Companies: 10,793     total market cap: A$197.591 T
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Mid Penn Bancorp
MPB
#6297
Rank
A$1.21 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$48.04
Share price
2.46%
Change (1 day)
17.60%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Mid Penn Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Mid Penn Bancorp - 10-Q quarterly report FY2025 Q2


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 June 30, 2025
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 July 31, 2025, the registrant had 22,998,832 shares of common stock outstanding, par value $1.00 per share.

1
Table of Contents
FORM 10-Q
TABLE OF CONTENTS
PART 1 – FINANCIAL INFORMATION
Item 1 – Financial Statements
4
Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited)
4
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)
5
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)
7
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)
9
Notes to Consolidated Financial Statements (Unaudited)
11
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
51
Item 3 – Quantitative and Qualitative Disclosures about Market Risk
75
Item 4 – Controls and Procedures
76
PART II – OTHER INFORMATION
77
Item 1 – Legal Proceedings
77
Item 1A – Risk Factors
77
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
78
Item 3 – Defaults upon Senior Securities
79
Item 4 – Mine Safety Disclosures
79
Item 5 – Other Information
79
Item 6 – Exhibits
80
Signatures
81
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.
2
Table of Contents
GLOSSARY OF DEFINED ACRONYMS AND TERMS
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)
CCLProvision for Credit Losses - Credit Commitments
CDCertificate of Deposit
CECLCurrent Expected Credit Losses as defined by FASB ASC Topic 326
CRECommercial Real Estate
DCFDiscounted Cash Flow
DIFFDIC’s Deposit Insurance Fund
DRIPDividend Reinvestment Plan
EPSEarnings per share
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank of Pittsburgh
FICOFair Isaac Corporation credit scoring model
FOMCFederal Open Market Committee
FTEFully taxable-equivalent
HELOCHome Equity Line of Credit
HFSHeld for Sale
HTMHeld to Maturity
GAAPAccounting principles generally accepted in the United States of America
GDPGross domestic product
LGDLoss Given Default
LHFILoans held for investment
LoansLoans, net of unearned income
Management DiscussionManagement's Discussion and Analysis of Financial Condition and Results of Operations
MergerMerger acquisition of William Penn
Mid Penn or the CorporationMid Penn Bancorp, Inc.
NASDAQMajor stock exchange where the Corporation's shares are traded
OBSOff-Balance Sheet
OCIOther Comprehensive Income
OREOOther Real Estate Owned
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
William PennWilliam Penn Bancorporation
3
Table of Contents
MID PENN BANCORP, INC.



PART 1 – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share data)June 30, 2025December 31, 2024
ASSETS
Cash and due from banks$52,671 $37,002 
Interest-bearing balances with other financial institutions22,828 14,490 
Federal funds sold261,353 19,072 
Total cash and cash equivalents336,852 70,564 
Investment securities:
HTM, at amortized cost (fair value $331,798 and $340,648, respectively)
364,029 382,447 
AFS, at fair value (amortized cost $421,289 and $284,770, respectively)
404,745 260,477 
Equity securities, at fair value437 428 
Loans held for sale, at fair value6,101 7,064 
Loans, net of unearned income4,832,898 4,443,070 
Less: ACL - Loans(37,615)(35,514)
Net loans 4,795,283 4,407,556 
Premises and equipment, net47,732 38,806 
Operating lease right of use asset15,026 7,699 
Finance lease right of use asset2,458 2,548 
Cash surrender value of life insurance94,770 51,521 
Restricted investment in bank stocks7,110 7,461 
Accrued interest receivable28,546 26,846 
Deferred income taxes35,333 22,747 
Goodwill135,473 128,160 
Core deposit and other intangibles, net16,531 6,242 
Foreclosed assets held for sale9,816 44 
Other assets54,301 50,326 
Total Assets$6,354,543 $5,470,936 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$857,072 $759,169 
Interest-bearing transaction accounts2,772,739 2,319,753 
Time1,819,853 1,611,005 
Total Deposits5,449,664 4,689,927 
Short-term borrowings— 2,000 
Long-term debt23,374 23,603 
Subordinated debt37,303 45,741 
Operating lease liability15,342 8,092 
Accrued interest payable13,421 13,484 
Other liabilities39,731 33,071 
Total Liabilities5,578,835 4,815,918 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at June 30, 2025 and December 31, 2024; 23,418,728 issued at June 30, 2025 and 19,796,519 at December 31, 2024; 22,915,194 outstanding at June 30, 2025 and 19,355,797 at December 31, 2024
23,419 19,797 
Additional paid-in capital584,291 480,491 
Retained earnings191,574 181,597 
Accumulated other comprehensive loss(11,756)(16,825)
Treasury stock, at cost; 503,534 shares at June 30, 2025 and December 31, 2024
(11,820)(10,042)
Total Shareholders’ Equity775,708 655,018 
Total Liabilities and Shareholders' Equity$6,354,543 $5,470,936 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share data)2025202420252024
INTEREST INCOME
Loans, including fees $72,469 $66,096 $139,006 $129,332 
Investment securities:  
Taxable4,637 4,143 9,097 8,183 
Tax-exempt344 371 692 747 
Other interest-bearing balances142 347 280 750 
Federal funds sold2,428 282 2,689 418 
Total Interest Income80,020 71,239 151,764 139,430 
INTEREST EXPENSE  
Deposits30,981 28,463 59,245 54,795 
Short-term borrowings86 3,324 376 7,770 
Long-term and subordinated debt747 686 1,428 1,643 
Total Interest Expense31,814 32,473 61,049 64,208 
Net Interest Income48,206 38,766 90,715 75,222 
   Provision for credit losses - loans2,245 1,782 2,566 1,163 
Provision/(Benefit) for credit losses - credit commitments24 (178)4 (496)
  Net provision for credit losses2,269 1,604 2,570 667 
Net Interest Income After Provision/Benefit for Credit Losses45,937 37,162 88,145 74,555 
NONINTEREST INCOME  
Fiduciary and wealth management1,406 1,129 2,546 2,261 
ATM debit card interchange958 973 1,877 1,918 
Service charges on deposits652 539 1,214 1,048 
Mortgage banking 676 628 1,267 1,052 
Mortgage hedging(7)— (16)— 
Net gain on sales of SBA loans63 74 120 181 
Earnings from cash surrender value of life insurance491 301 765 585 
Other 1,904 1,685 3,609 4,121 
Total Noninterest Income6,143 5,329 11,382 11,166 
NONINTEREST EXPENSE  
Salaries and employee benefits20,753 15,533 37,062 30,995 
Software licensing and utilization3,272 2,208 5,846 4,328 
Occupancy, net2,365 1,861 4,639 3,843 
Equipment1,248 1,287 2,342 2,509 
Shares tax606 124 1,525 1,121 
Legal and professional fees993 689 1,819 1,687 
ATM/card processing621 510 1,354 1,044 
Intangible amortization744 425 1,172 853 
FDIC Assessment994 1,232 1,984 2,177 
Gain/(Loss) on sale of foreclosed assets, net— 42 (28)42 
Merger and acquisition 11,011 — 11,325 — 
Other 5,191 4,313 9,400 8,145 
Total Noninterest Expense47,798 28,224 78,440 56,744 
INCOME BEFORE PROVISION FOR INCOME TAXES4,282 14,267 21,087 28,977 
(Benefit)/Provision for income taxes(480)2,496 2,583 5,073 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$4,762 $11,771 $18,504 $23,904 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.22 $0.71 $0.90 $1.44 
Diluted Earnings Per Common Share$0.22 $0.71 $0.89 $1.44 
Weighted-average basic shares outstanding21,566,617 16,576,283 20,467,349 16,572,102 
Weighted-average diluted shares outstanding21,599,435 16,605,353 20,768,834 16,608,863 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In Thousands)2025202420252024
Net income$4,762 $11,771 $18,504 $23,904 
Other comprehensive income/(loss):
Unrealized gains/(losses) arising during the period on available for sale securities, net of income tax.
2,755 (201)6,411 (1,912)
Unrealized holding (losses)/gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax.
(338)28 (1,322)1,438 
Change in defined benefit plans, net of income tax.(1)
(10)(3)6 5 
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax.(2)
— — (26)(17)
Total other comprehensive income/(loss)2,407 (176)5,069 (486)
Total comprehensive income$7,169 $11,595 $23,573 $23,418 
(1)The change in defined benefit plans consists primarily of unrecognized actuarial 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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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, 202519,796,519 $19,797 $480,491 $181,597 $(16,825)$(10,042)$655,018 
Net income— — — 13,742 — — 13,742 
Total other comprehensive income— — — — 2,662 — 2,662 
Common stock cash dividends declared, $0.20 per share
— — — (3,870)— — (3,870)
Repurchased stock— — — — — — — 
Employee Stock Purchase Plan 5,311 5 132 — — — 137 
Director Stock Purchase Plan986 1 25 — — — 26 
Restricted stock activity— — 218 — — — 218 
Balance, March 31, 202519,802,816 19,803 480,866 191,469 (14,163)(10,042)667,933 
Net income— — — 4,762 — — 4,762 
Total other comprehensive income— — — — 2,407 — 2,407 
Common stock cash dividends declared, $0.20 per share
— — — (4,657)— — (4,657)
Common stock issued in business combination (1)
3,506,795 3,507 99,699 — — — 103,206 
Stock options exercised31,323 31 3,333 — — — 3,364 
Repurchased stock — — — — — (1,778)(1,778)
Employee Stock Purchase Plan4,636 5 115 — — — 120 
Director Stock Purchase Plan901 1 24 — — — 25 
Restricted stock activity 72,257 72 254 — — — 326 
Balance, June 30, 202523,418,728 $23,419 $584,291 $191,574 $(11,756)$(11,820)$775,708 
(1) Shares issued on April 30, 2025 as a result of the William Penn acquisition. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
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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, 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— — — — (310)— (310)
Common stock cash dividends declared, $0.20 per share
— — — (3,314)— — (3,314)
Repurchased stock— — — — — (323)(323)
Employee Stock Purchase Plan5,653 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— — — — (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 activity38,365 39 267 — — — 306 
Balance, June 30, 202417,051,236 $17,051 $406,544 $163,256 $(17,123)$(10,042)$559,686 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
(In thousands)20252024
Operating Activities:
Net Income$18,504 $23,904 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses2,570 667 
Depreciation2,305 2,433 
Amortization of intangibles1,172 853 
Net amortization of security discounts/premiums132 201 
Noncash operating lease expense1,335 1,028 
Amortization of finance lease right of use asset90 89 
Loss on sales of investment securities243 — 
Earnings on cash surrender value of life insurance(765)(585)
Mortgage loans originated for sale(31,868)(50,023)
Proceeds from sales of mortgage loans originated for sale34,098 46,510 
Gain on sale of mortgage loans(1,267)(1,052)
SBA loans originated for sale(1,783)(2,437)
Proceeds from sales of SBA loans originated for sale1,903 2,618 
Gain on sale of SBA loans(120)(181)
Gain on sale of property, plant, and equipment(10)(43)
(Gain)/loss on sale or write-down of foreclosed assets(28)42 
Discount on subordinated debt(307)(307)
Stock compensation expense544 590 
Change in deferred income taxes1,451 (178)
Decrease/(Increase) in accrued interest receivable571 (1,561)
Decrease/(Increase) in other assets4,586 (2,263)
(Decrease)/Increase in accrued interest payable(92)3,882 
Increase/(Decrease) in operating lease liability 4,928 (941)
Increase in other liabilities2,310 7,196 
Net Cash Provided By Operating Activities40,502 30,442 
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities19,430 13,164 
Purchases of available-for-sale securities(155,899)— 
Proceeds from the maturity or call of held-to-maturity securities18,295 5,642 
Stock dividends received on FHLB and other bank stock218 682 
Reduction of restricted investment in bank stock133 2,156 
Net cash received from acquisitions218,112 — 
Net decrease/(increase) in loans 5,158 (111,525)
Purchases of bank premises and equipment(4,483)(646)
Proceeds from the sale of premises and equipment120 821 
Proceeds from the sale of foreclosed assets72 — 
Proceeds from bank-owned life insurance444 1,784 
Net change in investments in tax credits and other partnerships1,202 (976)
Net Cash Provided by (Used in) Investing Activities102,802 (88,898)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net increase in deposits139,977 150,799 
Common stock dividends paid(8,527)(6,630)
Proceeds from Employee and Director Stock Purchase Plan stock issuance308 281 
Treasury stock purchased(1,778)(323)
Net change in finance lease liability(72)(63)
Net change in short-term borrowings(2,000)(41,532)
Long-term debt repayment(157)(35,113)
Subordinated debt redemption(8,131)— 
  Cash paid in lieu of fractional shares (7)— 
  Exercise of stock options3,364 — 
Net Cash Provided by Financing Activities122,977 67,419 
Net increase in cash and cash equivalents266,281 8,963 
Cash and cash equivalents, beginning of period70,564 96,763 
Cash and cash equivalents, end of period$336,845 $105,726 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$61,112 $60,326 
Cash paid for income taxes399 — 
Supplemental Noncash Disclosures:
Recognition of operating lease right of use assets$2,322 $— 
Recognition of operating lease liabilities2,322 — 
Loans transferred to foreclosed assets held for sale9,816 164 
  Fair value of assets acquired in business combination, excluding cash (1)
$688,669 $— 
Goodwill recorded (1)
7,313 — 
Fair value of liabilities assumed in business combination (1)
630,181 — 
Fair value of shares issued in business combination (2)
103,213 — 
(1)     Includes the impact of the William Penn acquisition on April 30, 2025 and the Charis Insurance Group acquisition on May 12, 2025. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
(2) Includes the impact of the William Penn acquisition on April 30, 2025.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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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 Individual Retirement Accounts. 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 five 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 five wholly-owned nonbank subsidiaries, MPB Realty, LLC, 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 June 30, 2025, 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 June 30, 2024 and December 31, 2024 balances have been reclassified, when necessary, to conform to the 2025 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 2024 Annual Report.
Subsequent Events
Mid Penn has evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2025 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. There were no events or transactions that occurred subsequent to the balance sheet date that would require adjustment or disclosure to the financial statements.
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
Accounting Standards Pending Adoption
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 2023-09: 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, 2024. ASU 2023-09 is not expected to have a significant impact on the Corporation's financial statements.

