Companies: 10,793     total market cap: A$197.690 T
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Mid Penn Bancorp
MPB
#6297
Rank
A$1.22 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$48.40
Share price
3.21%
Change (1 day)
18.47%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Mid Penn Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q3

Mid Penn Bancorp - 10-Q quarterly report FY2024 Q3


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-13677
MID PENN BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Pennsylvania25-1666413
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
2407 Park Drive
Harrisburg, Pennsylvania
17110
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code 1.866.642.7736

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareMPBThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    x    No    o


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    x    No    o


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated FilerxEmerging Growth Companyo
Non-accelerated FileroSmaller Reporting Companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    o    No    x

As of October 31, 2024, the registrant had 16,620,174 shares of common stock outstanding, par value $1.00 per share.

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FORM 10-Q
TABLE OF CONTENTS
PART 1 – FINANCIAL INFORMATION
Item 1 – Financial Statements
4
Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited)
4
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
5
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
7
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)
9
Notes to Consolidated Financial Statements (Unaudited)
11
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
48
Item 3 – Quantitative and Qualitative Disclosures about Market Risk
70
Item 4 – Controls and Procedures
70
PART II – OTHER INFORMATION
72
Item 1 – Legal Proceedings
72
Item 1A – Risk Factors
72
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
75
Item 3 – Defaults upon Senior Securities
76
Item 4 – Mine Safety Disclosures
76
Item 5 – Other Information
76
Item 6 – Exhibits
77
Signatures
78
Unless the context otherwise requires, the terms "Mid Penn", "Corporation" "we", "us", and "our" refer to Mid Penn Bancorp, Inc. and its consolidated wholly-owned banking subsidiary and nonbank subsidiaries.
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GLOSSARY OF DEFINED ACRONYMS AND TERMS
2014 Plan2014 Restricted Stock Plan
2023 Annual ReportCorporation's Annual Report on Form 10-K for the year ended December 31, 2023
2023 Plan2023 Stock Incentive Plan
ACLAllowance for Credit Losses
AFSAvailable for Sale
AOCIAccumulated Other Comprehensive Income/(Loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
the BankMid Penn Bank
BOLIBank Owned Life Insurance
bp or bpsbasis point(s)
BrunswickBrunswick Bancorp
Brunswick AcquisitionMerger acquisition of Brunswick
Brunswick BankBrunswick Bank & Trust Company
CCLProvision for Credit Losses - Credit Commitments
CECLCurrent Expected Credit Losses
DCFDiscounted Cash Flow
DIFFDIC’s Deposit Insurance Fund
DRIPDividend Reinvestment Plan
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank of Pittsburgh
FICOthe Financing Corporation
FOMCFederal Open Market Committee
FTEFully taxable-equivalent
HFSHeld for Sale
HTMHeld to Maturity
LGDLoss Given Default
LHFILoans held for investment
LIHTCLow-Income Housing Tax Credits
LoansLoans, net of unearned income
Management DiscussionManagement's Discussion and Analysis of Financial Condition and Results of Operations
MergerMerger of William Penn
Mid Penn or the CorporationMid Penn Bancorp, Inc.
N/MNot meaningful - (percentage changes greater than +/- 150% not considered meaningful)
OBSOff-Balance Sheet
OCIOther Comprehensive Income
PCDPurchased Credit Deteriorated
PCLProvision for Credit Losses - Loans
PDProbability of Default
Public OfferingUnderwritten public offering of 2,375,000 shares of the Corporation’s common stock
RiverviewRiverview Financial Corporation
Riverview AcquisitionMerger acquisition of Riverview
ROAReturn on Assets
ROEReturn on Equity
SBASmall Business Association
SECSecurities Exchange Commission
SOFRSecured Overnight Financing Rate
WSJPWall Street Journal Prime
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MID PENN BANCORP, INC.



PART 1 – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share data)September 30, 2024December 31, 2023
ASSETS
Cash and due from banks$57,518 $45,435 
Interest-bearing balances with other financial institutions19,323 34,668 
Federal funds sold67,554 16,660 
Total cash and cash equivalents144,395 96,763 
Investment securities:
HTM, at amortized cost (fair value $354,365 and $357,521, respectively)
386,618 399,128 
AFS, at fair value255,227 223,555 
Equity securities, at fair value446 438 
Loans held for sale, at fair value7,919 3,855 
Loans, net of unearned income4,431,704 4,252,792 
Less: ACL - Loans(35,562)(34,187)
Net loans 4,396,142 4,218,605 
Premises and equipment, net33,765 36,909 
Operating lease right of use asset7,390 8,953 
Finance lease right of use asset2,593 2,727 
Cash surrender value of life insurance53,135 54,497 
Restricted investment in bank stocks10,589 16,768 
Accrued interest receivable27,286 25,820 
Deferred income taxes23,197 24,146 
Goodwill128,160 127,031 
Core deposit and other intangibles, net6,713 6,479 
Foreclosed assets held for sale281 293 
Other assets43,169 44,825 
Total Assets$5,527,025 $5,290,792 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$791,980 $801,312 
Interest-bearing transaction accounts2,288,783 2,086,450 
Time1,626,001 1,458,450 
Total Deposits4,706,764 4,346,212 
Short-term borrowings114,097 241,532 
Long-term debt23,716 59,003 
Subordinated debt45,894 46,354 
Operating lease liability7,778 9,285 
Accrued interest payable18,995 14,257 
Other liabilities36,722 31,799 
Total Liabilities4,953,966 4,748,442 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at September 30, 2024 and December 31, 2023; 17,060,896 issued at September 30, 2024 and 16,998,929 at December 31, 2023; 16,620,174 outstanding at September 30, 2024 and 16,573,707 at December 31, 2023
17,061 16,999 
Additional paid-in capital406,922 405,725 
Retained earnings172,234 145,982 
Accumulated other comprehensive loss(13,116)(16,637)
Treasury stock, at cost; 440,722 shares at September 30, 2024 and 425,222 shares at December 31, 2023
(10,042)(9,719)
Total Shareholders’ Equity573,059 542,350 
Total Liabilities and Shareholders' Equity$5,527,025 $5,290,792 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2024202320242023
INTEREST INCOME
Loans, including fees $68,080 $58,792 $197,412 $156,751 
Investment securities:  
Taxable4,136 4,106 12,319 11,942 
Tax-exempt359 382 1,106 1,162 
Other interest-bearing balances223 86 973 222 
Federal funds sold1,043 51 1,461 145 
Total Interest Income73,841 63,417 213,271 170,222 
INTEREST EXPENSE  
Deposits30,689 23,559 85,484 53,487 
Short-term borrowings2,296 1,584 10,066 4,581 
Long-term and subordinated debt687 794 2,330 2,181 
Total Interest Expense33,672 25,937 97,880 60,249 
Net Interest Income40,169 37,480 115,391 109,973 
   Provision for credit losses - loans 621 1,427 1,784 3,074 
(Benefit)/Provision for credit losses - CCL(105)660 (601)1,290 
  Net provision for credit losses516 2,087 1,183 4,364 
Net Interest Income After Provision for Credit Losses39,653 35,393 114,208 105,609 
NONINTEREST INCOME  
Fiduciary and wealth management1,204 1,296 3,465 3,736 
ATM debit card interchange962 986 2,880 3,040 
Service charges on deposits549 509 1,597 1,458 
Mortgage banking 768 382 1,820 1,053 
Mortgage hedging(1)67 (1)215 
Net gain on sales of SBA loans151 85 332 213 
Earnings from cash surrender value of life insurance276 278 861 824 
Other 1,269 1,743 5,390 4,352 
Total Noninterest Income5,178 5,346 16,344 14,891 
NONINTEREST EXPENSE  
Salaries and employee benefits16,156 15,259 47,151 44,130 
Software licensing and utilization2,366 2,085 6,694 6,101 
Occupancy, net1,815 1,761 5,658 5,397 
Equipment1,206 1,292 3,715 3,791 
Shares tax824 808 1,945 2,458 
Legal and professional fees1,613 890 3,300 2,292 
ATM/card processing606 641 1,650 1,666 
Intangible amortization460 484 1,313 1,289 
FDIC Assessment1,150 1,746 3,327 2,770 
Loss (Gain) on sale of foreclosed assets, net(35)(18)7 (144)
Merger and acquisition 109 352 109 5,568 
Post-acquisition restructuring — — — 2,952 
Other 3,689 3,929 11,834 11,928 
Total Noninterest Expense29,959 29,229 86,703 90,198 
INCOME BEFORE PROVISION FOR INCOME TAXES14,872 11,510 43,849 30,302 
Provision for income taxes2,571 2,274 7,644 5,003 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$12,301 $9,236 $36,205 $25,299 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.74 $0.56 $2.18 $1.56 
Diluted Earnings Per Common Share$0.74 $0.56 $2.18 $1.56 
Weighted-average basic shares outstanding16,612,657 16,571,825 16,585,719 16,233,006 
Weighted-average diluted shares outstanding16,657,169 16,594,999 16,625,559 16,264,722 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In Thousands)2024202320242023
Net income$12,301 $9,236 $36,205 $25,299 
Other comprehensive (loss)/income:
Unrealized gains/(losses) arising during the period on available for sale securities, net of income tax.
6,436 (4,410)4,524 (5,694)
Unrealized holding (losses)/gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax.
(2,427)859 (989)3,568 
Change in defined benefit plans, net of income tax.(1)
(2)(6)3 (8)
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax.(2)
— — (17)(12)
Total other comprehensive (loss)/income 4,007 (3,557)3,521 (2,146)
Total comprehensive income$16,308 $5,679 $39,726 $23,153 
(1)The change in defined benefit plans consists primarily of unrecognized actuarial (losses)/gains on defined benefit plans during the period.
(2)The reclassification adjustment for benefit plans includes settlement gains, amortization of prior service costs, and amortization of net gain or loss. Amounts are included in other income on the Consolidated Statements of Income within total noninterest income.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Common Stock Additional
Paid-in
Capital		Retained
Earnings 		Accumulated
Other
Comprehensive
(Loss) Income		Treasury
Stock 		Total
Shareholders'
Equity
(In thousands, except per share data)SharesAmount
Balance, January 1, 202416,998,929 $16,999 $405,725 $145,982 $(16,637)$(9,719)$542,350 
Net income— — — 12,133 — — 12,133 
Total other comprehensive income, net of taxes— — — — (310)— (310)
Common stock cash dividends declared, $0.20 per share
— — — (3,314)— — (3,314)
Repurchased stock— — — — — (323)(323)
Employee Stock Purchase Plan 5,653 5 107 — — — 112 
Director Stock Purchase Plan1,777 2 34 — — — 36 
Restricted stock activity— — 284 — — — 284 
Balance, March 31, 202417,006,359 $17,006 $406,150 $154,801 $(16,947)$(10,042)$550,968 
Net income— — — 11,771 — — 11,771 
Total other comprehensive loss, net of taxes— — — — (176)— (176)
Common stock cash dividends declared, $0.20 per share
— — — (3,316)— — (3,316)
Employee Stock Purchase Plan5,123 5 98 — — — 103 
Director Stock Purchase Plan1,389 1 29 — — — 30 
Restricted stock activity 38,365 39 267 — — — 306 
Balance, June 30, 202417,051,236 $17,051 $406,544 $163,256 $(17,123)$(10,042)$559,686 
Net income— — — 12,301 — — 12,301 
Total other comprehensive loss, net of taxes— — — — 4,007 — 4,007 
Common stock cash dividends declared, $0.20 per share
— — — (3,323)— — (3,323)
Repurchased stock— — — — — — — 
Employee Stock Purchase Plan5,565 6 116 — — — 122 
Director Stock Purchase Plan1,021 1 30 — — — 31 
Restricted stock activity3,074 3 232 — — — 235 
Balance, September 30, 202417,060,896 $17,061 $406,922 $172,234 $(13,116)$(10,042)$573,059 

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MID PENN BANCORP, INC.



Common StockAdditional
Paid-in
Capital		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss) 		Treasury
Stock 		Total
Shareholders'
Equity
(In thousands, except per share data)SharesAmount
Balance, January 1, 202316,094,486 $16,094 $386,987 $133,114 $(19,216)$(4,880)$512,099 
Net income— — — 11,227 — — 11,227 
Total other comprehensive loss, net of taxes— — — — 1,842 — 1,842 
Common stock cash dividends declared, $0.20 per share
— — — (3,176)— — (3,176)
Impact of adopting CECL (1)
— — — (11,548)— — (11,548)
Employee Stock Purchase Plan 2,217 2 55 — — — 57 
Director Stock Purchase Plan1,651 2 41 — — — 43 
Restricted stock activity— — 249 — — — 249 
Balance, March 31, 202316,098,354 $16,098 $387,332 $129,617 $(17,374)$(4,880)$510,793 
Net income— — — 4,836 — — 4,836 
Total other comprehensive loss, net of taxes— — — — (431)— (431)
Common stock cash dividends declared, $0.20 per share
— — — (3,182)— — (3,182)
Common stock issued to Brunswick shareholders (2)849,510 850 17,245 — — 18,095 
Repurchased stock— — — — — (4,580)(4,580)
Employee Stock Purchase Plan2,258 2 48 — — — 50 
Director Stock Purchase Plan2,511 3 53 — — — 56 
Restricted stock activity27,667 27 224 — — — 251 
Balance, June 30, 202316,980,300 $16,980 $404,902 $131,271 $(17,805)$(9,460)$525,888 
Net income— — — 9,236 — — 9,236 
Total other comprehensive loss, net of taxes— — — — (3,557)— (3,557)
Common stock cash dividends declared, $0.20 per share
— — — (3,308)— — (3,308)
Employee Stock Purchase Plan4,833 5 90 — — — 95 
Director Stock Purchase Plan2,263 2 43 — — — 45 
Restricted stock activity5,673 6 306 — — — 312 
Balance, September 30, 202316,993,069 16,993 405,341 137,199 (21,362)(9,460)528,711 
(1) The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" effective January 1, 2023. See "Note 1 - Summary of Significant Accounting Policies" for further details.
(2) Shares issued on May 19, 2023 as a result of the Brunswick Acquisition. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 30,
(In thousands)20242023
Operating Activities:
Net Income$36,205 $25,299 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses1,183 4,364 
Depreciation3,666 3,645 
Amortization of intangibles1,313 1,289 
Net amortization of security discounts/premiums305 363 
Noncash operating lease expense1,563 1,413 
Amortization of finance lease right of use asset135 134 
Earnings on cash surrender value of life insurance(861)(824)
Mortgage loans originated for sale(84,379)(86,451)
Proceeds from sales of mortgage loans originated for sale82,135 85,709 
Gain on sale of mortgage loans(1,820)(1,053)
SBA loans originated for sale(4,375)(4,015)
Proceeds from sales of SBA loans originated for sale4,707 3,802 
Gain on sale of SBA loans(332)(213)
Gain on sale of property, plant, and equipment(10)(59)
Loss/(Gain) on sale or write-down of foreclosed assets7 (144)
Accretion of subordinated debt(460)(440)
Stock compensation expense825 812 
Change in deferred income tax cost/(benefit)80 (1,501)
Increase accrued interest receivable(1,466)(4,654)
Decrease (Increase) in other assets1,065 (621)
Increase in accrued interest payable4,738 10,443 
Decrease in operating lease liability (1,507)(1,936)
Increase in other liabilities4,575 2,332 
Net Cash Provided By Operating Activities47,292 37,694 
Investing Activities:
Proceeds from the sale of available-for-sale securities— 1,751 
Proceeds from the maturity or call of available-for-sale securities22,050 12,782 
Purchases of available-for-sale securities(48,051)— 
Proceeds from the maturity or call of held-to-maturity securities12,261 8,145 
Stock dividends of FHLB and other bank stock1,136 549 
Reduction (Purchases) of restricted investment in bank stock5,043 (5,788)
Net cash (paid)/received from acquisition(2,676)1,068 
Net increase in loans (178,910)(319,369)
Purchases of bank premises and equipment(664)(2,707)
Proceeds from the sale of premises and equipment152 59 
Proceeds from the sale of foreclosed assets195 644 
Proceeds from bank-owned life insurance2,223 774 
Gain on bank-owned life insurance— (125)
Net change in investments in tax credits and other partnerships(407)(5,615)
Net Cash Used in Investing Activities(187,648)(307,832)

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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net increase in deposits360,552 320,666 
Proceeds from long-term debt— 25,000 
Common stock dividends paid(9,953)(9,666)
Proceeds from Employee and Director Stock Purchase Plan stock issuance434 346 
Treasury stock purchased(323)(4,580)
Net change in finance lease liability(98)(69)
Net change in short-term borrowings(127,435)36,353 
Long-term debt repayment(35,189)(30,694)
Subordinated debt redemption and trust preferred securities— (10,000)
Net Cash Provided by Financing Activities187,988 327,356 
Net increase in cash and cash equivalents47,632 57,218 
Cash and cash equivalents, beginning of period96,763 60,881 
Cash and cash equivalents, end of period$144,395 $118,099 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$93,142 $56,707 
Cash paid for income taxes291 4,400 
Supplemental Noncash Disclosures:
Recognition of operating lease right of use assets$— $1,336 
Recognition of operating lease liabilities— 1,336 
Loans transferred to foreclosed assets held for sale164 1,362 
  Fair value of assets acquired in business combination, excluding cash (1)(2)
$1,547 $362,070 
Goodwill recorded (1)(2)
1,129 12,800 
Liabilities assumed in business combination (2)
— 345,043 
Stock issued in business combination (3)
— 18,095 
(1) Includes the impact of the Insurance Acquisition on July 31, 2024. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.
(2) Includes the impact of the Brunswick Acquisition on May 19, 2023. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.
(3) 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards as a result of the Brunswick Acquisition on May 19, 2023.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 - Summary of Significant Accounting Policies
Nature of Operations
Mid Penn Bancorp, Inc. ("Mid Penn" or the "Corporation"), through operations conducted by Mid Penn Bank (the "Bank") and its nonbank subsidiaries, engages in a full-service commercial banking and trust business, making available to the community a wide range of financial services, including, but not limited to, mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development loans, loans to non-profit entities and local government loans, and various types of time and demand deposits including but not limited to, checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and IRAs. In addition, the Bank provides a full range of trust and wealth management services through its Trust Department. Deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") to the extent provided by law.
Mid Penn also fulfills the insurance needs of both existing and potential customers through MPB Risk Services, LLC, doing business as MPB Insurance and Risk Management.
The financial services are provided to individuals, partnerships, non-profit organizations, and corporations through its retail banking offices located throughout Pennsylvania and two counties in New Jersey.
Basis of Presentation
For all periods presented, the accompanying consolidated financial statements include the accounts of Mid Penn Bancorp, Inc., its wholly-owned subsidiary, Mid Penn Bank, and four wholly-owned nonbank subsidiaries, MPB Financial Services, LLC, which includes MPB Wealth Management, LLC (which ceased operating during the first quarter of 2024), MPB Risk Services, LLC, and MPB Launchpad Fund I, LLC. As of September 30, 2024, the accounts and activities of these nonbank subsidiaries were not material to warrant separate disclosure or segment reporting. As a result, Mid Penn has only one reportable segment for financial reporting purposes. All material intercompany accounts and transactions have been eliminated in consolidation.
Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Mid Penn believes the information presented is not misleading, and the disclosures are adequate. For comparative purposes, the September 30, 2023 and December 31, 2023 balances have been reclassified, when necessary, to conform to the 2024 presentation. Such reclassifications had no impact on net income or total shareholders’ equity. In the opinion of management, all adjustments necessary for fair presentation of the periods presented have been reflected in the accompanying consolidated financial statements. All such adjustments are of a normal, recurring nature. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2023 Annual Report.
Subsequent Events
Mid Penn has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2024 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the issuance date of these consolidated financial statements.
On October 31, 2024, Mid Penn Bancorp, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with William Penn Bancorporation (“William Penn”) pursuant to which William Penn will merge with and into Mid Penn in an all-stock transaction valued at approximately $127 million, based on Mid Penn’s closing stock price as of October 30, 2024. The Merger has been approved unanimously by each company’s board of directors and is expected to close in the first half of 2025. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Mid Penn and William Penn shareholders.
Under the terms of the Merger Agreement, shareholders of William Penn will have the right to receive, for each share of common stock, par value $0.01 per share, of William Penn, 0.426 shares of Mid Penn common stock (the “Exchange Ratio”) and cash in lieu of fractional shares, subject to adjustment and proration as described in the Merger Agreement.


