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Postretirement Benefit Plans (Tables)
 12 Months Ended
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:20232022
Benefit obligations, January 1$297 $399 
Service cost1 2 
Interest cost13 8 
Change in experience(22)(30)
Change in assumptions— (67)
Benefit payments(18)(15)
Benefit obligations, December 31$271 $297 
Change in fair value of plan assets:
Fair value of plan assets, January 1$— $— 
Employer contributions18 15 
Benefit payments(18)(15)
Fair value of plan assets, December 31$— $— 
Funded status at year end$(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:20232022
Benefit obligations, January 1$1,299 $1,195 
Service cost56 75 
Interest cost61 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 contributions98 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:20232022
Benefit obligations, January 1$3,805 $4,844 
Service cost58 69 
Interest cost197 144 
Settlement (gain) loss(4)— 
Actuarial gain168 (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 assets348 (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:20232022
Benefit obligations, January 1$6,424 $8,165 
Interest cost309 223 
Actuarial gain228 (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 assets691 (1,709)
Contributions3 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)20232022
Accrued benefit liability$271 $297 
Amounts recognized in other liabilities on the Consolidated Balance Sheet at December 31 are as follows:
(In thousands)20232022
Accrued benefit liability$1,306 $1,299 
Amounts recognized on the Consolidated Balance Sheets at December 31 are as follows:
(In thousands)20232022
Accrued pension benefit asset$(809)$(917)
Amounts recognized in other liabilities on the Consolidated Balance Sheets as of December 31 are as follows:
(In thousands)20232022
Accrued pension benefit asset$(453)$(296)
Schedule of Amounts Recognized in Other Comprehensive (Loss) Income
The amounts recognized in accumulated other comprehensive loss (income) as of December 31 consist of:
(In thousands)20232022
Net (gain) loss, pretax$(38)$(18)
Net prior service cost, pretax— 10 
Amounts recognized in accumulated other comprehensive loss (income) as of December 31 consist of:
(In thousands)20232022
Net prior service cost, pretax$— $— 
Net loss, pretax214 248 
Amounts recognized in accumulated other comprehensive loss consist of the following as of December 31:
(In thousands)20232022
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)20232022
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)202320222021
Service cost$1 $2 $2 
Interest cost13 8 9 
Amortization of prior service cost10 (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)202320222021
Service cost$56 $75 $47 
Interest cost61 30 26 
Amortization of net loss34 20 7 
Net periodic retirement cost$151 $125 $80 
The components of net periodic retirement cost for December 31 are as follows:
(In thousands)20232022
Service cost$58 $69 
Interest cost197 144 
Expected return on plan assets211 237 
Recognized net actuarial gain(63)(7)
Net periodic retirement income$(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)20232022
Interest cost$309 $223 
Expected return on plan assets(387)(522)
Net periodic pension benefit$(78)$(299)
(In thousands)20232022
Service credit$— $— 
Interest cost1 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:20232022
Discount rate4.67 %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:202320222021
Discount rate4.90 %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:20232022
Discount rate4.80 %4.90 %
Change in consumer price index3.40 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:202320222021
Discount rate4.80 %4.90 %2.40 %
Change in consumer price index3.40 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:20232022
Discount rate5.00 %5.25 %
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, 2023 and 2022 are as follows:
Pension BenefitsPostretirement
Life Insurance
Benefits
2023UnionCitizensCBT
Discount rate5.02 %5.02 %4.70 %
Expected long-term return on plan assets6.00 6.00 n/a
2022
Discount rate2.83 %2.83 %3.00 %
Expected long-term return on plan assets6.00 6.00 n/a
Schedule of Health Care Cost Trend Rates
Assumed health care cost trend rates at December 31 are as follows:
202320222021
Health care cost trend rate assumed for next year7.00 %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 rate202720262024
Schedule of Expected Benefit Payments
The following table shows the estimated benefit payments for future periods:
(In thousands)
2024$25 
202530 
202628 
202728 
202819 
2029-203393 
The following table shows the estimated benefit payments for future periods.
(In thousands)
2024$91 
2025142 
2026140 
2027171 
2028200 
2029-20331,052 
The following table shows the estimated benefit payments for future periods.
(In thousands)Pension BenefitsPostretirement
Life Insurance
Benefits
2023$552 $3 
2024531 4 
2025518 3 
2026501 3 
2027494 2 
2028-20322,271 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 ValuePercentage of Total AssetsEstimated Fair ValuePercentage of Total Assets
(Dollars in thousands)20232022
Cash and cash equivalents$90 2.6 %$108 2.3 %
Common stock2,186 63.0 2,773 58.7 
Corporate bonds1,192 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 ValuePercentage of Total AssetsEstimated Fair ValuePercentage of Total Assets
Weighted-average asset allocations:20232022
Cash and cash equivalents$48 0.7 %$69 1.0 %
Mutual fund - equity2,499 36.2 2,411 35.9 
Mutual fund / EFTs - fixed income4,038 58.6 3,906 58.1 
Common / collective trusts equity310 4.5 334 5.0 
$6,895 100 %$6,720 100 %