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.

ASU 2024-03: The FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The amendments in the ASU improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is not expected to have a significant impact on the Corporation's financial statements.

ASU 2024-04: The FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments

The amendments in the ASU clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in the ASU are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. ASU 2024-04 is not expected to have a significant impact on the Corporation's financial statements.


ASU 2025-01 - The FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

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The amendments in the ASU clarify the effective date of ASU 2024-03 which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in the ASU are effective for the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2025-01 is not expected to have a significant impact on the Corporation's financial statements.


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Note 2 - Business Combinations
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 value of identifiable assets acquired.
Mid Penn incurred expenses related to the Commonwealth Benefits Group acquisition of $545 thousand for the year ended December 31, 2024, which is included in noninterest expense in the Consolidated Statements of Income.
Charis Insurance Group, Inc. Acquisition
On May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, Inc. (Charis Insurance Group), which provides business, home and auto insurance throughout central and southern Pennsylvania, for a cash purchase price of $4.0 million.
Mid Penn has recognized total goodwill of $1.6 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired.
Mid Penn incurred expenses related to the Charis Insurance Group acquisition of $164 thousand for the six months ended June 30, 2025, which is included in noninterest expense in the Consolidated Statements of Income.
William Penn Acquisition
On April 30, 2025, Mid Penn completed its acquisition of 100% of the outstanding shares of William Penn through the merger of William Penn with and into Mid Penn.

This transaction included the acquisition of 12 branches, further expanding Mid Penn's presence in the Philadelphia region and surrounding counties in Pennsylvania and New Jersey.

The merger was an all-stock transaction valued at approximately $103.2 million, based on the company's common stock closing price of $29.05 on April 30, 2025. Each share of William Penn common stock issued and outstanding as of April 30, 2025, was converted into 0.426 shares of Mid Penn common stock. As a result of the acquisition, Mid Penn issued 3,506,795 shares of Mid Penn common stock as consideration for the $103.2 million purchase price. The Company also granted replacement awards for 538,447 stock options, with a fair value of $3.1 million to continuing employees of William Penn. Of this amount, $1.3 million related to pre-combination vesting and was included in purchase price consideration, and $1.8 million related to post-combination vesting and will be recognized as expense of the combined company over the remaining vesting period.

Mid Penn has recognized total Goodwill of $5.7 million, and a core deposit intangible asset of $9.0 million as a result of this acquisition. This is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired. Goodwill is primarily comprised of expected synergies and an assembled workforce. Goodwill is not deductible for income tax purposes.

Mid Penn incurred expenses related to the William Penn acquisition of $10.8 million and $11.2 million for the three and six months ended June 30, 2025, respectively, which is included in noninterest expense in the Consolidated Statements of Income.

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 William Penn Acquisition, Mid Penn acquired PCD loans and leases of $358
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thousand. The non-credit discount on the PCD loans and leases was $15 thousand and the Day 1 fair value was $343 thousand. The initial provision expense for non-PCD loans associated with the William Penn Acquisition was $2.3 million.
Estimated fair values of the assets acquired and liabilities assumed in the William Penn Acquisition as of the closing date are as follows:
(In thousands)
Assets acquired:
Cash and cash equivalents$41,404 
Federal funds sold553 
Investment securities186,564 
Loans405,271 
Core deposit intangible9,002 
Premises and equipment6,858 
Operating lease right of use asset6,340 
Cash surrender value of life insurance42,928 
Deferred income taxes15,399 
Accrued interest receivable2,271 
Other assets11,094 
Total assets acquired$727,684 
Liabilities assumed:
Deposits:
Noninterest-bearing demand$61,677 
Interest-bearing demand121,521 
Money Market178,285 
Savings76,983 
Time181,293 
Operating lease liability6,340 
Accrued interest payable29 
Other liabilities4,052 
Total liabilities assumed$630,181 
Consideration transferred$103,213 
Fair value of common stock issued103,206 
Cash paid in lieu of fractional shares7 
Total$103,213 
Reconciliation to Consideration Transferred:
Total assets acquired$727,684 
Total liabilities assumed630,181 
Net assets acquired97,503 
Goodwill5,710 
Consideration transferred$103,213 

The fair values of assets acquired and liabilities assumed are based on preliminary estimates and, as permitted under GAAP, Mid Penn has up to twelve months following the date of the Merger to finalize the fair values of the acquired assets and assumed liabilities related to the merger. During this measurement period, Mid Penn may record subsequent
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adjustments to goodwill for provisional amounts recorded at the merger date, with provisional merger-related tax adjustments.

From the acquisition date of April 30, 2025 through June 30, 2025, William Penn contributed approximately $4.4 million of total revenue and $693 thousand of net income to Mid Penn's consolidated results for the three months ended June 30, 2025.

The following supplemental pro forma information presents certain financial results for the three and six months ended June 30, 2025 and 2024 as if the merger of William Penn was effective as of January 1, 2024. The supplemental unaudited pro forma financial information included in the table below is based on various estimates and is presented for informational purposes only and does not indicate the results of operations of the combined company that would have been achieved for the periods presented had the transaction been completed as of the date indicated or that may be achieved in the future.

(In thousands)Three Months Ended June 30, Six Months Ended June 30,
2025202420252024
Net interest income after provision for credit losses - loans$49,705 $41,445 $96,429 $83,024 
Noninterest income7,741 5,962 12,517 12,627 
Noninterest expense47,876 33,443 78,619 67,034 
Net income$5,642 $11,494 $18,932 $23,638 
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Note 3 - Investment Securities
AFS Securities
At June 30, 2025, the fair value of AFS securities totaled $404.7 million. At June 30, 2025, no securities were identified that violated 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 June 30, 2025, accrued interest receivable totaled $1.8 million for AFS securities, and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
HTM Securities
At June 30, 2025, Mid Penn’s HTM securities totaled $364.0 million. The Company primarily held highly rated HTM securities, including taxable and tax-exempt securities issued mainly by the U.S government, state governments, and political subdivisions. As of June 30, 2025, the majority of Mid Penn's HTM securities were rated as A1/BBB by Moody's and/or Standard & Poor's ratings services. Credit ratings of HTM securities, which are a key factor in estimating expected credit losses, are reviewed on a quarterly basis.
At June 30, 2025, 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 June 30, 2025. Therefore, no allowance for credit losses was recorded as of June 30, 2025.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. At June 30, 2025, accrued interest receivable totaled $1.6 million for HTM securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
The following tables set forth the amortized cost and estimated fair value of investment securities for the periods presented:
June 30, 2025
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$17,800 $— $419 $17,381 
Mortgage-backed U.S. government agencies357,124 1,571 14,650 344,045 
State and political subdivision obligations4,337 — 670 3,667 
Corporate debt securities42,028 127 2,503 39,652 
Total available-for-sale debt securities421,289 1,698 18,242 404,745 
Held-to-maturity
U.S. Treasury and U.S. government agencies$233,510 $— $20,675 $212,835 
Mortgage-backed U.S. government agencies34,908 1 4,383 30,526 
State and political subdivision obligations73,165 2 5,859 67,308 
Corporate debt securities22,446 — 1,317 21,129 
Total held-to-maturity debt securities364,029 3 32,234 331,798 
Total$785,318 $1,701 $50,476 $736,543 
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December 31, 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$22,247 $— $740 $21,507 
Mortgage-backed U.S. government agencies222,464 11 19,531 202,944 
State and political subdivision obligations4,309 — 713 3,596 
Corporate debt securities35,750 — 3,320 32,430 
Total available-for-sale debt securities$284,770 $11 $24,304 $260,477 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$241,941 $— $28,133 $213,808 
Mortgage-backed U.S. government agencies37,593 — 5,508 32,085 
State and political subdivision obligations77,462 — 6,840 70,622 
Corporate debt securities25,451 — 1,318 24,133 
Total held-to-maturity debt securities382,447 — 41,799 340,648 
Total$667,217 $11 $66,103 $601,125 
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 $490.7 million at June 30, 2025 and $440.0 million at December 31, 2024 were pledged primarily 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 $158.6 million as of June 30, 2025 and $156.0 million as of December 31, 2024.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
June 30, 2025Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies—$— $— 10$17,381 $419 10$17,381 $419 
Mortgage-backed U.S. government agencies23225,167 1,019 89118,878 13,631 112344,045 14,650 
State and political subdivision obligations136 — 83,631 670 93,667 670 
Corporate debt securities410,319 — 1729,333 2,503 2139,652 2,503 
Total available-for-sale debt securities28$235,522 $1,019 124$169,223 $17,223 152$404,745 $18,242 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies—— — 138212,835 20,675 138212,835 20,675 
Mortgage-backed U.S. government agencies3282 — 6130,244 4,383 6430,526 4,383 
State and political subdivision obligations83,185 15 15864,123 5,844 16667,308 5,859 
Corporate debt securities48,488 8 1012,641 1,309 1421,129 1,317 
Total held-to-maturity debt securities1511,955 23 367319,843 32,211 382331,798 32,234 
Total43$247,477 $1,042 491$489,066 $49,434 534$736,543 $50,476 
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(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2024Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies—$— $— 12$21,507 $740 12$21,507 $740 
Mortgage-backed U.S. government agencies972,499 1,847 91130,445 17,684 100202,944 19,531 
State and political subdivision obligations—— — 83,596 713 83,596 713 
Corporate debt securities—— — 1832,430 3,320 1832,430 3,320 
Total available-for-sale securities972,499 1,847 129187,978 22,457 138260,477 24,304 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies—$— $— 143$213,808 $28,133 143$213,808 $28,133 
Mortgage-backed U.S. government agencies2163 1 6231,922 5,507 6432,085 5,508 
State and political subdivision obligations83,176 30 16967,446 6,810 17770,622 6,840 
Corporate debt securities410,500 — 1113,633 1,318 1524,133 1,318 
Total held to maturity securities1413,839 31 385326,809 41,768 399340,648 41,799 
Total23$86,338 $1,878 514$514,787 $64,225 537$601,125 $66,103 
At June 30, 2025 and 2024, the majority of the unrealized losses on securities in an unrealized loss position were attributable to U.S. Treasury and U.S. government agencies, and mortgage-backed U.S. government agencies.

Mid Penn had no securities considered by management to be credit related losses as of June 30, 2025 and 2024, and did not record any securities losses in the respective periods ended on these dates. Mid Penn does not consider the securities with unrealized losses on the respective dates to be credit related losses as the unrealized losses were deemed to be temporary changes in value related to market movements in interest yields at various periods similar to the maturity dates of holdings in the investment portfolio, and not reflective of an erosion of credit quality.
There were no gross realized gains and losses on sales of available-for-sale debt securities for the six months ended June 30, 2025 and 2024.
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
June 30, 2025Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in 1 year or less$7,000 $6,942 $23,502 $23,262 
Due after 1 year but within 5 years21,450 20,989 146,772 138,790 
Due after 5 years but within 10 years34,871 32,140 145,251 128,203 
Due after 10 years844 629 13,596 11,017 
64,165 60,700 329,121 301,272 
Mortgage-backed securities357,124 344,045 34,908 30,526 
$421,289 $404,745 $364,029 $331,798 
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Note 4 - Loans and Allowance for Credit Losses - Loans
Loans, net of unearned income, are summarized as follows by portfolio segment:
(In thousands)June 30, 2025December 31, 2024
Commercial real estate
CRE Nonowner Occupied$1,342,512 $1,251,010 
CRE Owner Occupied708,782 624,007 
Multifamily392,802 412,900 
Farmland227,953 224,709 
Total Commercial real estate2,672,049 2,512,626 
Commercial and industrial
730,560 705,392 
Construction
Residential Construction96,503 99,399 
Other Construction322,642 326,171 
Total Construction419,145 425,570 
Residential mortgage
1-4 Family 1st Lien412,000 313,592 
1-4 Family Rental417,755 336,636 
HELOC and Junior Liens173,123 140,392 
Total Residential Mortgage1,002,878 790,620 
Consumer8,266 8,862 
Total loans$4,832,898 $4,443,070 

