Companies: 10,793     total market cap: C$192.211 T
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Mid Penn Bancorp
MPB
#6301
Rank
C$1.17 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$46.60
Share price
2.05%
Change (1 day)
34.39%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Mid Penn Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Mid Penn Bancorp - 10-Q quarterly report FY2025 Q1


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 March 31, 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 April 30, 2025, the registrant had 19,387,178 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 March 31, 2025 and December 31, 2024 (Unaudited)
4
Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
5
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
7
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)
8
Notes to Consolidated Financial Statements (Unaudited)
10
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
45
Item 3 – Quantitative and Qualitative Disclosures about Market Risk
63
Item 4 – Controls and Procedures
64
PART II – OTHER INFORMATION
65
Item 1 – Legal Proceedings
65
Item 1A – Risk Factors
65
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
66
Item 3 – Defaults upon Senior Securities
67
Item 4 – Mine Safety Disclosures
67
Item 5 – Other Information
67
Item 6 – Exhibits
68
Signatures
69
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)
BrunswickBrunswick Bancorp
Brunswick AcquisitionMerger acquisition of Brunswick
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)March 31, 2025December 31, 2024
ASSETS
Cash and due from banks$47,688 $37,002 
Interest-bearing balances with other financial institutions16,880 14,490 
Federal funds sold42,686 19,072 
Total cash and cash equivalents107,254 70,564 
Investment securities:
HTM, at amortized cost (fair value $339,708 and $340,648, respectively)
375,115 382,447 
AFS, at fair value (amortized cost $278,158 and $284,770, respectively)
258,493 260,477 
Equity securities, at fair value436 428 
Loans held for sale, at fair value6,851 7,064 
Loans, net of unearned income4,491,167 4,443,070 
Less: ACL - Loans(35,838)(35,514)
Net loans 4,455,329 4,407,556 
Premises and equipment, net40,328 38,806 
Operating lease right of use asset9,402 7,699 
Finance lease right of use asset2,503 2,548 
Cash surrender value of life insurance51,351 51,521 
Restricted investment in bank stocks6,660 7,461 
Accrued interest receivable27,263 26,846 
Deferred income taxes21,800 22,747 
Goodwill128,160 128,160 
Core deposit and other intangibles, net5,814 6,242 
Foreclosed assets held for sale1,402 44 
Other assets47,865 50,326 
Total Assets$5,546,026 $5,470,936 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$788,316 $759,169 
Interest-bearing transaction accounts2,375,205 2,319,753 
Time1,568,681 1,611,005 
Total Deposits4,732,202 4,689,927 
Short-term borrowings25,000 2,000 
Long-term debt23,489 23,603 
Subordinated debt45,587 45,741 
Operating lease liability9,765 8,092 
Accrued interest payable12,900 13,484 
Other liabilities29,150 33,071 
Total Liabilities4,878,093 4,815,918 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at March 31, 2025 and December 31, 2024; 19,802,816 issued at March 31, 2025 and 19,796,519 at December 31, 2024; 19,362,094 outstanding at March 31, 2025 and 19,355,797 at December 31, 2024
19,803 19,797 
Additional paid-in capital480,866 480,491 
Retained earnings191,469 181,597 
Accumulated other comprehensive loss(14,163)(16,825)
Treasury stock, at cost; 440,722 shares at March 31, 2025 and December 31, 2024.
(10,042)(10,042)
Total Shareholders’ Equity667,933 655,018 
Total Liabilities and Shareholders' Equity$5,546,026 $5,470,936 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31,
(In thousands, except per share data)20252024
INTEREST INCOME
Loans, including fees $66,537 $63,236 
Investment securities:  
Taxable4,460 4,040 
Tax-exempt348 376 
Other interest-bearing balances138 403 
Federal funds sold261 136 
Total Interest Income71,744 68,191 
INTEREST EXPENSE  
Deposits28,264 26,332 
Short-term borrowings290 4,446 
Long-term and subordinated debt681 957 
Total Interest Expense29,235 31,735 
Net Interest Income42,509 36,456 
   Provision/(benefit) for credit losses - loans 321 (619)
Benefit for credit losses - credit commitments(20)(318)
  Net provision/(benefit) for credit losses301 (937)
Net Interest Income After Provision/Benefit for Credit Losses42,208 37,393 
NONINTEREST INCOME  
Fiduciary and wealth management1,140 1,132 
ATM debit card interchange919 945 
Service charges on deposits562 509 
Mortgage banking 591 424 
Mortgage hedging(9)— 
Net gain on sales of SBA loans57 107 
Earnings from cash surrender value of life insurance274 284 
Other 1,705 2,436 
Total Noninterest Income5,239 5,837 
NONINTEREST EXPENSE  
Salaries and employee benefits16,309 15,462 
Software licensing and utilization2,574 2,120 
Occupancy, net2,274 1,982 
Equipment1,094 1,222 
Shares tax919 997 
Legal and professional fees826 998 
ATM/card processing733 534 
Intangible amortization428 428 
FDIC Assessment990 945 
Gain on sale of foreclosed assets, net(28)— 
Merger and acquisition 314 — 
Other 4,209 3,832 
Total Noninterest Expense30,642 28,520 
INCOME BEFORE PROVISION FOR INCOME TAXES16,805 14,710 
Provision for income taxes3,063 2,577 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$13,742 $12,133 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.71 $0.73 
Diluted Earnings Per Common Share$0.71 $0.73 
Weighted-average basic shares outstanding19,355,867 16,567,902 
Weighted-average diluted shares outstanding19,416,265 16,613,373 
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
March 31,
(In Thousands)20252024
Net income$13,742 $12,133 
Other comprehensive income/(loss):
Unrealized gains/(losses) arising during the period on available for sale securities, net of income tax.
3,656 (1,711)
Unrealized holding (losses)/gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax.
(984)1,410 
Change in defined benefit plans, net of income tax.(1)
16 8 
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax.(2)
(26)(17)
Total other comprehensive income/(loss)2,662 (310)
Total comprehensive income$16,404 $11,823 
(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 

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 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended
March 31,
(In thousands)20252024
Operating Activities:
Net Income$13,742 $12,133 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision/(benefit) for credit losses301 (937)
Depreciation1,133 1,192 
Amortization of intangibles428 428 
Net amortization of security discounts/premiums70 102 
Noncash operating lease expense619 539 
Amortization of finance lease right of use asset45 44 
Earnings on cash surrender value of life insurance(274)(284)
Mortgage loans originated for sale(20,566)(16,808)
Proceeds from sales of mortgage loans originated for sale21,370 16,506 
Gain on sale of mortgage loans(591)(424)
SBA loans originated for sale(728)(1,553)
Proceeds from sales of SBA loans originated for sale785 1,446 
Gain on sale of SBA loans(57)(107)
Gain on sale of property, plant, and equipment— (32)
Gain on sale or write-down of foreclosed assets(28)— 
Accretion of subordinated debt(154)(153)
Stock compensation expense218 284 
Change in deferred income tax cost206 1,402 
Increase accrued interest receivable(417)(1,155)
Decrease/(Increase) in other assets822 (3,484)
(Decrease)/Increase in accrued interest payable(584)2,073 
Decrease in operating lease liability (649)(602)
(Decrease)/Increase in other liabilities(4,162)1,799 
Net Cash Provided By Operating Activities11,529 12,409 
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities6,609 3,741 
Proceeds from the maturity or call of held-to-maturity securities7,265 2,045 
Stock dividends of FHLB and other bank stock151 239 
Reduction (Purchases) of restricted investment in bank stock650 (917)
Net increase in loans (49,476)(68,987)
Purchases of bank premises and equipment(2,720)(351)
Proceeds from the sale of premises and equipment65 32 
Proceeds from the sale of foreclosed assets72 — 
Proceeds from bank-owned life insurance527 — 
Gain on bank-owned life insurance(83)— 
Net change in investments in tax credits and other partnerships647 (1,548)
Net Cash Used in Investing Activities(36,293)(65,746)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net increase in deposits42,275 32,893 
Common stock dividends paid(3,870)(3,314)
Proceeds from Employee and Director Stock Purchase Plan stock issuance163 148 
Treasury stock purchased— (323)
Net change in finance lease liability(36)(24)
Net change in short-term borrowings23,000 30,317 
Long-term debt repayment(78)(35,038)
Net Cash Provided by Financing Activities61,454 24,659 
Net increase/(decrease) in cash and cash equivalents36,690 (28,678)
Cash and cash equivalents, beginning of period70,564 96,763 
Cash and cash equivalents, end of period$107,254 $68,085 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$29,819 $29,662 
Cash paid for income taxes185 — 
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 sale1,402 4,817 
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 three 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 March 31, 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 March 31, 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 March 31, 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.
On April 30, 2025, Mid Penn completed its acquisition of William Penn Bancorporation through the merger of William Penn with and into Mid Penn. The Merger was completed in accordance with the terms and conditions of the Agreement and Plan of Merger dated October 31, 2024, between Mid Penn and William Penn.
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
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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.

