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Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
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, 2023 and 2022, and a statement of the funded status at December 31, 2023 and 2022.
(In thousands) | December 31,
Change in benefit obligations: | 2023 |  | 2022
Benefit obligations, January 1 | $ | 297 |  |  | $ | 399 |
Service cost | 1 |  |  | 2 |
Interest cost | 13 |  |  | 8 |
Change in experience | (22) |  |  | (30) |
Change in assumptions | — |  |  | (67) |
Benefit payments | (18) |  |  | (15) |
Benefit obligations, December 31 | $ | 271 |  |  | $ | 297 |
Change in fair value of plan assets: |  |  |
Fair value of plan assets, January 1 | $ | — |  |  | $ | — |
Employer contributions | 18 |  |  | 15 |
Benefit payments | (18) |  |  | (15) |
Fair value of plan assets, December 31 | $ | — |  |  | $ | — |
Funded status at year end | $ | (271) |  |  | $ | (297) |
The following tables provide a reconciliation of the changes in the Director's Plan benefit obligations and fair value of plan assets for the years ended December 31, 2023 and 2022, and a statement of the status at December 31, 2023 and 2022. This Plan is unfunded.
(In thousands) | December 31,
Change in benefit obligations: | 2023 |  | 2022
Benefit obligations, January 1 | $ | 1,299 |  |  | $ | 1,195 |
Service cost | 56 |  |  | 75 |
Interest cost | 61 |  |  | 30 |
Actuarial loss | — |  |  | 103 |
Change in assumptions | (12) |  |  | (23) |
Benefit payments | (98) |  |  | (81) |
Benefit obligations, December 31 | $ | 1,306 |  |  | $ | 1,299 |
Change in fair value of plan assets: |  |  |
Fair value of plan assets, January 1 | $ | — |  |  | $ | — |
Employer contributions | 98 |  |  | 81 |
Benefit payments | (98) |  |  | (81) |
Fair value of plan assets, | $ | — |  |  | $ | — |
Funded status at year end | $ | (1,306) |  |  | $ | (1,299) |
The following tables provide a reconciliation of the changes in the Scottdale Plan’s benefit obligations and fair value of plan assets for the year ended December 31, 2023 and 2022, and a statement of the status at December 31, 2023 and 2022:
(In thousands) | December 31,
Change in benefit obligations: | 2023 |  | 2022
Benefit obligations, January 1 | $ | 3,805 |  |  | $ | 4,844 |
Service cost | 58 |  |  | 69 |
Interest cost | 197 |  |  | 144 |
Settlement (gain) loss | (4) |  |  | — |
Actuarial gain | 168 |  |  | (1,096) |
Settlement payments | (1,472) |  |  | — |
Benefit payments | (93) |  |  | (156) |
Benefit obligations, December 31 | $ | 2,659 |  |  | $ | 3,805 |
Change in fair value of plan assets: |  |  |
Fair value of plan assets, January 1 | $ | 4,722 |  |  | $ | 5,302 |
Return on plan assets | 348 |  |  | (385) |
Employer contributions | — |  |  | — |
Benefit payments | (93) |  |  | (156) |
Administrative expenses | (37) |  |  | (39) |
Settlement payments | (1,472) |  |  | — |
Fair value of plan assets, December 31 | $ | 3,468 |  |  | $ | 4,722 |
Funded status at year end | $ | 809 |  |  | $ | 917 |
The following tables provide a reconciliation of the changes in the Riverview Plans' benefit obligations and fair value of plan assets for year ended December 31, 2023 and the one-month period beginning with the November 30, 2021 acquisition date and ended December 31, 2021, and a statement of the status at December 31, 2023 and 2022.
