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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021, and a statement of the funded status at December 31, 2022 and 2021.
(In thousands)December 31,
Change in benefit obligations:20222021
Benefit obligations, January 1$399 $342 
Service cost2 2 
Interest cost8 9 
Change in experience(30)73 
Change in assumptions(67)(5)
Benefit payments(15)(22)
Benefit obligations, December 31$297 $399 
Change in fair value of plan assets:
Fair value of plan assets, January 1$— $— 
Employer contributions15 22 
Benefit payments(15)(22)
Fair value of plan assets, December 31$— $— 
Funded status at year end$(297)$(399)
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, 2022 and 2021, and a statement of the status at December 31, 2022 and 2021. This Plan is unfunded.
(In thousands)December 31,
Change in benefit obligations:20222021
Benefit obligations, January 1$1,195 $1,142 
Service cost75 47 
Interest cost30 26 
Actuarial loss 103 61 
Change in assumptions(23)25 
Benefit payments(81)(106)
Benefit obligations, December 31$1,299 $1,195 
Change in fair value of plan assets:
Fair value of plan assets, January 1$— $— 
Employer contributions81 106 
Benefit payments(81)(106)
Fair value of plan assets, $— $— 
Funded status at year end$(1,299)$(1,195)
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, 2022 and 2021, and a statement of the status at December 31, 2022 and 2021:
(In thousands)December 31,
Change in benefit obligations:20222021
Benefit obligations, January 1$4,844 $5,401 
Service cost69 83 
Interest cost144 134 
Actuarial gain(1,096)(309)
Settlement payments— (378)
Benefit payments(156)(87)
Benefit obligations, December 31$3,805 $4,844 
Change in fair value of plan assets:
Fair value of plan assets, January 1$5,302 $4,939 
Return on plan assets(385)582 
Employer contributions— 285 
Benefit payments(156)(87)
Administrative expenses(39)(39)
Settlement payments— (378)
Fair value of plan assets, December 31$4,722 $5,302 
Funded status at year end$917 $458 
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, 2022 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, 2022 and 2021.
(In thousands)
Change in benefit obligations:20222021
Benefit obligations, January 1$8,165 $8,278 
Interest cost223 19 
Actuarial gain(1,407)(86)
Benefit payments(557)(46)
Benefit obligations, December 31$6,424 $8,165 
Change in fair value of plan assets:
Fair value of plan assets, January 1,$8,984 $8,894 
Return on plan assets(1,709)136 
Contributions2 — 
Benefit payments(557)(46)
Fair value of plan assets, December 31$6,720 $8,984 
Funded status at year end$296 $819 
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)20222021
Accrued benefit liability$297 $399 
Amounts recognized in other liabilities on the Consolidated Balance Sheet at December 31 are as follows:
(In thousands)20222021
Accrued benefit liability$1,299 $1,195 
Amounts recognized on the Consolidated Balance Sheets at December 31 are as follows:
(In thousands)20222021
Accrued pension benefit asset$(917)$(458)
Amounts recognized in other liabilities on the Consolidated Balance Sheets as of December 31 are as follows:
(In thousands)20222021
Accrued pension benefit asset$(296)$(819)
Schedule of Amounts Recognized in Other Comprehensive (Loss) Income
The amounts recognized in accumulated other comprehensive loss (income) as of December 31 consist of:
(In thousands)20222021
Net (gain) loss, pretax$(18)$82 
Net prior service cost, pretax10 (15)
Amounts recognized in accumulated other comprehensive loss (income) as of December 31 consist of:
(In thousands)20222021
Net prior service cost, pretax$— $— 
Net loss, pretax248 189 
Amounts recognized in accumulated other comprehensive loss consist of the following as of December 31:
(In thousands)20222021
Unrecognized actuarial gain$1,030 $602 
As of December 31, 2022 amounts related to the Riverview Plans that have been recognized in accumulated other comprehensive loss but not yet recognized as a component of net periodic pension cost are as follows:
(In thousands)20222021
Unrecognized actuarial (loss) gain$(824)$176 
Schedule of Net Periodic Benefit (Income) Costs