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.


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

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 market value of identifiable assets acquired.



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Note 3 - Investment Securities
AFS Securities
At March 31, 2025, the fair value of AFS securities totaled $258.5 million. At March 31, 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 March 31, 2025, accrued interest receivable totaled $1.1 million for AFS securities, and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
HTM Securities
At March 31, 2025, Mid Penn’s HTM securities totaled $375.1 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 March 31, 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 March 31, 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 March 31, 2025. Therefore, no allowance for credit losses was recorded as of March 31, 2025.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. At March 31, 2025, accrued interest receivable totaled $2.2 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:
March 31, 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$22,273 $— $516 $21,757 
Mortgage-backed U.S. government agencies215,826 289 16,008 200,107 
State and political subdivision obligations4,305 — 710 3,595 
Corporate debt securities35,754 35 2,755 33,034 
Total available-for-sale debt securities278,158 324 19,989 258,493 
Held-to-maturity
U.S. Treasury and U.S. government agencies$237,976 $— $22,952 $215,024 
Mortgage-backed U.S. government agencies36,275 1 4,703 31,573 
State and political subdivision obligations75,418 — 6,633 68,785 
Corporate debt securities25,446 — 1,120 24,326 
Total held-to-maturity debt securities375,115 1 35,408 339,708 
Total$653,273 $325 $55,397 $598,201 
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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 $429.4 million at March 31, 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 $113.0 million as of March 31, 2025 and $156.0 million as of December 31, 2024.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
March 31, 2025Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies—$— $— 12$21,757 $516 12$21,757 $516 
Mortgage-backed U.S. government agencies1074,099 1,141 90126,008 14,867 100200,107 16,008 
State and political subdivision obligations—— — 83,595 710 83,595 710 
Corporate debt securities13,955 — 1729,079 2,755 1833,034 2,755 
Total available-for-sale debt securities11$78,054 $1,141 127$180,439 $18,848 138$258,493 $19,989 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies—— — 141215,024 22,952 141215,024 22,952 
Mortgage-backed U.S. government agencies3302 — 6131,271 4,703 6431,573 4,703 
State and political subdivision obligations93,734 23 16365,051 6,610 17268,785 6,633 
Corporate debt securities410,500 — 1113,826 1,120 1524,326 1,120 
Total held-to-maturity debt securities1614,536 23 376325,172 35,385 392339,708 35,408 
Total27$92,590 $1,164 503$505,611 $54,233 530$598,201 $55,397 
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(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2024Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies—$— $— 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 March 31, 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 March 31, 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 three months ended March 31, 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
March 31, 2025Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in 1 year or less$10,501 $10,486 $19,738 $19,640 
Due after 1 year but within 5 years22,423 21,734 140,361 131,748 
Due after 5 years but within 10 years28,564 25,538 164,425 145,154 
Due after 10 years844 628 14,316 11,593 
62,332 58,386 338,840 308,135 
Mortgage-backed securities215,826 200,107 36,275 31,573 
$278,158 $258,493 $375,115 $339,708 
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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)March 31, 2025December 31, 2024
Commercial real estate
CRE Nonowner Occupied$1,272,153 $1,251,010 
CRE Owner Occupied654,305 624,007 
Multifamily410,531 412,900 
Farmland226,033 224,709 
Total Commercial real estate2,563,022 2,512,626 
Commercial and industrial
720,695 705,392 
Construction
Residential Construction88,196 99,399 
Other Construction321,015 326,171 
Total Construction409,211 425,570 
Residential mortgage
1-4 Family 1st Lien312,162 313,592 
1-4 Family Rental339,880 336,636 
HELOC and Junior Liens139,380 140,392 
Total Residential Mortgage791,422 790,620 
Consumer6,817 8,862 
Total loans$4,491,167 $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 $3.3 million and $3.8 million as of March 31, 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 $23.5 million and $22.9 million as of March 31, 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 also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The classes of the loan portfolio summarized by the past due status as of March 31, 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
March 31, 2025
Commercial real estate
CRE Nonowner Occupied$1,746 $— $13,919 $15,665 $1,256,488 $1,272,153 $— 
CRE Owner Occupied2,176 — 298 2,474 651,831 654,305 — 
Multifamily— — — — 410,531 410,531 — 
Farmland1 — — 1 226,032 226,033 — 
Total Commercial real estate3,923 — 14,217 18,140 2,544,882 2,563,022 — 
Commercial and industrial112 35 797 944 719,751 720,695 3 
Construction
Residential Construction— — — — 88,196 88,196 — 
Other Construction— — — — 321,015 321,015 — 
Total Construction— — — — 409,211 409,211 — 
Residential mortgage
1-4 Family 1st Lien583 79 386 1,048 311,114 312,162 — 
1-4 Family Rental— 4 125 129 339,751 339,880 — 
HELOC and Junior Liens649 — 1,433 2,082 137,298 139,380 — 
Total Residential Mortgage1,232 83 1,944 3,259 788,163 791,422 — 
Consumer— — — — 6,817 6,817 — 
Total$5,267 $118 $16,958 $22,343 $4,468,824 $4,491,167 $3 

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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 $— 
Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due. Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of March 31, 2025 and December 31, 2024 are summarized as follows:
March 31, 2025December 31, 2024
(In thousands)With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
Commercial real estate
CRE Nonowner Occupied3,677 10,242 13,919 2,622 11,153 13,775 
CRE Owner Occupied— 2,032 2,032 — 546 546 
Multifamily— 147 147 — 154 154 
Total Commercial real estate3,677 12,421 16,098 2,622 11,853 14,475 
Commercial and industrial4,989 611 5,600 758 3,894 4,652 
Construction
Residential Construction— — — — — — 
Other Construction— — — — — — 
Total Construction— — — — — — 
Residential mortgage
1-4 Family 1st Lien— 654 654 — 1,028 1,028 
1-4 Family Rental— 160 160 — 176 176 
HELOC and Junior Liens— 1,533 1,533 — 2,279 2,279 
Total Residential Mortgage$— $2,347 $2,347 $— $3,483 $3,483 
Consumer— — — — — — 
Total loans$8,666 $15,379 $24,045 $3,380 $19,230 $22,610 
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The amount of interest income recognized on nonaccrual loans was approximately $127 thousand and $159 thousand during the three months ended March 31, 2025 and 2024, 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 are necessary to be in this classification.
Good Acceptable Risk / Pass - The Borrower in this rating classification is a reasonable credit risk having financial ratios on par with its peers and demonstrates slightly improving trends over time; they list good quality assets and fairly low leverage plus ample debt capacity.
Average Acceptable Risk / Pass - This type of classification has financial ratios and assets are of above average quality, 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; the Borrower demonstrates marginally adequate earnings, cash flow and debt service plus positive trends.
Weak/Monitor Risk (Watch list) / Pass - This type of classification has financial ratios that are slightly below standard industry averages and assets are below average quality with unstable values; fixed assets could be near or at the end of their useful life and liabilities may not match the asset structure.