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MID PENN BANCORP, INC.





Underwritten Public Offering

On November 1, 2024, Mid Penn issued a press release on a Form 8-K announcing the pricing of an underwritten public offering of 2,375,000 shares of the Corporation’s common stock at a price to the public of $29.50 per share, for an aggregate offering amount of $70.0 million, through Stephens Inc. and Piper Sandler & Co., as representatives of the underwriters (the “Underwriters”). Mid Penn also granted the Underwriters a 30-day option to purchase up to an additional 15 percent of the offered amount of common stock, equal to 356,250 shares, from the Corporation.

On November 4, 2024, Mid Penn announced on a Form 8-K that it had completed its underwritten public offering of 2,375,000 shares of common stock at a price of $29.50 per share, before underwriting discounts, and on November 5, 2024, Mid Penn announced on a Form 8-K that it had completed the sale and issuance of 356,250 additional shares of common stock upon the exercise in full by the Underwriters of their option to purchase additional shares. The aggregate gross proceeds of the offering were $80.6 million. The net proceeds of the offering after deducting the underwriting discount and other estimated offering expenses are expected to be approximately $76.5 million.

Mid Penn intends to use the net proceeds of the offering to support our continued growth, including investments in the Bank to support organic growth, potential redemption of subordinated debt, future strategic transactions and for other general corporate purposes.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Material estimates subject to significant change include the allowance for credit losses, the expected cash flows and collateral values associated with loans that are individually evaluated for credit losses, the carrying value of other real estate owned ("OREO"), the fair value of financial instruments, business combination fair value computations, the valuation of goodwill and other intangible assets, stock-based compensation and deferred income tax assets.

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Accounting Standards adopted and Updated Significant Accounting Policy
On January 1, 2023, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with ASC Topic 842. Prior to 2024, the provision for OBS credit losses was included in Other Expenses on the Statement of Income. Beginning March 31, 2024, the provision for OBS credit losses is included in Provision for Credit Losses on the Income Statement. Prior periods have been updated for presentation.
All other significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the 2023 Annual Report. Those significant accounting policies are unchanged at September 30, 2024.
Accounting Standards Pending Adoption
ASU No. 2023-02: The FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.
The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period. ASU No. 2023-02 is not expected to have a material impact on the Corporation's consolidated financial statements.
ASU 2023-06: The FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
ASU 2023-06 amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. ASU 2023-06 is not expected to have a significant impact on the Corporation's financial statements.
ASU 2023-07: The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
ASU 2023-07 amends the ASC to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is not expected to have a significant impact on the Corporation's financial statements.
ASU 2023-09: The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.

ASU 2023-09 amends the ASC to enhance income tax disclosures by requiring entities to disclose income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. Additionally, entities are required to disclose amounts greater than 5% of the total income taxes paid to an individual jurisdiction The amendments are effective for annual periods beginning after December 15, 2025. ASU 2023-09 is not expected to have a significant impact on the Corporation's financial statements.


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ASU 2024-01—The FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope application of profits interest and similar awards.

The amendments in the ASU apply to all reporting entities that account for profits interest awards as compensation to employees or nonemployees in return for goods or services. The amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. ASU 2024-01 is not expected to have a significant impact on the Corporation's financial statements.

ASU 2024-02: The FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements.

This ASU contains amendments to the Codification that remove references to various FASB Concepts Statements. The amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. ASU 2024-02 is not expected to have a significant impact on the Corporation's financial statements.

Note 2 - Business Combination
Commonwealth Benefits Group Acquisition
On July 31, 2024, Mid Penn acquired the insurance business and related accounts of a full-service employee benefits firm that serves mid to large employers across central and eastern Pennsylvania, northern Maryland, and northern Virginia, for a purchase price of $2.0 million at closing and an additional $800 thousand potentially payable pursuant to a three year earnout.
Mid Penn has recognized total goodwill of $1.1 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired.
Brunswick Acquisition
On May 19, 2023, Mid Penn completed its acquisition of Brunswick through the merger of Brunswick with and into Mid Penn with Mid Penn being the surviving corporation. In connection with this acquisition, Brunswick Bank, a wholly-owned subsidiary of Brunswick, merged with and into Mid Penn Bank, a wholly-owned subsidiary of Mid Penn.

This transaction included the acquisition of 5 branches and extended Mid Penn’s footprint into Middlesex and Monmouth counties in central New Jersey. Mid Penn issued 849,510 shares of its common stock as well as a net cash payment to Brunswick shareholders of $27.6 million, for total consideration of $45.7 million for all outstanding stock and the cancellation of stock options of Brunswick.
Mid Penn has recognized total goodwill of $12.8 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. The fair value of the consideration exchanged related to Mid Penn’s common stock was calculated based upon the closing market price of Mid Penn’s common stock as of May 19, 2023. None of the goodwill recognized is expected to be deductible for income tax purposes.

Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. Mid Penn considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, FICO scores and other qualitative factors that indicate deterioration in credit quality since origination. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ACL on the date of acquisition using the same methodology as other loans and leases held-for-investment. As part of the Brunswick Acquisition, Mid Penn acquired PCD loans and leases of $18.7 million. Mid Penn established an ACL at acquisition of $336 thousand with a corresponding gross-up to the amortized cost of the PCD loans and leases. The non-credit discount on the PCD loans and leases was $2.4 million and the Day 1 fair value was $16.3 million. The initial provision expense for non-PCD loans associated with the Brunswick Acquisition was $2.0 million.

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Estimated fair values of the assets acquired and liabilities assumed in the Brunswick Acquisition as of the closing date are as follows:
(In thousands)
Assets acquired:
Cash and cash equivalents$21,029 
Federal funds sold7,604 
Investment securities2,423 
Loans324,471 
Goodwill12,800 
Core deposit intangible999 
Premises and equipment4,568 
Cash surrender value of life insurance3,361 
Deferred income taxes6,393 
Accrued interest receivable1,171 
Other assets5,884 
Total assets acquired390,703 
Liabilities assumed:
Deposits:
Noninterest-bearing demand60,888 
Interest-bearing demand11,767 
Money Market47,362 
Savings14,203 
Time147,163 
Long-term debt60,136 
Accrued interest payable1,911 
Other liabilities1,613 
Total liabilities assumed345,043 
Consideration paid$45,660 
Cash paid$27,565 
Fair value of common stock issued18,095 

Management has completed its evaluation of fair values of all assets and liabilities shown in the table above and all amounts are considered final.




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Note 3 - Investment Securities
FASB ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," was adopted by Mid Penn on January 1, 2023. ASU 2016-13 introduces the CECL methodology for estimating allowances for credit losses. ASU 2016-13 applies to all financial instruments carried at amortized cost, including HTM securities, and makes targeted improvements to the accounting for credit losses on AFS securities.
In order to comply with ASC 326, Mid Penn conducted a review of its investment portfolio and determined that for certain classes of securities it would be appropriate to assume the expected credit loss to be zero. This zero-credit loss assumption applies to debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. The reasons behind the adoption of the zero-credit loss assumption are as follows:
•High credit rating
•Long history with no credit losses
•Guaranteed by a sovereign entity
•Widely recognized as "risk-free rate"
•Can print its own currency
•Currency is routinely held by central banks, used in international commerce, and commonly viewed as reserve currency
•Currently under the U.S. Government conservatorship or receivership
Mid Penn will continuously monitor any changes in economic conditions, credit downgrades, changes to explicit or implicit guarantees granted to certain debt issuers, and any other relevant information that would indicate potential credit deterioration and prompt Mid Penn to reconsider its zero-credit loss assumption.
At the date of adoption, Mid Penn’s estimated allowance for credit losses on AFS and HTM securities under ASU 2016-13 was deemed immaterial due to the composition of these portfolios. Both portfolios consist primarily of U.S. government agency guaranteed mortgage-backed securities for which the risk of loss is minimal. Therefore, Mid Penn did not recognize a cumulative effect adjustment through retained earnings related to the AFS and HTM securities.
AFS Securities
ASU 2016-13 made targeted improvements to the accounting for credit losses on AFS securities. The concept of other-than-temporarily impaired has been replaced with the allowance for credit losses. Unlike HTM securities, AFS securities are evaluated on an individual level and pooling of securities is not allowed.
Mid Penn evaluates if any security has a fair value less than its amortized cost on a quarterly basis. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Mid Penn performs further analysis as outlined below:
•Mid Penn reviews the extent to which the fair value is less than the amortized cost and observes the security’s lowest credit rating as reported by third-party credit ratings companies.
•The securities that violate the credit loss triggers above would be subjected to additional analysis that may include, but is not limited to: changes in market interest rates, changes in securities credit ratings, security type, service area economic factors, financial performance of the issuer or obligor of the underlying issue and any third-party guarantee.
•If Mid Penn determines that a credit loss exists, the credit portion of the allowance will be measured using a DCF analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Mid Penn records will be limited to the amount by which the amortized cost exceeds the fair value.
The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by a reputable third-party.
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At September 30, 2024, the results of the analysis did not identify any securities that violate the credit loss triggers; therefore, no DCF analysis was performed, and no credit loss was recognized on any of the securities available for sale.
Accrued interest receivable is excluded from the estimate of credit losses for AFS securities. At September 30, 2024, accrued interest receivable totaled $1.1 million for AFS securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
HTM Securities
ASU 2016-13 requires institutions to measure expected credit losses on financial assets carried at amortized cost on a collective or pool basis when similar risks exist. Mid Penn uses several levels of segmentation in order to measure expected credit losses:
•The portfolio is segmented into agency and non-agency securities.
•The non-agency securities are separated into state and political subdivision obligations and corporate debt securities.
Each individual segment is categorized by third-party credit ratings.
As discussed above, Mid Penn has determined that, for certain classes of securities, it would be appropriate to assume the expected credit loss to be zero, which include debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. This assumption will be reviewed and attested to quarterly.
At September 30, 2024, Mid Penn’s HTM securities totaled $386.6 million. After applying appropriate probability of default and loss given default assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at September 30, 2024.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. At September 30, 2024, accrued interest receivable totaled $2.2 million for HTM securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
At September 30, 2024, Mid Penn had no HTM securities that were past due 30 days or more as to principal or interest payments. Mid Penn had no HTM securities classified as nonaccrual at September 30, 2024.
The following tables set forth the amortized cost and estimated fair value of investment securities for the periods presented:
September 30, 2024
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$27,720 $— $484 $27,236 
Mortgage-backed U.S. government agencies204,050 — 11,888 192,162 
State and political subdivision obligations4,315 — 554 3,761 
Corporate debt securities35,746 — 3,678 32,068 
Total available-for-sale debt securities271,831 — 16,604 255,227 
Held-to-maturity
U.S. Treasury and U.S. government agencies$241,907 $— $21,463 $220,444 
Mortgage-backed U.S. government agencies39,213 — 4,233 34,980 
State and political subdivision obligations80,042 — 5,238 74,804 
Corporate debt securities25,456 — 1,319 24,137 
Total held-to-maturity debt securities386,618 — 32,253 354,365 
Total$658,449 $— $48,857 $609,592 
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December 31, 2023
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,637 $— $988 $35,649 
Mortgage-backed U.S. government agencies169,184 — 16,501 152,683 
State and political subdivision obligations4,332 — 686 3,646 
Corporate debt securities35,733 — 4,156 31,577 
Total available-for-sale debt securities$245,886 $— $22,331 $223,555 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$245,805 $2 $28,676 $217,131 
Mortgage-backed U.S. government agencies43,818 — 5,523 38,295 
State and political subdivision obligations84,035 11 6,486 77,560 
Corporate debt securities25,470 — 935 24,535 
Total held-to-maturity debt securities399,128 13 41,620 357,521 
Total$645,014 $13 $63,951 $581,076 
Estimated fair values of debt securities are based on quoted market prices, where applicable. If quoted market prices are not available, fair values are based on quoted market prices of instruments of a similar type, credit quality and structure, adjusted for differences between the quoted instruments and the instruments being valued. See "Note 8 - Fair Value Measurement," for additional information.
Investment securities having a fair value of $490.1 million at September 30, 2024 and $380.3 million at December 31, 2023 were pledged to secure public deposits, some Trust department deposit accounts, and certain other borrowings. In accordance with legal provisions for alternatives other than pledging of investments, Mid Penn also obtains letters of credit from the FHLB to secure certain public deposits. These FHLB letter of credit commitments totaled $154.0 million as of September 30, 2024 and $153.5 million as of December 31, 2023.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
September 30, 2024Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses/(Gains)		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies—$— $— 15$27,236 $484 15$27,236 $484 
Mortgage-backed U.S. government agencies651,410 144 91140,752 11,744 97192,162 11,888 
State and political subdivision obligations—— — 83,761 554 83,761 554 
Corporate debt securities1428 72 1731,640 3,606 1832,068 3,678 
Total available-for-sale debt securities7$51,838 $216 131$203,389 $16,388 138$255,227 $16,604 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies—— — 143220,444 21,463 143220,444 21,463 
Mortgage-backed U.S. government agencies2174 — 6234,806 4,233 6434,980 4,233 
State and political subdivision obligations113,707 (12)17571,097 5,250 18674,804 5,238 
Corporate debt securities410,500 — 1113,637 1,319 1524,137 1,319 
Total held-to-maturity debt securities1714,381 (12)391339,984 32,265 408354,365 32,253 
Total24$66,219 $204 522$543,373 $48,653 546$609,592 $48,857 
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(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2023Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies—$— $— 19$35,649 $988 19$35,649 $988 
Mortgage-backed U.S. government agencies14,015 26 92148,668 16,475 93152,683 16,501 
State and political subdivision obligations—— — 83,646 686 83,646 686 
Corporate debt securities1410 90 1731,167 4,066 1831,577 4,156 
Total available-for-sale securities24,425 116 136219,130 22,215 138223,555 22,331 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies1$2,002 $— 144$215,129 $28,676 145$217,131 $28,676 
Mortgage-backed U.S. government agencies—— — 6438,295 5,523 6438,295 5,523 
State and political subdivision obligations258,729 63 17068,831 6,423 19577,560 6,486 
Corporate debt securities1936 57 1423,599 878 1524,535 935 
Total held to maturity securities2711,667 120 392345,854 41,500 419357,521 41,620 
Total29$16,092 $236 528$564,984 $63,715 557$581,076 $63,951 
There were no gross realized gains and losses on sales of available-for-sale debt securities for the nine months ended September 30, 2024 and 2023.
The table below illustrates the contractual maturity of debt investment securities at amortized cost and estimated fair value. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
(In thousands)Available-for-saleHeld-to-maturity
September 30, 2024Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in 1 year or less$15,003 $14,958 $16,458 $16,345 
Due after 1 year but within 5 years22,970 22,069 134,278 127,167 
Due after 5 years but within 10 years28,964 25,356 178,504 160,077 
Due after 10 years844 682 18,165 15,796 
67,781 63,065 347,405 319,385 
Mortgage-backed securities204,050 192,162 39,213 34,980 
$271,831 $255,227 $386,618 $354,365 
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Note 4 - Loans and Allowance for Credit Losses - Loans
Mid Penn adopted the amendments of FASB ASU 2016-13 on January 1, 2023. The amendments of ASU 2016-13 created FASB ASC Topic 326, "Financial Instruments – Credit Losses," which, among other things, replace much of the guidance and disclosures previously provided in FASB ASC Topic 310, "Receivables." The guidance in FASB ASC Topic 326 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit losses. In accordance with FASB ASC Subtopic 326-20, "Financial Instruments – Credit Losses – Measured at Amortized Cost," Mid Penn has developed an ACL methodology effective January 1, 2023, which replaced its previous allowance for loan losses methodology. See the section captioned "Allowance for Credit Losses, effective January 1, 2023" within this note for additional information regarding Mid Penn’s ACL.
Loans, net of unearned income, are summarized as follows by portfolio segment:
(In thousands)September 30, 2024December 31, 2023
Commercial real estate
CRE Nonowner Occupied$1,205,058 $1,149,553 
CRE Owner Occupied627,831 629,904 
Multifamily415,467 309,059 
Farmland220,939 212,690 
Total Commercial real estate2,469,295 2,301,206 
Commercial and industrial
713,429 675,079 
Construction
Residential Construction96,000 92,843 
Other Construction340,037 362,624 
Total Construction436,037 455,467 
Residential mortgage
1-4 Family 1st Lien318,646 339,142 
1-4 Family Rental348,803 341,937 
HELOC and Junior Liens138,756 132,795 
Total Residential Mortgage806,205 813,874 
Consumer6,738 7,166 
Total loans$4,431,704 $4,252,792 

Total loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs. Net deferred loan fees of $4.0 million and $4.2 million reduced the carrying value of loans as of September 30, 2024 and December 31, 2023, respectively.
Accrued interest receivable is not included in the amortized cost basis of Mid Penn's loans. Accrued interest receivable for loans totaled $23.3 million and $22.1 million as of September 30, 2024 and December 31, 2023, respectively, with no related ACL and was reported in other assets on the accompanying Consolidated Balance Sheet.
Past Due and Nonaccrual Loans
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The classes of the loan portfolio summarized by the past due status as of September 30, 2024 and December 31, 2023, are summarized as follows:
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(In thousands)30-59
Days Past
Due		60-89
Days Past
Due		Greater
than 90
Days		Total Past
Due		CurrentTotal LoansLoans
Receivable
> 90 Days and
Accruing
September 30, 2024
Commercial real estate
CRE Nonowner Occupied$1,871 $1,868 $10,303 $14,042 $1,191,016 $1,205,058 $— 
CRE Owner Occupied— 307 457 764 627,067 627,831 — 
Multifamily— — — — 415,467 415,467 — 
Farmland— — — — 220,939 220,939 — 
Total Commercial real estate1,871 2,175 10,760 14,806 2,454,489 2,469,295 — 
Commercial and industrial269 374 917 1,560 711,869 713,429 1 
Construction
Residential Construction184 — — 184 95,816 96,000 — 
Other Construction— — — — 340,037 340,037 — 
Total Construction184 — — 184 435,853 436,037 — 
Residential mortgage
1-4 Family 1st Lien3,649 4 726 4,379 314,267 318,646 — 
1-4 Family Rental73 1,307 137 1,517 347,286 348,803 — 
HELOC and Junior Liens2,055 371 2,191 4,617 134,139 138,756 — 
Total Residential Mortgage5,777 1,682 3,054 10,513 795,692 806,205 — 
Consumer117 — — 117 6,621 6,738 — 
Total$8,218 $4,231 $14,731 $27,180 $4,404,524 $4,431,704 $1 

