assumptions:		2018				2017				2016
Discount rate			3.50	%			4.00	%			4.25	%
Rate of compensation increase			2.50	%			3.00	%			3.25	%

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31, 2018, 2017 and 2016 are as follows:

		2018				2017				2016
Health care cost trend rate assumed for next year			5.50	%			6.00	%			6.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.40	%			5.40	%			5.50	%
Year that the rate reaches the ultimate trend rate		2022				2024				2018

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans.  At December 31, 2018, a one-percentage-point change in assumed health care cost trend rates would have the following effects:

(Dollars in thousands)		One-Percentage Point
		Increase				Decrease
Effect on total of service and interest cost		$	—			$	—
Effect on accumulated postretirement benefit obligation			6				(9	)

Schedule of Expected Benefit Payments

Mid Penn expects to contribute $60,000 to its life and health benefit plans in 2019.  The following table shows the estimated benefit payments for future periods.

(Dollars in thousands)
1/1/2019 to 12/31/2019		$	60
1/1/2020 to 12/31/2020			50
1/1/2021 to 12/31/2021			34
1/1/2022 to 12/31/2022			38
1/1/2023 to 12/31/2023			31
1/1/2024 to 12/31/2028			160

Director's Retirement Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Funded Status

The following tables provide a reconciliation of the changes in the directors’ defined benefit plan’s benefit obligations and fair value of plan assets for the years ended December 31, 2018 and 2017, and a statement of the status at December 31, 2018 and 2017.  This Plan is unfunded.

(Dollars in thousands)
		December 31,
Change in benefit obligations:		2018				2017
Benefit obligations, January 1		$	1,116			$	1,122
Service cost			36				35
Interest cost			38				43
Actuarial gain (loss)			5				6
Change in assumptions			(5	)			2
Benefit payments			(90	)			(92	)
Benefit obligations, December 31		$	1,100			$	1,116
Change in fair value of plan assets:
Fair value of plan assets, January 1		$	—			$	—
Employer contributions			90				92
Benefit payments			(90	)			(92	)
Fair value of plan assets, December 31		$	—			$	—
Funded status at year end		$	(1,100	)		$	(1,116	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in other liabilities on the consolidated balance sheet at December 31, 2018 and 2017 are as follows:

(Dollars in thousands)
		2018				2017
Accrued benefit liability		$	1,100			$	1,116

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

Amounts recognized in accumulated other comprehensive loss consist of:

(Dollars in thousands)		December 31,
		2018				2017
Net prior service cost, pretax		$	—			$	22
Net loss, pretax			67				67

Schedule of Net Periodic Benefit (Income) Costs

The components of net periodic retirement cost for 2018, 2017 and 2016 are as follows:

(Dollars in thousands)
		2018				2017				2016
Service cost		$	36			$	35			$	34
Interest cost			38				43				46
Amortization of prior-service cost			22				22				22
Net periodic retirement cost		$	96			$	100			$	102

Schedule of Assumptions Used

Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31, 2018 and 2017 are as follows:

Weighted-average assumptions:		2018				2017
Discount rate			4.00	%			3.50	%
Change in consumer price index			2.00	%			1.50	%

Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016 are as follows:

Weighted-average assumptions:		2018				2017				2016
Discount rate			4.00	%			4.00	%			4.25	%
Change in consumer price index			2.00	%			1.50	%			2.25	%

Schedule of Expected Benefit Payments

Mid Penn expects to contribute $95,000 to its retirement plan in 2019.  The following table shows the estimated benefit payments for future periods.

(Dollars in thousands)
1/1/2019 to 12/31/2019		$	95
1/1/2020 to 12/31/2020			97
1/1/2021 to 12/31/2021			108
1/1/2022 to 12/31/2022			107
1/1/2023 to 12/31/2024			106
1/1/2024 to 12/31/2028			376

Defined Benefit Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Funded Status

The following tables provide a reconciliation of the changes in the defined benefit pension plan’s benefit obligations and fair value of plan assets for the year ended December 31, 2018, and a statement of the status at December 31, 2018.  

(Dollars in thousands)
		December 31,
Change in benefit obligations:		2018
Benefit obligations, January 1		$	10,542
Service cost			287
Interest cost			392
Settlement loss			118
Actuarial gain			(2,271	)
Settlement payments			(3,828	)
Benefit payments			(77	)
Benefit obligations, December 31		$	5,163
Change in fair value of plan assets:
Fair value of plan assets, January 1		$	8,121
Return on plan assets		$	57
Employer contributions			600
Benefit payments			(77	)
Administrative expenses			(55	)
Settlement payments			(3,828	)
Fair value of plan assets, December 31		$	4,818
Funded status at year end		$	(345	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in other liabilities on the consolidated balance sheet at December 31, 2018 and 2017 are as follows:

(Dollars in thousands)
		2018
Accrued benefit liability		$	345

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

Amounts recognized in accumulated other comprehensive loss consist of:

(Dollars in thousands)		December 31,
		2018
Unrecognized actuarial gain		$	994

Schedule of Net Periodic Benefit (Income) Costs

The components of net periodic retirement cost for 2018 are as follows:

(Dollars in thousands)
		2018
Service cost		$	287
Interest cost			392
Expected return on plan assets			(423	)
Net periodic retirement cost		$	256

Schedule of Assumptions Used

Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31, 2018 are as follows:

Weighted-average assumptions:		2018
Discount rate			4.25	%
Expected long-term return on plan assets			5.00	%
Rate of compensation increases			3.00	%

Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31, 2018 are as follows:

Weighted-average assumptions:		2018
Discount rate			4.25	%
Expected long-term return on plan assets			5.00	%
Rate of compensation increases			3.00	%

Schedule of Expected Benefit Payments

Mid Penn expects to contribute $600,000 to the defined benefit pension plan in 2019.  The following table shows the estimated benefit payments for future periods.

(Dollars in thousands)
1/1/2019 to 12/31/2019		$	92
1/1/2020 to 12/31/2020			115
1/1/2021 to 12/31/2021			144
1/1/2022 to 12/31/2022			160
1/1/2023 to 12/31/2024			162
1/1/2024 to 12/31/2028			1,714

Schedule of Plan's Weighted Average Asset Allocation by Investment Category

The plan’s weighted-average asset allocations by investment category as of December 31, 2018 are as follows:

Weighted-average asset allocations:		2018
Cash and cash equivalents			50.44	%
Common stock			38.14	%
Corporate bonds			11.42	%
			100.00	%

Schedule of Plan Assets at Fair Value

The following table sets forth by level, within the fair value hierarchy, the plan’s assets at fair value as of December 31, 2018.

		Fair Value Measurements
(Dollars in thousands)		Quoted prices in active markets				Significant other observable inputs				Significant unobservable inputs
December 31, 2018		(Level 1)				(Level 2)				(Level 3)
Cash and cash equivalents		$	2,430			$	—			$	—
Common stock:
Mining			36				—				—
Manufacturing			888				—				—
Transportation, Communications, Electric, Gas, and Sanitary Services			468				—				—
Finance, Insurance, and Real Estate			248				—				—
Services			189				—				—
Other			9				—				—
Corporate bonds			—				550				—
		$	4,268			$	550			$	—

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