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

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

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

LOSS. These loans are considered uncollectible and no longer a viable asset of the Bank. They lack an identifiable source of repayment based on an inability to generate sufficient cash flow to service the debt. All trends are negative and the damage to the financial condition of the Borrower cannot be reversed now or in the near future.
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The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.
March 31, 2025
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20252024202320222021PriorTotal
CRE Nonowner Occupied
Pass$20,673 $85,769 $197,443 $339,713 $150,865 $440,272 $11,179 $1,245,914 
Special mention— — — — — 4,418 — 4,418 
Substandard or lower— — 1,540 1,280 — 19,001 — 21,821 
Total CRE Nonowner Occupied20,673 85,769 198,983 340,993 150,865 463,691 11,179 1,272,153 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — 1 — 1 
Net charge offs— — — — — 1 — 1 
CRE Owner Occupied
Pass33,854 61,419 104,424 104,367 64,246 263,242 14,350 645,902 
Special mention— — — 4,943 174 1,001 — 6,118 
Substandard or lower— — — — 235 2,050 — 2,285 
Total CRE Owner Occupied33,854 61,419 104,424 109,310 64,655 266,293 14,350 654,305 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Multifamily
Pass2,943 4,854 66,143 118,458 100,824 113,606 3,505 410,333 
Special mention— — — — — 51 — 51 
Substandard or lower— — — — — 147 — 147 
Total Multifamily2,943 4,854 66,143 118,458 100,824 113,804 3,505 410,531 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Farmland
Pass7,125 28,095 29,605 54,696 40,912 48,779 13,224 222,436 
Special mention— — 127 — 1,153 2,129 188 3,597 
Substandard or lower— — — — — — — — 
Total Farmland7,125 28,095 29,732 54,696 42,065 50,908 13,412 226,033 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Commercial and industrial
Pass53,535 111,556 100,212 71,545 52,191 103,350 217,835 710,224 
Special mention— 120 56 213 62 2,451 4,585 7,487 
Substandard or lower— — — — 785 1,599 600 2,984 
Total commercial and industrial53,535 111,676 100,268 71,758 53,038 107,400 223,020 720,695 
Gross charge offs— — — — — — — — 
Current period recoveries— — 1 — — 5 — 6 
Net charge offs— — 1 — — 5 — 6 
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Residential Construction
Pass1,923 38,527 36,783 2,952 — — 8,011 88,196 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Residential Construction1,923 38,527 36,783 2,952 — — 8,011 88,196 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
Other Construction
Pass20,573 69,098 74,600 97,132 10,927 21,577 27,108 321,015 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Other Construction20,573 69,098 74,600 97,132 10,927 21,577 27,108 321,015 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
1-4 Family 1st Lien
Performing15,389 18,710 59,014 44,951 34,232 135,632 2,354 310,282 
Non-performing— — — — — 1,880 — 1,880 
Total 1-4 Family 1st Lien15,389 18,710 59,014 44,951 34,232 137,512 2,354 312,162 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — 2 — 2 
Net recoveries— — — — — 2 — 2 
1-4 Family Rental
Performing9,308 24,953 49,924 93,316 57,899 101,725 1,896 339,021 
Non-performing— — 147 — — 712 — 859 
Total 1-4 Family Rental9,308 24,953 50,071 93,316 57,899 102,437 1,896 339,880 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net recoveries— — — — — — — — 
HELOC and Junior Liens
Performing1,230 5,023 15,743 9,347 4,810 12,693 87,297 136,143 
Non-performing— 1,000 101 — — 1,135 1,001 3,237 
Total HELOC and Junior Liens1,230 6,023 15,844 9,347 4,810 13,828 88,298 139,380 
Gross charge offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge offs— — — — — — — — 
Consumer
Performing1,379 1,566 915 316 365 265 2,011 6,817 
Non-performing— — — — — — — — 
Total consumer1,379 1,566 915 316 365 265 2,011 6,817 
Gross charge offs— — — — — (15)— (15)
Current period recoveries— — — — — 9 — 9 
Net charge offs— — — — — (6)— (6)
Total
Pass$140,626 $399,318 $609,210 $788,863 $419,965 $990,826 $295,212 $3,644,020 
Special mention— 120 183 5,156 1,389 10,050 4,773 21,671 
Substandard or lower— — 1,540 1,280 1,020 22,797 600 27,237 
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Performing27,306 50,252 125,596 147,930 97,306 250,315 93,558 792,263 
Nonperforming— 1,000 248 — — 3,727 1,001 5,976 
Total$167,932 $450,690 $736,777 $943,229 $519,680 $1,277,715 $395,144 $4,491,167 
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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 March 31, 2025 and December 31, 2024. There was $109 thousand and $861 thousand in loans for which formal foreclosure proceedings were in process at March 31, 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 March 31, 2025 were $24.0 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 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 purchase price and an initial estimate of credit losses. The initial recognition of expected credit losses on PCD loans has no
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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.
The following tables present the activity in the ACL - loans by portfolio segment for the three months ended March 31, 2025 and the three months ended March 31, 2024:
(In thousands)Balance at
December 31, 2024		Charge offsRecoveriesNet loans (charged off) recovered
Provision/(Benefit) for credit losses
Three Months Ended
March 31, 2025
Commercial Real Estate
CRE Nonowner Occupied11,047 — 1 1 (668)10,380 
CRE Owner Occupied5,243 — — — 479 5,722 
Multifamily3,432 — — — (108)3,324 
Farmland1,932 — — — 143 2,075 
Commercial and industrial7,122 — 6 6 736 7,864 
Construction
Residential Construction931 — — — (101)830 
Other Construction2,131 — — — (232)1,899 
Residential Mortgage
1-4 Family 1st Lien1,503 — 2 2 77 1,582 
1-4 Family Rental1,756 — — — (16)1,740 
HELOC and Junior Liens392 — — — 12 404 
Consumer25 (15)9 (6)(1)18 
Total35,514 (15)18 3 321 35,838 
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(In thousands)Balance at
December 31, 2023		Charge offsRecoveriesNet loans (charged off) recovered
(Benefit)/Provision for credit losses
Three Months Ended
March 31, 2024
Commercial Real Estate
CRE Nonowner Occupied$10,267 $— $— $— $150 $10,417 
CRE Owner Occupied5,646 — — — (44)5,602 
Multifamily2,202 — — — 168 2,370 
Farmland2,064 — — — (62)2,002 
Commercial and industrial7,131 — — — (631)6,500 
Construction
Residential Construction1,256 — — — (80)1,176 
Other Construction2,146 — — — 25 2,171 
Residential Mortgage
1-4 Family 1st Lien1,207 (7)— (7)71 1,271 
1-4 Family Rental1,859 — — — (320)1,539 
HELOC and Junior Liens389 (21)— (21)89 457 
Consumer20 (22)6 (16)15 19 
Total$34,187 $(50)$6 $(44)$(619)$33,524 



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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 March 31, 2025 and December 31, 2024:

(In thousands)ACL - LoansLoans
March 31, 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$8,823 $1,557 $10,380 $1,258,234 $13,919 $1,272,153 
CRE Owner Occupied5,722 — 5,722 652,273 2,032 654,305 
Multifamily3,324 — 3,324 410,384 147 410,531 
Farmland2,075 — 2,075 226,033 — 226,033 
Commercial and industrial7,038 826 7,864 715,095 5,600 720,695 
Construction
Residential Construction830 — 830 88,196 — 88,196 
Other Construction1,899 — 1,899 321,015 — 321,015 
Residential mortgage
1-4 Family 1st Lien1,582 — 1,582 311,508 654 312,162 
1-4 Family Rental1,740 — 1,740 339,720 160 339,880 
HELOC and Junior Liens404 — 404 137,847 1,533 139,380 
Consumer18 — 18 6,817 — 6,817 
Total$33,455 $2,383 $35,838 $4,467,122 $24,045 $4,491,167 

(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 months ended March 31, 2025.