Total loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs. Net deferred loan fees were $3.6 million and $3.8 million as of June 30, 2025 and December 31, 2024, respectively.
Accrued interest receivable is not included in the amortized cost basis of Mid Penn's loans. Accrued interest receivable for loans totaled $24.7 million and $22.9 million as of June 30, 2025 and December 31, 2024, 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 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 June 30, 2025 and December 31, 2024, 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
June 30, 2025
Commercial real estate
CRE Nonowner Occupied$1,657 $329 $6,028 $8,014 $1,334,498 $1,342,512 $— 
CRE Owner Occupied3,119 530 300 3,949 704,833 708,782 — 
Multifamily— — — — 392,802 392,802 — 
Farmland1,213 — — 1,213 226,740 227,953 — 
Total Commercial real estate5,989 859 6,328 13,176 2,658,873 2,672,049 — 
Commercial and industrial— 778 558 1,336 729,224 730,560 — 
Construction
Residential Construction787 — — 787 95,716 96,503 — 
Other Construction— — — — 322,642 322,642 — 
Total Construction787 — — 787 418,358 419,145 — 
Residential mortgage
1-4 Family 1st Lien5,920 243 792 6,955 405,045 412,000 — 
1-4 Family Rental1,191 — 1,001 2,192 415,563 417,755 — 
HELOC and Junior Liens1,797 201 1,774 3,772 169,351 173,123 — 
Total Residential Mortgage8,908 444 3,567 12,919 989,959 1,002,878 — 
Consumer2 1 19 22 8,244 8,266 — 
Total$15,686 $2,082 $10,472 $28,240 $4,804,658 $4,832,898 $— 

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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, 2024
Commercial real estate
CRE Nonowner Occupied$1,281 $1,515 $11,658 $14,454 $1,236,556 $1,251,010 $— 
CRE Owner Occupied39 51 262 352 623,655 624,007 — 
Multifamily— — — — 412,900 412,900 — 
Farmland184 — — 184 224,525 224,709 — 
Total Commercial real estate1,504 1,566 11,920 14,990 2,497,636 2,512,626 — 
Commercial and industrial74 3 794 871 704,521 705,392 — 
Construction
Residential Construction— — — — 99,399 99,399 — 
Other Construction— — — — 326,171 326,171 — 
Total Construction— — — — 425,570 425,570 — 
Residential mortgage
1-4 Family 1st Lien2,853 220 516 3,589 310,003 313,592 — 
1-4 Family Rental374 7 137 518 336,118 336,636 — 
HELOC and Junior Liens724 209 2,157 3,090 137,302 140,392 — 
Total Residential Mortgage3,951 436 2,810 7,197 783,423 790,620 — 
Consumer20 — — 20 8,842 8,862 — 
Total$5,549 $2,005 $15,524 $23,078 $4,419,992 $4,443,070 $— 
Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due. Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of June 30, 2025 and December 31, 2024 are summarized as follows:
June 30, 2025December 31, 2024
(In thousands)With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
Commercial real estate
CRE Nonowner Occupied3,737 2,290 6,027 2,622 11,153 13,775 
CRE Owner Occupied— 1,979 1,979 — 546 546 
Multifamily— 143 143 — 154 154 
Total Commercial real estate3,737 4,412 8,149 2,622 11,853 14,475 
Commercial and industrial4,606 527 5,133 758 3,894 4,652 
Construction
Residential Construction— — — — — — 
Other Construction— — — — — — 
Total Construction— — — — — — 
Residential mortgage
1-4 Family 1st Lien— 1,610 1,610 — 1,028 1,028 
1-4 Family Rental— 1,059 1,059 — 176 176 
HELOC and Junior Liens— 2,246 2,246 — 2,279 2,279 
Total Residential Mortgage$— $4,915 $4,915 $— $3,483 $3,483 
Consumer19 — 19 — — — 
Total loans$8,362 $9,854 $18,216 $3,380 $19,230 $22,610 
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The amount of interest income recognized on nonaccrual loans was approximately $674 thousand and $132 thousand during the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, the amount of interest income recognized on nonaccrual loans was approximately $801 thousand and $291 thousand, respectively.
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 according 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 Borrowers 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 their debt. All trends are negative and the damage to the financial condition of the Borrower can’t be reversed now or in the near future.
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The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.
June 30, 2025
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20252024202320222021PriorTotal
CRE Nonowner Occupied
Pass$32,647 $104,022 $196,423 $370,058 $176,840 $428,945 $14,707 $1,323,642 
Special mention— — — — 2,000 3,053 — 5,053 
Substandard or lower— — 1,540 — — 12,277 — 13,817 
Total CRE Nonowner Occupied32,647 104,022 197,963 370,058 178,840 444,275 14,707 1,342,512 
Gross charge offs— — — (691)— — — (691)
Current period recoveries— — — — — 2 — 2 
Net charge offs— — — (691)— 2 — (689)
CRE Owner Occupied
Pass58,853 69,010 101,512 112,490 70,411 267,706 13,720 693,702 
Special mention— — — 2,074 174 6,299 — 8,547 
Substandard or lower— 527 — 2,793 231 2,015 967 6,533 
Total CRE Owner Occupied58,853 69,537 101,512 117,357 70,816 276,020 14,687 708,782 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Multifamily
Pass3,501 5,599 66,628 119,092 88,483 105,125 4,184 392,612 
Special mention— — — — — 47 — 47 
Substandard or lower— — — — — 143 — 143 
Total Multifamily3,501 5,599 66,628 119,092 88,483 105,315 4,184 392,802 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Farmland
Pass15,216 26,049 28,963 53,833 39,673 47,493 13,120 224,347 
Special mention— — 126 — 1,149 2,141 190 3,606 
Substandard or lower— — — — — — — — 
Total Farmland15,216 26,049 29,089 53,833 40,822 49,634 13,310 227,953 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Commercial and industrial
Pass66,015 107,256 83,313 75,851 49,495 99,056 230,411 711,397 
Special mention— 117 51 110 59 1,767 587 2,691 
Substandard or lower— — 9,917 100 527 1,320 4,608 16,472 
Total commercial and industrial66,015 107,373 93,281 76,061 50,081 102,143 235,606 730,560 
Gross charge offs— — — — — (203)— (203)
Current period recoveries— — 1 — — 8 — 9 
Net charge offs— — 1 — — (195)— (194)
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Residential Construction
Pass9,947 41,249 31,298 2,687 — — 11,322 96,503 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Residential Construction9,947 41,249 31,298 2,687 — — 11,322 96,503 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Other Construction
Pass35,923 69,496 71,292 87,008 8,823 22,796 27,304 322,642 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Other Construction35,923 69,496 71,292 87,008 8,823 22,796 27,304 322,642 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
1-4 Family 1st Lien
Performing9,623 28,419 63,755 53,802 44,375 206,587 1,362 407,923 
Non-performing— — — — — 4,077 — 4,077 
Total 1-4 Family 1st Lien9,623 28,419 63,755 53,802 44,375 210,664 1,362 412,000 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — 85 — 85 
Net recoveries— — — — — 85 — 85 
1-4 Family Rental
Performing17,197 25,230 52,049 103,719 64,892 149,598 1,895 414,580 
Non-performing— — 146 — 1,754 1,275 — 3,175 
Total 1-4 Family Rental17,197 25,230 52,195 103,719 66,646 150,873 1,895 417,755 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
HELOC and Junior Liens
Performing4,057 5,685 16,813 9,827 5,129 16,258 110,370 168,139 
Non-performing— 1,170 149 164 — 2,125 1,376 4,984 
Total HELOC and Junior Liens4,057 6,855 16,962 9,991 5,129 18,383 111,746 173,123 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Consumer
Performing2,285 1,394 960 385 321 786 2,116 8,247 
Non-performing— — 19 — — — — 19 
Total consumer2,285 1,394 979 385 321 786 2,116 8,266 
Gross charge offs— — — — — (30)— (30)
Current period recoveries— — — — — 20 — 20 
Net charge offs— — — — — (10)— (10)
Total
Pass$222,102 $422,681 $579,429 $821,019 $433,725 $971,121 $314,768 $3,764,845 
Special mention— 117 177 2,184 3,382 13,307 777 19,944 
Substandard or lower— 527 11,457 2,893 758 15,755 5,575 36,965 
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Performing33,162 60,728 133,577 167,733 114,717 373,229 115,743 998,889 
Nonperforming— 1,170 314 164 1,754 7,477 1,376 12,255 
Total$255,264 $485,223 $724,954 $993,993 $554,336 $1,380,889 $438,239 $4,832,898 
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December 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20242023202220212020PriorTotal
CRE Nonowner Occupied
Pass$85,501 $176,018 $343,072 $152,157 $130,650 $325,478 $11,732 $1,224,608 
Special mention— — — — — 3,105 — 3,105 
Substandard or lower— 1,515 1,260 — 3,281 17,241 — 23,297 
Total CRE Nonowner Occupied85,501 177,533 344,332 152,157 133,931 345,824 11,732 1,251,010 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — 2 — 2 
Net recoveries— — — — — 2 — 2 
CRE Owner Occupied
Pass52,922 99,065 106,876 66,160 77,774 199,725 11,630 614,152 
Special mention— 222 4,991 227 — 2,133 — 7,573 
Substandard or lower— — — 194 — 2,088 — 2,282 
Total CRE Owner Occupied52,922 99,287 111,867 66,581 77,774 203,946 11,630 624,007 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — 4 — 4 
Net recoveries— — — — — 4 — 4 
Multifamily
Pass4,843 66,119 118,568 101,871 40,450 78,070 2,771 412,692 
Special mention— — — — — 54 — 54 
Substandard or lower— — — — — 154 — 154 
Total Multifamily4,843 66,119 118,568 101,871 40,450 78,278 2,771 412,900 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Farmland
Pass27,449 31,259 56,178 42,693 25,119 24,729 14,801 222,228 
Special mention— 128 — — — 2,163 190 2,481 
Substandard or lower— — — — — — — — 
Total Farmland27,449 31,387 56,178 42,693 25,119 26,892 14,991 224,709 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Commercial and industrial
Pass114,175 106,657 78,702 54,312 21,532 92,723 222,525 690,626 
Special mention— 62 503 31 — 3,534 4,498 8,628 
Substandard or lower— — — 892 1,168 1,632 2,446 6,138 
Total commercial and industrial114,175 106,719 79,205 55,235 22,700 97,889 229,469 705,392 
Gross charge offs— (201)— — (206)(412)— (819)
Current period recoveries— — — — — 1 — 1 
Net charge offs— (201)— — (206)(411)— (818)
Residential construction
Pass34,275 37,222 15,559 — — 2,007 10,336 99,399 
Special mention— — — — — — — — 
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Substandard or lower— — — — — — — — 
Total Residential construction34,275 37,222 15,559 — — 2,007 10,336 99,399 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Other construction
Pass66,711 94,619 104,439 11,664 10,983 11,928 25,827 326,171 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Other construction66,711 94,619 104,439 11,664 10,983 11,928 25,827 326,171 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
1-4 Family 1st Lien
Performing27,580 59,762 45,946 34,743 42,727 98,891 2,915 312,564 
Non-performing— — — — 211 817 — 1,028 
Total 1-4 Family 1st Lien27,580 59,762 45,946 34,743 42,938 99,708 2,915 313,592 
Gross charge offs— — — — — (7)— (7)
Current period recoveries— — — — — 16 — 16 
Net recoveries— — — — — 9 — 9 
1-4 Family Rental
Performing28,735 51,488 88,594 59,397 35,222 69,890 2,009 335,335 
Non-performing— 147 — — 595 559 — 1,301 
Total 1-4 Family Rental28,735 51,635 88,594 59,397 35,817 70,449 2,009 336,636 
Gross charge offs— — — — — (2)— (2)
Current period recoveries— — — — — 22 — 22 
Net recoveries— — — — — 20 — 20 
HELOC and Junior Liens
Performing6,096 16,125 9,856 4,845 2,182 10,887 88,122 138,113 
Non-performing— 21 — — — 1,257 1,001 2,279 
Total HELOC and Junior Liens6,096 16,146 9,856 4,845 2,182 12,144 89,123 140,392 
Gross charge offs— — (21)— — — — (21)
Current period recoveries— — — — — — — — 
Net charge offs— — (21)— — — — (21)
Consumer
Performing4,214 972 354 394 107 234 2,587 8,862 
Non-performing— — — — — — — — 
Total consumer4,214 972 354 394 107 234 2,587 8,862 
Gross charge offs— — (2)— — (50)— (52)
Current period recoveries— — 1 — — 38 — 39 
Net charge offs— — (1)— — (12)— (13)
Total
Pass$385,876 $610,959 $823,394 $428,857 $306,508 $734,660 $299,622 $3,589,876 
Special mention— 412 5,494 258 — 10,989 4,688 21,841 
Substandard or lower— 1,515 1,260 1,086 4,449 21,115 2,446 31,871 
Performing66,625 128,347 144,750 99,379 80,238 179,902 95,633 794,874 
Nonperforming— 168 — — 806 2,633 1,001 4,608 
Total$452,501 $741,401 $974,898 $529,580 $392,001 $949,299 $403,390 $4,443,070 
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Mid Penn had no loans classified as "doubtful" as of June 30, 2025 and December 31, 2024. There was $11 thousand and $861 thousand in loans for which formal foreclosure proceedings were in process at June 30, 2025 and December 31, 2024, 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. Total collateral-dependent loans as of June 30, 2025 were $18.2 million.
Allowance for Credit Losses

