Companies: 10,860     total market cap: $144.730 T
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Mid Penn Bancorp
MPB
#6369
Rank
$0.85 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$33.74
Share price
0.84%
Change (1 day)
26.79%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Mid Penn Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q1

Mid Penn Bancorp - 10-Q quarterly report FY2026 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, 2026
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, 2026, the registrant had 25,344,942 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, 2026 and December 31, 2025 (Unaudited)
4
Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)
5
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)
7
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)
8
Notes to Consolidated Financial Statements (Unaudited)
10
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
44
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
1st Colonial1st Colonial Bancorp, Inc.
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)
CDCertificate of Deposit
CECLCurrent Expected Credit Losses as defined by FASB ASC Topic 326
CRECommercial Real Estate
Cumberland Advisors AcquisitionThe merger of Cumberland Advisors with and into a newly formed acquisition subsidiary of Mid Penn
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 ("MD&A")
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
PSLPurchased seasoned loans
RiverviewRiverview Financial Corporation
Riverview AcquisitionMerger acquisition of Riverview
SBASmall Business Administration
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)
(Dollars in thousands, except per share data)March 31, 2026December 31, 2025
ASSETS
Cash and due from banks$60,967 $46,695 
Interest-bearing balances with other financial institutions19,383 29,178 
Federal funds sold60,840 23,045 
Total Cash and cash equivalents141,190 98,918 
Investment securities:
HTM, at amortized cost (fair value $314,398 and $321,702, respectively)
340,957 347,285 
AFS, at fair value (amortized cost $496,791 and $426,512, respectively)
484,130 416,314 
Equity securities, at fair value5,412 5,446 
Loans held-for-sale, at fair value16,554 3,668 
Loans, net of unearned income5,509,940 4,862,838 
Less: ACL - Loans(41,105)(36,091)
Net loans 5,468,835 4,826,747 
Premises and equipment, net49,611 48,742 
Operating lease right-of-use asset16,803 15,169 
Finance lease right-of-use asset2,323 2,368 
Cash surrender value of life insurance116,474 95,351 
Restricted investment in bank stocks10,081 7,576 
Accrued interest receivable32,958 29,640 
Deferred income taxes23,798 21,416 
Goodwill157,121 136,620 
Core deposit and other intangibles, net33,013 14,657 
Foreclosed assets held-for-sale8,420 7,806 
Other assets57,129 56,173 
Total Assets$6,964,809 $6,133,896 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$933,497 $834,013 
Interest-bearing transaction accounts3,357,497 2,829,175 
Time1,679,973 1,551,475 
Total Deposits5,970,967 5,214,663 
Short-term borrowings31,500 20,833 
Long-term debt3,021 23,139 
Operating lease liability17,186 15,405 
Accrued interest payable12,195 10,942 
Other liabilities42,535 34,856 
Total Liabilities6,077,404 5,319,838 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at March 31, 2026 and December 31, 2025; 25,816,654 issued as of March 31, 2026 and 23,567,094 as of December 31, 2025; 25,296,763 outstanding as of March 31, 2026 and 23,047,203 as of December 31, 2025.
25,817 23,567 
Additional paid-in capital659,883 589,421 
Retained earnings222,154 219,685 
Accumulated other comprehensive loss(8,157)(6,323)
Treasury stock, at cost; 519,891 shares as of March 31, 2026 and December 31, 2025.