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(In thousands)30-59
Days Past
Due		60-89
Days Past
Due		Greater
than 90
Days		Total Past
Due		CurrentTotal LoansLoans
Receivable
> 90 Days and
Accruing
December 31, 2023
Commercial real estate
CRE Nonowner Occupied$3,339 $682 $2,115 $6,136 $1,143,417 $1,149,553 $— 
CRE Owner Occupied1,734 — 859 2,593 627,311 629,904 — 
Multifamily— — — — 309,059 309,059 — 
Farmland— — — — 212,690 212,690 — 
Total Commercial real estate5,073 682 2,974 8,729 2,292,477 2,301,206 — 
Commercial and industrial638 24 1,270 1,932 673,147 675,079 — 
Construction
Residential Construction— 270 303 573 92,270 92,843 — 
Other Construction— — 2,256 2,256 360,368 362,624 — 
Total Construction— 270 2,559 2,829 452,638 455,467 — 
Residential mortgage
1-4 Family 1st Lien1,554 217 847 2,618 336,524 339,142 — 
1-4 Family Rental2,520 — 644 3,164 338,773 341,937 — 
HELOC and Junior Liens574 50 1,027 1,651 131,144 132,795 — 
Total Residential Mortgage4,648 267 2,518 7,433 806,441 813,874 — 
Consumer41 31 — 72 7,094 7,166 — 
Total$10,400 $1,274 $9,321 $20,995 $4,231,797 $4,252,792 $— 

Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due.
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Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of September 30, 2024 and December 31, 2023 are summarized as follows:
September 30, 2024December 31, 2023
(In thousands)With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
Commercial real estate
CRE Nonowner Occupied505 9,943 10,448 361 4,144 4,505 
CRE Owner Occupied— 1,099 1,099 — 1,909 1,909 
Multifamily— 158 158 93 80 173 
Total Commercial real estate505 11,200 11,705 454 6,133 6,587 
Commercial and industrial762 1,132 1,894 1,222 64 1,286 
Construction
Residential Construction— — — — 303 303 
Other Construction— — — — 2,256 2,256 
Total Construction— — — — 2,559 2,559 
Residential mortgage
1-4 Family 1st Lien— 1,315 1,315 — 1,875 1,875 
1-4 Family Rental— 180 180 2 699 701 
HELOC and Junior Liens— 2,286 2,286 — 1,208 1,208 
Total Residential Mortgage$— $3,781 $3,781 $2 $3,782 $3,784 
Consumer— — — — — — 
Total loans$1,267 $16,113 $17,380 $1,678 $12,538 $14,216 
The amount of interest income recognized on nonaccrual loans was approximately $165 thousand and $551 thousand during the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the amount of interest income recognized on nonaccrual loans was approximately $456 thousand and $1.0 million, respectively.

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Credit Quality Indicators
Mid Penn categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. On a minimum of a quarterly basis, Mid Penn analyzes loans individually to classify the loans as to their credit risk. The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.
PASS - This type of classification consists of 6 subcategories:    
Nominal Risk / Pass - This loan classification is a credit extension of the highest quality.
Moderate Risk / Pass - This type of classification has strong financial ratios, substantial debt capacity, and low leverage with a very favorable comparison to industry peers or better than average improving trends.
Good Acceptable Risk / Pass - This type of classification is a reasonable credit risk having financial ratios on par with its peers and demonstrates slightly improving trends over time; the Borrower lists good quality assets with relatively low leverage and ample debt capacity.
Average Acceptable Risk / Pass - This type of classification has financial ratios and assets that are of above average quality; however, the leverage is worse than average compared to industry standards; the Borrower should have a good repayment history and possess consistent earnings with some growth.
Marginally Acceptable Risk / Pass - This type of classification has financial ratios consistent with industry averages, assets of average quality with ascertainable values, acceptable leverage, moderate capital assets and an acceptable reliance on trade debt; however, the Borrower demonstrates marginally adequate earnings, cash flow and debt service plus positive trends.
Weak/Monitor Risk (Watch list) / Pass - This type of classification has financial ratios that are slightly below standard industry averages and assets are below average quality with unstable values; fixed assets could be near or at the end of their useful life and liabilities may not match the asset structure.

SPECIAL MENTION - These credits have developing weaknesses deserving extra attention from the lender and lending management. They are currently protected, but potentially weak. The weakness may be cash flow, leverage, liquidity, management, industry or other factors which may, if not checked or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date.

SUBSTANDARD - These credit extensions also have well-defined weaknesses, which are inadequately protected by the current worth and debt service capacity of the Borrower, or the collateral pledged, if any. The repayment of principal and interest as originally intended can be jeopardized by defined weaknesses related to adverse financial, managerial, economic, market or political conditions.

DOUBTFUL - These credits have definite weaknesses inherent in Substandard loans with added characteristics that are severe enough to make further collection in full highly questionable and improbable based on the current trends.

LOSS. These loans are considered uncollectible and no longer a viable asset of the Bank. They lack an identifiable source of repayment based on an inability to generate sufficient cash flow to service the debt. All trends are negative and the damage to the financial condition of the Borrower cannot be reversed now or in the near future.

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September 30, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20242023202220212020PriorTotal
CRE Nonowner Occupied
Pass$65,245 $128,241 $348,380 $154,184 $135,683 $330,778 $10,125 $1,172,636 
Special mention$— $1,517 $1,260 $— $— $9,227 $— $12,004 
Substandard or lower$— $— $— $— $3,238 $17,180 $— $20,418 
Total CRE Nonowner Occupied$65,245 $129,758 $349,640 $154,184 $138,921 $357,185 $10,125 $1,205,058 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $— $— $— 
CRE Owner Occupied
Pass$32,163 $100,464 $112,097 $67,431 $82,067 $210,599 $12,958 $617,779 
Special mention$— $220 $5,069 $179 $— $1,740 $— $7,208 
Substandard or lower$— $— $— $198 $— $2,646 $— $2,844 
Total CRE Owner Occupied$32,163 $100,684 $117,166 $67,808 $82,067 $214,985 $12,958 $627,831 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $4 $— $4 
Net recoveries$— $— $— $— $— $4 $— $4 
Multifamily
Pass$2,689 $48,356 $116,566 $123,668 $40,988 $80,132 $2,854 $415,253 
Special mention$— $— $— $— $— $56 $— $56 
Substandard or lower$— $— $— $— $— $158 $— $158 
Total Multifamily$2,689 $48,356 $116,566 $123,668 $40,988 $80,346 $2,854 $415,467 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $— $— $— 
Farmland
Pass$20,269 $31,606 $56,933 $43,239 $26,510 $25,428 $14,435 $218,420 
Special mention$— $129 $— $— $— $2,197 $193 $2,519 
Substandard or lower$— $— $— $— $— $— $— $— 
Total Farmland$20,269 $31,735 $56,933 $43,239 $26,510 $27,625 $14,628 $220,939 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $— $— $— 
Commercial and industrial
Pass$80,578 $131,799 $87,408 $59,214 $24,454 $96,114 $221,231 $700,798 
Special mention$— $68 $505 $31 $— $4,031 $4,498 $9,133 
Substandard or lower$— $— $— $1,017 $— $1,835 $646 $3,498 
Total commercial and industrial$80,578 $131,867 $87,913 $60,262 $24,454 $101,980 $226,375 $713,429 
Gross charge offs$— $— $— $— $— $(412)$— $(412)
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $(412)$— $(412)
Residential Construction
Pass$23,937 $40,748 $17,162 $728 $— $2,006 $11,235 $95,816 
Special mention$— $— $— $— $184 $— $— $184 
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Substandard or lower— — — — — — — — 
Total Residential Construction23,937 40,748 17,162 728 184 2,006 11,235 96,000 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Other Construction
Pass34,856 142,413 100,095 13,163 13,755 13,325 21,962 339,569 
Special mention— — — — 468 — — 468 
Substandard or lower— — — — — — — — 
Total Other Construction34,856 142,413 100,095 13,163 14,223 13,325 21,962 340,037 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
1-4 Family 1st Lien
Performing23,657 61,907 47,589 35,294 43,586 102,943 2,355 317,331 
Non-performing— — — — 215 1,100 — 1,315 
Total 1-4 Family 1st Lien23,657 61,907 47,589 35,294 43,801 104,043 2,355 318,646 
Gross charge offs— — — — — (7)— (7)
Current period recoveries— — — — — 9 — 9 
Net recoveries— — — — — 2 — 2 
1-4 Family Rental
Performing23,563 60,438 89,962 61,131 36,022 73,484 2,055 346,655 
Non-performing— 148 — — 1,426 574 — 2,148 
Total 1-4 Family Rental23,563 60,586 89,962 61,131 37,448 74,058 2,055 348,803 
Gross charge offs— — — — — (2)— (2)
Current period recoveries— — — — — 22 — 22 
Net recoveries— — — — — 20 — 20 
HELOC and Junior Liens
Performing4,618 16,783 10,274 5,006 2,297 10,854 86,638 136,470 
Non-performing— 24 — — — 1,261 1,001 2,286 
Total HELOC and Junior Liens4,618 16,807 10,274 5,006 2,297 12,115 87,639 138,756 
Gross charge offs— — (21)— — — — (21)
Current period recoveries— — — — — — — — 
Net charge offs— — (21)— — — — (21)
Consumer
Performing1,884 1,075 407 426 141 251 2,554 6,738 
Non-performing— — — — — — — — 
Total consumer1,884 1,075 407 426 141 251 2,554 6,738 
Gross charge offs— — (2)— — (32)— (34)
Current period recoveries— — 1 — — 31 — 32 
Net charge offs— — (1)— — (1)— (2)
Total
Pass259,737 623,627 838,641 461,627 323,457 758,382 294,800 3,560,271 
Special mention— 1,934 6,834 210 652 17,251 4,691 31,572 
Substandard or lower— — — 1,215 3,238 21,819 646 26,918 
Performing53,722 140,203 148,232 101,857 82,046 187,532 93,602 807,194 
Nonperforming— 172 — — 1,641 2,935 1,001 5,749 
Total$313,459 $765,936 $993,707 $564,909 $411,034 $987,919 $394,740 $4,431,704 
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December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20232022202120202019PriorTotal
CRE Nonowner Occupied
Pass$119,793 $329,715 $160,583 $140,083 $86,629 $267,210 $10,030 $1,114,043 
Special mention$— $— $— $— $6,009 $7,926 $— $13,935 
Substandard or lower$— $5,209 $— $3,162 $229 $12,975 $— $21,575 
Total CRE Nonowner Occupied$119,793 $334,924 $160,583 $143,245 $92,867 $288,111 $10,030 $1,149,553 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $— $— $— 
CRE Owner Occupied
Pass$92,561 $121,231 $75,711 $86,322 $60,761 $174,680 $14,388 $625,654 
Special mention$— $— $— $— $— $190 $— $190 
Substandard or lower$— $— $208 $— $— $3,852 $— $4,060 
Total CRE Owner Occupied$92,561 $121,231 $75,919 $86,322 $60,761 $178,722 $14,388 $629,904 
Gross charge offs$— $— $— $— $— $(16)$— $(16)
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $(16)$— $(16)
Multifamily
Pass$26,776 $44,450 $105,406 $41,713 $23,118 $65,480 $1,881 $308,824 
Special mention$— $— $— $— $— $62 $— $62 
Substandard or lower$— $— $— $— $— $173 $— $173 
Total Multifamily$26,776 $44,450 $105,406 $41,713 $23,118 $65,715 $1,881 $309,059 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $— $— $— 
Farmland
Pass$32,525 $61,405 $45,211 $29,628 $7,926 $20,956 $11,962 $209,613 
Special mention$194 $— $— $— $— $2,304 $186 $2,684 
Substandard or lower$— $— $— $— $— $345 $48 $393 
Total Farmland$32,719 $61,405 $45,211 $29,628 $7,926 $23,605 $12,196 $212,690 
Gross charge offs$— $— $— $— $— $— $— $— 
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $— $— $— $— $— $— $— 
Commercial and industrial
Pass$158,824 $106,714 $68,448 $29,961 $50,206 $57,892 $188,714 $660,759 
Special mention$— $89 $2,224 $— $227 $2,200 $4,391 $9,131 
Substandard or lower$— $— $662 $— $— $1,978 $2,549 $5,189 
Total commercial and industrial$158,824 $106,803 $71,334 $29,961 $50,433 $62,070 $195,654 $675,079 
Gross charge offs$— $(100)$— $(111)$— $(27)$— $(238)
Current period recoveries$— $— $— $— $— $— $— $— 
Net charge offs$— $(100)$— $(111)$— $(27)$— $(238)
Residential construction
Pass$43,043 $25,159 $6,444 $979 $— $— $16,645 $92,270 
Special mention$— $— $— $— $— $— $— $— 
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Substandard or lower— 573 — — — — — 573 
Total Residential construction43,043 25,732 6,444 979 — — 16,645 92,843 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Other construction
Pass110,553 156,055 48,214 21,378 10,247 5,856 6,617 358,920 
Special mention— — — 1,447 — — — 1,447 
Substandard or lower— — — — — 2,257 — 2,257 
Total Other construction110,553 156,055 48,214 22,825 10,247 8,113 6,617 362,624 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
1-4 Family 1st Lien
Performing77,801 51,651 41,133 48,748 9,348 106,353 2,240 337,274 
Non-performing— — 37 218 — 1,613 — 1,868 
Total 1-4 Family 1st Lien77,801 51,651 41,170 48,966 9,348 107,966 2,240 339,142 
Gross charge offs— — — — — (13)— (13)
Current period recoveries— — — — — 8 — 8 
Net recoveries— — — — — (5)— (5)
1-4 Family Rental
Performing62,897 90,092 64,766 38,672 16,831 64,309 1,885 339,452 
Non-performing— — 56 1,252 — 1,177 — 2,485 
Total 1-4 Family Rental62,897 90,092 64,822 39,924 16,831 65,486 1,885 341,937 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — 30 — 30 
Net recoveries— — — — — 30 — 30 
HELOC and Junior Liens
Performing17,936 11,460 5,711 2,962 1,684 8,236 83,598 131,587 
Non-performing— — — — — 1,208 — 1,208 
Total HELOC and Junior Liens17,936 11,460 5,711 2,962 1,684 9,444 83,598 132,795 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Consumer
Performing2,361 754 649 273 223 103 2,803 7,166 
Non-performing— — — — — — — — 
Total consumer2,361 754 649 273 223 103 2,803 7,166 
Gross charge offs(86)— (10)(9)— (30)— (135)
Current period recoveries26 — — 1 — 5 — 32 
Net charge offs(60)— (10)(8)— (25)— (103)
Total
Pass584,075 844,729 510,017 350,064 238,887 592,074 250,237 3,370,083 
Special mention194 89 2,224 1,447 6,236 12,682 4,577 27,449 
Substandard or lower— 5,782 870 3,162 229 21,580 2,597 34,220 
Performing160,995 153,957 112,259 90,655 28,086 179,001 90,526 815,479 
Nonperforming— — 93 1,470 — 3,998 — 5,561 
Total745,264 1,004,557 625,463 446,798 273,438 809,335 347,937 4,252,792 
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Mid Penn had no loans classified as "doubtful" as of September 30, 2024 and December 31, 2023. There was $892 thousand and $121 thousand in loans for which formal foreclosure proceedings were in process at September 30, 2024 and December 31, 2023, respectively.
Collateral-Dependent Loans
A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, Mid Penn elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, Mid Penn records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate, including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land.
Allowance for Credit Losses

Mid Penn’s ACL - loans methodology is based upon guidance within FASB ASC Subtopic 326-20, as well as regulatory guidance from the FDIC, its primary federal regulator. The ACL - loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the loan portfolio is continuously monitored by management and is reflected within the ACL - loans. The ACL - loans is an estimate of expected losses inherent within Mid Penn’s existing loan portfolio. The ACL - loans is adjusted through the PCL and reduced by the charge off of loan amounts, net of recoveries.
The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and credit loss expense.
Mid Penn estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Mid Penn uses a third-party software application to calculate the quantitative portion of the ACL using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Mid Penn as a whole, as well as specific loans. Factors considered include the following: lending process, concentrations of credit, and credit quality. The quantitative and qualitative portions of the allowance are added together to determine the total ACL, which reflects management’s expectations of future conditions based on reasonable and supportable forecasts.
The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the ACL for the collective component, loans are segregated into loan pools based on loan purpose codes and similar risk characteristics.
The commercial real estate and residential mortgage loan portfolio segments include loans for both commercial and residential properties that are secured by real estate. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and, if applicable, guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral, availability of permanent financing, maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. The borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance, in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered when applicable. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing.
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The commercial and industrial loan portfolio segment includes commercial loans made to many types of businesses for various purposes, such as short-term working capital loans that are usually secured by accounts receivable and inventory, equipment and fixed asset purchases that are secured by those assets, and term financing for those within Mid Penn’s geographic markets. Mid Penn’s credit underwriting process for commercial and industrial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information, and evaluation of underlying collateral to support the credit.
The consumer loan portfolio segment is comprised of loans which are underwritten after evaluating a borrower’s capacity, credit and collateral. Several factors are considered when assessing a borrower’s capacity, including the borrower’s employment, income, current debt, assets and level of equity in the property. Credit is assessed using a credit report that provides credit scores and the borrower’s current and past information about their credit history. Loan-to-value and debt-to-income ratios, loan amount and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends, such as conditions that negatively affect housing prices and demand and levels of unemployment.
Mid Penn utilizes a DCF method to estimate the quantitative portion of the allowance for credit losses for loan pools. The DCF is based off of historical losses, including peer data, which is correlated to national unemployment and GDP.
The PD and LGD measures are used in conjunction with prepayment data as inputs into the DCF model to calculate the cash flows at the individual loan level. Contractual cash flows based on loan terms are adjusted for PD, LGD and prepayments to derive loss cash flows. These loss cash flows are discounted by the loan’s coupon rate to arrive at the discounted cash flow based quantitative loss. The prepayment studies are updated quarterly by a third-party for each applicable pool.
Mid Penn determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the LHFI portfolio extend beyond this forecast period, Mid Penn uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans.
Qualitative factors used in the ACL methodology include the following:
•Lending process
•Concentrations of credit
•Peer Group Divergence
The ACL for individual loans, such as non-accrual and PCD, that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or the "as is" value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on a regular basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Mid Penn’s Real Estate Administration Group to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of the expected credit loss is charged off.
Mid Penn may also purchase loans or acquire loans through a business combination. At the purchase or acquisition date, loans are evaluated to determine whether there has been more than insignificant credit deterioration since origination. Loans that have experienced more than insignificant credit deterioration since origination are referred to as PCD loans. In its evaluation of whether a loan has experienced more than insignificant deterioration in credit quality since origination, Mid Penn takes into consideration loan grades, past due and nonaccrual status. Mid Penn may also consider external credit rating agency ratings for borrowers and for non-commercial loans, FICO score or band, probability of default levels, and number of times past due. At the purchase or acquisition date, the amortized cost basis of PCD loans is equal to the
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purchase price and an initial estimate of credit losses. The initial recognition of expected credit losses on PCD loans has no impact on net income. When the initial measurement of expected credit losses on PCD loans is calculated on a pooled loan basis, the expected credit losses are allocated to each loan within the pool. Any difference between the initial amortized cost basis and the unpaid principal balance of the loan represents a noncredit discount or premium, which is accreted (or amortized) into interest income over the life of the loan. Subsequent changes to the ACL on PCD loans are recorded through the PCL. For purchased loans that are not deemed to have experienced more than insignificant credit deterioration since origination and are therefore not deemed PCD, any discounts or premiums included in the purchase price are accreted (or amortized) over the contractual life of the individual loan.
Loans are charged off against the ACL, with any subsequent recoveries credited back to the ACL account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off.
The following tables present the activity in the ACL - loans by portfolio segment for the three and nine months ended September 30, 2024 and the three and nine months ended September 30, 2023:
(In thousands)Balance at
June 30, 2024		Charge offsRecoveriesNet loans (charged off) recovered
(Benefit)/Provision for credit losses
Three Months Ended
September 30, 2024
Commercial Real Estate
CRE Nonowner Occupied10,647 — — — 387 11,034 
CRE Owner Occupied5,830 — — — (607)5,223 
Multifamily3,209 — — — 349 3,558 
Farmland2,059 — — — (294)1,765 
Commercial and industrial6,934 (356)— (356)253 6,831 
Construction
Residential Construction1,129 — — — (102)1,027 
Other Construction2,013 — — — 426 2,439 
Residential Mortgage
1-4 Family 1st Lien1,349 — 2 2 156 1,507 
1-4 Family Rental1,704 — — — 68 1,772 
HELOC and Junior Liens397 — — — (9)388 
Consumer17 (8)15 7 (6)18 
Total35,288 (364)17 (347)621 35,562 