Mid Penn’s ACL - loans methodology follows guidance within FASB ASC Subtopic 326-20. 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 peer group divergence. 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 Loans held for investment (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 Appraisal Review Department 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-loans, with any subsequent recoveries credited back to the ACL-loans account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off.
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The following tables present the activity in the ACL - loans by portfolio segment for the three and six months ended June 30, 2025 and the three and six months ended June 30, 2024:
(In thousands)Balance at
March 31, 2025		PCD LoansCharge offsRecoveriesNet loans (charged off) recovered
Provision/(Benefit) for credit losses (1)
Three Months Ended
June 30, 2025
Commercial Real Estate
CRE Nonowner Occupied$10,380 $89 $(691)$1 $(690)$819 $10,598 
CRE Owner Occupied5,722 100 — — — 608 6,430 
Multifamily3,324 31 — — — (1,377)1,978 
Farmland2,075 — — — — 23 2,098 
Commercial and industrial7,864 36 (203)3 (200)402 8,102 
Construction
Residential Construction830 — — — — 128 958 
Other Construction1,899 — — — — 537 2,436 
Residential Mortgage
1-4 Family 1st Lien1,582 37 — 83 83 494 2,196 
1-4 Family Rental1,740 47 — — — 471 2,258 
HELOC and Junior Liens404 3 — — — 113 520 
Consumer18 — (15)11 (4)27 41 
Total$35,838 $343 $(909)$98 $(811)$2,245 $37,615 
(In thousands)Balance at
December 31, 2024		PCD LoansCharge offsRecoveriesNet loans (charged off) recoveredProvision/(Benefit) for credit losses (1)Six Months Ended
June 30, 2025
Commercial Real Estate
CRE Nonowner Occupied$11,047 $89 $(691)$2 $(689)$151 $10,598 
CRE Owner Occupied5,243 100 — — — 1,087 6,430 
Multifamily3,432 31 — — — (1,485)1,978 
Farmland1,932 — — — — 166 2,098 
Commercial and industrial7,122 36 (203)9 (194)1,138 8,102 
Construction
Residential Construction931 — — — — 27 958 
Other Construction2,131 — — — — 305 2,436 
Residential Mortgage
1-4 Family 1st Lien1,503 37 — 85 85 571 2,196 
1-4 Family Rental1,756 47 — — — 455 2,258 
HELOC and Junior Liens392 3 — — — 125 520 
Consumer25 — (30)20 (10)26 41 
Total$35,514 $343 $(924)$116 $(808)$2,566 $37,615 
(1) Includes a $2.3 million initial provision on non-PCD loans acquired in the William Penn transaction
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(In thousands)Balance at
March 31, 2024		Charge offsRecoveriesNet loans (charged off) recovered
Provision/(Benefit) for credit losses
Three Months Ended
June 30, 2024
Commercial Real Estate
CRE Nonowner Occupied$10,417 $— $— $— $230 $10,647 
CRE Owner Occupied5,602 — 4 4 224 5,830 
Multifamily2,370 — — — 839 3,209 
Farmland2,002 — — — 57 2,059 
Commercial and industrial6,500 (56)— (56)490 6,934 
Construction
Residential Construction1,176 — — — (47)1,129 
Other Construction2,171 — — — (158)2,013 
Residential Mortgage
1-4 Family 1st Lien1,271 — 7 7 71 1,349 
1-4 Family Rental1,539 (2)22 20 145 1,704 
HELOC and Junior Liens457 — — — (60)397 
Consumer19 (4)11 7 (9)17 
Total$33,524 $(62)$44 $(18)$1,782 $35,288 
(In thousands)Balance at
December 31, 2023		Charge offsRecoveriesNet loans (charged off) recoveredProvision/(Benefit) for credit lossesSix Months Ended
June 30, 2024
Commercial Real Estate
CRE Nonowner Occupied$10,267 $— $— $— $380 $10,647 
CRE Owner Occupied5,646 — 4 4 180 5,830 
Multifamily2,202 — — — 1,007 3,209 
Farmland2,064 — — — (5)2,059 
Commercial and industrial7,131 (56)— (56)(141)6,934 
Construction
Residential Construction1,256 — — — (127)1,129 
Other Construction2,146 — — — (133)2,013 
Residential Mortgage
1-4 Family 1st Lien1,207 (7)7 — 142 1,349 
1-4 Family Rental1,859 (2)22 20 (175)1,704 
HELOC and Junior Liens389 (21)— (21)29 397 
Consumer20 (26)17 (9)6 17 
Total$34,187 $(112)$50 $(62)$1,163 $35,288 



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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 June 30, 2025 and December 31, 2024:

(In thousands)ACL - LoansLoans
June 30, 2025Collectively 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$9,654 $944 $10,598 $1,336,486 $6,026 $1,342,512 
CRE Owner Occupied6,430 — 6,430 706,803 1,979 708,782 
Multifamily1,978 — 1,978 392,659 143 392,802 
Farmland2,098 — 2,098 227,953 — 227,953 
Commercial and industrial7,548 554 8,102 725,426 5,134 730,560 
Construction
Residential Construction958 — 958 96,503 — 96,503 
Other Construction2,436 — 2,436 322,642 — 322,642 
Residential mortgage
1-4 Family 1st Lien2,196 — 2,196 410,390 1,610 412,000 
1-4 Family Rental2,258 — 2,258 416,696 1,059 417,755 
HELOC and Junior Liens520 — 520 170,877 2,246 173,123 
Consumer22 19 41 8,247 19 8,266 
Total$36,098 $1,517 $37,615 $4,814,682 $18,216 $4,832,898 

(In thousands)ACL - LoansLoans
December 31, 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$9,945 $1,102 $11,047 $1,237,235 $13,775 $1,251,010 
CRE Owner Occupied5,243 — 5,243 623,461 546 624,007 
Multifamily3,432 — 3,432 412,746 154 412,900 
Farmland1,932 — 1,932 224,709 — 224,709 
Commercial and industrial6,785 337 7,122 700,740 4,652 705,392 
Construction
Residential Construction931 — 931 99,399 — 99,399 
Other Construction2,131 — 2,131 326,171 — 326,171 
Residential mortgage
1-4 Family 1st Lien1,503 — 1,503 312,564 1,028 313,592 
1-4 Family Rental1,756 — 1,756 336,460 176 336,636 
HELOC and Junior Liens392 — 392 138,113 2,279 140,392 
Consumer25 — 25 8,862 — 8,862 
Total$34,075 $1,439 $35,514 $4,420,460 $22,610 $4,443,070 
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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.

There were no new modifications to borrowers experiencing financial difficulty for the three and six months ended June 30, 2025.

Information related to loans modified (by type of modification) for the three and six months ended June 30, 2024, whereby the borrower was experiencing financial difficulty at the time of modification, is set forth in the following table:

There were no new modifications to borrowers experiencing financial difficulty for the three months ended June 30, 2024.

(In thousands)Interest OnlyTerm ExtensionCombination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Six months ended June 30, 2024
HELOC and Junior Liens$— $— $92 $92 0.07 %
Total Residential Mortgage— — 92 92 0.01 %
Total loans$— $— $92 $92 



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 2.0 years to the life of the loan, which also reduced the monthly payment amounts for the borrower.
As of June 30, 2025, there were no defaulted modified loans, as all modified loans were current with respect to their associated forbearance agreements. There were also no defaults on modified loans within twelve months of restructure during 2024.
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Note 5 - Deposits
Deposits consisted of the following as of June 30, 2025 and December 31, 2024:
(Dollars in thousands)June 30, 2025% of Total DepositsDecember 31, 2024% of Total Deposits
Noninterest-bearing demand deposits$857,072 15.7 %$759,169 16.2 %
Interest-bearing demand deposits1,191,214 21.9 %1,101,444 23.5 %
Money market1,243,918 22.8 %958,051 20.4 %
Savings337,607 6.2 %260,258 5.5 %
Total demand and savings 3,629,811 66.6 %3,078,922 65.6 %
Time1,819,853 33.4 %1,611,005 34.4 %
Total deposits$5,449,664 100.0 %$4,689,927 100.0 %
The scheduled maturities of time deposits at June 30, 2025 were as follows:
Time Deposits
(In thousands)Less than $250,000$250,000 or more
Maturing in 2025$962,350 $276,458 
Maturing in 2026389,419 113,146 
Maturing in 202743,839 2,638 
Maturing in 202814,646 561 
Maturing in 202910,339 255 
Maturing thereafter5,610 592 
$1,426,203 $393,650 
Mid Penn had $299.8 million and $319.8 million in brokered certificates of deposits as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, Mid Penn had $103.7 million and $83.7 million of CDAR (Certificate of Deposit Account Registry) 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 2025, 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 commercial loan customers to meet their interest rate risk management needs. Mid Penn simultaneously enters into 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:
June 30, 2025December 31, 2024
(Dollars in thousands)
 Interest rate swaps on loans with customers
      Notional amount $244,223 $217,150 
      Weighted average remaining term (years) 4.655.11
      Receive fixed rate (weighted average) 4.92 %4.68 %
      Pay variable rate (weighted average)6.67 %6.64 %
      Estimated fair value (1)
$9,934 $11,118 
June 30, 2025December 31, 2024
(Dollars in thousands)
 Interest rate swaps on loans with correspondents
      Notional amount $244,223 $217,150 
      Weighted average remaining term (years) 4.655.11
      Receive variable rate (weighted average) 6.67 %6.64 %
      Pay fixed rate (weighted average)4.92 %4.68 %
      Estimated fair value (2)
$9,934 $11,118 
(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:
June 30, 2025December 31, 2024
(Dollars in thousands)
 Cash flow hedges
      Notional amount $295,000 $295,000 
      Weighted average remaining term (years) 1.171.55
      Pay fixed rate (weighted average) 3.10 %3.64 %
      Receive variable rate (weighted average)3.80 %4.10 %
      Estimated fair value (1)
$481 $2,590 
(1) Estimated fair value, net of accrued interest receivable, 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 $633 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 March 31, 2025$(15,233)$501 $569 $(14,163)
OCI before reclassifications2,755 (338)(10)2,407 
Amounts reclassified from AOCI— — — — 
Balance at June 30, 2025$(12,478)$163 $559 (11,756)
Balance at December 31, 2024$(18,889)$1,485 $579 $(16,825)
OCI before reclassifications6,411 (1,322)6 5,095 
Amounts reclassified from AOCI— — (26)(26)
Balance at June 30, 2025$(12,478)$163 $559 $(11,756)
Balance at March 31, 2024$(19,050)$2,230 $(127)$(16,947)
OCI before reclassifications(201)28 (3)(176)
Amounts reclassified from AOCI— — — — 
Balance at June 30, 2024$(19,251)$2,258 $(130)$(17,123)
Balance at December 31, 2023$(17,339)$820 $(118)$(16,637)
OCI before reclassifications(1,912)1,438 5 (469)
Amounts reclassified from AOCI— — (17)(17)
Balance at June 30, 2024$(19,251)$2,258 $(130)$(17,123)
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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 six months ended June 30, 2025 or the year ended December 31, 2024.
The following tables illustrate the assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets.
June 30, 2025
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $17,381 $— $17,381 
Mortgage-backed U.S. government agencies— 344,045 — 344,045 
State and political subdivision obligations— 3,667 — 3,667 
Corporate debt securities— 39,652 — 39,652 
Equity securities437 — — 437 
Loans held for sale— 6,101 — 6,101 
Other assets:
Derivative assets— 10,415 — 10,415 
Other liabilities:
Derivative liabilities— 9,934 9,934 
December 31, 2024
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $21,507 $— $21,507 
Mortgage-backed U.S. government agencies— 202,944 — 202,944 
State and political subdivision obligations— 3,596 — 3,596 
Corporate debt securities— 32,430 — 32,430 
Equity securities428 — — 428 
Loans held for sale— 7,064 — 7,064 
Other assets:
Derivative assets— 13,708 — 13,708 
Other liabilities:
Derivative Liabilities— 11,118 — 11,118 
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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 equity and 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 June 30, 2025 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 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 June 30, 2025, 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 (for example, upon their acquisition or when there is evidence of impairment).