(12,292)(12,292)
Total Shareholders’ Equity887,405 814,058 
Total Liabilities and Shareholders' Equity$6,964,809 $6,133,896 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
Table of Contents
MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31,
(Dollars in thousands, except per share data)20262025
INTEREST INCOME
Loans, including fees $76,798 $66,537 
Investment securities:  
Taxable6,501 4,460 
Tax-exempt297 348 
Other interest-bearing balances110 138 
Federal funds sold220 261 
Total Interest Income83,926 71,744 
INTEREST EXPENSE  
Deposits27,848 28,264 
Short-term borrowings702 290 
Long-term and subordinated debt126 681 
Total Interest Expense28,676 29,235 
Net Interest Income55,250 42,509 
   Provision for credit losses - loans1,648 321 
Benefit for credit losses - credit commitments(54)(20)
  Net provision for credit losses1,594 301 
Net Interest Income After Provision for Credit Losses53,656 42,208 
NONINTEREST INCOME  
Fiduciary and wealth management3,661 1,140 
ATM debit card interchange1,035 919 
Service charges on deposits636 562 
Mortgage banking 314 591 
Mortgage hedging81 (9)
Net gain on sales of SBA loans163 57 
Earnings from cash surrender value of life insurance705 274 
Other 3,009 1,705 
Total Noninterest Income9,604 5,239 
NONINTEREST EXPENSE  
Salaries and employee benefits23,346 16,309 
Software licensing and utilization3,598 2,574 
Occupancy, net3,253 2,274 
Equipment1,553 1,094 
Shares tax964 919 
Legal and professional fees1,688 826 
ATM/card processing757 733 
Intangible amortization1,300 428 
FDIC Assessment800 990 
Loss/(gain) on sale of foreclosed assets, net491 (28)
Merger and acquisition 7,723 314 
Other 6,486 4,209 
Total Noninterest Expense51,959 30,642 
INCOME BEFORE PROVISION FOR INCOME TAXES11,301 16,805 
Provision for income taxes2,595 3,063 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$8,706 $13,742 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.36 $0.71 
Diluted Earnings Per Common Share$0.36 $0.71 
Weighted-average basic shares outstanding23,949,008 19,355,867 
Weighted-average diluted shares outstanding24,314,139 19,416,265 
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)20262025
Net income$8,706 $13,742 
Other comprehensive income:
Unrealized (losses)/gains arising during the period on available for sale securities, net of income tax.
(1,946)3,656 
Unrealized holding gains/(losses) arising during the period on interest rate derivatives used in cash flow hedges, net of income tax.
129 (984)
Change in defined benefit plans, net of income tax.(1)
31 16 
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax.(2)
(48)(26)
Total other comprehensive (loss)/income(1,834)2,662 
Total comprehensive income$6,872 $16,404 
(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
(Dollars in thousands, except per share data)SharesAmount
Balance, January 1, 202623,567,094 $23,567 $589,421 $219,685 $(6,323)$(12,292)$814,058 
Net income— — — 8,706 — — 8,706 
Total other comprehensive income— — — — (1,834)— (1,834)
Common stock cash dividends declared, $0.22 per share
— — — (6,237)— — (6,237)
Common stock issued in business combinations (1)
2,238,085 2,238 69,615 — — — 71,853 
Stock options exercised— — 132 — — — 132 
Repurchased stock— — — — — — — 
Employee Stock Purchase Plan 5,352 5 161 — — — 166 
Director Stock Purchase Plan855 1 27 — — — 28 
Restricted stock activity5,268 6 527 — — — 533 
Balance, March 31, 202625,816,654 $25,817 $659,883 $222,154 $(8,157)$(12,292)$887,405 
(1)    Shares issued on January 1, 2026 and February 27, 2026 as a result of the Cumberland Advisors and 1st Colonial acquisitions. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
Common StockAdditional
Paid-in
Capital		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss) 		Treasury
Stock 		Total
Shareholders'
Equity
(Dollars 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 loss— — — — 2,662 — 2,662 
Common stock cash dividends declared, $0.20 per share
— — — (3,870)— — (3,870)
Repurchased stock— — — — — — — 
Employee Stock Purchase Plan5,311 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 
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)20262025
Operating Activities:
Net Income$8,706 $13,742 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses1,594 301 
Depreciation1,493 1,133 
Amortization of intangibles1,300 428 
Net amortization of security discounts/premiums229 70 
Noncash operating lease expense795 619 
Amortization of finance lease right-of-use asset45 45 
Earnings on cash surrender value of life insurance(705)(274)
Mortgage loans originated for sale(21,039)(20,566)
Proceeds from sales of mortgage loans originated for sale8,467 21,370 
Gain on sale of mortgage loans(314)(591)
SBA loans originated for sale(2,783)(728)
Proceeds from sales of SBA loans originated for sale2,948 785 
Gain on sale of SBA loans(163)(57)
Loss/(gain) on sale or write-down of foreclosed assets491 (28)
Discount on subordinated debt— (154)
Accretion of loan fair value marks2,441 989 
Restricted stock compensation expense533 218 
Stock option expense132 — 
Deferred income tax expense1,309 206 
Increase/(decrease) in accrued interest receivable740 (417)
Increase in other assets867 822 
Increase/(decrease) in accrued interest payable1,125 (584)
Increase/(decrease) in operating lease liability 1,700 (649)
Increase/(decrease) in other liabilities4,544 (4,162)