(In thousands) |  |  |
Change in benefit obligations: | 2023 |  | 2022
Benefit obligations, January 1 | $ | 6,424 |  |  | $ | 8,165 |
Interest cost | 309 |  |  | 223 |
Actuarial gain | 228 |  |  | (1,407) |
Benefit payments | (519) |  |  | (557) |
Benefit obligations, December 31 | $ | 6,442 |  |  | $ | 6,424 |
Change in fair value of plan assets: |  |  |
Fair value of plan assets, January 1, | $ | 6,720 |  |  | $ | 8,984 |
Return on plan assets | 691 |  |  | (1,709) |
Contributions | 3 |  |  | 2 |
Benefit payments | (519) |  |  | (557) |
Fair value of plan assets, December 31 | $ | 6,895 |  |  | $ | 6,720 |
Funded status at year end | $ | 453 |  |  | $ | 296 |
Schedule of Amounts Recognized in Balance Sheet | The amount recognized in other liabilities on the Consolidated Balance Sheets at December 31, is as follows:
(In thousands) | 2023 |  | 2022
Accrued benefit liability | $ | 271 |  |  | $ | 297 |
Amounts recognized in other liabilities on the Consolidated Balance Sheet at December 31 are as follows:
(In thousands) | 2023 |  | 2022
Accrued benefit liability | $ | 1,306 |  |  | $ | 1,299 |
Amounts recognized on the Consolidated Balance Sheets at December 31 are as follows:
(In thousands) | 2023 |  | 2022
Accrued pension benefit asset | $ | (809) |  |  | $ | (917) |
Amounts recognized in other liabilities on the Consolidated Balance Sheets as of December 31 are as follows:
(In thousands) | 2023 |  | 2022
Accrued pension benefit asset | $ | (453) |  |  | $ | (296) |
Schedule of Amounts Recognized in Other Comprehensive (Loss) Income | The amounts recognized in accumulated other comprehensive loss (income) as of December 31 consist of:
(In thousands) | 2023 |  | 2022
Net (gain) loss, pretax | $ | (38) |  |  | $ | (18) |
Net prior service cost, pretax | — |  |  | 10 |
Amounts recognized in accumulated other comprehensive loss (income) as of December 31 consist of:
(In thousands) | 2023 |  | 2022
Net prior service cost, pretax | $ | — |  |  | $ | — |
Net loss, pretax | 214 |  |  | 248 |
Amounts recognized in accumulated other comprehensive loss consist of the following as of December 31:
(In thousands) | 2023 |  | 2022
Unrecognized actuarial gain | $ | 581 |  |  | $ | 1,030 |
As of December 31, 2023 amounts related to the Riverview Plans that have been recognized in accumulated other comprehensive loss but not yet recognized as a component of net periodic pension cost are as follows:
(In thousands) | 2023 |  | 2022
Unrecognized actuarial gain (loss) | $ | 76 |  |  | $ | (824) |
Schedule of Net Periodic Benefit (Income) Costs | The components of net periodic postretirement benefit (income) cost for 2023, 2022 and 2021 are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Service cost | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost | 13 |  |  | 8 |  |  | 9 |
Amortization of prior service cost | 10 |  |  | (24) |  |  | (25) |
Amortization of net loss | (2) |  |  | 2 |  |  | 9 |
Net periodic postretirement benefit income | $ | 22 |  |  | $ | (12) |  |  | $ | (5) |
The components of net periodic retirement cost for 2023, 2022 and 2021 are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Service cost | $ | 56 |  |  | $ | 75 |  |  | $ | 47 |
Interest cost | 61 |  |  | 30 |  |  | 26 |
Amortization of net loss | 34 |  |  | 20 |  |  | 7 |
Net periodic retirement cost | $ | 151 |  |  | $ | 125 |  |  | $ | 80 |
The components of net periodic retirement cost for December 31 are as follows:
(In thousands) | 2023 |  | 2022
Service cost | $ | 58 |  |  | $ | 69 |
Interest cost | 197 |  |  | 144 |
Expected return on plan assets | 211 |  |  | 237 |
Recognized net actuarial gain | (63) |  |  | (7) |
Net periodic retirement income | $ | (19) |  |  | $ | (31) |
The components of net periodic pension and postretirement benefit cost for the year ended December 31, 2023 and 2022 are as follows:
(In thousands) | 2023 |  | 2022
Interest cost | $ | 309 |  |  | $ | 223 |
Expected return on plan assets | (387) |  |  | (522) |
Net periodic pension benefit | $ | (78) |  |  | $ | (299) |
(In thousands) | 2023 |  | 2022
Service credit | $ | — |  |  | $ | — |
Interest cost | 1 |  |  | 1 |
Unrecognized gain | (1) |  |  | (1)
Net periodic postretirement benefit | $ | — |  |  | $ | — |