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(In thousands)Balance at
December 31, 2023		Charge offsRecoveriesNet loans (charged off) recovered
(Benefit)/Provision for credit losses
Nine Months Ended
September 30, 2024
Commercial Real Estate
CRE Nonowner Occupied10,267 — — — 767 11,034 
CRE Owner Occupied5,646 — 4 4 (427)5,223 
Multifamily2,202 — — — 1,356 3,558 
Farmland2,064 — — — (299)1,765 
Commercial and industrial7,131 (412)— (412)112 6,831 
Construction
Residential Construction1,256 — — — (229)1,027 
Other Construction2,146 — — — 293 2,439 
Residential Mortgage
1-4 Family 1st Lien1,207 (7)9 2 298 1,507 
1-4 Family Rental1,859 (2)22 20 (107)1,772 
HELOC and Junior Liens389 (21)— (21)20 388 
Consumer20 (34)32 (2)— 18 
Total34,187 (476)67 (409)1,784 35,562 
(In thousands)Balance at
June 30, 2023		Charge offsRecoveriesNet loans (charged off) recovered
Provision/(Benefit) for credit losses
Three Months Ended
September 30, 2023
Commercial Real Estate
CRE Nonowner Occupied$7,872 $— $— $— $2,283 $10,155 
CRE Owner Occupied4,141 — — — 513 4,654 
Multifamily1,244 — — — 989 2,233 
Farmland940 — — — 697 1,637 
Commercial and industrial11,403 — — — (4,072)7,331 
Construction
Residential Construction1,729 — — — (1)1,728 
Other Construction1,938 — — — 2,212 4,150 
Residential Mortgage
1-4 Family 1st Lien1,628 — 7 7 (762)873 
1-4 Family Rental1,047 — — — (188)859 
HELOC and Junior Liens470 — — — (107)363 
Consumer176 (33)15 (18)(137)21 
Unallocated— — — — — — 
Total$32,588 $(33)$22 $(11)$1,427 $34,004 
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(In thousands)Balance at
December 31, 2022		CECL ImpactPCD LoansCharge offsRecoveriesNet loans (charged off) recovered
Provision/(Benefit) for credit losses
Nine Months Ended
September 30, 2023
Commercial Real Estate
CRE Nonowner Occupied$8,284 $259 $312 $— $— $— $1,300 $10,155 
CRE Owner Occupied2,916 91 2 (16)— (16)1,661 4,654 
Multifamily1,111 35 — — — 1,087 2,233 
Farmland831 26 — — — 780 1,637 
Commercial and industrial4,593 6,601 5 (220)— (220)(3,648)7,331 
Construction
Residential Construction— 1,270 12 — — — 446 1,728 
Other Construction— 1,931 1 — — — 2,218 4,150 
Residential Mortgage
1-4 Family 1st Lien370 1,307 4 (4)7 3 (811)873 
1-4 Family Rental288 731 — 30 30 (190)859 
HELOC and Junior Liens661 (230)— — — (68)363 
Consumer29 154 (117)26 (91)(71)21 
Unallocated(126)(244)— — — 370 — 
Total$18,957 $11,931 $336 $(357)$63 $(294)$3,074 $34,004 



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The following table presents the ACL for loans and the amortized cost basis of the loans by the measurement methodology used as of September 30, 2024 and December 31, 2023:

(In thousands)ACL - LoansLoans
September 30, 2024Collectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotal ACL - LoansCollectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotal Loans
Commercial real estate
CRE Nonowner Occupied$10,918 $116 $11,034 $1,194,610 $10,448 $1,205,058 
CRE Owner Occupied5,223 — 5,223 626,732 1,099 627,831 
Multifamily3,558 — 3,558 415,309 158 415,467 
Farmland1,765 — 1,765 220,939 — 220,939 
Commercial and industrial6,490 341 6,831 711,535 1,894 713,429 
Construction
Residential Construction1,027 — 1,027 96,000 — 96,000 
Other Construction2,439 — 2,439 340,037 — 340,037 
Residential mortgage
1-4 Family 1st Lien1,507 — 1,507 317,331 1,315 318,646 
1-4 Family Rental1,772 — 1,772 348,623 180 348,803 
HELOC and Junior Liens388 — 388 136,470 2,286 138,756 
Consumer18 — 18 6,738 — 6,738 
Total$35,105 $457 $35,562 $4,414,324 $17,380 $4,431,704 

(In thousands)ACL - LoansLoans
December 31, 2023Collectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotal ACL - LoansCollectively Evaluated for Credit LossIndividually Evaluated for Credit LossTotal Loans
Commercial real estate
CRE Nonowner Occupied$9,906 $361 $10,267 $1,145,048 $4,505 $1,149,553 
CRE Owner Occupied5,646 — 5,646 627,995 1,909 629,904 
Multifamily2,190 12 2,202 308,886 173 309,059 
Farmland2,064 — 2,064 212,690 — 212,690 
Commercial and industrial6,419 712 7,131 673,793 1,286 675,079 
Construction
Residential Construction1,256 — 1,256 92,270 573 92,843 
Other Construction2,146 — 2,146 360,368 2,256 362,624 
Residential mortgage
1-4 Family 1st Lien1,207 — 1,207 337,267 1,875 339,142 
1-4 Family Rental1,857 2 1,859 341,236 701 341,937 
HELOC and Junior Liens389 — 389 131,587 1,208 132,795 
Consumer20 — 20 7,166 — 7,166 
Total$33,100 $1,087 $34,187 $4,238,306 $14,486 $4,252,792 
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Modifications to Borrowers Experiencing Financial Difficulty
From time to time, we may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications may result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension, or a combination thereof, among other things.

Information related to loans modified (by type of modification), whereby the borrower was experiencing financial difficulty at the time of modification, is set forth in the following table:

(In thousands)Interest Only
Term Extension		Combination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Three months ended September 30, 2024
Commercial and industrial— — 287 287 0.04 %
Total$— $— $287 $287 

(In thousands)Interest Only
Term Extension		Combination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Nine months ended September 30, 2024
Commercial and industrial— — 287 287 0.04 %
HELOC and Junior Liens— — 92 92 0.07 %
Total Residential Mortgage— — 92 92 0.01 %
Consumer— — — — — %
Total$— $— $379 $379 

(In thousands)Interest OnlyTerm ExtensionCombination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Three months ended September 30, 2023
Commercial and industrial— 150 — 150 — 
Total— 150 — 150 

(In thousands)Interest OnlyTerm ExtensionCombination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Nine months ended September 30, 2023
Commercial real estate
CRE Owner Occupied$51 $— $180 $231 0.04 %
Total Commercial real estate$51 $— $180 $231 0.02 %
Commercial and industrial$— $150 $— $150 0.02 %
Total loans$51 $150 $180 $381 

The financial effects of the interest-only loan modifications reduced the monthly payment amounts for the borrower and the term extensions in the table above added a weighted-average of 2.0 years to the life of the loans, which also reduced the monthly payment amounts for the borrowers.
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Note 5 - Deposits
Deposits consisted of the following as of September 30, 2024 and December 31, 2023:
(Dollars in thousands)September 30, 2024% of Total DepositsDecember 31, 2023% of Total Deposits
Noninterest-bearing demand deposits$791,980 16.8 %$801,312 18.4 %
Interest-bearing demand deposits1,098,658 23.4 %947,372 21.8 %
Money market925,399 19.7 %850,674 19.6 %
Savings264,726 5.6 %288,404 6.6 %
Total demand and savings 3,080,763 65.5 %2,887,762 66.4 %
Time1,626,001 34.5 %1,458,450 33.6 %
Total deposits$4,706,764 100.0 %$4,346,212 100.0 %
Overdrafts$128 0.00 %$315 0.01 %
The scheduled maturities of time deposits at September 30, 2024 were as follows:
Time Deposits
(In thousands)Less than $250,000$250,000 or more
Maturing in 2024$543,695 $193,278 
Maturing in 2025580,141 213,497 
Maturing in 202649,155 7,741 
Maturing in 202719,627 1,210 
Maturing in 20289,772 264 
Maturing thereafter7,329 292 
$1,209,719 $416,282 
Mid Penn had $269.8 million and $244.8 million in brokered certificates of deposits as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, Mid Penn had $83.8 million and $96.7 million of CDAR deposits, respectively.

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Note 6 - Derivative Financial Instruments
Mid Penn manages its exposure to certain interest rate risks through the use of derivatives; however, none are entered into for speculative purposes. In 2023, Mid Penn entered into outstanding derivative contracts designated as hedges. Mid Penn’s free-standing derivative financial instruments are required to be carried at their fair value on the Consolidated Balance Sheets.
Loan-level Interest Rate Swaps
Mid Penn enters into loan-level interest rate swaps with certain qualifying, creditworthy commercial loan customers to meet their interest rate risk management needs. Mid Penn simultaneously enters into parallel interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of the offsetting customer and dealer counterparty swap agreements is that the customer pays a fixed rate of interest and Mid Penn receives a floating rate. Mid Penn’s loan-level interest rate swaps are considered derivatives but are not accounted for using hedge accounting.
Information related to loan level swaps is set forth in the following table:
September 30, 2024December 31, 2023
(Dollars in thousands)
 Interest rate swaps on loans with customers
      Notional amount $205,500 $187,192 
      Weighted average remaining term (years) 5.386.24
      Receive fixed rate (weighted average) 4.58 %4.59 %
      Pay variable rate (weighted average)7.08 %7.50 %
      Estimated fair value (1)
$8,778 $10,484 
September 30, 2024December 31, 2023
(Dollars in thousands)
 Interest rate swaps on loans with correspondents
      Notional amount $205,500 $187,192 
      Weighted average remaining term (years) 5.386.24
      Receive variable rate (weighted average) 7.08 %7.50 %
      Pay fixed rate (weighted average)4.58 %4.59 %
      Estimated fair value (2)
$8,778 $10,484 
(1) The net amount of the estimated fair value is disclosed in Other Liabilities on the Consolidated Balance Sheet.
(2) The net amount of the estimated fair value is disclosed in Other Assets on the Consolidated Balance Sheet.
Cash Flow Hedges of Interest Rate Risk

Mid Penn’s objectives in using interest rate derivatives are to reduce volatility in net interest income and to manage its exposure to interest rate movements. To accomplish this objective, Mid Penn primarily uses interest rate swaps as part of its interest rate risk management strategy.

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Information related to cash flow hedges is set forth in the following table:
September 30, 2024December 31, 2023
(Dollars in thousands)
 Cash flow hedges
      Notional amount $240,000 $190,000 
      Weighted average remaining term (years) 1.572.22
      Pay fixed rate (weighted average) 3.67 %3.74 %
      Receive variable rate (weighted average)3.74 %4.07 %
      Estimated fair value (1)
$209 $1,460 
(1) The net amount of the estimated fair value is disclosed in Other Assets on the Consolidated Balance Sheet.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are made on Mid Penn’s variable-rate liabilities. During the next twelve months, Mid Penn estimates that an additional $584 thousand will be reclassified as a decrease to interest expense.

