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, 2021 and 2020, and a statement of the funded status at December 31, 2021 and 2020.

(Dollars in thousands)
	December 31,
Change in benefit obligations:	2021			2020
Benefit obligations, January 1	$	342		$	404
Service cost		2			3
Interest cost		9			13
Change in experience		73			45
Change in assumptions		(5	)		27
Benefit payments		(22	)		(150	)
Benefit obligations, December 31	$	399		$	342

Change in fair value of plan assets:
Fair value of plan assets, January 1	$	—		$	—
Employer contributions		22			150
Benefit payments		(22	)		(150	)
Fair value of plan assets, December 31	$	—		$	—

Funded status at year end	$	(399	)	$	(342	)

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

The amount recognized in other liabilities on the consolidated balance sheets at December 31, 2021 and 2020, is as follows:

(Dollars in thousands)
	2021		2020
Accrued benefit liability	$	399	$	342

The amounts recognized in accumulated other comprehensive loss consist of:

(Dollars in thousands)	December 31,
	2021			2020
Net loss, pretax	$	82		$	22
Net prior service cost, pretax		(15	)		(40	)

The components of net periodic postretirement benefit (income) cost for 2021, 2020 and 2019 are as follows:

(Dollars in thousands)
	2021			2020			2019
Service cost	$	2		$	3		$	3
Interest cost		9			13			17
Amortization of prior service cost		(25	)		(25	)		(25	)
Amortization of net (gain) or loss		9			—			(5	)
Net periodic postretirement benefit (income) cost	$	(5	)	$	(9	)	$	(10	)

Schedule of Health Care Cost Trend Rates

Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31, 2021 and 2020 are as follows:

Weighted-average assumptions:	2021			2020
Discount rate		2.40	%		2.25	%
Rate of compensation increase		2.00	%		2.00	%

Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 are as follows:

Weighted-average assumptions:	2021			2020			2019
Discount rate		2.25	%		3.00	%		4.00	%
Rate of compensation increase		2.00	%		2.00	%		3.00	%

Assumed health care cost trend rates at December 31, 2021, 2020 and 2019 are as follows:

	2021			2020			2019
Health care cost trend rate assumed for next year		5.50	%		5.50	%		5.50	%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.40	%		5.40	%		5.40	%
Year that the rate reaches the ultimate trend rate	2024			2024			2024

Director's Retirement Plan [Member]

Mid Penn expects to contribute $38,000 to its life and health benefit plans in 2022. The following table shows the estimated benefit payments for future periods.

(Dollars in thousands)

1/1/2022 to 12/31/2022	$	38
1/1/2023 to 12/31/2023		34
1/1/2024 to 12/31/2024		31
1/1/2025 to 12/31/2025		35
1/1/2026 to 12/31/2026		26
1/1/2027 to 12/31/2031		164

Schedule of Net Funded Status

The following tables provide a reconciliation of the changes in the directors’ defined benefit plan’s benefit obligations and fair value of plan assets for the years ended December 31, 2021 and 2020, and a statement of the status at December 31, 2021 and 2020. This Plan is unfunded.

(Dollars in thousands)
	December 31,
Change in benefit obligations:	2021			2020
Benefit obligations, January 1	$	1,142		$	1,077
Service cost		47			49
Interest cost		26			31
Actuarial loss (gain)		61			7
Change in assumptions		25			65
Benefit payments		(106	)		(87	)
Benefit obligations, December 31	$	1,195		$	1,142

Change in fair value of plan assets:
Fair value of plan assets, January 1	$	—		$	—
Employer contributions		106			87
Benefit payments		(106	)		(87	)
Fair value of plan assets, December 31	$	—		$	—

Funded status at year end	$	(1,195	)	$	(1,142	)

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

Amounts recognized in other liabilities on the consolidated balance sheet at December 31, 2021 and 2020 are as follows:

