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Defined Benefit Plans
 3 Months Ended
Mar. 31, 2022
Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Benefit Plans

(12)

Defined Benefit Plans

Mid Penn has an unfunded noncontributory defined benefit retirement plan for directors.  The plan provides defined benefits based on years of service.  Mid Penn also sponsors a defined benefit healthcare plan that provides post-retirement medical benefits and life insurance to qualifying full-time employees.  These healthcare and life insurance plans are noncontributory and each plan uses a December 31 measurement date.  

As a result of the acquisition of Scottdale on January 8, 2018, Mid Penn assumed a noncontributory defined benefit pension plan covering certain former employees of Scottdale.  Mid Penn does not expect any necessary contributions to this defined benefit plan during the year ended 2022.  A December 31 measurement date for the plan is used.

The components of net periodic benefit costs from these defined benefit plans are as follows:

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

Pension Benefits

 

 

Other Benefits

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

$

42

 

 

$

33

 

 

$

4

 

 

$

1

 

Interest cost

 

46

 

 

 

40

 

 

 

17

 

 

 

2

 

Expected return on plan assets

 

(59

)

 

 

(57

)

 

 

—

 

 

 

—

 

Accretion of prior service cost

 

—

 

 

 

—

 

 

 

(5

)

 

 

(5

)

Amortization of net loss (gain)

 

(2

)

 

 

(49

)

 

 

4

 

 

 

—

 

Net periodic benefit expense (income)

$

27

 

 

$

(33

)

 

$

20

 

 

$

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Service costs are reported as a component of salaries and employee benefits on the Consolidated Statements of Income, while interest costs, expected return on plan assets and amortization (accretion) of prior service cost are reported as a component of other income.