Note 7 - Accumulated Other Comprehensive (Loss) Income
The changes in each component of accumulated other comprehensive loss, net of taxes, are as follows:
(In thousands)
Unrealized Loss on
Securities		Unrealized
Holding Losses on
Interest Rate
Derivatives used in
Cash Flow Hedges		Defined Benefit
Plans		Total
Balance at June 30, 2024$(19,251)$2,258 $(130)$(17,123)
OCI before reclassifications6,436 (2,427)(2)4,007 
Amounts reclassified from AOCI— — — — 
Balance at September 30, 2024$(12,815)$(169)$(132)(13,116)
Balance at December 31, 2023$(17,339)$820 $(118)$(16,637)
OCI before reclassifications4,524 (989)3 3,538 
Amounts reclassified from AOCI— — (17)(17)
Balance at September 30, 2024$(12,815)$(169)$(132)$(13,116)
Balance at June 30, 2023$(20,611)$2,709 $97 $(17,805)
OCI before reclassifications(4,410)859 (6)(3,557)
Amounts reclassified from AOCI— — — — 
Balance at September 30, 2023$(25,021)$3,568 $91 $(21,362)
Balance at December 31, 2022$(19,327)$— $111 $(19,216)
OCI before reclassifications(5,694)3,568 (8)(2,134)
Amounts reclassified from AOCI— — (12)(12)
Balance at September 30, 2023$(25,021)$3,568 $91 $(21,362)
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Note 8 - Fair Value Measurement
Mid Penn uses estimates of fair value in applying various accounting standards for its consolidated financial statements on either a recurring or non-recurring basis. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. Mid Penn groups its assets and liabilities measured at fair value in three hierarchy levels, based on the observability and transparency of the inputs. The fair value hierarchy is as follows:
Level 1 - Inputs that represent quoted prices for identical instruments in active markets.
Level 2 - Inputs that represent quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.
There were no transfers of assets between fair value Level 1 and Level 2 during the three and nine months ended September 30, 2024 or the year ended December 31, 2023.
The following tables illustrate the assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets.
September 30, 2024
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $27,236 $— $27,236 
Mortgage-backed U.S. government agencies— 192,162 — 192,162 
State and political subdivision obligations— 3,761 — 3,761 
Corporate debt securities— 32,068 — 32,068 
Equity securities446 — — 446 
Loans held for sale— 7,919 — 7,919 
Other assets:
Derivative assets— 8,987 — 8,987 
Other liabilities:
Derivative liabilities— 8,778 8,778 
December 31, 2023
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $35,649 $— $35,649 
Mortgage-backed U.S. government agencies— 152,683 — 152,683 
State and political subdivision obligations— 3,646 — 3,646 
Corporate debt securities— 31,577 — 31,577 
Equity securities438 — — 438 
Loans held for sale— 3,855 — 3,855 
Other assets:
Derivative assets— 11,944 — 11,944 
Other liabilities:
Derivative Liabilities— 10,484 — 10,484 
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The valuation methodologies and assumptions used to estimate the fair value for the items in the preceding tables are as follows:
Available for sale investment securities - The fair value of debt securities classified as available for sale is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather, relying on the securities’ relationship to other benchmark quoted prices.
Equity securities - The fair value of equity securities with readily determinable fair values is recorded on the Consolidated Balance Sheet, with realized and unrealized gains and losses reported in other expense on the Consolidated Statements of Income.
Loans held for sale - This category includes mortgage loans held for sale that are measured at fair value. Fair values as of September 30, 2024 were measured as the price that secondary market investors were offering for loans with similar characteristics.
Derivative instruments - Interest rate swaps are measured by alternative pricing sources with reasonable levels of price transparency in markets that are not active. Based on the complex nature of interest rate swap agreements, the markets these instruments trade in are not as efficient and are less liquid than that of the more mature Level 1 markets. These markets do, however, have comparable, observable inputs in which an alternative pricing source values these assets in order to arrive at a fair market value. These characteristics classify interest rate swap agreements as Level 2.
Mortgage banking derivatives represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors and the fair value of interest rate swaps. The fair values of Mid Penn’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. These characteristics classify Mortgage banking derivatives as Level 2. As of September 30, 2024, Mortgage banking derivatives are not considered material.
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. The following table illustrates Level 3 financial instruments measured at fair value on a nonrecurring basis:
(In thousands)September 30, 2024December 31, 2023
Individually evaluated loans, net of ACL$16,923 $13,399 
Foreclosed assets held for sale281 293 
Net loans - This category consists of loans that were individually evaluated for credit losses, net of the related ACL, and have been classified as Level 3 assets. For 2023, the amount shown is the balance of individually evaluated loans reporting a specific allocation or that have been partially charged-off. All of these loans are considered collateral-dependent; therefore, all of Mid Penn’s impaired loans, whether reporting a specific allowance allocation or not, are considered collateral-dependent. Mid Penn utilized Level 3 inputs such as independent appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses.
Foreclosed assets held for sale - Values are based on appraisals that consider the sales prices of property in the proximate vicinity.
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The following tables summarize the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn's financial instruments as of the periods presented:
September 30, 2024
Carrying
Amount		Estimated Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial instruments - assets
 Cash and cash equivalents $144,395 $144,395 $— $— $144,395 
 Available-for-sale securities255,227 — 255,227 — 255,227 
Held-to-maturity securities386,618 — 354,365 — 354,365 
 Equity securities446 446 — — 446 
 Loans held for sale7,919 — 7,919 — 7,919 
Net loans 4,396,142 — — 4,426,090 4,426,090 
  Restricted investment in bank stocks10,589 10,589 — — 10,589 
  Accrued interest receivable27,286 27,286 — — 27,286 
  Derivative assets 8,987 — 8,987 — 8,987 
Financial instruments - liabilities
Deposits$4,706,764 $— $4,710,933 $— $4,710,933 
Short-term borrowings114,097 — 114,097 — 114,097 
Long-term debt (1)
20,617 — 20,617 — 20,617 
Subordinated debt45,894 — — — — 
 Accrued interest payable18,995 18,995 — — 18,995 
 Derivative liabilities8,778 — 8,778 — 8,778 
(1)Long-term debt excludes finance lease obligations.
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December 31, 2023
Estimated Fair Value
(In thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial instruments - assets
Cash and cash equivalents$96,763 $96,763 $— $— $96,763 
Available-for-sale securities223,555 — 223,555 — 223,555 
 Held-to-maturity securities399,128 — 357,521 — 357,521 
   Equity securities438 438 — — 438 
 Loans held for sale3,855 — 3,855 — 3,855 
Net loans 4,218,605 — — 4,221,926 4,221,926 
 Restricted investment in bank stocks16,768 16,768 — — 16,768 
 Accrued interest receivable25,820 25,820 — — 25,820 
 Derivative assets11,944 — 11,944 — 11,944 
Financial instruments - liabilities
Deposits$4,346,212 $— $4,337,723 $— $4,337,723 
Short-term debt241,532 — 241,532 — 241,532 
Long-term debt (1)
55,806 — 55,081 — 55,081 
Subordinated debt46,354 — 39,515 — 39,515 
 Accrued interest payable14,257 14,257 — — 14,257 
 Derivative liabilities10,484 — 10,484 — 10,484 
(1)Long-term debt excludes finance lease obligations.
The Bank’s outstanding and unfunded credit commitments and financial standby letters of credit were deemed to have no significant fair value as of September 30, 2024 and December 31, 2023.
Note 9 - Commitments and Contingencies
Guarantees and commitments to extend credit
Mid Penn is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments include various guarantees and commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Mid Penn evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit and financial guarantees written are conditional commitments to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Mid Penn had $63.8 million and $62.2 million of standby letters of credit outstanding as of September 30, 2024 and December 31, 2023, respectively. Mid Penn does not anticipate any losses because of these transactions. The amount of the liability as of September 30, 2024 and December 31, 2023 for payment under standby letters of credit issued was not considered material.
Mid Penn adopted FASB ASC Topic 326, effective January 1, 2023, which requires Mid Penn to estimate expected credit losses for OBS credit exposures which are not unconditionally cancellable. Mid Penn maintains a separate ACL on OBS credit exposures, including unfunded loan commitments and letters of credit, which is included in other liabilities on the accompanying Consolidated Balance Sheets.
The ACL - OBS is adjusted as a provision for OBS commitments in provision for credit losses. The estimate includes consideration of the likelihood that funding will occur, an estimate of exposure at default that is derived from utilization rate assumptions using a non-modeled approach, and PD and LGD estimates that are derived from the same models and
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approaches for Mid Penn's other loan portfolio segments described in "Note 4 - Loans and Allowance for Credit Losses - Loans" above, as these unfunded commitments share similar risk characteristics with these loan portfolio segments.
The ACL - OBS at September 30, 2024 was $3.0 million compared to $3.6 million at December 31, 2023. On January 1, 2023 in conjunction with adopting ASC 326, Mid Penn recorded an additional $3.1 million of provision for OBS which was included in the adoption cumulative effect adjustment. A benefit for OBS credit losses of $105 thousand and $601 thousand was recorded for the three and nine months ended September 30, 2024, respectively. The provision for OBS credit losses was $661 thousand and $1.3 million for the three and nine months ended September 30, 2023, respectively.
Litigation
Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties. While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.
Note 10 - Debt
Short-term FHLB and Correspondent Bank Borrowings
Total short-term borrowings were $114.1 million and $241.5 million as of September 30, 2024 and December 31, 2023, respectively. Short-term borrowings generally consist of federal funds purchased and advances from the FHLB with an original maturity of less than a year. Federal funds purchased from correspondent banks mature in one business day and reprice daily based on the Federal Funds rate. Advances from the FHLB are collateralized by the Bank’s investment in the common stock of the FHLB and by a blanket lien on selected loan receivables comprised principally of real estate secured loans within the Bank’s portfolio totaling $3.1 billion at September 30, 2024. The Bank had a short-term borrowing capacity from the FHLB as of September 30, 2024 up to the Bank’s unused borrowing capacity of $1.9 billion (equal to $2.1 billion of maximum borrowing capacity, less the aggregate amount of FHLB letter of credits securing public funds deposits, and other FHLB advances and obligations outstanding) upon satisfaction of any stock purchase requirements of the FHLB.
The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35.0 million at September 30, 2024. No draws were made on these lines as of September 30, 2024 and December 31, 2023, respectively.
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Long-term Debt
The following table presents a summary of long-term debt as of September 30, 2024 and December 31, 2023.
(Dollars in thousands)September 30, 2024December 31, 2023
FHLB fixed rate instruments:
Due January 2024, 1.10%
$— $10,000 
Due March 2024, 5.60%
— 25,000 
Due February 2026, 4.51%
20,000 20,000 
Due August 2026, 4.80%
598 782 
Due February 2027, 6.71%
19 24 
Total FHLB fixed rate instruments20,617 55,806 
Lease obligations included in long-term debt3,099 3,197 
Total long-term debt$23,716 $59,003 
As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. The FHLB fixed rate instruments obtained by the Bank are secured under the terms of a blanket collateral agreement with the FHLB consisting of FHLB stock and qualifying Bank loan receivables, principally real estate secured loans. The Bank also obtains letters of credit from the FHLB to secure certain public fund deposits of municipality and school district customers who agree to use of the FHLB letters of credit as a legally allowable alternative to investment pledging. These FHLB letter of credit commitments totaled $154.0 million and $153.5 million as of September 30, 2024 and December 31, 2023, respectively.
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Note 11 - Subordinated Debt and Trust Preferred Securities
Subordinated Debt Assumed November 2021 with the Riverview Acquisition
On November 30, 2021, Mid Penn completed its acquisition of Riverview and assumed $25.0 million of subordinated notes (the "Riverview Notes"). In accordance with purchase accounting principles, the Riverview Notes were assigned a fair value premium of $2.3 million. The notes are treated as Tier 2 capital for regulatory reporting purposes.
The Riverview Notes were entered into by Riverview on October 6, 2020 with certain qualified institutional buyers and accredited institutional investors. The Riverview Notes have a maturity date of October 15, 2030 and initially bear interest, payable semi-annually, at a fixed annual rate of 5.75% per annum until October 15, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 563 bps, payable quarterly until maturity. Mid Penn may redeem the Riverview Notes at par, in whole or in part, at its option, anytime beginning on October 15, 2025.
Subordinated Debt Issued December 2020
On December 22, 2020, Mid Penn entered into agreements for and sold at 100% of their principal amount, an aggregate of $12.2 million of its subordinated notes due December 2030 (the "December 2020 Notes") on a private placement basis to accredited investors. The December 2020 Notes are treated as Tier 2 capital for regulatory capital purposes.
The December 2020 Notes bear interest at a rate of 4.5% per year for the first five years and then float at the Wall Street Journal’s Prime Rate, provided that the interest rate applicable to the outstanding principal balance during the period the December 2020 Notes are floating will at no time be less than 4.5%. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on March 31, 2021. The December 2020 Notes will mature on December 31, 2030 and are redeemable, in whole or in part, without premium or penalty, on any interest payment date on or after December 31, 2025 and prior to December 31, 2030, subject to any required regulatory approvals. Additionally, if (i) all or any portion of the December 2020 Notes cease to be deemed Tier 2 Capital, (ii) interest on the December 2020 Notes fails to be deductible for United States federal income tax purposes, or (iii) Mid Penn will be considered an "investment company," Mid Penn may redeem the December 2020 Notes, in whole but not in part, by giving 10 days’ notice to the holders of the December 2020 Notes. In the event of a redemption described in the previous sentence, Mid Penn will redeem the December 2020 Notes at 100% of the principal amount of the December 2020 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.
Holders of the December 2020 Notes may not accelerate the maturity of the December 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar event of Mid Penn or Mid Penn Bank, its principal banking subsidiary. Related parties held $750 thousand of the December 2020 Notes as of September 30, 2024 and December 31, 2023.
Subordinated Debt Issued March 2020
On March 20, 2020, Mid Penn entered into agreements with accredited investors who purchased $15.0 million aggregate principal amount of its subordinated notes due March 2030 (the "March 2020 Notes"). As a result of Mid Penn’s merger with Riverview on November 30, 2021, $6.9 million of the March 2020 Notes balance was redeemed as Riverview was a holder of the March 2020 Notes. The balance of March 2020 Notes outstanding as of September 30, 2024 was $8.1 million. The March 2020 Notes are intended to be treated as Tier 2 capital for regulatory capital purposes.
The March 2020 Notes bear interest at a rate of 4.0% per year for the first five years and then float at the Wall Street Journal’s Prime Rate, provided that the interest rate applicable to the outstanding principal balance during the period the March 2020 Notes are floating will at no time be less than 4.25%. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, beginning on June 30, 2020, for the first five years after issuance and will be payable quarterly in arrears thereafter on March 30, June 30, September 30 and December 30. The March 2020 Notes will mature on March 30, 2030 and are redeemable in whole or in part, without premium or penalty, at any time on or after March 30, 2025 and prior to March 30, 2030. Additionally, if all or any portion of the March 2020 Notes cease to be deemed Tier 2 Capital, Mid Penn may redeem, on any interest payment date, all or part of the 2020 Notes. In the event of a redemption described in the previous sentence, Mid Penn will redeem the March 2020 Notes at 100% of the principal amount of the March 2020 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.
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Holders of the March 2020 Notes may not accelerate the maturity of the March 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar event of Mid Penn or Mid Penn Bank, its principal banking subsidiary. Related parties held $1.7 million of the March 2020 Notes as of September 30, 2024 and December 31, 2023.
Note 12 - Common Stock and Earnings Per Share
Treasury Stock Repurchase Program
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 24, 2025 by Mid Penn’s Board of Directors on April 24, 2024. The Program authorizes the repurchase of up to $15.0 million of Mid Penn’s outstanding common stock. Under the Program, Mid Penn conducts repurchases of its common stock through open market transactions (which may be by means of a trading plan adopted under SEC Rule 10b5-1) or in privately negotiated transactions. Repurchases under the Program are made at the discretion of management and are subject to market conditions and other factors. There is no guarantee as to the exact number of shares that Mid Penn may repurchase. The Program is able to be modified, suspended or terminated at any time, at Mid Penn’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors Mid Penn deems appropriate. The Program does not obligate Mid Penn to repurchase any shares.
During the nine months ended September 30, 2024, Mid Penn repurchased 15,500 shares of common stock at an average price of $20.81. No shares were repurchased in the three months ended September 30, 2024. As of September 30, 2024, Mid Penn had repurchased 440,722 shares of common stock at an average price of $22.78 per share under the Program. The Program had approximately $5.0 million remaining available for repurchase as of September 30, 2024.
Dividend Reinvestment Plan
Under Mid Penn’s amended and restated DRIP, 300,000 shares of Mid Penn’s authorized but unissued common stock are reserved for issuance. The DRIP also allows for voluntary cash payments, within specified limits, to be used for the purchase of additional shares.
Equity Incentive Plans
On May 9, 2023, shareholders approved the 2023 Stock Incentive Plan, which authorizes Mid Penn to grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, deferred stock units and performance shares. The 2023 Plan was established for employees and directors of Mid Penn and the Bank, selected by the Compensation Committee of the Board of Directors, to incentivize the further success of the Company, and replaces the 2014 Restricted Stock Plan. The aggregate number of shares of common stock of the Company available for issuance under the Plan is 350,000 shares.
As of September 30, 2024, a total of 263,974 restricted shares were granted under the 2014 Plan, of which 82,728 shares were unvested. The 2014 Plan shares granted and vested resulted in $191 thousand and $324 thousand in share-based compensation expense for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, the 2014 Plan shares granted and vested resulted in share-based compensation expense of $813 thousand and $825 thousand, respectively.
Share-based compensation expense relating to restricted stock is calculated using grant date fair value and is recognized on a straight-line basis over the vesting periods of the awards. Restricted shares granted to employees vest in equal amounts on the anniversary of the grant date over the vesting period and the expense is a component of salaries and benefits expense on the Consolidated Statement of Income. The employee grant vesting period is determined by the terms of each respective grant, with vesting periods generally between one and four years. Restricted shares granted to directors have a twelve-month vesting period, and the expense is a component of directors’ fees and benefits within the other expense line item on the Consolidated Statement of Income.
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The following data shows the amounts used in computing basic and diluted earnings per common share:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2024202320242023
Net income$12,301 $9,236 $36,205 $25,299 
Weighted average common shares outstanding (basic)16,612,65716,571,82516,585,71916,233,006
Effect of dilutive unvested restricted stock grants44,51223,17439,84031,716
Weighted average common shares outstanding (diluted)16,657,16916,594,99916,625,55916,264,722
Basic earnings per common share$0.74 $0.56 $2.18 $1.56 
Diluted earnings per common share0.74 0.56 2.18 1.56 
There were no antidilutive instruments at September 30, 2024 and 2023, respectively.
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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management Discussion relates to the Corporation, a financial holding company incorporated in the Commonwealth of Pennsylvania, and its wholly-owned subsidiaries, and should be read in conjunction with the consolidated financial statements and other financial information presented in this report.
Caution About Forward-Looking Statements
Forward-looking statements involve risks, uncertainties and assumptions. Although Mid Penn generally does not make forward-looking statements unless Mid Penn’s management believes its management has a reasonable basis for doing so, Mid Penn cannot guarantee the accuracy of any forward-looking statements. Actual results may differ materially from those expressed in any forward-looking statements due to a number of uncertainties and risks, including the risks described in this Quarterly Report on Form 10-Q, the 2023 Annual Report, and other unforeseen risks. You should not put undue reliance on any forward-looking statements. These statements speak only as of the date of this Quarterly Report on Form 10-Q, even if subsequently made available by us on Mid Penn’s website or otherwise, and Mid Penn undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Certain of the matters discussed in this document or in documents incorporated by reference herein, including matters discussed under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results, including after giving effect to the Merger with William Penn Bancorporation and the assumptions upon which those statements are based. Forward looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” or words or phrases of similar meaning. These forward-looking statements include the expectations of Mid Penn relating to the anticipated opportunities and financial and other benefits of the Merger, and the projections of, or guidance on, Mid Penn’s or the combined company’s future financial performance, asset quality, liquidity, capital levels, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in Mid Penn’s business or financial results. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements.

The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward-looking statements:

•Mid Penn’s ability to efficiently integrate acquisitions, including as a result of the Merger, into its business and operations, which may take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse results relating to Mid Penn’s existing business and operations;
•the possibility that the anticipated benefits of the Merger, including anticipated cost savings and other synergies of the Merger may take longer to be realized or may not be achieved in their entirety, and attrition in key client, partner and other relationships relating to the Merger may be greater than expected;
•the effects of future economic conditions on Mid Penn, the Bank, our nonbank subsidiaries, and our markets and customers;
•governmental monetary and fiscal policies, as well as legislative and regulatory changes;
•future actions or inactions of the United States government, including a failure to increase the government debt limit or a prolonged shutdown of the federal government;
•business or economic disruption from national or global epidemic or pandemic events;
•the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, the value of investment securities, and interest rate protection agreements;
•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally,
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regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
•an increase in the Pennsylvania Bank Shares Tax to which the Bank’s capital stock is currently subject, or imposition of any additional taxes on the capital stock of Mid Penn or the Bank;
•impacts of the capital and liquidity requirements imposed by bank regulatory agencies;
•the effect of changes in accounting policies and practices, as may be adopted by regulatory agencies, as well as the Public Company Accounting Oversight Board, Financial Accounting Standards Board, the SEC, and other accounting and reporting rule making authorities;
•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, including litigation related to the Merger;
•changes in technology;
•our ability to implement business strategies, including our acquisition strategy;
•our ability to successfully expand our franchise, including through acquisitions or establishing new offices at favorable prices;
•our ability to successfully integrate any banks, companies, offices, assets, liabilities, customers, systems and management personnel we acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames;
•potential goodwill impairment charges, or future impairment charges and fluctuations in the fair values of reporting units or of assets in the event projected financial results are not achieved within expected time frames;
•our ability to attract and retain qualified management and personnel;
•results of regulatory examination and supervision processes;
•the ability to obtain regulatory approvals and satisfy other closing conditions to the Merger, including approval by the shareholders of Mid Penn and William Penn;
•the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the Merger;
•potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with the Merger;
•the failure of assumptions underlying the establishment of reserves for loan and lease losses, the assessment of potential impairment of investment securities, and estimations of values of collateral and various financial assets and liabilities;
•our ability to maintain compliance with the listing rules of The NASDAQ Stock Market;
•our ability to maintain the value and image of our brand and protect our intellectual property rights;
•volatility in the securities markets;
•disruptions due to flooding, severe weather, or other natural disasters or acts of God;
•acts of war, terrorism, or global military conflict;
•supply chain disruption;
•the risk factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC; and
•other risks and uncertainties contained in this prospectus supplement or incorporated by reference into this prospectus supplement from the other reports and filings with the SEC.
Overview
Mid Penn is a financial holding company, which generates the majority of its revenues through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the net interest margin, which is FTE net interest income as a percentage of average interest-earning assets. Mid Penn also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans,
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investments and properties. Offsetting these revenue sources are provisions for credit losses, non-interest expenses and income taxes.
The following table presents a summary of Mid Penn's earnings and selected performance ratios:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net Income$12,301 $9,236 $36,205 $25,299 
Diluted EPS$0.74 $0.56 $2.18 $1.56 
Dividends Declared$0.20 $0.20 $0.60 $0.60 
Return on average assets (2)
0.89 %0.72 %0.89 %0.71 %
Return on average equity (2)
8.66 %6.93 %8.69 %6.57 %
Net interest margin (1)
3.13 %3.16 %3.07 %3.33 %
Non-performing assets to total assets0.32 %0.28 %0.32 %0.28 %
Net charge-offs to average loans (annualized)0.031 %0.001 %0.037 %0.010 %
(1) Presented on a FTE basis using a 21% Federal tax rate and statutory interest expense disallowances. See also the "Net Interest Income" section.
(2) Annualized ratios