Schedule of Assumptions Used | Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31 are as follows:
Weighted-average assumptions: | 2023 |  | 2022
Discount rate | 4.67 | % |  | 4.90 | %
Rate of compensation increase | — |  |  | — |
Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31 are as follows:
Weighted-average assumptions: | 2023 |  | 2022 |  | 2021
Discount rate | 4.90 | % |  | 2.40 | % |  | 2.25 | %
Rate of compensation increase | — |  |  | — |  |  | 2.00 |
Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31 are as follows:
Weighted-average assumptions: | 2023 |  | 2022
Discount rate | 4.80 | % |  | 4.90 | %
Change in consumer price index | 3.40 |  |  | 7.00 |
Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31 are as follows:
Weighted-average assumptions: | 2023 |  | 2022 |  | 2021
Discount rate | 4.80 | % |  | 4.90 | % |  | 2.40 | %
Change in consumer price index | 3.40 |  |  | 7.00 |  |  | 1.40 |
Assumptions used in the measurement of Mid Penn’s benefit obligations and net periodic pension costs at December 31 are as follows:
Weighted-average assumptions: | 2023 |  | 2022
Discount rate | 5.00 | % |  | 5.25 | %
Expected long-term return on plan assets | 4.50 |  |  | 4.50 |
Rate of compensation increases | 2.50 |  |  | 2.50 |
Weighted average assumptions used in the measurement of Mid Penn’s benefit obligations and net periodic pension costs at December 31, 2023 and 2022 are as follows:
| Pension Benefits |  | Postretirement Life Insurance Benefits
2023 | Union |  | Citizens |  | CBT
Discount rate | 5.02 | % |  | 5.02 | % |  | 4.70 | %
Expected long-term return on plan assets | 6.00 |  |  | 6.00 |  |  | n/a
2022 |  |  |  |  |
Discount rate | 2.83 | % |  | 2.83 | % |  | 3.00 | %
Expected long-term return on plan assets | 6.00 |  |  | 6.00 |  |  | n/a
Schedule of Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 are as follows:
| 2023 |  | 2022 |  | 2021
Health care cost trend rate assumed for next year | 7.00 | % |  | 6.50 | % |  | 5.50 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.50 | % |  | 5.50 | % |  | 5.40 | %
Year that the rate reaches the ultimate trend rate | 2027 |  | 2026 |  | 2024
Schedule of Expected Benefit Payments | The following table shows the estimated benefit payments for future periods:
(In thousands) |
2024 | $ | 25 |
2025 | 30 |
2026 | 28 |
2027 | 28 |
2028 | 19 |
2029-2033 | 93 |
The following table shows the estimated benefit payments for future periods.
(In thousands) |
2024 | $ | 91 |
2025 | 142 |
2026 | 140 |
2027 | 171 |
2028 | 200 |
2029-2033 | 1,052 |
The following table shows the estimated benefit payments for future periods.
(In thousands) | Pension Benefits |  | Postretirement Life Insurance Benefits
2023 | $ | 552 |  |  | $ | 3 |
2024 | 531 |  |  | 4 |
2025 | 518 |  |  | 3 |
2026 | 501 |  |  | 3 |
2027 | 494 |  |  | 2 |
2028-2032 | 2,271 |  |  | 9 |
Schedule of Plan Assets at Fair Value | The following table presents a summary of the Scottdale Plan’s assets at fair value and the weighted-average asset allocations by investment category as of December 31:
| Estimated Fair Value |  | Percentage of Total Assets |  | Estimated Fair Value |  | Percentage of Total Assets
(Dollars in thousands) | 2023 |  | 2022
Cash and cash equivalents | $ | 90 |  |  | 2.6 | % |  | $ | 108 |  |  | 2.3 | %
Common stock | 2,186 |  |  | 63.0 |  |  | 2,773 |  |  | 58.7 |
Corporate bonds | 1,192 |  |  | 34.4 |  |  | 1,841 |  |  | 39.0 |
| $ | 3,468 |  |  | 100.0 | % |  | $ | 4,722 |  |  | 100.0 | %
Schedule of Plan's Weighted Average Asset Allocation by Investment Category | The following table presents a summary of the Riverview Plan’s assets at fair value and the weighted-average asset allocations by investment category as of December 31:
| Estimated Fair Value |  | Percentage of Total Assets |  | Estimated Fair Value |  | Percentage of Total Assets
Weighted-average asset allocations: | 2023 |  | 2022
Cash and cash equivalents | $ | 48 |  |  | 0.7 | % |  | $ | 69 |  |  | 1.0 | %
Mutual fund - equity | 2,499 |  |  | 36.2 |  |  | 2,411 |  |  | 35.9 |
Mutual fund / EFTs - fixed income | 4,038 |  |  | 58.6 |  |  | 3,906 |  |  | 58.1 |
Common / collective trusts equity | 310 |  |  | 4.5 |  |  | 334 |  |  | 5.0 |
| $ | 6,895 |  |  | 100 | % |  | $ | 6,720 |  |  | 100 | %

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