The following table illustrates financial instruments measured at fair value on a nonrecurring basis:
June 30, 2025
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $16,699 $16,699 
Foreclosed assets held for sale— — 9,816 9,816 
December 31, 2024
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $21,171 $21,171 
Foreclosed assets held for sale— — 44 44 
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. All of Mid Penn’s individually evaluated loans for 2025 and 2024, 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 table presents additional information about the valuation techniques for level 3 assets measured at fair value on a nonrecurring basis.
June 30, 2025
(In thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL$16,699 
Appraisal of collateral
Appraisal adjustments
8%-100%24.8%
Foreclosed assets held for sale9,816 
Appraisal of collateral
Appraisal adjustments26%-95%59.3%
December 31, 2024
(In thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL$21,171 Appraisal of collateralAppraisal adjustments—%-100%5.6%
Foreclosed assets held for sale44 Appraisal of collateralAppraisal adjustments26%-26%26.0%
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:
June 30, 2025
Carrying
Amount		Estimated Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial instruments - assets
 Cash and cash equivalents $336,852 $336,852 $— $— $336,852 
 Available-for-sale securities404,745 — 404,745 — 404,745 
Held-to-maturity securities364,029 — 331,798 — 331,798 
 Equity securities437 437 — — 437 
 Loans held for sale6,101 — 6,101 — 6,101 
Net loans 4,795,283 — — 4,813,508 4,813,508 
 Restricted investment in bank stocks7,110 7,110 — 7,110 
 Accrued interest receivable28,546 28,546 — — 28,546 
 Derivative assets 10,415 — 10,415 — 10,415 
Financial instruments - liabilities
Deposits$5,449,664 $— $5,454,062 $— $5,454,062 
Short-term borrowings— — — — — 
Long-term debt (1)
20,383 — 20,233 — 20,233 
Subordinated debt37,303 — 35,838 — 35,838 
 Accrued interest payable13,421 13,421 — — 13,421 
 Derivative liabilities9,934 — 9,934 — 9,934 
(1)Long-term debt excludes finance lease obligations.
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December 31, 2024
Estimated Fair Value
(In thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial instruments - assets
Cash and cash equivalents$70,564 $70,564 $— $— $70,564 
Available-for-sale securities260,477 — 260,477 — 260,477 
 Held-to-maturity securities382,447 — 340,648 — 340,648 
   Equity securities428 428 — — 428 
 Loans held for sale7,064 — 7,064 — 7,064 
Net loans 4,407,556 — — 4,430,623 4,430,623 
 Restricted investment in bank stocks7,461 7,461 — 7,461 
 Accrued interest receivable26,846 26,846 — — 26,846 
 Derivative assets13,708 — 13,708 — 13,708 
Financial instruments - liabilities
Deposits$4,689,927 $— $4,684,548 $— $4,684,548 
Short-term debt2,000 — 2,000 — 2,000 
Long-term debt (1)
20,540 — 19,120 — 19,120 
Subordinated debt45,741 — 42,811 — 42,811 
 Accrued interest payable13,484 13,484 — — 13,484 
 Derivative liabilities11,118 — 11,118 — 11,118 
(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 June 30, 2025 and December 31, 2024.
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 $65.1 million and $64.3 million of standby letters of credit outstanding as of June 30, 2025 and December 31, 2024, respectively. Mid Penn does not anticipate any losses because of these transactions. The amount of the liability as of June 30, 2025 and December 31, 2024 for payment under standby letters of credit issued was not considered material.
Mid Penn is required 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 was $3.2 million and $2.9 million as of June 30, 2025 and December 31, 2024, respectively. A provision for credit losses - credit commitments of $24 thousand and a benefit for credit losses - credit commitments of $178 thousand were recorded for the three months ended June 30, 2025 and June 30, 2024, respectively. A provision for credit losses - credit commitments of $4 thousand and a benefit for credit losses - credit commitments of $496 thousand were recorded for the six months ended June 30, 2025 and June 30, 2024, respectively.
The following table presents the activity in the ACL - OBS by segment for the three and six June 30, 2025 and 2024:
(in thousands)
Balance at March 31, 2025(Benefit)/Provision for credit lossThree months ended June 30, 2025
1-4 Family Rental$13 $3 $16 
C&I1,322 (120)1,202 
CRE NonOwner Occupied109 4 113 
CRE Owner Occupied105 13 118 
Consumer3 — 3 
Farmland112 (13)99 
HELOC & Junior Liens95 30 125 
Multifamily22 1 23 
Other Construction & Land660 382 1,042 
Residential Construction471 (2)469 
Residential First Liens7 — 7 
$2,919 $298 $3,217 
in thousandsBalance at December 31, 2024(Benefit)/Provision for credit lossSix months ended June 30, 2025
1-4 Family Rental$16 $— $16 
C&I1,165 37 1,202 
CRE NonOwner Occupied132 (19)113 
CRE Owner Occupied98 20 118 
Consumer3 — 3 
Farmland92 7 99 
HELOC & Junior Liens92 33 125 
Multifamily27 (4)23 
Other Construction & Land792 250 1,042 
Residential Construction516 (47)469 
Residential First Liens6 1 7 
$2,939 $278 $3,217 
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(in thousands)
Balance at March 31, 2024(Benefit)/Provision for credit lossThree months ended June 30, 2024
1-4 Family Rental$11 $2 $13 
C&I1,138 16 1,154 
CRE NonOwner Occupied85 25 110 
CRE Owner Occupied120 8 128 
Consumer3 — 3 
Farmland95 2 97 
HELOC & Junior Liens113 (17)96 
Multifamily17 10 27 
Other Construction & Land928 (145)783 
Residential Construction731 (76)655 
Residential First Liens8 (3)5 
$3,249 $(178)$3,071 
in thousandsBalance at December 31, 2023(Benefit)/Provision for credit lossSix months ended June 30, 2024
1-4 Family Rental$11 $2 $13 
C&I1,270 (116)1,154 
CRE NonOwner Occupied113 (3)110 
CRE Owner Occupied106 22 128 
Consumer3 — 3 
Farmland108 (11)97 
HELOC & Junior Liens100 (4)96 
Multifamily24 3 27 
Other Construction & Land1,036 (253)783 
Residential Construction778 (123)655 
Residential First Liens18 (13)5 
$3,567 $(496)$3,071 
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.
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Note 10 - Debt
Short-term FHLB and Correspondent Bank Borrowings
Total short-term borrowings were zero and $2.0 million as of June 30, 2025 and December 31, 2024, 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 $2.5 billion at June 30, 2025. The Bank had a short-term borrowing capacity from the FHLB as of June 30, 2025 up to the Bank’s unused borrowing capacity of $1.6 billion (equal to $1.7 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 June 30, 2025. No draws were made on these lines as of June 30, 2025 and December 31, 2024.
Long-term Debt
The following table presents a summary of long-term debt as of June 30, 2025 and December 31, 2024.
(Dollars in thousands)June 30, 2025December 31, 2024
FHLB fixed rate instruments:
Due February 2026, 4.51%
$20,000 $20,000 
Due August 2026, 4.80%
369 523 
Due February 2027, 6.71%
14 17 
Total FHLB fixed rate instruments20,383 20,540 
Lease obligations included in long-term debt2,991 3,063 
Total long-term debt$23,374 $23,603 
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 $158.6 million and $156.0 million as of June 30, 2025 and December 31, 2024, respectively.
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Note 11 - Subordinated Debt
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, subject to any required regulatory approvals.
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 plus 50 bp, 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 June 30, 2025 and December 31, 2024.
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"). The March 2020 Notes were 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 were 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. Mid Penn redeemed the remaining March 2020 Notes in whole on June 30, 2025.
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Note 12 - Common Stock and Equity Incentive Plans
Treasury Stock Repurchase Program
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 30, 2026 by Mid Penn’s Board of Directors on April 23, 2025. 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 six months ended June 30, 2025, Mid Penn repurchased 62,812 shares of common stock at an average price of $28.31. All 62,812 shares were repurchased in the three months ended June 30, 2025. As of June 30, 2025, Mid Penn had repurchased an aggregate of 503,534 shares of common stock at an average price of $23.47 per share under the Program. The Program had approximately $3.2 million remaining available for repurchase as of June 30, 2025.
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 Plans is 550,000 shares.
As of June 30, 2025, a total of 310,804 restricted shares were granted under the Plans, of which 114,030 shares were unvested. The Plan's shares granted and vested resulted in $2.4 million and $321 thousand in share-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Plan's shares granted and vested resulted in share-based compensation expense of $2.6 million and $623 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.
Equity Awards Assumed from William Penn Acquisition
In connection with the acquisition of William Penn on April 30, 2025, the Company issued 3,506,795 shares of common stock as purchase consideration and assumed outstanding equity awards of William Penn, consisting of 538,447 stock options and 215,386 restricted stock units (RSUs). These awards were converted into equivalent awards of the Company's common stock, of which, 273,000 stock options and 109,205 restricted stock units remained unvested as of June 30, 2025.
Compensation expense for stock options was $680 thousand for the three and six months ended June 30, 2025. As of June 30, 2025, unrecognized compensation expense related to unvested options was $1.1 million. Compensation expense
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for restricted stock awards was $1.4 million for the three and six months ended June 30, 2025. As of June 30, 2025, unrecognized compensation cost related to unvested restricted stock was $1.8 million.
The assumed awards are subject to the original vesting terms and conditions included in the Company's outstanding stock-based compensation plans.

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Note 13 - Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding plus the effect of potentially dilutive common shares, which include stock options and unvested restricted stock awards, using the treasury stock method.
The following data shows the amounts used in computing basic and diluted earnings per common share:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share data)2025202420252024
Net income$4,762 $11,771 $18,504 $23,904 
Weighted average common shares outstanding (basic)21,566,61716,576,28320,467,34916,572,102
Effect of dilutive stock based compensation awards (includes unvested restricted stock and stock options)32,81829,070301,48536,761
Weighted average common shares outstanding (diluted)21,599,43516,605,35320,768,83416,608,863
Basic earnings per common share$0.22 $0.71 $0.90 $1.44 
Diluted earnings per common share0.22 0.71 0.89 1.44 
Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented. There were 367,400 and 111,994 stock options that were anti-dilutive for the three and six months ended June 30, 2025, respectively. These stock options were assumed in the William Penn acquisition. There were no antidilutive instruments for the three and six months ended June 30, 2024.

Note 14 - Segment Reporting
Mid Penn operates as a single reportable segment, providing a broad range of banking and financial services to individuals, businesses, and institutional clients. These services include commercial and consumer lending, deposit products, wealth management, insurance, and treasury management solutions. The Chief Executive Officer and the Chief Financial Officer are the Mid Penn Chief Operating Decision Makers ("CODM"). The CODM regularly evaluates financial performance and allocates resources on a consolidated basis.

The following table presents certain information reviewed by management:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2025202420252024
Net interest income$48,206 $38,766 $90,715 $75,222 
Provision for credit losses2,2691,6042,570667
Noninterest income6,1435,32911,38211,166
Noninterest expense47,79828,22478,44056,744
(Benefit)/Provision for Income taxes(480)2,4962,5835,073
Net income4,76211,77118,50423,904
Total assets$6,354,543 $5,391,749 $6,354,543 $5,391,749 


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Other Segment Information

Revenue Composition: Mid Penn generates revenue primarily from net interest income and non-interest income, including fees from deposit accounts, wealth management, insurance, and treasury services.

Capital Allocation & Performance Metrics: The CODM assesses performance based on key financial metrics, including net interest margin, return on average assets ("ROAA"), return on average equity ("ROAE") and core efficiency ratio.

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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 and our Annual Report on Form 10-K for the year ended December 31, 2024.
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 2024 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, 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. 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:

•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, 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;
•changes in technology;
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•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 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, 2024 and subsequent filings with the SEC.

The above list of factors that may affect future performance is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with this understanding of inherent uncertainty.
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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, 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 June 30,Six Months Ended June 30,
2025202420252024
Net Income$4,762 $11,771 $18,504 $23,904 
Diluted EPS$0.22 $0.71 $0.89 $1.44 
Dividends Declared$0.20 $0.20 $0.40 $0.40 
Return on average assets (2)
0.32 %0.88 %0.65 %1.79 %
Return on average equity (2)
2.85 %8.55 %5.60 %17.44 %
Net interest margin (1)(2)
3.44 %3.12 %3.41 %3.04 %
Non-performing assets to total assets0.44 %0.19 %0.44 %0.19 %
Net charge-offs to average loans (annualized)0.0688 %0.002 %0.069 %0.006 %
(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

On April 30, 2025, Mid Penn completed the acquisition of William Penn, which added total assets of $727.7 million, comprised primarily of $405.3 million of loans. This transaction included the acquisition of 12 branches, further expanding Mid Penn's presence in the Philadelphia region and surrounding counties in Pennsylvania and New Jersey.