During the second quarter of 2023, Mid Penn completed the Brunswick Acquisition, which added total assets of $390.7 million comprised primarily of $324.5 million of loans. This transaction resulted in the addition of 5 branches in central New Jersey. Mid Penn issued 849,510 shares of its common stock as well as a net cash payment to Brunswick shareholders of $27.6 million, for total consideration of $45.7 million for all outstanding stock and the cancellation of options of Brunswick.
Summary of Financial Results
•Net Income Per Share - Mid Penn’s net income available to common shareholders ("earnings") for the three months ended September 30, 2024 was $12.3 million, or $0.74 per both common share basic and diluted, compared to earnings of $9.2 million, or $0.56 per both common share basic and diluted for the three months ended September 30, 2023. Mid Penn's earnings for the nine months ended September 30, 2024 was $36.2 million, or $2.18 per both common share basic and diluted, compared to earnings of $25.3 million, or $1.56 per both common share basic and diluted for the nine months ended September 30, 2023.
◦Net Interest Margin - For the third quarter of 2024, Mid Penn’s net interest margin was 3.13% versus 3.16% for the same period of 2023. For the nine months ended September 30, 2024, net interest margin was 3.07% versus 3.34% for the same period of 2023. The decrease is primarily driven by higher interest rates resulting from persistent inflation. The yield on interest-earning assets for the third quarter of 2024 increased 38 basis points from the same period of 2023. The rate on interest-bearing liabilities increased 51 basis points from the same period of 2023.
◦Loan Growth - Total loans, net of unearned income, as of September 30, 2024 were $4.4 billion compared to $4.3 billion as of December 31, 2023, an increase of $178.9 million, or 4.2%. The growth was primarily driven by an increase in multifamily of $106.4 million, an increase in nonowner occupied commercial real estate of $55.5 million, and an increase in commercial and industrial loans of $38.4 million.
◦Deposit Growth - Total deposits increased $360.6 million, or 8.3%, from $4.3 billion at December 31, 2023, to $4.7 billion at September 30, 2024. The growth was driven by an increase of $202.3 million in interest-bearing transaction accounts, and an increase of $167.6 million in time deposits, offset by a $9.3 million decrease in non-interest bearing accounts.
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•Asset Quality - ACL at September 30, 2024 was $35.6 million, or 0.80% of total loans, as compared to $34.2 million, or 0.80% of total loans at December 31, 2023.
◦Net Charge-offs/Recoveries - Mid Penn had net charge-offs of $347 thousand and $11 thousand for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, net charge-offs were $409 thousand compared to $294 thousand for the same period of 2023.
◦Non-performing assets - Total non-performing assets were $17.7 million at September 30, 2024, an increase compared to non-performing assets of $14.5 million at December 31, 2023. The increase is primarily related to the addition of one commercial property with a balance of $7.7 million being placed on nonaccrual in the third quarter of 2024, offset by the sale of one foreclosed property with a balance of $4.7 million in the second quarter of 2024. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.61% at September 30, 2024, compared to 0.57% and 0.49% as of June 30, 2024, and December 31, 2023, respectively.
◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $621 thousand for the three months ended September 30, 2024 compared to $1.4 million for the same period of 2023. The benefit for credit losses on off-balance sheet credit exposures was $105 thousand for the three months ended September 30, 2024, compared to a benefit of $660 thousand for the same period of 2023. The provision for credit losses - loans was $1.8 million for the nine months ended September 30, 2024 compared to $3.1 million for the same period of 2023. The decrease in provision for the nine months ended September 30, 2024, is primarily due to a decrease in loss factors across all portfolios.
•Noninterest Income - Noninterest income totaled $5.2 million for the three months ended September 30, 2024 compared to $5.3 million for the same period of 2023. The decrease is primarily due to a $474 thousand decrease in other miscellaneous noninterest income, driven by a $482 thousand decrease in Bank owned life insurance benefits received, and a $92 thousand decrease in income from Fiduciary activities, partially offset by a $386 thousand increase in mortgage banking income, and a $66 thousand increase in the gain on sales of SBA loans. Noninterest income totaled $16.3 million for the nine months ended September 30, 2024 compared to $14.9 million for the same period of 2023.
•Noninterest Expense - Noninterest expense totaled $30.0 million for the three months ended September 30, 2024, an increase of $730 thousand, or 2.5%, compared to noninterest expense of $29.2 million for the same period of 2023. The increase was driven by a $897 thousand increase in salaries and employee benefits, and a $723 thousand increase in legal and professional fees, partially offset by a $596 thousand decrease in FDIC assessments, a $243 thousand decrease in Merger and Acquisition costs from the Brunswick acquisition in 2023, and a $240 thousand decrease in other miscellaneous noninterest expense. Noninterest expense totaled $86.7 million for the nine months ended September 30, 2024, a decrease of $3.5 million, or 3.88%, compared to noninterest expense of $90.2 million for the same period of 2023.
•Liquidity - Current liquidity, including borrowing capacity, enhanced to nearly $1.91 billion or 141.5% of uninsured and uncollateralized deposits, or approximately 40.5% of total deposits.
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Critical Accounting Estimates
The 2023 Annual Report includes a summary of critical accounting estimates that Mid Penn considers to be most important to the presentation of its financial condition and results of operations because they require management’s most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.

The following discussion regards the critical accounting estimates related to the application of CECL and business combinations.

Allowance for Credit Losses
In accordance with CECL, the ACL, which includes both the ACL - loans and the ACL for OBS credit exposures, is calculated with the objective of maintaining a reserve for current expected credit losses over the remaining expected life of the portfolio. Management's determination of the appropriateness of the reserve is based on continuously monitoring and evaluating the loan portfolio, lending-related commitments, current as well as forecasted economic factors, and other relevant factors. The ACL - loans is an estimate of expected losses inherent within Mid Penn's existing loan portfolio.
The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by Management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and credit loss expense.
Mid Penn estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Mid Penn uses a third-party software application to calculate the quantitative portion of the ACL using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Mid Penn as a whole, as well as specific loans. Factors considered include the following: lending process, concentrations of credit, and credit quality. The quantitative and qualitative portions of the allowance are added together to determine the total ACL, which reflects Management’s expectations of future conditions based on reasonable and supportable forecasts. As such, the calculation of ACL is inherently subjective and requires management to exercise significant judgment. The CECL estimate is highly sensitive to the economic forecasts used to develop the estimate.
While management endeavors to use the best information known to it in order to make ACL valuations, adjustments to the ACL may be necessary based on changes in economic and other conditions, changes in the composition of the loan portfolio, or changes in accounting guidance. In times of economic slowdown, either local, regional or national, the risk inherent in the loan portfolio could increase resulting in the need for additional provisions to the ACL in future periods. An increase could also be necessitated by an increase in the size of the loan portfolio or in any of its components even though the credit quality of the overall portfolio may be improving.
For further discussion of the methodology used in the determination of the ACL, refer to "Note 1 - Summary of Significant Accounting Policies", "Note 3 - Investment Securities", "Note 4 - Loans and Allowance for Credit Losses - Loans" and "Note 9 - Commitments and Contingencies" to the Consolidated Financial Statements. To the extent actual outcomes differ from management estimates, additional PCL may be required that would adversely impact earnings in future periods.
Goodwill

Mid Penn evaluates goodwill annually for impairment unless events occur which indicate that impairment is possible: a triggering event.

Our most recent annual impairment test was conducted during the fourth quarter of 2023. Factors considered include actual earnings in relation to forecasted earnings, liquidity levels, changes in deposit balances, and credit quality, among others. At September 30, 2024, Mid Penn had goodwill of $128.2 million and Mid Penn's stock continues to trade below book value. Management has not noted any factors either internally or externally which would indicate that a triggering event has occurred during the third quarter of 2024 warranting an additional impairment test. No goodwill impairment has been
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recorded for 2024. Management will continue to monitor internal metrics and macroeconomic trends to determine if there is likelihood of goodwill impairment.
Business Combinations
Assets acquired and liabilities assumed in business combinations are measured at fair value as of the acquisition date. In many cases, determining the fair value of the assets acquired and liabilities assumed requires Mid Penn to estimate the timing and amount of cash flows expected to result from these assets and liabilities and to discount these cash flows at appropriate rates of interest, which require the utilization of significant estimates and judgment in accounting for the acquisition.

Results of Operations

Net Interest Income
Net interest income, Mid Penn’s primary source of revenue, is the amount by which interest income on loans and investments exceeds interest incurred on deposits and borrowings. The amount of net interest income is affected by changes in interest rates and changes in the volume and mix of interest-sensitive assets and liabilities. Net interest income is also shown on a taxable-equivalent basis in total. Income from tax-exempt assets, primarily loans to or securities issued by state and local governments, is adjusted by an amount equivalent to the federal income taxes which would have been paid if the income received on these assets was taxable at the statutory rate of 21% for the periods presented.
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The following table includes average balances, amounts, and yields of interest income and rates of expense, interest rate spread, and net interest margin for the periods presented:
Average Balances, Income and Interest Rates
For the Three Months Ended
September 30, 2024September 30, 2023
(Dollars in thousands)Average BalanceInterest
Yield/
Rate (2)
Average BalanceInterest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances$25,123 $223 3.53 %$12,804 $86 2.66 %
Investment Securities:
Taxable537,257 3,682 2.73 %541,403 3,846 2.82 %
Tax-Exempt73,329 359 1.95 %77,668 382 1.95 %
Total Investment Securities610,586 4,041 2.63 %619,071 4,228 2.71 %
Federal Funds Sold75,683 1,043 5.48 %8,260 51 2.45 %
Loans, net of unearned income4,405,969 68,080 6.15 %4,053,514 58,792 5.75 %
Restricted Investment in Bank Stocks13,252 454 13.63 %10,968 260 9.40 %
Total Interest-earning Assets5,130,613 73,841 5.73 %4,704,617 63,417 5.35 %
Cash and Due from Banks44,052 77,122 
Other Assets295,976 324,364 
Total Assets$5,470,641 $5,106,103 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,066,878 $5,291 1.97 %$960,052 $3,899 1.61 %
Money Market921,054 7,060 3.05 %929,036 5,969 2.55 %
Savings272,186 63 0.09 %308,732 60 0.08 %
Time1,561,633 18,275 4.66 %1,308,945 13,631 4.13 %
Total Interest-bearing Deposits3,821,751 30,689 3.19 %3,506,765 23,559 2.67 %
Short-term borrowings169,754 2,296 5.38 %64,282 1,584 9.78 %
Long-term debt23,757 264 4.42 %76,515 333 1.73 %
Subordinated debt and trust preferred securities45,969 423 3.66 %46,377 461 3.94 %
Total Interest-bearing Liabilities4,061,231 33,672 3.30 %3,693,939 25,937 2.79 %
Noninterest-bearing Demand775,935 854,302 
Other Liabilities68,175 28,795 
Shareholders' Equity565,300 529,067 
Total Liabilities & Shareholders' Equity$5,470,641 $5,106,103 
Net Interest Income$40,169 $37,480 
Taxable Equivalent Adjustment (1)
252 33 
Net Interest Income (taxable-equivalent basis)$40,421 $37,513 
Total Yield on Earning Assets5.73 %5.35 %
Rate on Supporting Liabilities3.30 %2.79 %
Average Interest Spread2.43 %2.56 %
Net Interest Margin (1)
3.13 %3.16 %
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2)Annualized ratios
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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended September 30, 2024 in comparison to the same period in 2023:
Three months ended
September 30, 2024 vs. September 30, 2023
Increase (decrease)
(Dollars in thousands)Volume Rate Net
INTEREST INCOME:
Interest Bearing Balances$83 $54 $137 
Investment Securities:
Taxable(29)(135)(164)
Tax-Exempt(21)(2)(23)
Total Investment Securities(50)(137)(187)
Federal Funds Sold415 577 992 
Loans5,098 4,190 9,288 
Restricted Investment Bank Stocks54 140 194 
Total Interest Income5,600 4,824 10,424 
INTEREST EXPENSE:
Interest Bearing Deposits:
Interest Bearing Demand433 959 1,392 
Money Market(51)1,142 1,091 
Savings(7)10 3 
Time2,624 2,020 4,644 
Total Interest-Bearing Deposits2,999 4,131 7,130 
Short-term Borrowings2,592 (1,880)712 
Long-term Debt(229)160 (69)
Subordinated Debt(4)(34)(38)
Total Interest Expense5,358 2,377 7,735 
NET INTEREST INCOME$242 $2,447 $2,689 
For the three months ended September 30, 2024, net interest income was $40.2 million compared to net interest income of $37.5 million for the three months ended September 30, 2023. The tax-equivalent net interest margin for the three months ended September 30, 2024 was 3.13% compared to 3.16% for the third quarter of 2023, representing a 3 bp decrease compared to the same period in 2023.
The yield on interest-earning assets increased to 5.73% for the quarter ended September 30, 2024, from 5.35% for the quarter ended September 30, 2023. These increases were due to assets continuing to reprice at higher rates during the third quarter of 2024, continued discipline on new loan pricing, and an increase in Fed Funds Sold. Increased yields on interest-earning assets were offset by increases in funding costs for the third quarter of 2024, with the overall cost of interest-bearing liabilities increasing to 3.30% during the third quarter of 2024, compared to 2.79% for the three months ended September 30, 2023.
Average investment securities decreased $8.5 million and the yield on those investment securities decreased 7 bps during the third quarter of 2024 compared to the third quarter of 2023, reducing interest income due to volume by $50 thousand, and reducing interest income due to rates by $137 thousand. Average loans increased $352.5 million, and the yield on those loans increased 39 bps, contributing $5.1 million and $4.2 million, respectively, to the increase in interest income.
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Interest expense increased $7.7 million during the third quarter of 2024 compared to the third quarter of 2023. The rate of interest-bearing liabilities increased from 2.79% for the third quarter of 2023 to 3.30% for the third quarter of 2024. The increase in the rate was primarily a result of a shift in the mix of deposits from demand, money market and savings to higher yielding time deposits. Mid Penn continued to offer higher rates over the comparable period to both retain and attract deposits. In addition, average short-term borrowings of $169.8 million were used to help fund loan growth, contributing $712 thousand to interest expense during the third quarter of 2024.
Although the effective interest rate impact on interest-earning assets and funding sources can be reasonably estimated at current interest rate levels, the interest-bearing product and pricing options selected by customers, and the future mix of the loan, investment, and deposit products in the Bank's portfolios, may significantly change the estimates used in Mid Penn’s asset and liability management and related interest rate risk simulation models. In addition, our net interest income may be impacted by further interest rate actions of the Federal Reserve’s FOMC.
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Average Balances, Income and Interest Rates on a Taxable-Equivalent Basis
For the Nine Months Ended September 30,
20242023
(Dollars in thousands)Average BalanceInterest
Yield/
Rate (2)
Average BalanceInterest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances$33,549 $973 3.87 %$8,806 $222 3.37 %
Investment Securities:
Taxable536,894 11,183 2.78 549,883 11,394 2.77 
Tax-Exempt74,584 1,106 1.98 78,606 1,162 1.98 
Total Investment Securities611,478 12,289 2.68 628,489 12,556 2.67 
Federal Funds Sold35,311 1,461 5.53 5,455 145 3.55 
Loans, net of unearned income4,351,253 197,412 6.06 3,756,159 156,751 5.58 
Restricted Investment in Bank Stocks16,241 1,136 9.34 10,234 548 7.16 
Total Interest-earning Assets5,047,832 213,271 5.64 4,409,143 170,222 5.16 
Cash and Due from Banks40,416 66,546 
Other Assets301,733 289,667 
Total Assets $5,389,981 $4,765,356 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$979,676 $13,652 1.86 %$954,396 $9,806 1.37 %
Money Market902,104 19,660 2.91 926,079 15,158 2.19 
Savings280,473 187 0.09 317,544 177 0.07 
Time1,513,617 51,985 4.59 1,019,034 28,346 3.72 
Total Interest-bearing Deposits3,675,870 85,484 3.11 3,217,053 53,487 2.22 
Short-term borrowings242,232 10,066 5.55 93,205 4,581 6.57 
Long-term debt29,379 1,059 4.81 40,693 602 1.98 
Subordinated debt and trust preferred securities46,122 1,271 3.68 50,307 1,579 4.20 
Total Interest-bearing Liabilities3,993,603 97,880 3.27 3,401,258 60,249 2.37 
Noninterest-bearing Demand778,421 798,803 
Other Liabilities62,927 50,392 
Shareholders' Equity555,030 514,903 
Total Liabilities & Shareholders' Equity $5,389,981 $4,765,356 
Net Interest Income$115,391 $109,973 
Taxable Equivalent Adjustment (1)766 232 
Net Interest Income (taxable-equivalent basis)$116,157 $110,205 
Total Yield on Earning Assets5.64 %5.16 %
Rate on Supporting Liabilities3.27 2.37 
Average Interest Spread2.37 2.79 
Net Interest Margin3.07 3.34 
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances
(2)Annualized ratios
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The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the nine months ended September 30, 2024 in comparison to the same period in 2023:
Nine Months Ended
September 30, 2024 vs. September 30, 2023
(Dollars in thousands)Increase (decrease)
VolumeRateNet
INTEREST INCOME:
Interest Bearing Balances$624 $127 $751 
Investment Securities:
Taxable(269)58 (211)
Tax-Exempt(60)4 (56)
Total Investment Securities(329)62 (267)
Federal Funds Sold794 522 1,316 
Loans, net of unearned income24,857 15,804 40,661 
Restricted Investment Bank Stocks322 266 588 
Total Interest Income26,268 16,781 43,049 
INTEREST EXPENSE:
Interest Bearing Deposits:
Interest Bearing Demand260 3,586 3,846 
Money Market(393)4,895 4,502 
Savings(21)31 10 
Time13,770 9,869 23,639 
Total Interest-Bearing Deposits13,616 18,381 31,997 
Short-term Borrowings6,193 (708)5,485 
Long-term Debt(168)625 457 
Subordinated Debt(131)(177)(308)
Total Interest Expense19,510 18,121 37,631 
NET INTEREST INCOME$6,758 $(1,340)$5,418 
For the nine months ended September 30, 2024, net interest income was $115.4 million compared to net interest income of $110.0 million for the nine months ended September 30, 2023. FTE net interest income was $116.2 million for the nine months ended September 30, 2024, an increase of $6.0 million, or 5.4%, compared to the same period of September 30, 2023. Mid Penn’s FTE net interest margin for the nine months ended September 30, 2024 was 3.07% compared to 3.34% for the same period of September 30, 2023, representing a 27 bp decrease compared to the same period in 2023, primarily driven by higher interest rates resulting from persistent inflation.
The higher yields and the growth in interest-earning assets contributed $16.8 million and $26.3 million, respectively, to the increase in interest income. The yield on interest-earning assets increased 48 bps to 5.64% for the nine months ended September 30, 2024 compared to 5.16% for the same period of 2023. Average interest-earning assets increased $24.7 million, or 14.5%, during the nine months ended September 30, 2024 compared to the same period of 2023.
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Average investment securities decreased $17.0 million, or 2.7%, and the yield on those investment securities increased 1 bp, deducting $329 thousand and contributing $62 thousand, respectively, to interest income. Average loans increased $595.1 million, and the yield on those loans increased 48 bps contributing $24.9 million and $15.8 million, respectively, to the increase in interest income.
Interest expense increased $37.6 million during the first nine months of 2024 compared to the same period of 2023. The rate of interest-bearing liabilities increased from 2.37% for the first nine months of 2023 to 3.27% for the first nine months of 2024. The increase in the rate was primarily a result of a shift in the mix of deposits from demand, money market and savings to higher yielding time deposits. The rate on average interest-bearing deposits increased 91 bps contributing $18.4 million to the increase in interest expense during the nine months ended September 30, 2024 compared to the same period in 2023. In addition, average short-term borrowings of $242.2 million were used to help fund loan growth, contributing $5.5 million to interest expense during the nine months ended September 30, 2024 compared to the same period in 2023.
Provision for Credit Losses - Loans
On January 1, 2023, Mid Penn adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The provision for credit losses on loans was $621 thousand for the three months ended September 30, 2024 compared to a provision of $1.4 million for the three months ended September 30, 2023. The decrease in provision was driven by a decrease in loss factors across all portfolios. The provision for credit losses on loans was $1.8 million for the nine months ended September 30, 2024 compared to a provision of $3.1 million for the nine months ended September 30, 2023. The decrease is primarily due to a decrease in loss factors across all portfolios.
Noninterest Income
Noninterest income for the three months ended September 30, 2024 was $5.2 million and $5.3 million for the three months ended September 30, 2023. The following table and explanations that follow provide additional analysis of noninterest income.
Noninterest income and variance analysis:
Three Months Ended September 30,
(Dollars in Thousands)20242023$ Variance% Variance
Fiduciary and wealth management $1,204 $1,296 $(92)(7.1 %)
ATM debit card interchange962 986 (24)(2.4)
Service charges on deposits549 509 40 7.9 
Mortgage banking768 382 386 101.0 
Mortgage hedging(1)67 (68)(101.5)
Net gain on sales of SBA loans151 85 66 77.6 
Earnings from cash surrender value of life insurance276 278 (2)(0.7)
Other1,269 1,743 (474)(27.2)
Total$5,178 $5,346 $(168)(3.1 %)
For the three months ended September 30, 2024, noninterest income totaled $5.2 million, a decrease of $168 thousand, or 3.14%, compared to noninterest income of $5.3 million for the three months ended September 30, 2023. The decrease is primarily due to a $474 thousand decrease in other miscellaneous noninterest income, driven by a $482 thousand decrease in Bank owned life insurance benefits received, partially offset by a $386 thousand increase in mortgage banking income, a $76 thousand increase in the gain on sales of SBA loans, and a $74 thousand increase in income from Fiduciary activities.
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Nine Months Ended September 30,
(Dollars in Thousands)20242023$ Variance% Variance
Fiduciary and wealth management$3,465 $3,736 $(271)(7.3 %)
ATM debit card interchange2,880 3,040 (160)(5.3)
Service charges on deposits1,597 1,458 139 9.5 
Mortgage banking1,820 1,053 767 72.8 
Mortgage hedging(1)215 (216)(100.5)
Net gain on sales of SBA loans332 213 119 55.9 
Earnings from cash surrender value of life insurance861 824 37 4.5 
Other5,390 4,352 1,038 23.9 
Total$16,344 $14,891 $1,453 9.8 %
For the nine months ended September 30, 2024, noninterest income totaled $16.3 million, an increase of $1.5 million, or 9.76%, compared to noninterest income of $14.9 million for the nine months ended September 30, 2023. The increase in noninterest income is primarily driven by a $1.0 million increase in other miscellaneous noninterest income, driven by increases in Bank owned life insurance benefits received, and a $767 thousand increase in mortgage banking income.
Noninterest Expense
For the three months ended September 30, 2024, noninterest expense totaled $30.0 million, an increase of $730 thousand, or 2.5%, compared to noninterest expense of $29.2 million for the same period in 2023. The following table and explanations that follow provide additional analysis of noninterest expense:
Three Months Ended September 30,
(Dollars in Thousands)20242023$ Variance% Variance
Salaries and employee benefits$16,156 $15,259 $897 5.9 %
Software licensing and utilization2,366 2,085 281 13.5 
Occupancy expense, net1,815 1,761 54 3.1 
Equipment expense1,206 1,292 (86)(6.7)
Shares tax824 808 16 2.0 
Legal and professional fees1,613 890 723 81.2 
ATM/card processing606 641 (35)(5.5)
Intangible amortization460 484 (24)(5.0)
FDIC Assessment1,150 1,746 (596)(34.1)
Gain on sale of foreclosed assets, net(35)(18)(17)94.4 
Merger and acquisition expense109 352 (243)(69.0)
Other expenses3,689 3,929 (240)(6.1)
Total Noninterest Expense$29,959 $29,229 $730 2.5 %

