Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Postretirement Benefit Plans

Postretirement Benefit Plans

Mid Penn has an unfunded noncontributory defined benefit retirement plan for directors, which provides defined benefits based on the respective director’s years of service, as well as a postretirement healthcare and life insurance benefit plan, which is noncontributory, covering certain full-time employees. Mid Penn also assumed noncontributory defined benefit pension plans as a result of the acquisitions of Scottdale on January 8, 2018 and Riverview on November 30, 2021. These healthcare and life insurance plans are noncontributory and each plan uses a December 31 measurement date.

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

	Three Months Ended March 31,
	Pension Benefits				Other Benefits
(In thousands)	2023		2022		2023		2022
Service cost	$	36	$	42	$	1	$	4
Interest cost	142		46		3		17
Expected return on plan assets	(149)		(59)		—		—
Accretion of prior service cost	—		—		(2)		(5)
Amortization of net (gain) loss	(5)		(2)		—		4
Net periodic benefit expense	$	24	$	27	$	2	$	20

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.