Each share of William Penn common stock issued and outstanding as of April 30, 2025, was converted into 0.426 shares of Mid Penn common stock. As a result of the acquisition, Mid Penn issued approximately 3,506,795 shares of Mid Penn common stock, plus up to an additional 538,447 shares of Mid Penn common stock issuable upon the exercise of former William Penn stock options, for a purchase price of $103.2 million. Additionally, on May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, which provides business, home and auto insurance throughout central and southern Pennsylvania, for a purchase price of $4.0 million.
Summary of Financial Results
•Net Income Per Share - Mid Penn’s net income available to common shareholders ("earnings") for the three months ended June 30, 2025 was $4.8 million, or $0.22 per both common share basic and diluted, compared to earnings of $11.8 million, or $0.71 per both common share basic and diluted for the three months ended June 30, 2024. Mid Penn's earnings for the six months ended June 30, 2025 was $18.5 million, or $0.90 per common share basic, and $0.89 per diluted common share, compared to earnings of $23.9 million, or $1.44 per both common share basic and diluted for the six months ended June 30, 2024.
◦Net Interest Margin - For the second quarter of 2025, Mid Penn’s net interest margin was 3.44% versus 3.12% for the same period of 2024. For the six months ended June 30, 2025, net interest margin was 3.41% versus 3.04% for the same period of 2024. The yield on interest-earning assets for the three months ended June 30, 2025 decreased 1 basis point from the same period of 2024. The rate on interest-bearing liabilities decreased 39 basis points from the same period of 2024.
◦Loan Growth - Total loans, net of unearned income, as of June 30, 2025 were $4.8 billion compared to $4.4 billion as of December 31, 2024, an increase of $389.8 million, or 8.8%. The growth was primarily
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driven by an increase in residential mortgage loans of $212.3 million, an increase in owner occupied commercial real estate of $84.8 million, an increase in nonowner occupied commercial real estate of $91.5 million, and an increase in commercial and industrial loans of $25.2 million, partially offset by an $20.1 million decrease in multifamily loans. William Penn acquisition loans contributed $405.3 million to this increase.
◦Deposit Growth - Total deposits increased $759.7 million, or 16.2%, from $4.7 billion at December 31, 2024, to $5.4 billion at June 30, 2025. The growth was driven by an increase of $453.0 million in interest-bearing transaction accounts, an increase of $208.8 million in time deposits, and a $97.9 million increase in non-interest bearing accounts. The William Penn acquisition deposits contributed $619.8 million to this increase.
•Asset Quality - ACL-loans at June 30, 2025 was $37.6 million, or 0.78% of total loans, as compared to $35.5 million, or 0.80% of total loans at December 31, 2024.
◦Net Charge-offs/Recoveries - Mid Penn had net charge-offs of $811 thousand and $18 thousand for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, net charge-offs were $808 thousand compared to $62 thousand for the same period of 2024.
◦Non-performing assets - Total nonperforming assets were $28.0 million at June 30, 2025, an increase compared to nonperforming assets of $22.7 million at December 31, 2024. The increase during the second quarter of 2025 is primarily related to the addition of two commercial real estate loans with a combined balance of $8.8 million being foreclosed in the second quarter of 2025, offset by payoffs and paydowns in the second quarter of 2025. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.58% at June 30, 2025, compared to 0.52% and 0.57% as of December 31, 2024 and June 30, 2024, respectively.
◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $2.2 million for the three months ended June 30, 2025 compared to $1.8 million for the same period of 2024. The provision for credit losses on off-balance sheet credit exposures was $24 thousand for the three months ended June 30, 2025, compared to a benefit of $178 thousand for the same period of 2024.
The provision for credit losses on loans was $2.6 million for the six months ended June 30, 2025, an increase of $1.4 million compared to the provision for credit losses of $1.2 million for the six months ended June 30, 2024. This increase for the six months ended June 30, 2025 was primarily due to a $2.3 million reserve on non-PCD loans acquired through the William Penn acquisition. The provision for credit losses on off-balance sheet credit exposures was $24 thousand and $4 thousand for the three and six months ended June 30, 2025, respectively. The increase was primarily driven by new participations in construction loans originated in the second quarter.
•Noninterest Income - Noninterest income totaled $6.1 million for the three months ended June 30, 2025 compared to $5.3 million for the same period of 2024. The increase is primarily due to a $277 thousand increase in Fiduciary and wealth management, a $190 thousand increase in earnings from the cash surrender value of life insurance as a result of policies assumed during the William Penn acquisition, and a $219 thousand increase in other miscellaneous noninterest income, driven by a $146 thousand increase in insurance commissions and a $63 thousand increase in ATM surcharge fees.
Noninterest income totaled $11.4 million for the six months ended June 30, 2025 compared to $11.2 million for the same period of 2024. The increase in noninterest income is primarily driven by a $285 thousand increase in fiduciary and wealth management, a $215 thousand increase in mortgage banking income, and a $180 thousand increase in earnings from the cash surrender value of life insurance as a result of policies assumed during the William Penn acquisition, offset by a $512 thousand decrease in other miscellaneous noninterest income, driven by a $1.9 million decrease in Bank-owned life insurance benefits received, partially offset by a $568 thousand increase in loan level swap fees.
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•Noninterest Expense - Noninterest expense totaled $47.8 million for the three months ended June 30, 2025, an increase of $19.6 million, or 69.4%, compared to noninterest expense of $28.2 million for the same period of 2024.
Merger and acquisition expenses increased $11.0 million for the three months ended June 30, 2025 compared to the same period in 2024. This includes $10.5 million of merger related expenses related to the William Penn acquisition and $164 thousand related to the Charis Insurance Group acquisition.
Salaries and employee benefits increased $5.2 million for the three months ended June 30, 2025 compared to the same period in 2024. The increase is attributable to (i) equity-based compensation expense for stock options and restricted stock awards totaling $2.0 million that were recognized during the second quarter of 2025. (Future expected compensation expense related to these awards is approximately $753 thousand for the third quarter of 2025 and $2.2 million over the remaining vesting periods); (ii) the retail staff additions at the twelve retail locations added through the William Penn acquisition; and (iii) the retention of various William Penn team members through the completion of systems integration, which occurred on June 20, 2025.
Software licensing and utilization costs increased $1.1 million for the three months ended June 30, 2025 compared to the same period in 2024. The increase reflects additional costs to (i) license the additional William Penn branches; and (ii) upgrades to internal systems, including network storage, cybersecurity, and data security enhancements in response to the Bank's larger size and increased IT complexity. in software licensing, an increase in merger and acquisition expenses, and a $504 thousand increase in occupancy expenses.
Noninterest expense totaled $78.4 million for the six months ended June 30, 2025 compared to $56.7 million for the same period of 2024.
Merger and acquisition expenses increased $11.3 million for the six months ended June 30, 2025, which includes $11.2 million of merger related expenses related to the William Penn acquisition and $164 thousand related to the Charis Insurance Group acquisition.
Salaries and benefits increased $6.1 million for the six months ended June 30, 2025, compared to the same period in 2024, largely driven by the same Q2 items noted above, including $2.0 million in equity compensation, staff additions from the William Penn acquisition, and retention of key personnel through integration.
Software licensing and utilization costs increased $1.5 million for the six months ended June 30, 2025, compared to the same period in 2024, reflecting the same Q2 drivers noted above. These include the onboarding of newly acquired William Penn branches, investments in IT infrastructure and cybersecurity.
Occupancy expenses increased $796 thousand for the six months ended June 30, 2025, compared to the same period in 2024. The increase was driven by the facility operating costs of the additional retail locations added through the William Penn acquisition.
•Liquidity - Current liquidity, including borrowing capacity, increased to $1.6 billion or 99.4% of uninsured and uncollateralized deposits, or approximately 29.3% of total deposits.
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Critical Accounting Estimates
The 2024 Annual Report on Form 10-K 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. These estimates require management’s most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.
Management of the Corporation considers the accounting judgments relating to the allowance for credit losses, business combinations, and goodwill impairment to be the accounting area that requires the most subjective and complex judgments.
There have been no material changes to Mid Penn's critical accounting estimates as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024.

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
June 30, 2025June 30, 2024
(Dollars in thousands)Average BalanceInterest
Yield/
Rate (2)
Average BalanceInterest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances$23,271 $142 2.45 %$35,618 $347 3.92 %
Investment Securities:
Taxable584,919 4,570 3.13 %533,748 3,701 2.79 %
Tax-Exempt67,186 344 2.05 %74,425 371 2.00 %
Total Investment Securities652,105 4,914 3.02 %608,173 4,072 2.69 %
Federal Funds Sold236,037 2,428 4.13 %19,432 282 5.84 %
Loans, net of unearned income4,724,638 72,469 6.15 %4,353,360 66,096 6.11 %
Restricted Investment in Bank Stocks6,945 67 3.87 %16,066 442 11.07 %
Total Interest-earning Assets5,642,996 80,020 5.69 %5,032,649 71,239 5.69 %
Cash and Due from Banks50,376 39,053 
Other Assets342,673 307,195 
Total Assets$6,036,045 $5,378,897 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,123,130 $4,954 1.77 %$972,852 $4,477 1.85 %
Money Market1,179,756 8,350 2.84 %908,807 6,632 2.94 %
Savings307,634 70 0.09 %281,560 52 0.07 %
Time1,735,427 17,607 4.07 %1,510,079 17,302 4.61 %
Total Interest-bearing Deposits4,345,947 30,981 2.86 %3,673,298 28,463 3.12 %
Short-term borrowings7,418 86 4.65 %241,713 3,324 5.53 %
Long-term debt23,417 252 4.32 %23,870 262 4.41 %
Subordinated debt45,264 495 4.39 %46,122 424 3.70 %
Total Interest-bearing Liabilities4,422,046 31,814 2.89 %3,985,003 32,473 3.28 %
Noninterest-bearing Demand813,807 778,380 
Other Liabilities129,701 61,839 
Shareholders' Equity670,491 553,675 
Total Liabilities & Shareholders' Equity$6,036,045 $5,378,897 
Net Interest Income$48,206 $38,766 
Taxable Equivalent Adjustment (1)
245 253 
Net Interest Income (taxable-equivalent basis)$48,451 $39,019 
Total Yield on Earning Assets5.69 %5.69 %
Rate on Supporting Liabilities2.89 %3.28 %
Average Interest Spread2.80 %2.41 %
Net Interest Margin (1)
3.44 %3.12 %
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2)Annualized ratios
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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended June 30, 2025 in comparison to the same period in 2024:
Three months ended
June 30, 2025 vs. June 30, 2024
Increase (decrease)
(Dollars in thousands)Volume Rate Net
INTEREST INCOME:
Interest Bearing Balances$(121)$(84)$(205)
Investment Securities:
Taxable356 513 869 
Tax-Exempt(36)9 (27)
Total Investment Securities320 522 842 
Federal Funds Sold3,152 (1,006)2,146 
Loans5,652 721 6,373 
Restricted Investment Bank Stocks(252)(123)(375)
Total Interest Income8,751 30 8,781 
INTEREST EXPENSE:
Interest Bearing Deposits:
Interest Bearing Demand693 (216)477 
Money Market1,983 (265)1,718 
Savings5 13 18 
Time2,589 (2,284)305 
Total Interest-Bearing Deposits5,270 (2,752)2,518 
Short-term Borrowings(3,231)(7)(3,238)
Long-term Debt(5)(5)(10)
Subordinated Debt(8)79 71 
Total Interest Expense2,026 (2,685)(659)
NET INTEREST INCOME$6,725 $2,715 $9,440 
For the three months ended June 30, 2025, net interest income was $48.2 million compared to net interest income of $38.8 million for the three months ended June 30, 2024. The tax-equivalent net interest margin for the three months ended June 30, 2025 was 3.44% compared to 3.12% for the second quarter of 2024, representing a 32 bp increase compared to the same period in 2024.
The yield on interest-earning assets remained relatively flat at 5.69% for the quarter ended June 30, 2025. However we continue to see increases in interest income on loans and Federal Funds Sold due to higher balances from prior quarters.
Average investment securities increased $43.9 million and the yield on those investment securities increased 33 bps during the second quarter of 2025 compared to the second quarter of 2024, increasing interest income $320 thousand due to volume, and $522 thousand due to rates. Average loans increased $371.3 million, and the yield on those loans increased 5 bps, contributing $5.7 million and $721 thousand, respectively, to the increase in interest income.
Interest expense decreased $659 thousand during the second quarter of 2025 compared to the second quarter of 2024. The rate of interest-bearing liabilities decreased from 3.28% for the second quarter of 2024 to 2.89% for the second quarter of 2025. The decrease in the rate was primarily a result of a decrease in short-term borrowings, a decrease in long term debt, and a decrease in time deposits. Mid Penn continued to offer higher rates over the comparable period to both retain and attract deposits.
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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 Six Months Ended June 30,
20252024
(Dollars in thousands)Average BalanceInterestYield/
Rate		Average BalanceInterestYield/
Rate
ASSETS:
Interest Bearing Balances$22,039 $280 2.56 %$37,809 $750 3.99 %
Investment Securities:
Taxable577,401 8,879 3.10 536,711 7,501 2.81 
Tax-Exempt68,476 692 2.04 75,219 747 2.00 
Total Investment Securities645,877 9,571 2.99 611,930 8,248 2.71 
Federal Funds Sold130,482 2,689 4.16 14,902 418 5.64 
Loans, net of unearned income4,592,890 139,006 6.10 4,323,594 129,332 6.02 
Restricted Investment in Bank Stocks7,022 218 6.26 17,752 682 7.73 
Total Interest-earning Assets5,398,310 151,764 5.67 5,005,987 139,430 5.60 
Cash and Due from Banks45,175 38,658 
Other Assets321,923 304,644 
Total Assets $5,765,408 $5,349,289 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,087,426 $9,635 1.79 %$935,596 $8,361 1.80 %
Money Market1,102,641 15,291 2.80 892,525 12,600 2.84 
Savings284,428 124 0.09 284,662 124 0.09 
Time1,663,995 34,195 4.14 1,489,345 33,710 4.55 
Total Interest-bearing Deposits4,138,490 59,245 2.89 3,602,128 54,795 3.06 
Short-term borrowings16,106 376 4.71 278,869 7,770 5.60 
Long-term debt23,475 509 4.37 32,220 795 4.96 
Subordinated debt45,462 919 4.08 46,199 848 3.69 
Total Interest-bearing Liabilities4,223,533 61,049 2.91 3,959,416 64,208 3.26 
Noninterest-bearing Demand783,561 779,758 
Other Liabilities92,560 60,277 
Shareholders' Equity665,754 549,838 
Total Liabilities & Shareholders' Equity $5,765,408 $5,349,289 
Net Interest Income$90,715 $75,222 
Taxable Equivalent Adjustment (1)487 513 
Net Interest Income (taxable-equivalent basis)$91,202 $75,735 
Total Yield on Earning Assets5.67 %5.60 %
Rate on Supporting Liabilities2.91 3.26 
Average Interest Spread2.75 2.34 
Net Interest Margin (1)3.41 3.04 
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances
(2)Annualized ratios
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The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the six months ended June 30, 2025 in comparison to the same period in 2024:
Six Months Ended
June 30, 2025 vs. June 30, 2024
(Dollars in thousands)Increase (decrease)
VolumeRateNet
INTEREST INCOME:
Interest Bearing Balances$(312)$(158)$(470)
Investment Securities:
Taxable567 811 1,378 
Tax-Exempt(67)12 (55)
Total Investment Securities500 823 1,323 
Federal Funds Sold3,233 (962)2,271 
Loans, net of unearned income8,033 1,641 9,674 
Restricted Investment Bank Stocks(411)(53)(464)
Total Interest Income11,043 1,291 12,334 
INTEREST EXPENSE:
Interest Bearing Deposits:
Interest Bearing Demand1,353 (79)1,274 
Money Market2,958 (267)2,691 
Savings— — — 
Time3,942 (3,457)485 
Total Interest-Bearing Deposits8,253 (3,803)4,450 
Short-term Borrowings(6,134)(1,260)(7,394)
Long-term Debt(215)(71)(286)
Subordinated Debt(13)84 71 
Total Interest Expense1,891 (5,050)(3,159)
NET INTEREST INCOME$9,152 $6,341 $15,493 
For the six months ended June 30, 2025, net interest income was $90.7 million compared to net interest income of $75.2 million for the six months ended June 30, 2024. FTE net interest income was $91.2 million for the six months ended June 30, 2025, an increase of $15.5 million, or 20.4%, compared to the same period of June 30, 2024. Mid Penn’s FTE net interest margin for the six months ended June 30, 2025 was 3.41% compared to 3.04% for the same period of June 30, 2024, representing a 36 bp increase compared to the same period in 2024, primarily a result of a decrease in short-term borrowings, a decrease in long term debt, and a decrease in time deposits.
The higher yields and the growth in interest-earning assets contributed $1.3 million and $11.0 million, respectively, to the increase in interest income. The yield on interest-earning assets increased 7 bps to 5.67% for the six months ended June 30, 2025 compared to 5.60% for the same period of 2024. Average interest-earning assets increased $10.9 million, or 7.8%, during the six months ended June 30, 2025 compared to the same period of 2024.
Average investment securities increased $33.9 million, or 5.5%, and the yield on those investment securities increased 28 bps, contributing $500 thousand and $823 thousand, respectively, to interest income. Average loans increased $269.3
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million, and the yield on those loans increased 9 bps contributing $8.0 million and $1.6 million, respectively, to the increase in interest income.
Interest expense decreased $3.2 million during the first six months of 2025 compared to the same period of 2024. The rate of interest-bearing liabilities decreased from 3.26% for the first six months of 2024 to 2.91% for the first six months of 2025. The decrease in the rate was driven by the Bank lowering rates in response to the Federal Reserve interest rate cuts in the third and fourth quarters of 2024.. The rate on average interest-bearing deposits decreased 35 bps, reducing interest expense by $3.8 million during the six months ended June 30, 2025 compared to the same period in 2024. In addition, average short-term borrowings decreased to $16.1 million, deducting $7.4 million to interest expense during the six months ended June 30, 2025 compared to the same period in 2024.
Provision for Credit Losses - Loans
The provision for credit losses on loans was $2.2 million for the three months ended June 30, 2025 compared to $1.8 million for the three months ended June 30, 2024. The increase in provision was driven by a $2.3 million reserve established for non-PCD (Purchased Credit Deteriorated) loans acquired in the William Penn acquisition, offset by a decrease in concentration risk across the non owner-occupied commercial real estate and multifamily portfolios.
The provision for credit losses on loans was $2.6 million for the six months ended June 30, 2025 compared to a provision of $1.2 million for the same period in 2024. The increase in provision was primarily driven by a $2.3 million reserve established for non-PCD loans acquired in the William Penn acquisition, offset by an $866 thousand decrease in reserve required for individually analyzed loans.
For the three months ended June 30, 2025, noninterest income totaled $6.1 million, an increase of $814 thousand, or 15.3%, compared to noninterest income of $5.3 million for the three months ended June 30, 2024. The increase is primarily due to a $277 thousand increase in fiduciary and wealth management, a $190 thousand increase in earnings from the cash surrender value of life insurance as a result of policies assumed during the William Penn acquisition, and a $219 thousand increase in other miscellaneous noninterest income, driven by a $146 thousand increase in insurance commissions and a $63 thousand increase in ATM surcharge fees.
The following table and explanations that follow provide additional analysis of noninterest income:
Three Months Ended June 30,
(Dollars in Thousands)20252024$ Variance% Variance
Fiduciary and wealth management $1,406 $1,129 $277 24.5%
ATM debit card interchange958 973 (15)(1.5)
Service charges on deposits652 539 113 21.0 
Mortgage banking676 628 48 7.6 
Mortgage hedging(7)— (7)100.0 
Net gain on sales of SBA loans63 74 (11)(14.9)
Earnings from cash surrender value of life insurance491 301 190 63.1 
Other1,904 1,685 219 13.0 
Total$6,143 $5,329 $814 15.3%