The components of net periodic postretirement benefit (income) cost for 2022, 2021 and 2020 are as follows:
(In thousands)202220212020
Service cost$2 $2 $3 
Interest cost8 9 13 
Amortization of prior service cost(24)(25)(25)
Amortization of net loss2 9 — 
Net periodic postretirement benefit income$(12)$(5)$(9)
The components of net periodic retirement cost for 2022, 2021 and 2020 are as follows:
(In thousands)202220212020
Service cost$75 $47 $49 
Interest cost30 26 31 
Amortization of net loss20 7 — 
Net periodic retirement cost$125 $80 $80 
The components of net periodic retirement cost for December 31 are as follows:
(In thousands)20222021
Service cost$69 $83 
Interest cost144 134 
Expected return on plan assets237 (227)
Recognized net actuarial gain(7)— 
Net periodic retirement income$(31)$(10)
The components of net periodic pension and postretirement benefit cost for the year ended December 31, 2022 and for November 30, 2021 to December 31, 2021 are as follows:
(In thousands)20222021
Interest cost$223 $19 
Expected return on plan assets(522)(46)
Net periodic pension benefit$(299)$(27)
(In thousands)20222021
Service credit$— $— 
Interest cost1 — 
Unrecognized gain(1)$—
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:20222021
Discount rate4.90 %2.40 %
Rate of compensation increase— 2.00 
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:202220212020
Discount rate2.40 %2.25 %3.00 %
Rate of compensation increase— 2.00 2.00 
Assumptions used in the measurement of Mid Penn’s benefit obligations at December 31 are as follows:
Weighted-average assumptions:20222021
Discount rate4.90 %2.40 %
Change in consumer price index7.00 1.40 
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:202220212020
Discount rate4.90 %2.40 %2.25 %
Change in consumer price index7.00 1.40 1.00 
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:20222021
Discount rate5.25 %3.00 %
Expected long-term return on plan assets4.50 4.50 
Rate of compensation increases2.50 2.50 
Weighted average assumptions used in the measurement of Mid Penn’s benefit obligations and net periodic pension costs at December 31, 2022 and 2021 are as follows:
Pension BenefitsPostretirement
Life Insurance
Benefits
2022UnionCitizensCitizens
Discount rate2.83 %2.83 %3.00 %
Expected long-term return on plan assets6.00 6.00 n/a
2021
Discount rate2.75 %2.75 %2.75 %
Expected long-term return on plan assets6.25 6.25 n/a
Schedule of Health Care Cost Trend Rates
Assumed health care cost trend rates at December 31 are as follows:
202220212020
Health care cost trend rate assumed for next year6.50 %5.50 %5.50 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.50 %5.40 %5.40 %
Year that the rate reaches the ultimate trend rate202620242024
Schedule of Expected Benefit Payments
The following table shows the estimated benefit payments for future periods:
(In thousands)
2023$31 
202427 
202532 
202627 
202725 
2028-2032141 
The following table shows the estimated benefit payments for future periods:
(In thousands)
2023$110 
2024104 
2025108 
2026106 
202794 
2028-2032485 
The following table shows the estimated benefit payments for future periods.
(In thousands)
2023$91 
2024202 
2025251 
2026248 
2027277 
2028-20321,555 
The following table shows the estimated benefit payments for future periods.
(In thousands)Pension BenefitsPostretirement
Life Insurance
Benefits
2023$551 $3 
2024536 3 
2025517 3 
2026504 3 
2027488 2 
2028-20322,293 9 
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 ValuePercentage of Total AssetsEstimated Fair ValuePercentage of Total Assets
Weighted-average asset allocations:20222021
Cash and cash equivalents$69 1.0 %$133 1.5 %
Mutual fund - equity2,411 35.9 3,310 36.8 
Mutual fund / EFTs - fixed income3,906 58.1 5,155 57.4 
Common / collective trusts equity334 5.0 386 4.3 
$6,720 100 %$8,984 100 %
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 ValuePercentage of Total AssetsEstimated Fair ValuePercentage of Total Assets
(Dollars in thousands)20222021
Cash and cash equivalents$108 2.3 %$670 12.6 %
Common stock2,773 58.7 3,221 60.8 
Corporate bonds1,841 39.0 1,411 26.6 
$4,722 100.0 %$5,302 100.0 %