Information related to loans modified (by type of modification) for the three months ended March 31, 2024, whereby the borrower was experiencing financial difficulty at the time of modification, is set forth in the following table:

(In thousands)Interest OnlyTerm ExtensionCombination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Three months ended March 31, 2024
HELOC and Junior Liens$— $— $92 $92 0.01 
Total Residential Mortgage— — 92 92 0.01 
Total$— $— $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 March 31, 2025, there were no defaulted troubled debt restructured loans, as all troubled debt restructured loans were current with respect to their associated forbearance agreements. There were also no defaults on troubled debt restructured loans within twelve months of restructure during 2024.
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Note 5 - Deposits
Deposits consisted of the following as of March 31, 2025 and December 31, 2024:
(Dollars in thousands)March 31, 2025% of Total DepositsDecember 31, 2024% of Total Deposits
Noninterest-bearing demand deposits$788,316 16.7 %$759,169 16.2 %
Interest-bearing demand deposits1,045,100 22.1 %1,101,444 23.5 %
Money market1,067,661 22.6 %958,051 20.4 %
Savings262,444 5.5 %260,258 5.5 %
Total demand and savings 3,163,521 66.9 %3,078,922 65.6 %
Time1,568,681 33.1 %1,611,005 34.4 %
Total deposits$4,732,202 100.0 %$4,689,927 100.0 %
The scheduled maturities of time deposits at March 31, 2025 were as follows:
Time Deposits
(In thousands)Less than $250,000$250,000 or more
Maturing in 2025$969,787 $296,652 
Maturing in 2026197,038 45,330 
Maturing in 202735,580 1,824 
Maturing in 202811,364 561 
Maturing in 20295,815 255 
Maturing thereafter3,883 592 
$1,223,467 $345,214 
Mid Penn had $319.8 million in brokered certificates of deposits as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, Mid Penn had $66.3 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:
March 31, 2025December 31, 2024
(Dollars in thousands)
 Interest rate swaps on loans with customers
      Notional amount $235,150 $217,150 
      Weighted average remaining term (years) 4.875.11
      Receive fixed rate (weighted average) 4.88 %4.68 %
      Pay variable rate (weighted average)6.63 %6.64 %
      Estimated fair value (1)
$9,901 $11,118 
March 31, 2025December 31, 2024
(Dollars in thousands)
 Interest rate swaps on loans with correspondents
      Notional amount $235,150 $217,150 
      Weighted average remaining term (years) 4.875.11
      Receive variable rate (weighted average) 6.63 %6.64 %
      Pay fixed rate (weighted average)4.88 %4.68 %
      Estimated fair value (2)
$9,901 $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:
March 31, 2025December 31, 2024
(Dollars in thousands)
 Cash flow hedges
      Notional amount $315,000 $295,000 
      Weighted average remaining term (years) 1.341.55
      Pay fixed rate (weighted average) 3.66 %3.64 %
      Receive variable rate (weighted average)3.89 %4.10 %
      Estimated fair value (1)
$913 $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 $914 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 December 31, 2024$(18,889)$1,485 $579 $(16,825)
OCI before reclassifications3,656 (984)16 2,688 
Amounts reclassified from AOCI— — (26)(26)
Balance at March 31, 2025$(15,233)$501 $569 (14,163)
Balance at December 31, 2023$(17,339)$820 $(118)$(16,637)
OCI before reclassifications(1,711)1,410 8 (293)
Amounts reclassified from AOCI— — (17)(17)
Balance at March 31, 2024$(19,050)$2,230 $(127)$(16,947)
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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 months ended March 31, 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.
March 31, 2025
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $21,757 $— $21,757 
Mortgage-backed U.S. government agencies— 200,107 — 200,107 
State and political subdivision obligations— 3,595 — 3,595 
Corporate debt securities— 33,034 — 33,034 
Equity securities436 — — 436 
Loans held for sale— 6,851 — 6,851 
Other assets:
Derivative assets— 10,814 — 10,814 
Other liabilities:
Derivative liabilities— 9,901 9,901 
December 31, 2024
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $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 March 31, 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 market value. These characteristics classify interest rate swap agreements as Level 2.
Mortgage banking derivatives - represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors and the fair value of interest rate swaps. The fair values of Mid Penn’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. These characteristics classify Mortgage banking derivatives as Level 2. As of March 31, 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:
March 31, 2025
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $21,662 $21,662 
Foreclosed assets held for sale— — 1,402 1,402 
December 31, 2024
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $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.
March 31, 2025
(In thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL$21,662 
Appraisal of collateral
Appraisal adjustments
8%-100%26.5%
Foreclosed assets held for sale1,402 
Appraisal of collateral
Appraisal adjustments41%-41%41.0%
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:
March 31, 2025
Carrying
Amount		Estimated Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial instruments - assets
 Cash and cash equivalents $107,254 $107,254 $— $— $107,254 
 Available-for-sale securities258,493 — 258,493 — 258,493 
Held-to-maturity securities375,115 — 339,708 — 339,708 
 Equity securities436 436 — — 436 
 Loans held for sale6,851 — 6,851 — 6,851 
Net loans 4,455,329 — — 4,483,665 4,483,665 
  Restricted investment in bank stocks6,660 6,660 — 6,660 
  Accrued interest receivable27,263 27,263 — — 27,263 
  Derivative assets 10,814 — 10,814 — 10,814 
Financial instruments - liabilities
Deposits$4,732,202 $— $4,740,814 $— $4,740,814 
Short-term borrowings25,000 — 25,000 — 25,000 
Long-term debt (1)
20,462 — 20,369 — 20,369 
Subordinated debt45,587 — 43,246 — 43,246 
 Accrued interest payable12,900 12,900 — — 12,900 
 Derivative liabilities9,901 — 9,901 — 9,901 
(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 March 31, 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 $67.5 million and $64.3 million of standby letters of credit outstanding as of March 31, 2025 and December 31, 2024, respectively. Mid Penn does not anticipate any losses because of these transactions. The amount of the liability as of March 31, 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 $2.9 million as of March 31, 2025 and December 31, 2024. A benefit for credit losses - credit commitments of $20 thousand and $318 thousand was recorded for the three months ended March 31, 2025 and March 31, 2024, respectively.
The following table presents the activity in the ACL - OBS by segment for the three March 31, 2025 and December 31, 2024:
(in thousands)
Balance at December 31, 2024(Benefit)/Provision for credit lossThree months ended March 31, 2025
1-4 Family Rental$16 $(3)$13 
C&I1,165 157 1,322 
CRE NonOwner Occupied132 (23)109 
CRE Owner Occupied98 7 105 
Consumer3 — 3 
Farmland92 20 112 
HELOC & Junior Liens92 3 95 
Multifamily27 (5)22 
Other Construction & Land792 (132)660 
Residential Construction516 (45)471 
Residential First Liens6 1 7 
$2,939 $(20)$2,919 
(in thousands)
Balance at December 31, 2023(Benefit)/Provision for credit lossThree months ended March 31, 2024
1-4 Family Rental$11 $— $11 
C&I1,270 (132)1,138 
CRE NonOwner Occupied113 (28)85 
CRE Owner Occupied106 14 120 
Consumer3 — 3 
Farmland108 (13)95 
HELOC & Junior Liens100 13 113 
Multifamily24 (7)17 
Other Construction & Land1,036 (108)928 
Residential Construction778 (47)731 
Residential First Liens18 (10)8 
$3,567 $(318)$3,249 
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.
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While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.
Note 10 - Debt
Short-term FHLB and Correspondent Bank Borrowings
Total short-term borrowings were $25.0 million and $2.0 million as of March 31, 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 $2.4 billion at March 31, 2025. The Bank had a short-term borrowing capacity from the FHLB as of March 31, 2025 up to the Bank’s unused borrowing capacity of $1.5 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 March 31, 2025. No draws were made on these lines as of March 31, 2025 and December 31, 2024, respectively.
Long-term Debt
The following table presents a summary of long-term debt as of March 31, 2025 and December 31, 2024.
(Dollars in thousands)March 31, 2025December 31, 2024
FHLB fixed rate instruments:
Due February 2026, 4.51%
$20,000 $20,000 
Due August 2026, 4.80%
447 523 
Due February 2027, 6.71%
15 17 
Total FHLB fixed rate instruments20,462 20,540 
Lease obligations included in long-term debt3,027 3,063 
Total long-term debt$23,489 $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 $113.0 million and $156.0 million as of March 31, 2025 and December 31, 2024, respectively.
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Note 11 - Subordinated Debt and Trust Preferred Securities
Subordinated Debt Assumed November 2021 with the Riverview Acquisition
On November 30, 2021, Mid Penn completed its acquisition of Riverview and assumed $25.0 million of subordinated notes (the "Riverview Notes"). In accordance with purchase accounting principles, the Riverview Notes were assigned a fair value premium of $2.3 million. The notes are treated as Tier 2 capital for regulatory reporting purposes.
The Riverview Notes were entered into by Riverview on October 6, 2020 with certain qualified institutional buyers and accredited institutional investors. The Riverview Notes have a maturity date of October 15, 2030 and initially bear interest, payable semi-annually, at a fixed annual rate of 5.75% per annum until October 15, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 563 bps, payable quarterly until maturity. Mid Penn may redeem the Riverview Notes at par, in whole or in part, at its option, anytime beginning on October 15, 2025, 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 March 31, 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"). As a result of Mid Penn’s merger with Riverview on November 30, 2021, $6.9 million of the March 2020 Notes balance was redeemed as Riverview was a holder of the March 2020 Notes. The balance of March 2020 Notes outstanding as of March 31, 2025 was $8.1 million. The March 2020 Notes are intended to be treated as Tier 2 capital for regulatory capital purposes.
The March 2020 Notes bear interest at a rate of 4.0% per year for the first five years and then float at the Wall Street Journal’s Prime Rate, provided that the interest rate applicable to the outstanding principal balance during the period the March 2020 Notes are floating will at no time be less than 4.25%. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, beginning on June 30, 2020, for the first five years after issuance and will be payable quarterly in arrears thereafter on March 30, June 30, September 30 and December 30. The March 2020 Notes will mature on March 30, 2030 and are redeemable in whole or in part, without premium or penalty, at any time on or after March 30, 2025 and prior to March 30, 2030. Additionally, if all or any portion of the March 2020 Notes cease to be deemed Tier 2 Capital, Mid Penn may redeem, on any interest payment date, all or part of the 2020 Notes. In the event of a redemption described in the previous sentence, Mid Penn will redeem the March 2020 Notes at 100% of the principal amount of the March 2020 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.
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Holders of the March 2020 Notes may not accelerate the maturity of the March 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar event of Mid Penn or Mid Penn Bank, its principal banking subsidiary. Related parties held $1.7 million of the March 2020 Notes as of March 31, 2025 and December 31, 2024.
Note 12 - Common Stock and Earnings Per Share
Treasury Stock Repurchase Program
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 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.
No shares were repurchased in the three months ended March 31, 2025. As of March 31, 2025, Mid Penn had repurchased 440,722 shares of common stock at an average price of $22.78 per share under the Program. The Program had approximately $5.0 million remaining available for repurchase as of March 31, 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 March 31, 2025, a total of 263,974 restricted shares were granted under the Plans, of which 82,278 shares were unvested. The Plan's shares granted and vested resulted in $239 thousand and $302 thousand in share-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.
Share-based compensation expense relating to restricted stock is calculated using grant date fair value and is recognized on a straight-line basis over the vesting periods of the awards. Restricted shares granted to employees vest in equal amounts on the anniversary of the grant date over the vesting period and the expense is a component of salaries and benefits expense on the Consolidated Statement of Income. The employee grant vesting period is determined by the terms of each respective grant, with vesting periods generally between one and four years. Restricted shares granted to directors have a twelve-month vesting period, and the expense is a component of directors’ fees and benefits within the other expense line item on the Consolidated Statement of Income.
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The following data shows the amounts used in computing basic and diluted earnings per common share:
Three Months Ended March 31,
(In thousands, except per share data)20252024
Net income$13,742 $12,133 
Weighted average common shares outstanding (basic)19,355,86716,567,902
Effect of dilutive unvested restricted stock grants60,39845,471
Weighted average common shares outstanding (diluted)19,416,26516,613,373
Basic earnings per common share$0.71 $0.73 
Diluted earnings per common share0.71 0.73 
There were no antidilutive instruments at March 31, 2025 and 2024, respectively.
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Note 13 - 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:

(in thousands)
March 31, 2025March 31, 2024
Net interest income$42,509 $36,456 
Provision (Benefit) for credit losses301(937)
Noninterest income5,2395,837
Noninterest expense30,64228,520
Income taxes3,0632,577
Net income13,74212,133
Total assets$5,546,026 $5,330,379 

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.
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, including after giving effect to the Merger, and the assumptions upon which those statements are based. Forward looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” or words or phrases of similar meaning. These forward-looking statements include the expectations of Mid Penn relating to the anticipated opportunities and financial and other benefits of the Merger, and the projections of, or guidance on, Mid Penn’s or the combined company’s future financial performance, asset quality, liquidity, capital levels, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in Mid Penn’s business or financial results. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements.

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

•Mid Penn’s ability to efficiently integrate acquisitions, including as a result of the Merger, into its business and operations, which may take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse results relating to Mid Penn’s existing business and operations;
•the possibility that the anticipated benefits of the Merger, including anticipated cost savings and other synergies of the Merger may take longer to be realized or may not be achieved in their entirety, and attrition in key client, partner and other relationships relating to the Merger may be greater than expected;
•the effects of future economic conditions on Mid Penn, the Bank, our nonbank subsidiaries, and our markets and customers;
•governmental monetary and fiscal policies, as well as legislative and regulatory changes;
•future actions or inactions of the United States government, including a failure to increase the government debt limit or a prolonged shutdown of the federal government;
•business or economic disruption from national or global epidemic or pandemic events;
•the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, the value of investment securities, and interest rate protection agreements;
•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally,
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regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
•an increase in the Pennsylvania Bank Shares Tax to which the Bank’s capital stock is currently subject, or imposition of any additional taxes on the capital stock of Mid Penn or the Bank;
•impacts of the capital and liquidity requirements imposed by bank regulatory agencies;
•the effect of changes in accounting policies and practices, as may be adopted by regulatory agencies, as well as the Public Company Accounting Oversight Board, Financial Accounting Standards Board, the SEC, and other accounting and reporting rule making authorities;
•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
•changes in technology;
•our ability to implement business strategies, including our acquisition strategy;
•our ability to successfully expand our franchise, including through acquisitions or establishing new offices at favorable prices;
•our ability to successfully integrate any banks, companies, offices, assets, liabilities, customers, systems and management personnel we acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames;
•potential goodwill impairment charges, or future impairment charges and fluctuations in the fair values of reporting units or of assets in the event projected financial results are not achieved within expected time frames;
•our ability to attract and retain qualified management and personnel;
•results of regulatory examination and supervision processes;
•the 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; and
•other risks and uncertainties contained in this prospectus supplement or incorporated by reference into this prospectus supplement from the other reports and filings with the SEC.
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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 March 31,
20252024
Net Income$13,742 $12,133 
Diluted EPS$0.71 $0.73 
Dividends Declared$0.20 $0.20 
Return on average assets (2)
1.01 %0.92 %
Return on average equity (2)
8.43 %8.94 %
Net interest margin (1)
3.37 %2.97 %
Non-performing assets to total assets0.46 %0.29 %
Net (recoveries)/charge-offs to average loans (annualized)(0.0003)%0.004 %
(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