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Six Months Ended June 30,
(Dollars in Thousands)20252024$ Variance% Variance
Fiduciary and wealth management$2,546 $2,261 $285 12.6%
ATM debit card interchange1,877 1,918 (41)(2.1)
Service charges on deposits1,214 1,048 166 15.8 
Mortgage banking1,267 1,052 215 20.4 
Mortgage hedging(16)— (16)N/M
Net gain on sales of SBA loans120 181 (61)(33.7)
Earnings from cash surrender value of life insurance765 585 180 30.8 
Other3,609 4,121 (512)(12.4)
Total$11,382 $11,166 $216 1.9%
For the six months ended June 30, 2025, noninterest income totaled $11.4 million, an increase of $216 thousand, or 1.9%, compared to noninterest income of $11.2 million for the six months ended June 30, 2024. The increase in noninterest income is primarily driven by a $285 thousand increase in fiduciary and wealth management, a $215 thousand increase in mortgage banking income, and a $180 thousand increase in earnings from the cash surrender value of life insurance as a result of policies assumed during the William Penn acquisition, offset by a $512 thousand decrease in other miscellaneous noninterest income, driven by a $1.9 million decrease in Bank-owned life insurance benefits received, partially offset by a $568 thousand increase in loan level swap fees.
Noninterest Expense
For the three months ended June 30, 2025, noninterest expense totaled $47.8 million, an increase of $19.6 million, or 69.4%, compared to noninterest expense of $28.2 million for the same period in 2024.
Merger and acquisition expenses increased $11.0 million, which includes $10.5 million of merger related expenses related to the William Penn acquisition and $164 thousand related to the Charis Insurance Group acquisition.
Salaries and benefits increased $5.2 million for the three months ended June 30, 2025 compared to the same period in 2024. The increase is attributable to (i) equity-based compensation expense for stock options and restricted stock awards totaling $2.0 million that were recognized during the second quarter of 2025. (Future expected compensation expense related to these awards is approximately $753 thousand for the third quarter of 2025 and $2.2 million over the remaining vesting periods); (ii) the retail staff additions at the twelve retail locations added through the William Penn acquisition; and (iii) the retention of various William Penn team members through the completion of systems integration, which occurred on June 20, 2025.
Software licensing and utilization costs increased $1.1 million compared to the same period in 2024. The increase reflects additional costs to (i) license the additional William Penn branches; and (ii) upgrades to internal systems, including network storage, cybersecurity, and data security enhancements in response to the Bank's larger size and increased IT complexity.
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The following table and explanations that follow provide additional analysis of noninterest expense:
Three Months Ended June 30,
(Dollars in Thousands)20252024$ Variance% Variance
Salaries and employee benefits$20,753 $15,533 $5,220 33.6 %
Software licensing and utilization3,272 2,208 1,064 48.2 
Occupancy expense, net2,365 1,861 504 27.1 
Equipment expense1,248 1,287 (39)(3.0)
Shares tax606 124 482 388.7 
Legal and professional fees993 689 304 44.1 
ATM/card processing621 510 111 21.8 
Intangible amortization744 425 319 75.1 
FDIC Assessment994 1,232 (238)(19.3)
Gain on sale of foreclosed assets, net— 42 (42)(100.0)
Merger and acquisition expense11,011 — 11,011 100.0 
Other expenses5,191 4,313 878 20.4 
Total Noninterest Expense$47,798 $28,224 $19,574 69.4%


For the six months ended June 30, 2025, noninterest expense totaled $78.4 million, an increase of $21.7 million, or 38.2%, compared to noninterest expense of $56.7 million for the six months ended June 30, 2024.
Merger and acquisition expenses increased $11.3 million for the six months ended June 30, 2025, which includes $11.2 million of merger related expenses related to the William Penn acquisition and $164 thousand related to the Charis Insurance Group acquisition.
Salaries and benefits increased $6.1 million for the six months ended June 30, 2025, compared to the same period in 2024, largely driven by the same Q2 items noted above, including $2.0 million in equity compensation, staff additions from the William Penn acquisition, and retention of key personnel through integration.
Software licensing and utilization costs increased $1.5 million for the six months ended June 30, 2025, compared to the same period in 2024, reflecting the same Q2 drivers noted above. These include the onboarding of newly acquired William Penn branches, investments in IT infrastructure and cybersecurity.
Occupancy expenses increased $796 thousand for the six months ended June 30, 2025, compared to the same period in 2024. The increase was driven by the facility operating costs of the additional retail locations added through the William Penn acquisition.
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Six Months Ended June 30,
(Dollars in Thousands)20252024$ Variance% Variance
Salaries and employee benefits$37,062 $30,995 $6,067 19.6 %
Software licensing and utilization5,846 4,328 1,518 35.1 
Occupancy expense, net4,639 3,843 796 20.7 
Equipment expense2,342 2,509 (167)(6.7)
Shares tax1,525 1,121 404 36.0 
Legal and professional fees1,819 1,687 132 7.8 
ATM/card processing1,354 1,044 310 29.7 
Intangible amortization1,172 853 319 37.4 
FDIC Assessment1,984 2,177 (193)(8.9)
Gain on sale of foreclosed assets, net(28)42 (70)(166.7)
Merger and acquisition expense11,325 — 11,325 N/M
Other expenses9,400 8,145 1,255 15.4 
Total Noninterest Expense$78,440 $56,744 $21,696 38.2%

Income Taxes
The benefit for income taxes was $480 thousand for the three months ended June 30, 2025 compared to a provision of $2.5 million for the same period in 2024. The benefit for income taxes for the six months ended June 30, 2025 reflects a combined Federal and State effective tax rate of 12.2% and 17.5%, for the six months ended June 30, 2025 and June 30, 2024, 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 $6.4 billion as of June 30, 2025, reflecting an increase of $883.6 million, or 16.2%, compared to total assets of $5.5 billion as of December 31, 2024. The increase was primarily driven by an increase in loans as a result of the William Penn acquisition, an increase in available for sale 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 June 30, 2025 were $768.8 million compared to $642.9 million as of December 31, 2024. 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 June 30, 2025AmountWeighted Average YieldAmountWeighted Average YieldAmountWeighted Average YieldAmountWeighted Average Yield
Available for sale securities, at fair value:
U.S. Treasury and U.S. government agencies$996 3.49 %$14,509 2.39 %$1,876 3.30 %$— — %
Mortgage-backed U.S. government agencies— — — — 5,172 2.52 338,873 3.71 
State and political subdivision obligations— — — — 3,038 2.49 629 2.23 
Corporate debt securities5,947 5.156,480 4.3127,225 4.42— —
$6,943 4.28 %$20,989 3.05 %$37,311 3.84 %$339,502 3.71 %
Held to maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies$9,095 3.10%$103,928 1.84%$120,487 2.09%$— —%
Mortgage-backed U.S. government agencies17 3.982,229 2.964,302 2.7628,360 2.00
State and political subdivision obligations10,407 2.4433,398 2.4115,764 2.3613,596 2.54
Corporate debt securities4,000 3.909,446 3.929,000 3.96— —
$23,519 2.79 %$149,001 2.08 %$149,553 2.33 %$41,956 2.18 %

Loans, net of unearned income
Total loans, net of unearned income, as of June 30, 2025 were $4.8 billion compared to $4.4 billion as of December 31, 2024. The growth of $389.8 million, or 8.8%, since December 31, 2024 was primarily the result of the addition of William Penn acquisition loans of $405.3 million.
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June 30, 2025December 31, 2024Change in Balance
(Dollars in thousands)Balance% of Total LoansBalance% of Total Loans$%
Commercial real estate
CRE Nonowner Occupied$1,342,512 27.8 %$1,251,010 28.1 %$91,502 7.3 %
CRE Owner Occupied708,782 14.7 624,007 14.0 84,775 13.6 
Multifamily392,802 8.1 412,900 9.3 (20,098)(4.9)
Farmland227,953 4.7 224,709 5.1 3,244 1.4 
Total Commercial Real Estate2,672,049 55.3 2,512,626 56.5 159,423 6.3 
Commercial and industrial
730,560 15.1 705,392 15.9 25,168 3.6 
Construction
Residential Construction96,503 2.0 99,399 2.2 (2,896)(2.9)
Other Construction322,642 6.7 326,171 7.3 (3,529)(1.1)
Total Construction419,145 8.7 425,570 9.5 (6,425)(1.5)
Residential mortgage
1-4 Family 1st Lien412,000 8.5 313,592 7.1 98,408 31.4 
1-4 Family Rental417,755 8.6 336,636 7.6 81,119 24.1 
HELOC and Junior Liens173,123 3.6 140,392 3.2 32,731 23.3 
Total Residential Mortgage1,002,878 20.7 790,620 17.9 212,258 26.8 
Consumer8,266 0.2 8,862 0.2 (596)(6.7)
$4,832,898 100.0 %$4,443,070 100.0 %$389,828 8.8 %

