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Defined Benefit Plans
 6 Months Ended
Jun. 30, 2022
Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Benefit Plans

Note 11 - 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 June 30,

 

(Dollars in thousands)

Pension Benefits

 

 

Other Benefits

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

$

30

 

 

$

33

 

 

$

6

 

 

$

—

 

Interest cost

 

41

 

 

 

40

 

 

 

1

 

 

 

2

 

Expected return on plan assets

 

(59

)

 

 

(57

)

 

 

—

 

 

 

—

 

Accretion of prior service cost

 

—

 

 

 

—

 

 

 

(5

)

 

 

(5

)

Amortization of net (gain) loss

 

(2

)

 

 

—

 

 

 

1

 

 

 

4

 

Net periodic benefit expense

$

10

 

 

$

16

 

 

$

3

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

Pension Benefits

 

 

Other Benefits

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

$

72

 

 

$

65

 

 

$

10

 

 

$

1

 

Interest cost

 

87

 

 

 

80

 

 

 

18

 

 

 

4

 

Expected return on plan assets

 

(118

)

 

 

(113

)

 

 

—

 

 

 

—

 

Accretion of prior service cost

 

—

 

 

 

—

 

 

 

(10

)

 

 

(10

)

Amortization of net (gain) loss

 

(4

)

 

 

—

 

 

 

5

 

 

 

4

 

Settlement gain

 

—

 

 

 

(49

)

 

 

—

 

 

 

—

 

Net periodic benefit expense (income)

$

37

 

 

$

(17

)

 

$

23

 

 

$

(1

)

  

Service costs are reported as a component of salaries and employee benefits on the consolidated statement 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.