For the nine months ended September 30, 2024, noninterest expense totaled $86.7 million, a decrease of $3.5 million, or 3.9%, compared to noninterest expense of $90.2 million for the nine months ended September 30, 2023. The decrease was primarily driven by $7.9 million of Brunswick acquisition costs in 2023, partially offset by a $3.0 million increase in salaries and benefits expense, and a $1.0 million increase in legal and professional fees.
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Nine Months Ended September 30,
(Dollars in Thousands)20242023$ Variance% Variance
Salaries and employee benefits$47,151 $44,130 $3,021 6.8 %
Software licensing and utilization6,694 6,101 593 9.7 
Occupancy expense, net5,658 5,397 261 4.8 
Equipment expense3,715 3,791 (76)(2.0)
Shares tax1,945 2,458 (513)(20.9)
Legal and professional fees3,300 2,292 1,008 44.0 
ATM/card processing1,650 1,666 (16)(1.0)
Intangible amortization1,313 1,289 24 1.9 
FDIC Assessment3,327 2,770 557 20.1 
Gain on sale of foreclosed assets, net7 (144)151 (104.9)
Merger and acquisition expense109 5,568 (5,459)(98.0)
Post-acquisition restructuring expense— 2,952 (2,952)(100.0)
Other expenses11,834 11,928 (94)(0.8)
Total Noninterest Expense$86,703 $90,198 $(3,495)(3.9 %)

Income Taxes
The provision for income taxes was $2.6 million for the three months ended September 30, 2024 compared to $2.3 million for the same period in 2023. The provision for income taxes for the nine months ended September 30, 2024 reflects a combined Federal and State effective tax rate of 17.4% and 16.5%, for the nine months ended September 30, 2024 and September 30, 2023, respectively. Generally, Mid Penn’s effective tax rate is below the federal statutory rate due to earnings on tax-exempt loans, investments, and earnings from the cash surrender value of life insurance, as well as the impact of federal income tax credits, including those awarded from Mid Penn’s low-income housing investments. The realization of Mid Penn’s deferred tax assets is dependent on future earnings. Mid Penn currently anticipates that future earnings will be adequate to fully realize the currently recorded deferred tax assets.
Financial Condition
Mid Penn’s total assets were $5.5 billion as of September 30, 2024, reflecting an increase of $236.2 million, or 4.5%, compared to total assets of $5.3 billion as of December 31, 2023. The increase was primarily driven by organic loan growth, increases in investment securities, and an increase in Fed Funds Sold.
Investment Securities
Mid Penn’s investment portfolio is utilized primarily to support overall liquidity and interest rate risk management, to provide collateral supporting pledging requirements for public funds on deposit, and to generate additional interest income within reasonable risk parameters. The carrying value of total investment securities as of September 30, 2024 were $641.8 million compared to $622.7 million as of December 31, 2023. Mid Penn does not intend to grow the investment portfolio beyond levels necessary to support pledging requirements.

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The following table presents the expected maturities of the investment portfolio and the weighted average yields (calculated based on historical cost):
Maturing
(In Thousands)One Year
and Less		After One Year
thru Five Years		After Five Years
Thru Ten Years		After Ten
Years
As of September 30, 2024AmountWeighted Average YieldAmountWeighted Average YieldAmountWeighted Average YieldAmountWeighted Average Yield
Available for sale securities, at fair value:
U.S. Treasury and U.S. government agencies$9,961 3.37 %$15,384 2.45 %$1,891 3.30 %$— — %
Mortgage-backed U.S. government agencies— — — — 5,487 2.53 186,675 3.48 
State and political subdivision obligations— — — — 3,079 2.49 682 2.23 
Corporate debt securities4,996 5.15 6,702 4.29 20,370 4.41 — — 
$14,957 3.96 %$22,086 3.03 %$30,827 3.84 %$187,357 3.48 %
Held to maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies$6,500 3.09 %$94,697 1.91 %$140,710 2.09 %$— — %
Mortgage-backed U.S. government agencies— — 2,221 2.97 5,192 2.79 31,800 2.02 
State and political subdivision obligations7,945 2.42 35,587 2.47 18,345 2.25 18,165 2.56 
Corporate debt securities2,011 3.88 3,995 3.23 19,450 4.16 — — 
$16,456 2.86 %$136,500 2.11 %$183,697 2.34 %$49,965 2.21 %

Loans, net of unearned income
Total loans, net of unearned income, as of September 30, 2024 were $4.4 billion compared to $4.3 billion as of December 31, 2023. The growth of $178.9 million, or 4.2%, since December 31, 2023 was primarily the result of organic loan growth across the commercial real estate and commercial and industrial portfolios, offset by decreases in residential mortgage loan portfolios.
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September 30, 2024December 31, 2023Change in Balance
(Dollars in thousands)Balance% of Total LoansBalance% of Total Loans$%
Commercial real estate
CRE Nonowner Occupied$1,205,058 27.1 %$1,149,553 27.0 %$55,505 4.8 %
CRE Owner Occupied627,831 14.2 629,904 14.8 (2,073)(0.3)
Multifamily415,467 9.4 309,059 7.3 106,408 34.4 
Farmland220,939 5.0 212,690 5.0 8,249 3.9 
Total Commercial Real Estate2,469,295 55.7 2,301,206 54.1 168,089 7.3 
Commercial and industrial
713,429 16.1 675,079 15.9 38,350 5.7 
Construction
Residential Construction96,000 2.2 92,843 2.2 3,157 3.4 
Other Construction340,037 7.6 362,624 8.5 (22,587)(6.2)
Total Construction436,037 9.8 455,467 10.7 (19,430)(4.3)
Residential mortgage
1-4 Family 1st Lien318,646 7.2 339,142 8.0 (20,496)(6.0)
1-4 Family Rental348,803 7.9 341,937 8.0 6,866 2.0 
HELOC and Junior Liens138,756 3.1 132,795 3.1 5,961 4.5 
Total Residential Mortgage806,205 18.2 813,874 19.1 (7,669)(0.9)
Consumer6,738 0.2 7,166 0.2 (428)(6.0)
$4,431,704 100.0 %$4,252,792 100.0 %$178,912 4.2 %

The majority of the Bank's loan portfolio is to businesses and individuals located within the Bank's primary market area of the Pennsylvania counties of Berks, Blair, Bucks, Centre, Chester, Clearfield, Cumberland, Dauphin, Fayette, Huntingdon, Lancaster, Lehigh, Luzerne, Montgomery, Perry, Schuylkill and Westmoreland, along with Middlesex and Monmouth counties of New Jersey. Commercial real estate, construction, and land development loans are collateralized mainly by mortgages on the income-producing real estate or land involved. Commercial, industrial, and agricultural loans are primarily made to business entities and may be secured by business assets, including commercial real estate, or may be unsecured. Residential real estate loans are secured by liens on the residential property. Consumer loans include installment loans, lines of credit and home equity loans. The Bank has no significant concentration of credit to any one borrower. The Bank’s highest concentration of credit by loan type is in commercial real estate.
Credit risk is managed through portfolio diversification, underwriting policies and procedures, and loan monitoring practices. Lenders are provided with detailed underwriting policies for all types of credit risks accepted by the Bank and must obtain appropriate internal approvals for credit extensions. The Bank also maintains strict documentation requirements and robust credit quality assurance practices in order to identify credit portfolio weaknesses as early as possible, so any exposures that are discovered might be mitigated or potential losses reduced. The Bank generally secures its loans with real estate, with such collateral values dependent and subject to change based on real estate market conditions within its market area.
The following table presents the commercial real estate portfolio by property type along with the weighted average loan to value:
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(Dollars in thousands)September 30, 2024December 31, 2023
Commercial Real EstateBalance % of portfolio
Weighted Average LTV (2)
Balance% of portfolio
Weighted Average LTV (2)
Owner Occupied (1)$627,831 25.4 %N/A$629,904 27.5 %N/A
Farmland (1)220,939 8.9 N/A212,690 9.2 N/A
Multifamily415,467 16.8 60.4 309,059 13.4 58.9 
Non Owner Occupied
Retail 430,443 17.4 57.1 414,485 18.0 51.0 
Office 292,101 11.8 61.0 301,810 13.1 64.4 
Industrial 146,816 5.9 49.6 156,075 6.8 49.3 
Hospitality 142,635 5.8 46.8 137,718 6.0 49.4 
Flex 42,812 1.7 42.7 39,374 1.7 56.0 
Mobile Home Park 21,640 0.9 62.7 21,298 0.9 68.4 
Health Care 14,636 0.6 53.7 15,618 0.7 54.6 
Other Property Types113,975 4.8 59.8 63,175 2.7 43.2 
Total Commercial Real Estate$2,469,295 100.0 %56.7 %$2,301,206 100.0 %55.4 %
(1) LTV not available for Owner Occupied and Farmland properties.
(2) Weighted average Loan to Value is calculated based on estimated current market values of the properties.

Maturity distribution by contractual maturity date and rate sensitivity information related to the loan portfolio is reflected in the table below:

(In Thousands)
As of September 30, 2024One Year
and Less		One to
Five Years		Five to
Fifteen Years		Over
Fifteen Years		Total
Commercial real estate
CRE Nonowner Occupied$51,652 $372,000 $485,719 $295,687 $1,205,058 
CRE Owner Occupied24,144 70,153 262,826 270,708 627,831 
Multifamily54,108 144,721 114,385 102,253 415,467 
Farmland929 7,949 61,392 150,669 220,939 
Total Commercial real estate130,833 594,823 924,322 819,317 2,469,295 
Commercial and industrial22,111 330,657 111,176 249,485 713,429 
Construction
Residential Construction52,882 34,446 7,648 1,024 96,000 
Other Construction124,461 162,672 30,470 22,434 340,037 
Total Construction177,343 197,118 38,118 23,458 436,037 
Residential mortgage
1-4 Family 1st Lien5,529 20,979 87,548 204,590 318,646 
1-4 Family Rental12,702 54,903 107,832 173,366 348,803 
HELOC and Junior Liens8,598 15,033 35,336 79,789 138,756 
Total Residential Mortgage26,829 90,915 230,716 457,745 806,205 
Consumer845 1,905 1,369 2,619 6,738 
Total loans held in portfolio$357,961 $1,215,418 $1,305,701 $1,552,624 $4,431,704 
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Fixed interest rates:
Commercial real estate
CRE Nonowner Occupied$45,308 $215,021 $59,229 $9,447 $329,005 
CRE Owner Occupied16,057 48,888 22,688 2,069 89,702 
Multifamily35,513 88,668 6,733 — 130,914 
Farmland382 6,750 7,945 56 15,133 
Total Commercial real estate97,260 359,327 96,595 11,572 564,754 
Commercial and industrial16,677 197,420 30,595 11,529 256,221 
Construction
Residential Construction19,845 9,431 40 — 29,316 
Other Construction31,534 37,708 18,477 816 88,535 
Total Construction51,379 47,139 18,517 816 117,851 
Residential mortgage
1-4 Family 1st Lien5,516 19,498 56,030 139,804 220,848 
1-4 Family Rental7,893 50,357 5,855 6,071 70,176 
HELOC and Junior Liens461 6,670 24,565 2,835 34,531 
Total Residential Mortgage13,870 76,525 86,450 148,710 325,555 
Consumer492 1,873 1,369 207 3,941 
Total fixed interest rates$179,678 $682,284 $233,526 $172,834 $1,268,322 
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied$6,343 $156,980 $426,490 $286,240 $876,053 
CRE Owner Occupied8,086 21,265 240,138 268,640 538,129 
Multifamily18,599 56,052 107,649 102,253 284,553 
Farmland547 1,199 53,447 150,613 205,806 
Total Commercial real estate33,575 235,496 827,724 807,746 1,904,541 
Commercial and industrial5,434 133,237 80,582 237,955 457,208 
Construction
Residential Construction33,037 25,015 7,608 1,024 66,684 
Other Construction92,926 124,964 11,994 21,618 251,502 
Total Construction125,963 149,979 19,602 22,642 318,186 
Residential mortgage
1-4 Family 1st Lien12 1,481 31,519 64,786 97,798 
1-4 Family Rental4,809 4,546 101,977 167,295 278,627 
HELOC and Junior Liens8,137 8,363 10,771 76,954 104,225 
Total Residential Mortgage12,958 14,390 144,267 309,035 480,650 
Consumer353 32 — 2,412 2,797 
Total floating interest rates178,283 533,134 1,072,175 1,379,790 3,163,382 
Total fixed and floating interest rates$357,961 $1,215,418 $1,305,701 $1,552,624 $4,431,704 


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Credit Quality, Credit Risk, and Allowance for Credit Losses
Mid Penn adopted FASB ASC Topic 326, in accordance with the amendments of FASB ASU 2016-13, effective January 1, 2023. The guidance in FASB ASC 326 replaces Mid Penn’s previous incurred loss methodology with a methodology that reflects the current expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit losses. Mid Penn’s ACL methodology for loans is based upon guidance within FASB ASC Subtopic 326-20, "Financial Instruments – Credit Losses – Measured at Amortized Cost," as well as regulatory guidance from the FDIC, the Bank's primary federal regulator. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the loan portfolio is continuously monitored by management and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within Mid Penn’s existing loan portfolio. The ACL is adjusted through the provision for credit losses and reduced by the charge off of loan amounts, net of recoveries.
The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense.
For a complete description of Mid Penn’s ACL methodology and the quantitative and qualitative factors included in the calculation, please see "Note 4 – Loans and Allowance for Credit Losses – Loans" included in Part I. Item 1. – Financial Statements of this report.

Upon the adoption of FASB ASC Topic 326 on January 1, 2023, Mid Penn recorded an overall increase of $15.0 million to the ACL on January 1, 2023 as a result of the adoption of CECL. Retained earnings decreased $11.5 million and deferred tax assets increased by $3.1 million.

Changes in the ACL are summarized as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(Dollars in thousands)2024202320242023
Balance, beginning of period$35,288 $32,588 $34,187 $18,957 
Impact of adopting CECL— — — 11,931 
Purchase credit deteriorated loans— — — 336 
Loans charged off during period(364)(33)(476)(357)
Recoveries of loans previously charged off17 22 67 63 
Net (charge-offs) recoveries (347)(11)(409)(294)
Provision for credit losses (1)
621 1,427 1,784 3,074 
Balance, end of period$35,562 $34,004 $35,562 $34,004 
Ratio of net charge-offs (recoveries) to average loans outstanding (annualized)0.031 %0.001 %0.013 %0.010 %
Ratio of ACL - loans to net loans at end of period0.80 %0.82 %0.80 %0.82 %
.(1) Includes a $2.0 million initial provision for the nine months ended September 30, 2023, for credit losses on non-PCD loans acquired in the Brunswick Acquisition. in 2023.
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The following table presents the change in nonperforming asset categories as of September 30, 2024, December 31, 2023, and September 30, 2023.
(Dollars in thousands)September 30, 2024December 31, 2023September 30, 2023
Non-performing Assets:
Total non-accrual loans$17,380 $14,216 $13,458 
Foreclosed real estate281 293 905 
Total non-performing assets17,661 14,509 14,363 
Accruing loans 90 days or more past due1 — 12 
Total risk elements$17,662 $14,509 $14,375 
Non-accrual loans as a percentage of total loans outstanding0.39 %0.33 %0.32 %
Non-performing assets as a percentage of total loans outstanding and foreclosed real estate0.40 %0.34 %0.35 %
Ratio of ACL to non-performing loans204.61 %240.48 %252.67 %
Total nonperforming assets were $17.7 million at September 30, 2024, an increase compared to nonperforming assets of $14.5 million at December 31, 2023. The increase during the third quarter of 2024 is primarily related to the addition of one commercial property with a balance of $7.7 million being placed on nonaccrual in the third quarter of 2024, offset by the sale of one foreclosed property with a balance of $4.7 million in the second quarter of 2024. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.61% at September 30, 2024, compared to 0.57% and 0.49% as of June 30, 2024, and December 31, 2023, respectively.

