Defined Benefit Plans

6 Months Ended

Jun. 30, 2021

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

Defined Benefit Plans

(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 contributed $285,000 to the defined benefit plan during the second quarter of 2021, and no additional contributions are expected through the remainder of 2021.  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
	2021			2020			2021			2020
Service cost	$	33		$	45		$	—		$	1
Interest cost		40			60			2			6
Expected return on plan assets		(57	)		(68	)		—			—
Accretion of prior service cost		—			—			(5	)		(5	)
Amortization of net loss		—			—			4			—
Settlement loss		—			22			—			—
Net periodic benefit expense	$	16		$	59		$	1		$	2
	Six Months Ended June 30,
(Dollars in thousands)	Pension Benefits						Other Benefits
	2021			2020			2021			2020
Service cost	$	65		$	64		$	1		$	1
Interest cost		80			105			4			6
Expected return on plan assets		(113	)		(136	)		—			—
Accretion of prior service cost		—			—			(10	)		(10	)
Amortization of net loss		—			—			4			—
Settlement (gain) loss		(49	)		22			—			—
Net periodic benefit (income) expense	$	(17	)	$	55		$	(1	)	$	(3	)

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.