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, Chester, Clearfield, Cumberland, Dauphin, Delaware, Fayette, Huntingdon, Lancaster, Lehigh, Luzerne, Montgomery, Perry, Philadelphia, Schuylkill and Westmoreland, along with Burlington, Camden, Mercer, 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.
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The following table presents the commercial real estate portfolio by property type along with the weighted average loan to value:
(Dollars in thousands)June 30, 2025December 31, 2024
Commercial Real EstateBalance % of portfolio
Weighted Average LTV (2)
Balance% of portfolio
Weighted Average LTV (2)
Owner Occupied (1)$708,782 26.5 %N/A$624,007 24.8 %N/A
Farmland (1)227,953 8.5 N/A224,709 8.9 N/A
Multifamily392,802 14.7 57.2 412,900 16.4 63.8 
Non Owner Occupied
Retail 424,082 15.9 53.2 426,171 17.0 60.3 
Office 273,019 10.2 63.2 296,468 11.8 63.2 
Industrial 183,670 6.9 48.3 161,683 6.4 53.2 
Hospitality 161,764 6.1 44.8 152,060 6.1 51.2 
Flex 40,442 1.5 40.8 44,187 1.8 44.2 
Mobile Home Park 16,175 0.6 58.8 17,748 0.7 67.7 
Health Care 13,110 0.5 60.5 14,511 0.6 55.3 
Other Property Types230,250 8.6 57.3 138,182 5.5 64.1 
Total Commercial Real Estate$2,672,049 100.0%54.7 %$2,512,626 100.0%59.9 %
(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 June 30, 2025One Year
and Less		One to
Five Years		Five to
Fifteen Years		Over
Fifteen Years		Total
Commercial real estate
CRE Nonowner Occupied$70,507 $482,504 $499,459 $290,042 $1,342,512 
CRE Owner Occupied21,956 109,515 295,103 282,208 708,782 
Multifamily48,722 136,316 100,484 107,280 392,802 
Farmland545 8,819 66,559 152,030 227,953 
Total Commercial real estate141,730 737,154 961,605 831,560 2,672,049 
Commercial and industrial28,051 339,962 118,852 243,695 730,560 
Construction
Residential Construction45,081 39,882 10,732 808 96,503 
Other Construction130,623 158,860 19,545 13,614 322,642 
Total Construction175,704 198,742 30,277 14,422 419,145 
Residential mortgage
1-4 Family 1st Lien5,292 32,875 94,413 279,420 412,000 
1-4 Family Rental39,754 31,431 146,643 199,927 417,755 
HELOC and Junior Liens12,923 15,668 44,169 100,363 173,123 
Total Residential Mortgage57,969 79,974 285,225 579,710 1,002,878 
Consumer2,169 1,613 1,530 2,954 8,266 
Total loans held in portfolio$405,623 $1,357,445 $1,397,489 $1,672,341 $4,832,898 
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Fixed interest rates:
Commercial real estate
CRE Nonowner Occupied$50,357 $230,641 $55,451 $9,245 $345,694 
CRE Owner Occupied14,458 69,889 31,008 3,366 118,721 
Multifamily39,733 80,167 8,398 1,314 129,612 
Farmland532 7,065 7,444 56 15,097 
Total Commercial real estate105,080 387,762 102,301 13,981 609,124 
Commercial and industrial7,005 195,207 22,025 7,748 231,985 
Construction
Residential Construction16,203 10,646 3 193 27,045 
Other Construction21,197 23,272 751 792 46,012 
Total Construction37,400 33,918 754 985 73,057 
Residential mortgage
1-4 Family 1st Lien5,073 22,548 70,095 203,277 300,993 
1-4 Family Rental34,633 21,185 15,020 7,419 78,257 
HELOC and Junior Liens1,139 7,148 28,615 3,194 40,096 
Total Residential Mortgage40,845 50,881 113,730 213,890 419,346 
Consumer1,359 1,606 1,390 988 5,343 
Total fixed interest rates$191,689 $669,374 $240,200 $237,592 $1,338,855 
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied$20,152 $251,862 $444,007 $280,797 $996,818 
CRE Owner Occupied7,498 39,626 264,095 278,842 590,061 
Multifamily8,989 56,149 92,086 105,966 263,190 
Farmland13 1,754 59,115 151,974 212,856 
Total Commercial real estate36,652 349,391 859,303 817,579 2,062,925 
Commercial and industrial21,046 144,755 96,827 235,947 498,575 
Construction
Residential Construction28,877 29,238 10,729 614 69,458 
Other Construction109,426 135,588 18,794 12,822 276,630 
Total Construction138,303 164,826 29,523 13,436 346,088 
Residential mortgage
1-4 Family 1st Lien219 10,327 24,318 76,143 111,007 
1-4 Family Rental5,120 10,245 131,624 192,509 339,498 
HELOC and Junior Liens11,784 8,520 15,554 97,169 133,027 
Total Residential Mortgage17,123 29,092 171,496 365,821 583,532 
Consumer810 7 140 1,966 2,923 
Total floating interest rates213,934 688,071 1,157,289 1,434,749 3,494,043 
Total fixed and floating interest rates$405,623 $1,357,445 $1,397,489 $1,672,341 $4,832,898 


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Credit Quality, Credit Risk, and Allowance for 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-loans 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.

Changes in the ACL-loans are summarized as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Dollars in thousands)2025202420252024
Balance, beginning of period$35,838 $33,524 $35,514 $34,187 
Purchase credit deteriorated loans343 — 343 — 
Loans charged off during period(909)(62)(924)(112)
Recoveries of loans previously charged off98 44 116 50 
Net recoveries/(charge-offs) (811)(18)(808)(62)
Provision/(benefit) for credit losses - loans (1)
2,245 1,782 2,566 1,163 
Balance, end of period$37,615 $35,288 $37,615 $35,288 
Ratio of net (recoveries)/charge-offs to average loans outstanding (annualized)0.069 %0.002 %0.035 %0.003 %
Ratio of ACL - loans to net loans at end of period0.78 %0.81 %0.78 %0.81 %
(1) Includes a $2.3 million initial provision related to non-PCD loans acquired in the William Penn acquisition in the second quarter of 2025.


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The following table presents the change in nonperforming asset categories as of June 30, 2025, December 31, 2024, and June 30, 2024.
(Dollars in thousands)June 30, 2025December 31, 2024June 30, 2024
Non-performing Assets:
Total non-accrual loans$18,216 $22,610 $9,999 
Foreclosed real estate9,816 44 441 
Total non-performing assets28,032 22,654 10,440 
Accruing loans 90 days or more past due— — — 
Total risk elements$28,032 $22,654 $10,440 
Non-accrual loans as a percentage of total loans outstanding0.38 %0.51 %0.23 %
Non-performing assets as a percentage of total loans outstanding and foreclosed real estate0.58 %0.51 %0.24 %
Ratio of ACL-loans to non-performing loans206.49 %157.07 %352.92 %
Total nonperforming assets were $28.0 million at June 30, 2025, an increase compared to nonperforming assets of $22.7 million at December 31, 2024. The increase during the second quarter of 2025 is primarily related to the addition of two commercial real estate loans with a combined balance of $8.8 million being foreclosed in the second quarter of 2025, offset by payoffs and paydowns in the second quarter of 2025. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.58% at June 30, 2025, compared to 0.52% and 0.57% as of December 31, 2024 and June 30, 2024, respectively.

Goodwill

Mid Penn evaluates goodwill annually for impairment unless events occur which indicate that impairment is possible: a triggering event. At June 30, 2025, Mid Penn had goodwill of $135.5 million and Mid Penn's stock continues to trade below book value, warranting additional analysis. Management has reviewed actual earnings in relation to forecasted earnings, liquidity levels, changes in deposit balances, and credit quality, among others. Management has not noted any factors which would indicate that an additional impairment test is necessary. 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, 2025.
Deposits
Total deposits increased $759.7 million, or 16.2%, from $4.7 billion on December 31, 2024, to $5.4 billion at June 30, 2025. The growth was driven by a $453.0 million increase in interest bearing accounts, and a $97.9 million increase in noninterest bearing accounts, offset by a $208.8 million increase in time deposits. These increases were partially driven by William Penn acquisition deposits of $619.8 million
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Average balances and average interest rates applicable to deposits by major classification:
June 30, 2025December 31, 2024Change
(Dollars in thousands)BalanceRateBalanceRate$%
Noninterest-bearing demand deposits$783,561 0.00 %$780,538 0.00 %$3,023 0.39 %
Interest-bearing demand deposits1,087,426 1.79 1,001,813 1.90 85,613 8.55 
Money market1,102,641 2.80 913,311 2.91 189,330 20.73 
Savings284,428 0.09 275,692 0.09 8,736 3.17 
Time1,663,995 4.14 1,541,654 4.57 122,341 7.94 
$4,922,051 2.43 %$4,513,008 2.58 %$409,043 9.06 %

As of June 30, 2025, uninsured deposits were approximately $1.6 billion compared to $1.4 billion as of December 31, 2024. The maturities of the uninsured time deposits as of June 30, 2025 were as follows:
(In thousands)2025
Three months or less$134,904 
Over three months to six months230,912 
Over six months to twelve months26,988 
Over twelve months847 
$393,651 
Borrowings

Total short-term borrowings decreased $2.0 million, or 100.0%, from December 31, 2024. The decrease in short-term borrowings was driven by our objective to maintain a strong unencumbered liquid assets ratio, ensuring the availability of high-quality liquidity to meet potential near-term obligations. Total long-term borrowings were $23.4 million at June 30, 2025, a decrease of $229 thousand from December 31, 2024.
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.
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The Consolidated Statements of Cash Flows provide additional information. Mid Penn’s operating activities during the six months ended June 30, 2025 provided $40.5 million of cash, mainly due to net income. Cash used in investing activities during the six months ended June 30, 2025 was $102.8 million, mainly the result of the net increase in loans. Cash provided by financing activities during the six months ended June 30, 2025 totaled $123.0 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.
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 June 30, 2025, 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:
June 30, 2025December 31, 2024Regulatory Minimum for Capital AdequacyFully Phased-In, with Capital Conversation Buffers
Total Risk-Based Capital (to Risk-Weighted Assets)14.40 %13.98 %10.50 %4.00 %
Tier I Risk-Based Capital (to Risk-Weighted Assets)12.82 12.09 8.50 7.00 
Common Equity Tier I (to Risk-Weighted Assets)12.82 12.09 7.00 8.50 
Tier I Leverage Capital (to Average Assets)10.63 9.98 4.00 10.50 
As of June 30, 2025 and December 31, 2024, 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.
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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 practices have been, and will continue to be, of paramount importance to Mid Penn.
Shareholders’ equity increased by $120.7 million, or 18.4%, from $655.0 million as of December 31, 2024 to $775.7 million as of June 30, 2025, primarily due to common stock issued to William Penn shareholders in the amount of $99.7 million and year to date earnings of $18.5 million.

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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 by 100, 200, 300 and 400 bps 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 upward interest rate changes, while a reduction 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 June 30, 2025, 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 IncomePolicy
Risk Limit
June 30, 2025December 31, 2024
40012.8%9.0%≥ -25%
3009.7%6.8%≥ -20%
2006.5%4.6%≥ -15%
1003.3%2.4%≥ -10%
(100)(3.3)%(2.3)%≥ -10%
(200)(6.5)%(4.7)%≥ -15%
(300)(9.2)%(7.2)%≥ -20%
(400)(11.3)%(8.2)%≥ -25%
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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 June 30, 2025, 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.
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 six months ended June 30, 2025.
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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 2024 Annual Report and subsequent reports filed with the SEC to determine if there were material changes applicable to the six months ended June 30, 2025. Aside from the following risk factor, there have been no material changes to the risk factors that were previously disclosed in the 2024 Annual Report.

Changes in financial regulations and economic policies under the current U.S. administration may impact our business operations, compliance costs, and profitability.

The current administration's policies have introduced both opportunities and uncertainties that could materially affect our operations:

•Deregulation Efforts: The administration has signaled intentions to ease financial regulations, including potential modifications to capital requirements and stress testing procedures. While this may reduce compliance costs, it may also lead to increased competition and pressure on profit margins.
•Trade Policies: Recent shifts in trade policies, such as the implementation of tariffs on imports from key trading partners, have created volatility in financial markets. This uncertainty could impact our customers' business operations, potentially affecting their creditworthiness and demand for financing.
•Tax Reforms: Proposed changes to corporate tax structures may alter the financial landscape in which we operate. While lower taxes could enhance profitability, the long-term effects on the broader economy remain uncertain.

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

PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar amount of Shares That May Yet Be Purchased
April 1 - April 30, 2025—$— 440,722$4,958,391 
May 1 - May 31, 202562,81228.31 503,5343,180,183 
June 1 - June 30, 2025— — 503,534 3,180,183 
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 30, 2026 by Mid Penn’s Board of Directors on April 23, 2025. 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 three months ended June 30, 2025, Mid Penn repurchased 62,812 shares of common stock at an average price of $28.31. As of June 30, 2025, Mid Penn repurchased 503,534 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 June 30, 2025, 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

2.1
Completion of Acquisition, dated as of April 30, 2025, by and between Mid Penn Bancorp, Inc. and William Penn Bancorporation (Incorporated by reference to Registrant's Current Report on Form 8-K filed on April 30, 2025)
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.)
10.1
William Penn Bancorporation 2022 Equity Incentive Plan, incorporated by reference to Exhibit 10.1 to the Registrant's Registration Statement on Form S-8 filed May 1, 2025 (File No. 333-286886)
10.2
The William Penn Bank 401(K) Retirement Savings Plan, incorporated by reference to Exhibit 10.2 to William Penn's Form S-1 Registration Statement, as amended, initially filed with the SEC on October 15, 2020 (File No. 333-249492)
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:
August 7, 2025
By:
/s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
(Principal Financial Officer)
Date:
August 7, 2025
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