Summary of Financial Results
•Net Income Per Share - Mid Penn’s net income available to common shareholders ("earnings") for the three months ended March 31, 2025 was $13.7 million, or $0.71 per both common share basic and diluted, compared to earnings of $12.1 million, or $0.73 per both common share basic and diluted for the three months ended March 31, 2024.
◦Net Interest Margin - For the first quarter of 2025, Mid Penn’s net interest margin was 3.37% versus 2.97% for the same period of 2024. The yield on interest-earning assets for the first quarter of 2025 increased 14 basis points from the same period of 2024. The rate on interest-bearing liabilities decreased 30 basis points from the same period of 2024.
◦Loan Growth - Total loans, net of unearned income, as of March 31, 2025 were $4.5 billion compared to $4.4 billion as of December 31, 2024, an increase of $48.1 million, or 1.1%. The growth was primarily driven by an increase in owner occupied commercial real estate of $30.3 million, an increase in nonowner occupied commercial real estate of $21.1 million, and an increase in commercial and industrial loans of $15.3 million, partially offset by an $11.2 million decrease in residential construction loans.
◦Deposit Growth - Total deposits increased $42.3 million, or 0.9%, from $4.7 billion at December 31, 2024, to $4.7 billion at March 31, 2025. The growth was driven by an increase of $55.5 million in interest-bearing transaction accounts, a $29.1 million increase in non-interest bearing accounts, offset by a decrease of $42.3 million in time deposits.
•Asset Quality - ACL-loans at March 31, 2025 was $35.8 million, or 0.80% of total loans, as compared to $35.5 million, or 0.80% of total loans at December 31, 2024.
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◦Net Charge-offs/Recoveries - Mid Penn had net recoveries of $3 thousand and net charge-offs of $44 thousand for the three months ended March 31, 2025 and 2024, respectively.
◦Non-performing assets - Total non-performing assets were $25.4 million at March 31, 2025, an increase compared to non-performing assets of $22.7 million at December 31, 2024. The increase during the first quarter of 2025 is primarily related to the addition of three commercial loans with a combined balance of $7.0 million, partially offset by the payoff of two commercial loans with a combined balance of $3.0 million. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.50% at March 31, 2025, compared to 0.52% as of December 31, 2024.
◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $321 thousand for the three months ended March 31, 2025 compared to a benefit of $619 thousand for the same period of 2024. The benefit for credit losses on off-balance sheet credit exposures was $20 thousand for the three months ended March 31, 2025, compared to a benefit of $318 thousand for the same period of 2024. The increase in provision for the three months ended March 31, 2025, is primarily due to an increase in loss factors across certain portfolios.
•Noninterest Income - Noninterest income totaled $5.2 million for the three months ended March 31, 2025 compared to $5.8 million for the same period of 2024. The decrease is primarily due to a $731 thousand decrease in other miscellaneous noninterest income, driven by a $1.4 million decrease in Bank-owned life insurance benefits received, partially offset by a $357 thousand increase in loan level swap fees, a $113 thousand increase in other letter of credit income, and a $167 thousand increase in Mortgage Banking income.
•Noninterest Expense - Noninterest expense totaled $30.6 million for the three months ended March 31, 2025, an increase of $2.1 million, or 7.4%, compared to noninterest expense of $28.5 million for the same period of 2024. The increase was primarily driven by a $847 thousand increase in salaries and employee benefits, a $454 thousand increase in software licensing, a $314 thousand increase in merger and acquisition expenses, and a $292 thousand increase in occupancy expenses, partially offset by a $172 thousand decrease in legal and professional fees.
•Liquidity - Current liquidity, including borrowing capacity, decreased to $1.6 billion or 104.2% of uninsured and uncollateralized deposits, or approximately 33.0% 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 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
March 31, 2025March 31, 2024
(Dollars in thousands)Average BalanceInterest
Yield/
Rate (2)
Average BalanceInterest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances$20,794 $138 2.69 %$39,999 $403 4.05 %
Investment Securities:
Taxable569,800 4,309 3.07 %539,674 3,800 2.83 %
Tax-Exempt69,780 348 2.02 %76,013 376 1.99 %
Total Investment Securities639,580 4,657 2.95 %615,687 4,176 2.73 %
Federal Funds Sold23,754 261 4.46 %10,373 136 5.27 %
Loans, net of unearned income4,459,679 66,537 6.05 %4,293,828 63,236 5.92 %
Restricted Investment in Bank Stocks7,101 151 8.62 %19,439 240 4.97 %
Total Interest-earning Assets5,150,908 71,744 5.65 %4,979,326 68,191 5.51 %
Cash and Due from Banks39,916 38,264 
Other Assets300,939 302,090 
Total Assets$5,491,763 $5,319,680 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,051,325 $4,681 1.81 %$898,340 $3,884 1.74 %
Money Market1,024,669 6,941 2.75 %876,242 5,968 2.74 %
Savings260,965 54 0.08 %287,765 72 0.10 %
Time1,591,769 16,588 4.23 %1,468,611 16,408 4.49 %
Total Interest-bearing Deposits3,928,728 28,264 2.92 %3,530,958 26,332 3.00 %
Short-term borrowings24,892 290 4.72 %316,025 4,446 5.66 %
Long-term debt23,533 257 4.43 %40,571 533 5.28 %
Subordinated debt and trust preferred securities45,662 424 3.77 %46,275 424 3.69 %
Total Interest-bearing Liabilities4,022,815 29,235 2.95 %3,933,829 31,735 3.24 %
Noninterest-bearing Demand752,980 781,136 
Other Liabilities55,004 58,714 
Shareholders' Equity660,964 546,001 
Total Liabilities & Shareholders' Equity$5,491,763 $5,319,680 
Net Interest Income$42,509 $36,456 
Taxable Equivalent Adjustment (1)
242 260 
Net Interest Income (taxable-equivalent basis)$42,751 $36,716 
Total Yield on Earning Assets5.65 %5.51 %
Rate on Supporting Liabilities2.95 %3.24 %
Average Interest Spread2.70 %2.27 %
Net Interest Margin (1)
3.37 %2.97 %
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2)Annualized ratios
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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended March 31, 2025 in comparison to the same period in 2024:
Three months ended
March 31, 2025 vs. March 31, 2024
Increase (decrease)
(Dollars in thousands)Volume Rate Net
INTEREST INCOME:
Interest Bearing Balances$(192)$(73)$(265)
Investment Securities:
Taxable210 299 509 
Tax-Exempt(31)3 (28)
Total Investment Securities179 302 481 
Federal Funds Sold174 (49)125 
Loans2,422 879 3,301 
Restricted Investment Bank Stocks(151)62 (89)
Total Interest Income2,432 1,121 3,553 
INTEREST EXPENSE:
Interest Bearing Deposits:
Interest Bearing Demand656 141 797 
Money Market1,003 (30)973 
Savings(7)(11)(18)
Time1,365 (1,185)180 
Total Interest-Bearing Deposits3,017 (1,085)1,932 
Short-term Borrowings(4,062)(94)(4,156)
Long-term Debt(222)(54)(276)
Subordinated Debt(6)6 — 
Total Interest Expense(1,273)(1,227)(2,500)
NET INTEREST INCOME$3,705 $2,348 $6,053 
For the three months ended March 31, 2025, net interest income was $42.5 million compared to net interest income of $36.5 million for the three months ended March 31, 2024. The tax-equivalent net interest margin for the three months ended March 31, 2025 was 3.37% compared to 2.97% for the first quarter of 2024, representing a 40 bp increase compared to the same period in 2024.
The yield on interest-earning assets increased to 5.65% for the quarter ended March 31, 2025, from 5.51% for the quarter ended March 31, 2024. These increases were due to assets continuing to reprice at higher rates during 2024 and the first quarter of 2025, continued discipline on new loan pricing, and an increase in Fed Funds Sold.
Average investment securities increased $23.9 million and the yield on those investment securities increased 23 bps during the first quarter of 2025 compared to the first quarter of 2024, increasing interest income due to volume by $179 thousand, and increasing interest income due to rates by $302 thousand. Average loans increased $165.9 million, and the yield on those loans increased 13 bps, contributing $2.4 million and $879 thousand, respectively, to the increase in interest income.
Interest expense decreased $2.5 million during the first quarter of 2025 compared to the first quarter of 2024. The rate of interest-bearing liabilities decreased from 3.24% for the first quarter of 2024 to 2.95% for the first 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
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decrease in time deposits. Mid Penn continued to offer higher rates over the comparable period to both retain and attract deposits.
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.
Provision for Credit Losses - Loans
The provision for credit losses on loans was $321 thousand for the three months ended March 31, 2025 compared to a benefit of $619 thousand for the three months ended March 31, 2024. The increase in provision was driven by an increase in loss factors across certain portfolios.
Noninterest Income
For the three months ended March 31, 2025, noninterest income totaled $5.2 million, a decrease of $598 thousand, or 10.2%, compared to noninterest income of $5.8 million for the three months ended March 31, 2024. The decrease is primarily due to a $731 thousand decrease in other miscellaneous noninterest income, driven by a $1.4 million decrease in Bank-owned life insurance benefits received, partially offset by a $357 thousand increase in loan level swap fees, a $113 thousand increase in other letter of credit income, and a $167 thousand increase in Mortgage Banking income.
The following table and explanations that follow provide additional analysis of noninterest income:
Three Months Ended March 31,
(Dollars in Thousands)20252024$ Variance% Variance
Fiduciary and wealth management $1,140 $1,132 $8 0.7 %
ATM debit card interchange919 945 (26)(2.8)
Service charges on deposits562 509 53 10.4 
Mortgage banking591 424 167 39.4 
Mortgage hedging(9)— (9)100.0 
Net gain on sales of SBA loans57 107 (50)(46.7)
Earnings from cash surrender value of life insurance274 284 (10)(3.5)
Other1,705 2,436 (731)(30.0)
Total$5,239 $5,837 $(598)(10.2 %)

