XML 30 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Defined Benefit Plans
 9 Months Ended
Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Benefit Plans 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 September 30,
(Dollars in thousands)Pension Benefits Other Benefits
2022202120222021
Service cost$36 $33 $1 $1 
Interest cost43 40 9 3 
Expected return on plan assets(59)(57)— — 
Accretion of prior service cost— — (5)(5)
Amortization of net (gain) loss(2)— 1 1 
Net periodic benefit expense$18 $16 $6 $— 
Nine Months Ended September 30,
(Dollars in thousands)Pension Benefits Other Benefits
2022202120222021
Service cost$108 $98 $11 $2 
Interest cost130 120 27 7 
Expected return on plan assets(177)(170)— — 
Accretion of prior service cost— — (15)(15)
Amortization of net (gain) loss(5)— 6 5 
Settlement gain— (49)— — 
Net periodic benefit expense (income)$55 $(1)$29 $(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.