(Dollars in thousands)
	2021		2020
Accrued benefit liability	$	1,195	$	1,142

Amounts recognized in accumulated other comprehensive loss consist of:

(Dollars in thousands)	December 31,
	2021		2020
Net prior service cost, pretax	$	—	$	—
Net loss, pretax		189		110

The components of net periodic retirement cost for 2021, 2020 and 2019 are as follows:

(Dollars in thousands)
	2021		2020		2019
Service cost	$	47	$	49	$	51
Interest cost		26		31		42
Amortization of prior-service cost		7		—		—
Net periodic retirement cost	$	80	$	80	$	93

Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31, 2021 and 2020 are as follows:

Weighted-average assumptions:	2021			2020
Discount rate		2.40	%		2.25	%
Change in consumer price index		1.40	%		1.00	%

Assumptions used in the measurement of Mid Penn’s net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 are as follows:

Weighted-average assumptions:	2021			2020			2019
Discount rate		2.40	%		2.25	%		3.00	%
Change in consumer price index		1.40	%		1.00	%		1.00	%

Scottdale Defined Benefit Pension Plan [Member]

Mid Penn expects to contribute $108,000 to its retirement plan in 2022. The following table shows the estimated benefit payments for future periods.

(Dollars in thousands)

1/1/2022 to 12/31/2022	$	108
1/1/2023 to 12/31/2023		101
1/1/2024 to 12/31/2024		89
1/1/2025 to 12/31/2025		91
1/1/2026 to 12/31/2026		88
1/1/2027 to 12/31/2031		350

Schedule of Net Funded Status

The following tables provide a reconciliation of the changes in the defined benefit pension plan’s benefit obligations and fair value of plan assets for the year ended December 31, 2021 and 2020, and a statement of the status at December 31, 2021 and 2020.

(Dollars in thousands)
	December 31,
Change in benefit obligations:	2021			2020
Benefit obligations, January 1	$	5,401		$	5,587
Service cost		83			79
Interest cost		134			180
Settlement (gain) loss		—			(85	)
Actuarial loss (gain)		(309	)		495
Settlement payments		(378	)		(769	)
Benefit payments		(87	)		(86	)
Benefit obligations, December 31	$	4,844		$	5,401

Change in fair value of plan assets:
Fair value of plan assets, January 1	$	4,939		$	5,404
Return on plan assets		582			229
Employer contributions		285			200
Benefit payments		(87	)		(86	)
Administrative expenses		(39	)		(39	)
Settlement payments		(378	)		(769	)
Fair value of plan assets, December 31	$	5,302		$	4,939

Funded status at year end	$	458		$	(462	)

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

Amounts recognized on the consolidated balance sheet at December 31, 2021 and 2020 are as follows:

(Dollars in thousands)
	2021			2020
Accrued pension benefit (asset) liability	$	(458	)	$	462

Amounts recognized in accumulated other comprehensive loss consist of the following as of December 31 2021 and 2020:

(Dollars in thousands)	December 31,
	2021		2020
Unrecognized actuarial gain	$	602	$	24

The components of net periodic retirement cost for December 31, 2021 and 2020 are as follows:

(Dollars in thousands)
	2021			2020
Service cost	$	83		$	79
Interest cost		134			180
Expected return on plan assets		(227	)		(273	)
Recognized net actuarial gain		—			—
Net periodic retirement cost	$	(10	)	$	(14	)

Assumptions used in the measurement of Mid Penn’s benefit obligations and net periodic pension costs at December 31, 2021 and 2020 are as follows:

Weighted-average assumptions:	2021			2020
Discount rate		3.00	%		2.50	%
Expected long-term return on plan assets		4.50	%		4.50	%
Rate of compensation increases		2.50	%		2.50	%

Schedule of Plan's Weighted Average Asset Allocation by Investment Category

Mid Penn does not expect to make contributions to the defined benefit pension plan in 2022. The following table shows the estimated benefit payments for future periods.