Noninterest Expense
For the three months ended March 31, 2025, noninterest expense totaled $30.6 million, an increase of $2.1 million, or 7.4%, compared to noninterest expense of $28.5 million for the same period in 2024. The increase was primarily driven by a $847 thousand increase in salaries and employee benefits, a $454 thousand increase in software licensing, a $314 thousand increase in merger and acquisition expenses, and a $292 thousand increase in occupancy expenses, partially offset by a $172 thousand decrease in legal and professional fees.
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The following table and explanations that follow provide additional analysis of noninterest expense:
Three Months Ended March 31,
(Dollars in Thousands)20252024$ Variance% Variance
Salaries and employee benefits$16,309 $15,462 $847 5.5 %
Software licensing and utilization2,574 2,120 454 21.4 
Occupancy expense, net2,274 1,982 292 14.7 
Equipment expense1,094 1,222 (128)(10.5)
Shares tax919 997 (78)(7.8)
Legal and professional fees826 998 (172)(17.2)
ATM/card processing733 534 199 37.3 
Intangible amortization428 428 — — 
FDIC Assessment990 945 45 4.8 
Gain on sale of foreclosed assets, net(28)— (28)100.0 
Merger and acquisition expense314 — 314 100.0 
Other expenses4,209 3,832 377 9.8 
Total Noninterest Expense$30,642 $28,520 $2,122 7.4 %

Income Taxes
The provision for income taxes was $3.1 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The provision for income taxes for the three months ended March 31, 2025 reflects a combined Federal and State effective tax rate of 18.2% and 17.5%, for the three months ended March 31, 2025 and March 31, 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 $5.5 billion as of March 31, 2025, reflecting an increase of $75.1 million, or 1.4%, compared to total assets of $5.5 billion as of December 31, 2024. The increase was primarily driven by organic loan growth, 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 March 31, 2025 were $633.6 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 March 31, 2025AmountWeighted Average YieldAmountWeighted Average YieldAmountWeighted Average YieldAmountWeighted Average Yield
Available for sale securities, at fair value:
U.S. Treasury and U.S. government agencies$5,489 3.49 %$14,408 2.39 %$1,860 3.30 %$— — %
Mortgage-backed U.S. government agencies— — — — 5,147 2.52 194,960 3.71 
State and political subdivision obligations— — — — 2,967 2.49 628 2.23 
Corporate debt securities4,997 5.15 7,326 4.31 20,711 4.42 — — 
$10,486 4.28 %$21,734 3.05 %$30,685 3.84 %$195,588 3.71 %
Held to maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies$6,100 3.10 %$100,618 1.84 %$131,258 2.09 %$— — %
Mortgage-backed U.S. government agencies25 3.98 2,528 2.96 3,682 2.76 30,040 2.00 
State and political subdivision obligations11,637 2.44 33,748 2.41 15,717 2.36 14,316 2.54 
Corporate debt securities2,001 3.90 5,996 3.92 17,449 3.96 — — 
$19,763 2.79 %$142,890 2.08 %$168,106 2.33 %$44,356 2.18 %

Loans, net of unearned income
Total loans, net of unearned income, as of March 31, 2025 were $4.5 billion compared to $4.4 billion as of December 31, 2024. The growth of $48.1 million, or 1.1%, since December 31, 2024 was primarily the result of organic loan growth across the commercial real estate and commercial and industrial portfolios, offset by decreases in residential and other construction loan portfolios.
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March 31, 2025December 31, 2024Change in Balance
(Dollars in thousands)Balance% of Total LoansBalance% of Total Loans$%
Commercial real estate
CRE Nonowner Occupied$1,272,153 28.3 %$1,251,010 28.1 %$21,143 1.7 %
CRE Owner Occupied654,305 14.6 624,007 14.0 30,298 4.9 
Multifamily410,531 9.1 412,900 9.3 (2,369)(0.6)
Farmland226,033 5.0 224,709 5.1 1,324 0.6 
Total Commercial Real Estate2,563,022 57.0 2,512,626 56.5 50,396 2.0 
Commercial and industrial
720,695 16.0 705,392 15.9 15,303 2.2 
Construction
Residential Construction88,196 2.0 99,399 2.2 (11,203)(11.3)
Other Construction321,015 7.1 326,171 7.3 (5,156)(1.6)
Total Construction409,211 9.1 425,570 9.5 (16,359)(3.8)
Residential mortgage
1-4 Family 1st Lien312,162 7.0 313,592 7.1 (1,430)(0.5)
1-4 Family Rental339,880 7.6 336,636 7.6 3,244 1.0 
HELOC and Junior Liens139,380 3.1 140,392 3.2 (1,012)(0.7)
Total Residential Mortgage791,422 17.7 790,620 17.9 802 0.1 
Consumer6,817 0.2 8,862 0.2 (2,045)(23.1)
$4,491,167 100.0 %$4,443,070 100.0 %$48,097 1.1 %

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, Schuylkill and Westmoreland, along with Camden, 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)March 31, 2025December 31, 2024
Commercial Real EstateBalance % of portfolio
Weighted Average LTV (2)
Balance% of portfolio
Weighted Average LTV (2)
Owner Occupied (1)$654,305 25.5 %N/A$624,007 24.8 %N/A
Farmland (1)226,033 8.8 N/A224,709 8.9 N/A
Multifamily410,531 16.0 60.2 412,900 16.4 63.8 
Non Owner Occupied
Retail 420,606 16.4 54.5 426,171 17.0 60.3 
Office 276,439 10.8 60.7 296,468 11.8 63.2 
Industrial 184,762 7.2 49.0 161,683 6.4 53.2 
Hospitality 156,631 6.1 45.0 152,060 6.1 51.2 
Flex 43,526 1.7 37.1 44,187 1.8 44.2 
Mobile Home Park 17,153 0.7 59.7 17,748 0.7 67.7 
Health Care 14,367 0.6 54.5 14,511 0.6 55.3 
Other Property Types158,669 6.2 58.1 138,182 5.5 64.1 
Total Commercial Real Estate$2,563,022 100.0 %55.2 %$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 March 31, 2025One Year
and Less		One to
Five Years		Five to
Fifteen Years		Over
Fifteen Years		Total
Commercial real estate
CRE Nonowner Occupied$65,453 $458,592 $475,462 $272,646 $1,272,153 
CRE Owner Occupied25,530 80,210 275,625 272,940 654,305 
Multifamily61,225 137,624 109,196 102,486 410,531 
Farmland325 8,478 63,804 153,426 226,033 
Total Commercial real estate152,533 684,904 924,087 801,498 2,563,022 
Commercial and industrial23,186 336,976 132,787 227,746 720,695 
Construction
Residential Construction51,031 27,533 8,024 1,608 88,196 
Other Construction180,187 113,230 19,898 7,700 321,015 
Total Construction231,218 140,763 27,922 9,308 409,211 
Residential mortgage
1-4 Family 1st Lien7,688 29,310 72,280 202,884 312,162 
1-4 Family Rental37,206 24,066 108,657 169,951 339,880 
HELOC and Junior Liens10,061 12,914 33,138 83,267 139,380 
Total Residential Mortgage54,955 66,290 214,075 456,102 791,422 
Consumer910 1,722 1,434 2,751 6,817 
Total loans held in portfolio$462,802 $1,230,655 $1,300,305 $1,497,405 $4,491,167 
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Fixed interest rates:
Commercial real estate
CRE Nonowner Occupied$50,487 $219,764 $55,288 $9,248 $334,787 
CRE Owner Occupied17,280 56,550 30,304 2,027 106,161 
Multifamily40,518 81,526 7,507 — 129,551 
Farmland320 7,445 6,404 56 14,225 
Total Commercial real estate108,605 365,285 99,503 11,331 584,724 
Commercial and industrial6,475 198,490 31,858 7,783 244,606 
Construction
Residential Construction20,338 8,518 — 194 29,050 
Other Construction17,375 41,634 4,779 800 64,588 
Total Construction37,713 50,152 4,779 994 93,638 
Residential mortgage
1-4 Family 1st Lien7,493 18,323 49,259 140,908 215,983 
1-4 Family Rental33,397 17,838 5,061 8,823 65,119 
HELOC and Junior Liens1,010 5,768 22,339 2,522 31,639 
Total Residential Mortgage41,900 41,929 76,659 152,253 312,741 
Consumer464 1,708 1,434 873 4,479 
Total fixed interest rates$195,157 $657,564 $214,233 $173,234 $1,240,188 
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied$14,965 $238,829 $420,174 $263,398 $937,366 
CRE Owner Occupied8,250 23,660 245,321 270,913 548,144 
Multifamily20,707 56,097 101,689 102,487 280,980 
Farmland5 1,033 57,400 153,370 211,808 
Total Commercial real estate43,927 319,619 824,584 790,168 1,978,298 
Commercial and industrial16,711 138,486 100,929 219,963 476,089 
Construction
Residential Construction30,693 19,015 8,024 1,414 59,146 
Other Construction162,813 71,596 15,119 6,899 256,427 
Total Construction193,506 90,611 23,143 8,313 315,573 
Residential mortgage
1-4 Family 1st Lien196 10,987 23,021 61,975 96,179 
1-4 Family Rental3,809 6,228 103,596 161,128 274,761 
HELOC and Junior Liens9,050 7,146 10,799 80,746 107,741 
Total Residential Mortgage13,055 24,361 137,416 303,849 478,681 
Consumer446 14 — 1,878 2,338 
Total floating interest rates267,645 573,091 1,086,072 1,324,171 3,250,979 
Total fixed and floating interest rates$462,802 $1,230,655 $1,300,305 $1,497,405 $4,491,167 