Goodwill

Mid Penn evaluates goodwill annually for impairment unless events occur which indicate that impairment is possible: a triggering event. At September 30, 2024, Mid Penn had goodwill of $128.2 million and Mid Penn's stock continues to trade below book value. Management has not noted any factors either internally or externally which would indicate that a triggering event has occurred during the third quarter of 2024 warranting an additional impairment test. Factors considered include actual earnings in relation to forecasted earnings, liquidity levels, changes in deposit balances, and credit quality, among others. Management will continue to monitor internal metrics and macroeconomic trends to determine if there is likelihood of goodwill impairment. Mid Penn's annual impairment test is scheduled to be conducted as of October 31, 2024.
Deposits
Total deposits increased $360.6 million, or 8.3%, from $4.3 billion on December 31, 2023, to $4.7 billion at September 30, 2024. The growth was driven by a $202.3 million increase in interest bearing accounts, and a $167.6 million increase in time deposits, offset by a $9.3 million decrease in noninterest bearing accounts.
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As of September 30, 2024, uninsured deposits were approximately $1.3 billion compared to $1.2 billion as of December 31, 2023. The maturities of the uninsured time deposits as of September 30, 2024 were as follows:
(In thousands)2024
Three months or less$192,587 
Over three months to six months137,421 
Over six months to twelve months67,653 
Over twelve months18,621 
$416,282 
Borrowings

Total short-term borrowings decreased $127.4 million, or 52.8%, from December 31, 2023. FHLB overnight borrowings decreased $112.4 million, along with a decrease of $15.0 million in short term FHLB borrowings. Total long-term borrowings were $23.7 million at September 30, 2024, a decrease of $35.3 million from December 31, 2023.
Liquidity
Mid Penn’s objective is to maintain adequate liquidity to meet funding needs at a reasonable cost and to provide contingency plans to meet unanticipated funding needs or a loss of funding sources, while minimizing interest rate risk. Adequate liquidity provides resources for credit needs of borrowers, for depositor withdrawals, and for funding corporate operations. Sources of liquidity are as follows:
•a growing core deposit base;
•proceeds from the sale or maturity of investment securities;
•payments received on loans and mortgage-backed securities;
•overnight correspondent bank borrowings on various credit lines; and
•borrowing capacity available from the FHLB and the Federal Reserve Discount Window available to Mid Penn.
Mid Penn believes its core deposits are generally stable even in periods of changing interest rates. Liquidity is measured and monitored daily, allowing management to better understand and react to balance sheet trends. These measurements indicate that liquidity generally remains stable and exceeds our minimum defined levels of adequacy. Other than the trends of continued competitive pressures and volatile interest rates, and the uncertain impact of the current inflationary environment, there are no known demands, commitments, events, or uncertainties that will result in, or that are reasonably likely to result in, liquidity increasing or decreasing in any material way.
On at least a quarterly basis, a comprehensive liquidity analysis is reviewed by the Asset Liability Committee and Board of Directors. The analysis provides a summary of the current liquidity measurements, projections, and future liquidity positions given various levels of liquidity stress. Management also maintains a detailed Contingency Funding Plan designed to respond to overall stress in the financial condition of the banking industry or a prospective liquidity problem specific to Mid Penn.
The Consolidated Statements of Cash Flows provide additional information. Mid Penn’s operating activities during the nine months ended September 30, 2024 provided $47.3 million of cash, mainly due to net income. Cash used in investing activities during the nine months ended September 30, 2024 was $187.6 million, mainly the result of the net increase in loans. Cash provided by financing activities during the nine months ended September 30, 2024 totaled $188.0 million, primarily the result of an increase in net deposits.
Regulatory Capital
Mid Penn and the Bank are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory, and possibly additional discretionary, actions by the regulators that if, undertaken, could have a direct material effect on Mid Penn's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory account practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.
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Minimum regulatory capital requirements established by Basel III rules require Mid Penn and the Bank to:
•Meet a minimum Common Equity Tier I capital ratio of 4.5% of risk-weighted assets;
•Meet a minimum Tier I capital ratio of 6.0% of risk-weighted assets;
•Meet a minimum Total capital ratio of 8.0% of risk-weighted assets;
•Meet a minimum Tier I leverage capital ratio of 4.0% of average assets;
•Maintain a "capital conservation buffer" of 2.5% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonuses; and
•Comply with the definition of capital to improve the ability of regulatory capital instruments to absorb losses.
The Basel III Rules use a standardized approach for risk weightings that expands the risk-weighting for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures and resulting in higher risk weightings for a variety of asset categories.
Banks are evaluated for capital adequacy by regulatory supervisory agencies based on the ratio of capital to risk-weighted assets and total assets. The minimum capital to risk-weighted assets requirements, including the capital conservation buffers, which became effective for Mid Penn and the Bank on January 1, 2016, are illustrated below. At September 30, 2024, regulatory capital ratios for both Mid Penn and the Bank met the definition of a "well-capitalized" institution under the regulatory framework for prompt corrective action and exceeded the minimum capital requirements under Basel III.
Mid Penn maintained the following regulatory capital ratios in comparison to regulatory requirements:
September 30, 2024December 31, 2023Regulatory Minimum for Capital AdequacyFully Phased-In, with Capital Conversation Buffers
Total Risk-Based Capital (to Risk-Weighted Assets)11.93 %11.69 %10.50 %4.00 %
Tier I Risk-Based Capital (to Risk-Weighted Assets)10.05 9.78 8.50 7.00 
Common Equity Tier I (to Risk-Weighted Assets)10.05 9.78 7.00 8.50 
Tier I Leverage Capital (to Average Assets)8.39 8.32 4.00 10.50 
As of September 30, 2024 and December 31, 2023, Mid Penn and the Bank met all capital adequacy requirements and the Bank was considered "well-capitalized". However, future changes in regulations could increase capital requirements and may have an adverse effect on capital resources.
Shareholders' Equity
Shareholders' equity, or capital, is evaluated in relation to total assets and the risk associated with those assets, and the desire to collectively maintain and enhance shareholders’ value, and satisfactorily address regulatory capital requirements. Accordingly, capital management has been, and will continue to be, of paramount importance to Mid Penn.
Shareholders’ equity increased by $30.7 million, or 5.7%, from $542.4 million as of December 31, 2023 to $573.1 million as of September 30, 2024, primarily due to earnings of $36.2 million, partially offset by dividends declared of $10.0 million and stock repurchases of $323 thousand.


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ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a financial institution, Mid Penn’s primary source of market risk is interest rate risk. Interest rate risk is the exposure to fluctuations in Mid Penn’s future earnings, earnings at risk, resulting from changes in interest rates. This exposure or sensitivity is a function of the repricing characteristics of Mid Penn's portfolio of assets and liabilities. Each asset and liability reprices either at maturity or during the life of the instrument. Interest rate sensitivity is measured as the difference between the volume of assets and liabilities that are subject to repricing in a future period of time.
The principal purpose of asset-liability management is to maximize current and future net interest income within acceptable levels of interest rate risk while satisfying liquidity and capital requirements. Net interest income is increased by increasing the net interest margin and by volume growth. Thus, the goal of interest rate risk management is to maintain a balance between risk and reward such that net interest income is maximized while risk is maintained at an acceptable level.
Mid Penn utilizes an asset-liability management model to measure the impact of interest rate movements on its interest rate sensitivity position. Mid Penn’s management also reviews the traditional maturity gap analysis regularly. Mid Penn does not always attempt to achieve an exact match between interest sensitive assets and liabilities because it believes that an actively managed amount of interest rate risk is inherent and appropriate in the management of Mid Penn’s profitability.
Modeling techniques and simulation analysis involve assumptions and estimates that inherently cannot be measured with complete precision. Key assumptions in the analyses include maturity and repricing characteristics of assets and liabilities, prepayments on amortizing assets, non-maturing deposit sensitivity, and loan and deposit pricing. These assumptions are inherently uncertain due to the timing, magnitude and frequency of rate changes and changes in market conditions and management strategies, among other factors. However, the analyses are useful in quantifying risk and provide a relative gauge of Mid Penn’s interest rate risk position over time.
Management reviews interest rate risk on a quarterly basis. This analysis includes earnings scenarios whereby interest rates are increased or decreased by 100, 200, 300 and 400 bps. These scenarios, detailed in the table below, indicate that Mid Penn would experience enhanced net interest income over a one-year time frame due to downward interest rate changes, while an increase in interest rates would result in a decline in net interest income over a one-year time frame; however, actual results could vary significantly from the calculations prepared by management. At September 30, 2024, all interest rate risk levels according to the model were within the tolerance limits of the Board-approved policy.
Change in
Basis Points		% Change in
Net Interest Income		Policy
Risk Limit
4008.30%≥ -25%
3006.10%≥ -20%
2004.00%≥ -15%
1002.00%≥ -10%
(100)(1.80)%≥ -10%
(200)(3.90)%≥ -15%
(300)(6.10)%≥ -20%
(400)(8.90)%≥ -25%
ITEM 4 – CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Mid Penn maintains controls and procedures designed to ensure that information required to be disclosed in the reports that Mid Penn files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures as of September 30, 2024, Mid Penn’s management, with the participation of the Principal Executive Officer and Principal Financial Officer, concluded that the disclosure controls and procedures were effective as of such date.
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Changes in Internal Controls
There were no changes in Mid Penn’s internal control over financial reporting that have materially affected, or are reasonable likely to materially affect, Mid Penn’s internal control over financial reporting during the nine months ended September 30, 2024.
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PART II – OTHER INFORMATION
ITEM 1 – LEGAL PROCEEDINGS
Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties. While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.
In addition, management does not know of any material proceedings contemplated by governmental authorities against Mid Penn or any of its properties.
ITEM 1A – RISK FACTORS
Management has reviewed the risk factors that were previously disclosed in the 2023 Annual Report and subsequent reports filed with the SEC to determine if there were material changes applicable to the nine months ended September 30, 2024. Aside from the following risk factors, there have been no material changes to the risk factors that were previously disclosed in the 2023 Annual Report.

Risks Related to the Merger

Failure to complete the Merger could negatively affect our market price, future business and financial results.

Although we anticipate closing the Merger in the second quarter of 2025, we cannot guarantee when, or whether, the Merger will be completed. If the Merger is not completed for any reason, we will be subject to a number of material risks, including the following:
•Costs related to the Merger, such as legal, accounting and financial advisory fees, and, in specific circumstances, additional reimbursement and termination fees, must be paid even if the Merger is not completed.
•Declines in our market price to the extent that the current market price of our common stock already reflects a market assumption that the Merger will be completed.
•The diversion of management’s attention from the day-to-day business operations and the potential disruption to each company’s employees and business relationships during the period before the completion of the Merger may make it difficult to regain financial and market positions if the Merger does not occur.
•Becoming subject to litigation related to any failure to complete the Merger.

Regulatory waivers and approvals may not be received or may be received and subsequently expire, be revoked or be amended to impose conditions that are not presently anticipated or cannot be met.

Before the transactions contemplated in the Merger Agreement, including the Merger, may be completed, various waivers, approvals or consents must be obtained from various bank regulatory and other authorities, including the Board of Governors of the Federal Reserve System, the FDIC, and the Pennsylvania Department of Banking and Securities. In determining whether to grant these approvals, regulatory authorities consider a variety of factors, including the regulatory standing of each party. These approvals could be delayed or not obtained at all, including due to any or all of the following: an adverse development in any party’s regulatory standing or any other factors considered by regulators in granting such approvals; governmental, political, or community group inquiries, investigations or opposition; or changes in legislation or
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the political or regulatory environment generally, including as a result of changes of the U.S. executive administration, or Congressional leadership and regulatory agency leadership.
Even if the approvals are granted, they may impose terms and conditions, limitations, obligations or costs, or place restrictions on the conduct of the combined company’s business or require changes to the terms of the transactions contemplated by the Merger Agreement. There can be no assurance that regulators will not impose any such conditions, limitations, obligations, or restrictions or that such conditions, limitations, obligations, or restrictions will not have the effect of delaying the completion of any of the transactions contemplated by the Merger Agreement, imposing additional material costs on or materially limiting the revenues of the combined company following the Merger or otherwise reduce the anticipated benefits of the Merger if the Merger were completed successfully within the expected timeframe. In addition, there can be no assurance that any such conditions, limitations, obligations, or restrictions will not result in the delay or abandonment of the Merger. The completion of the Merger is conditioned on the receipt of the requisite regulatory approvals without the imposition of any materially burdensome regulatory condition and the expiration of all statutory waiting periods. Additionally, the completion of the Merger is conditioned on the absence of certain orders, injunctions, or decrees issued by any court or any governmental entity of competent jurisdiction that would prevent, prohibit, or make illegal the completion of the Merger or any of the other transactions contemplated by the Merger Agreement.

Despite the parties’ expected commitment to use their reasonable best efforts to respond to any request for information and resolve any objection that may be asserted by any governmental entity with respect to the Merger Agreement, neither party is required under the terms of the Merger Agreement to take any action, commit to take any action, or agree to any condition or restriction in connection with obtaining these approvals, that would reasonably be expected to have a material adverse effect on the combined company and its subsidiaries, taken as a whole, after giving effect to the proposed Merger.

Further, such approvals are subject to expiration if the transaction is not consummated within the time period provided in the approval.

Combining Mid Penn and William Penn may be more difficult, costly or time consuming than expected, and we may fail to realize the anticipated benefits of the Merger.

The success of the Merger will depend on, among other things, our ability to integrate William Penn into our business in a manner that facilitates growth opportunities and achieves the anticipated benefits of the Merger, including those described under “Summary—Recent Developments—William Penn Transaction.” If we are not able to successfully achieve these objectives, the anticipated benefits of the Merger may not be realized fully or at all or may take longer to realize than expected. In addition, the actual cost and savings and anticipated benefits of the Merger could be less than anticipated, and integration may result in additional unforeseen expenses.

Litigation relating to the Merger could require us to incur significant costs and suffer management distraction, as well as delay and/or enjoin the Merger.

Neither William Penn nor Mid Penn is currently able to predict the outcome of any suit arising out of or relating to the proposed transaction that may be filed in the future. If any letters or complaints are filed, absent allegations that are material, William Penn and Mid Penn will not necessarily announce such filings.

William Penn and Mid Penn could be subject to demands or litigation related to the Merger, whether or not the Merger is consummated. Such actions may create additional uncertainty relating to the Merger, and responding to such demands and defending such actions may be costly and distracting to management. Although there can be no assurance as to the ultimate outcomes of any demand or any subsequent litigation, we do not believe that the resolution of such demands or any subsequent litigation will have a material adverse effect on our financial position, results of operations or cash flow.

We and William Penn will be subject to various uncertainties while the Merger is pending that could adversely affect our financial results or the anticipated benefits of the Merger.

Uncertainty about the effect of the Merger on counterparties to contracts, employees and other parties may have an adverse effect on us or the anticipated benefits of the Merger. These uncertainties could cause contract counterparties and others who deal with us or William Penn to seek to change existing business relationships with us or William Penn, and may impair our or William Penn’s ability to attract, retain and motivate key personnel until the Merger is completed and for a period of time thereafter. Employee retention and recruitment may be particularly challenging prior to the completion of
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the Merger, as our employees and prospective employees, and the employees and prospective employees of William Penn, may experience uncertainty about their future roles with us following the Merger.
The pursuit of the Merger and the preparation for the integration of the two companies may place a significant burden on management and internal resources. Any significant diversion of management attention away from ongoing business and any difficulties encountered in the transition and integration process could affect our financial results prior to and/or following the completion of the Merger and could limit us from pursuing attractive business opportunities and making other changes to our business prior to completion of the Merger or termination of the Merger Agreement.

William Penn may have liabilities that are not known to us.

In connection with the Merger, we will assume all of William Penn’s liabilities by operation of law. There may be liabilities that we failed or were unable to discover in the course of performing due diligence investigations into William Penn, or we may not have correctly assessed the significance of certain liabilities of William Penn identified in the course of our due diligence. Any such liabilities, individually or in the aggregate, could have an adverse effect on our business, financial condition, and results of operations.

We expect to incur substantial transaction costs in connection with the Merger.

We expect to incur a significant amount of non-recurring expenses in connection with the Merger, including legal, accounting, consulting and other expenses. In general, these expenses are payable by us whether or not the Merger is completed. Additional unanticipated costs may be incurred following consummation of the Merger in the course of the integration of our businesses and the business of William Penn. We cannot be certain that the elimination of duplicative costs or the realization of other efficiencies related to the integration of the two businesses will offset the transaction and integration costs in the near term, or at all.

The unaudited pro forma financial information incorporated by reference into this prospectus supplement is presented for illustrative purposes only and does not purport to be indicative of our financial condition or results of operations following the completion of the Merger.

The unaudited pro forma financial information incorporated by reference into this prospectus supplement is presented for illustrative purposes only, is based on various adjustments, assumptions and preliminary estimates and may not be an indication of our financial condition or results of operations following the consummation of the offering made pursuant to this prospectus supplement or the Merger for several reasons. Our actual financial condition and results of operations following the consummation of the offering made pursuant to this prospectus supplement and the Merger may not be consistent with, or evident from, these pro forma financial statements. In addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate, and other factors may affect our financial condition or results of operations following the consummation of the offering made pursuant to this prospectus supplement and the Merger. Our potential for future business success and operating profitability must be considered in light of the risks, uncertainties, expenses and difficulties typically encountered by recent combined companies.

The Merger may be completed on different terms from those contained in the Merger Agreement.

Prior to the completion of the Merger, we and William Penn may, by mutual agreement, amend or alter the terms of the Merger Agreement, including with respect to, among other things, the Merger consideration or any covenants or agreements with respect to the parties’ respective operations during the pendency of the Merger Agreement. Any such amendments or alterations may have negative consequences to us.

The Merger will not be completed unless important conditions are satisfied or waived, including approval of the Merger Agreement by our shareholders and William Penn’s shareholders.

Specified conditions set forth in the Merger Agreement must be satisfied or waived to complete the Merger. If the conditions are not satisfied or, subject to applicable law, waived, the Merger will not occur or will be delayed and each of William Penn and us may lose some or all of the intended benefits of the Merger.

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ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(1)None.
(2)None.

Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 24, 2025 by Mid Penn’s Board of Directors on April 24, 2024. The Program authorizes the repurchase of up to $15.0 million of Mid Penn’s outstanding common stock. Under the Program, Mid Penn conducts repurchases of its common stock through open market transactions (which may be by means of a trading plan adopted under SEC Rule 10b5-1) or in privately negotiated transactions. Repurchases under the Program are made at the discretion of management and are subject to market conditions and other factors. There is no guarantee as to the exact number of shares that Mid Penn may repurchase. The Program is able to be modified, suspended or terminated at any time, at Mid Penn’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors Mid Penn deems appropriate. The Program does not obligate Mid Penn to repurchase any shares. During the nine months ended September 30, 2024, Mid Penn repurchased 15,500 shares of common stock at an average price of $20.81. As of September 30, 2024, Mid Penn repurchased 440,722 shares of common stock under the Program.
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ITEM 3 – DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 – MINE SAFETY DISCLOSURES
Not Applicable
ITEM 5 – OTHER INFORMATION
During the three months ended September 30, 2024, none of Mid Penn’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Mid Penn’s common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(c) of Regulation S-K.
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ITEM 6 – EXHIBITS

3.1
The Registrant’s Articles of Incorporation. (Incorporated by reference to Exhibit 3.1 to Registrant's Quarterly Report on form 10-Q with the SEC on May 9, 2023.)
3.2
The Registrant’s By-laws. (Incorporated by reference to Exhibit 3.1 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 28, 2024.)
31.1
31.2
32
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Mid Penn Bancorp, Inc.
(Registrant)
By:/s/ Rory G. Ritrievi
Rory G. Ritrievi
President and CEO
(Principal Executive Officer)
Date:
November 7, 2024
By:
/s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
(Principal Financial Officer)
Date:
November 7, 2024
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