(Dollars in thousands)

1/1/2022 to 12/31/2022	$	93
1/1/2023 to 12/31/2023		95
1/1/2024 to 12/31/2024		207
1/1/2025 to 12/31/2025		257
1/1/2026 to 12/31/2026		253
1/1/2027 to 12/31/2031		1,547

The plan’s weighted-average asset allocations by investment category as of December 31, 2021 and 2020 are as follows:

Weighted-average asset allocations:	2021			2020
Cash and cash equivalents		12.64	%		10.57	%
Common stock		60.75	%		58.45	%
Corporate bonds		26.61	%		30.98	%
		100.00	%		100.00	%

Schedule of Plan Assets at Fair Value

The following tables set forth by level, within the fair value hierarchy, the plan’s assets at fair value as of December 31, 2021 and 2020.

	Fair Value Measurements
(Dollars in thousands)	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
December 31, 2021	(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	670	$	—	$	—
Common stock:
Mining		43		—		—
Manufacturing		870		—		—
Transportation, Communications, Electric, Gas, and Sanitary Services		500		—		—
Wholesale Trade		23		—		—
Finance, Insurance, and Real Estate		1,633		—		—
Services		145		—		—
Corporate bonds		7		1,411		—
	$	3,891	$	1,411	$	—

	Fair Value Measurements
(Dollars in thousands)	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
December 31, 2020	(Level 1)		(Level 2)		(Level 3)

Cash and cash equivalents	$	522	$	—	$	—
Common stock:
Mining		23		—		—
Manufacturing		807		—		—
Transportation, Communications, Electric, Gas, and Sanitary Services		555		—		—
Finance, Insurance, and Real Estate		17		—		—
Services		1,348		—		—
Other		137		—		—
Corporate bonds		—		1,530		—
	$	3,409	$	1,530	$	—

Riverview Defined Benefit Plan [Member]

Schedule of Net Funded Status

The following tables provide a reconciliation of the changes in the defined benefit pension plan’s benefit obligations and fair value of plan assets for 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, 2021.

(Dollars in thousands)
	December 31,
Change in benefit obligations:	2021
Benefit obligations, November 30, 2021	$	8,278
Interest cost		19
Actuarial loss (gain)		(86	)
Benefit payments		(46	)
Benefit obligations, December 31	$	8,165

Change in fair value of plan assets:
Fair value of plan assets, November 30, 2021	$	8,894
Return on plan assets		136
Benefit payments		(46	)
Fair value of plan assets, December 31	$	8,984

Funded status at year end	$	819

Schedule of Amounts Recognized in Other Comprehensive (Loss) Income

Amounts recognized in other liabilities on the consolidated balance sheet as of December 31, 2021 is as follows:

(Dollars in thousands)
	2021
Accrued pension benefit (asset) liability	$	(819	)

As of December 31, 2021 amounts related to the plan that have been recognized in accumulated other comprehensive loss but not yet recognized as a component of net periodic pension cost are as follows:

(Dollars in thousands)	December 31,
	2021
Unrecognized actuarial gain	$	176

Net periodic pension expense and postretirement benefit cost include the following components from November 30, 2021 to December 31, 2021:

(Dollars in thousands)
	2021
Interest cost	$	19
Expected return on plan assets		(46	)
Net periodic pension (benefit) expense	$	(27	)

(Dollars in thousands)
	2021
Service credit	$	—
Interest cost		—
Net periodic postretirement benefit credit	$	—

Assumptions used in the measurement of Mid Penn’s benefit obligations and net periodic pension costs at December 31, 2021 are as follows:

							Postretirement
							Life Insurance
	Pension Benefits						Benefits
	Union			Citizens			Citizens
Weighted-average assumptions:	2021			2021			2021
Discount rate		2.75	%		2.75	%		2.75	%
Expected long-term return on plan assets		6.25	%		6.25	%	n/a