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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
March 31,
(Dollars in thousands)20252024
Balance, beginning of period$35,514 $34,187 
Loans charged off during period(15)(50)
Recoveries of loans previously charged off18 6 
Net recoveries/(charge-offs) 3 (44)
Provision/(benefit) for credit losses - loans321 (619)
Balance, end of period$35,838 $33,524 
Ratio of net (recoveries)/charge-offs to average loans outstanding (annualized)(0.0003)%0.004 %
Ratio of ACL - loans to net loans at end of period0.80 %0.78 %

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The following table presents the change in nonperforming asset categories as of March 31, 2025, December 31, 2024, and March 31, 2024.
(Dollars in thousands)March 31, 2025December 31, 2024March 31, 2024
Non-performing Assets:
Total non-accrual loans$24,045 $22,610 $10,389 
Foreclosed real estate1,402 44 5,110 
Total non-performing assets25,447 22,654 15,499 
Accruing loans 90 days or more past due3 — 25 
Total risk elements$25,450 $22,654 $15,524 
Non-accrual loans as a percentage of total loans outstanding0.54 %0.51 %0.24 %
Non-performing assets as a percentage of total loans outstanding and foreclosed real estate0.57 %0.51 %0.36 %
Ratio of ACL-loans to non-performing loans149.05 %157.07 %322.69 %
Total nonperforming assets were $25.4 million at March 31, 2025, an increase compared to nonperforming assets of $22.7 million at December 31, 2024. The increase during the first quarter of 2025 is primarily related to the addition of three commercial loans with a combined balance of $7.0 million being placed on nonaccrual in the first quarter of 2025, offset by the payoff of two commercial loans with a combined balance of $3.0 million in the first quarter of 2025. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.50% at March 31, 2025, compared to 0.52% and 0.38% as of December 31, 2024 and March 31, 2024.

Goodwill

Mid Penn evaluates goodwill annually for impairment unless events occur which indicate that impairment is possible: a triggering event. At March 31, 2025, Mid Penn had goodwill of $128.2 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 $42.3 million, or 0.9%, from $4.7 billion on December 31, 2024, to $4.7 billion at March 31, 2025. The growth was driven by a $55.5 million increase in interest bearing accounts, and a $29.1 million increase in noninterest bearing accounts, offset by a $42.3 million decrease in time deposits.
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Average balances and average interest rates applicable to deposits by major classification:
March 31, 2025December 31, 2024Change
(Dollars in thousands)BalanceRateBalanceRate$%
Noninterest-bearing demand deposits$752,980 0.00 %$780,538 0.00 %$(27,558)(3.53)%
Interest-bearing demand deposits1,051,325 1.81 1,001,813 1.90 49,512 4.94 
Money market1,024,669 2.75 913,311 2.91 111,358 12.19 
Savings260,965 0.08 275,692 0.09 (14,727)(5.34)
Time1,591,769 4.23 1,541,654 4.57 50,115 3.25 
$4,681,708 2.45 %$4,513,008 2.58 %$168,700 3.74 %

As of March 31, 2025, uninsured deposits were approximately $1.5 billion compared to $1.4 billion as of December 31, 2024. The maturities of the uninsured time deposits as of March 31, 2025 were as follows:
(In thousands)2025
Three months or less$153,186 
Over three months to six months73,385 
Over six months to twelve months102,159 
Over twelve months16,484 
$345,214 
Borrowings

Total short-term borrowings increased $23.0 million, or 1150.0%, from December 31, 2024. The increase 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. Short term FHLB borrowings increased $25.0 million, offset by a decrease of $2.0 million in FHLB overnight borrowings. Total long-term borrowings were $23.5 million at March 31, 2025, a decrease of $114 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
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designed to respond to overall stress in the financial condition of the banking industry or a prospective liquidity problem specific to Mid Penn.
The Consolidated Statements of Cash Flows provide additional information. Mid Penn’s operating activities during the three months ended March 31, 2025 provided $11.5 million of cash, mainly due to net income. Cash used in investing activities during the three months ended March 31, 2025 was $36.3 million, mainly the result of the net increase in loans. Cash provided by financing activities during the three months ended March 31, 2025 totaled $61.5 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 March 31, 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:
March 31, 2025December 31, 2024Regulatory Minimum for Capital AdequacyFully Phased-In, with Capital Conversation Buffers
Total Risk-Based Capital (to Risk-Weighted Assets)13.85 %13.98 %10.50 %4.00 %
Tier I Risk-Based Capital (to Risk-Weighted Assets)12.04 12.09 8.50 7.00 
Common Equity Tier I (to Risk-Weighted Assets)12.04 12.09 7.00 8.50 
Tier I Leverage Capital (to Average Assets)10.16 9.98 4.00 10.50 
As of March 31, 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 $12.9 million, or 2.0%, from $655.0 million as of December 31, 2024 to $667.9 million as of March 31, 2025, primarily due to earnings of $13.7 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 March 31, 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 Income		Policy
Risk Limit
40012.5%≥ -25%
3009.5%≥ -20%
2006.4%≥ -15%
1003.3%≥ -10%
(100)(3.3)%≥ -10%
(200)(6.7)%≥ -15%
(300)(10.1)%≥ -20%
(400)(14.1)%≥ -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 March 31, 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 three months ended March 31, 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 three months ended March 31, 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.

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 March 31, 2025, Mid Penn did not repurchase any shares of common stock. As of March 31, 2025, Mid Penn repurchased 440,722 shares of common stock under the Program.
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ITEM 3 – DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 – MINE SAFETY DISCLOSURES
Not Applicable
ITEM 5 – OTHER INFORMATION
During the three months ended March 31, 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

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
Mid Penn Bancorp, Inc. Executive Annual Incentive Plan (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on form 8-K filed with the SEC on January 24, 2025.)
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:
May 8, 2025
By:
/s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
(Principal Financial Officer)
Date:
May 8, 2025
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