Net Cash Provided By Operating Activities14,455 12,518 
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities28,265 6,609 
Purchases of available-for-sale securities(98,899)— 
Proceeds from the maturity or call of held-to-maturity securities6,342 7,265 
Redemption of restricted investment in bank stock13,023 7,693 
Purchases of restricted investment in bank stock(15,528)(6,892)
Net cash received from acquisitions162,808 — 
Net increase in loans (65,628)(50,465)
Purchases of bank premises and equipment(1,425)(2,720)
Proceeds from the sale of premises and equipment— 65 
Proceeds from the sale of foreclosed assets168 72 
Proceeds from bank-owned life insurance2,022 527 
Earnings on bank-owned life insurance— (83)
Net change in investments in tax credits and other partnerships2,770 647 
Net Cash Provided by (Used in) Investing Activities33,918 (37,282)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net increase in deposits9,393 42,275 
Common stock dividends paid(6,237)(3,870)
Proceeds from Employee and Director Stock Purchase Plan stock issuance194 163 
Net change in finance lease liability(37)(36)
Proceeds from short-term borrowings453,300 25,000 
Repayment of short-term borrowings(442,633)(2,000)
Long-term debt repayment(20,081)(78)
Net Cash (Used in)/Provided by Financing Activities(6,101)61,454 
Net increase in cash and cash equivalents42,272 36,690 
Cash and cash equivalents, beginning of period98,918 70,564 
Cash and cash equivalents, end of period$141,190 $107,254 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$27,424 $29,819 
Cash paid for income taxes— 185 
Supplemental Noncash Disclosures:
Recognition of operating lease right-of-use assets$81 $2,322 
Recognition of operating lease liabilities81 2,322 
Loans transferred to foreclosed assets held-for-sale1,273 1,402 
Common Stock issued to Cumberland Advisors and 1st Colonial Shareholders2,238 — 
  Fair value of assets acquired in business combination, excluding cash (1)
$756,794 $— 
Goodwill recorded (1)
20,391 — 
Fair value of liabilities assumed in business combination (1)
753,509 — 
Fair value of shares issued in business combination (1)
71,853 — 
(1)     Includes the impact of the 1st Colonial acquisition on February 27, 2026 and the Cumberland Advisors acquisition on January 1, 2026. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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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 ("IRA"). 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, with a minor portion 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 Cumberland Advisors, LLC and MPB Risk Services, LLC, and MPB Launchpad Fund I, LLC. As of March 31, 2026, 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 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. 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 2025 Annual Report.
Use of Estimates
The preparation of financial statements in conformity with U.S. 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, expected cash flows on acquired loans, business combination fair value computations, and the valuation of goodwill and other intangible assets.

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Recent Accounting Pronouncements
Accounting Standards Adopted in 2026
ASU 2025-08 - The FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans
The amendments in this ASU apply to all entities subject to the guidance in Topic 326, including public business entities, private companies, and not-for-profit entities. The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this ASU should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance.
Effective January 1, 2026, the Corporation adopted ASU 2025-08. Adoption resulted in the recognition of an initial allowance for credit losses on applicable purchased loans, including purchased seasoned loans ("PSL loans"), and will affect the accounting for future loan acquisitions. The impact of adoption is reflected in the ACL rollforward in "Note 4 - Loans and Allowance for Credit Losses". The adoption did not result in a cumulative-effect adjustment to beginning retained earnings.
Accounting Standards Pending Adoption
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 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.
ASU 2025-09 - The FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
The amendments in this ASU refine hedge accounting guidance to better align accounting with risk management strategies. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods therein. Early adoption is permitted. ASU 2025-09 is not expected to have a significant impact on the Corporation's financial statements.
Management does not expect the adoption of any other recently issued accounting standards to have a material impact on the Corporation's consolidated financial statements.
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Note 2 - Business Combinations
Cumberland Advisors, Inc. Acquisition
On January 1, 2026, Mid Penn completed its acquisition of Cumberland Advisors, Inc., a registered investment advisory firm, for total consideration of $5.5 million. As a result of the acquisition, Mid Penn paid holders of Cumberland Advisors, Inc. common stock $1.6 million in cash and issued 127,009 shares of Mid Penn common stock.
As of March 31, 2026, Cumberland had approximately $2.8 billion in assets under management. In connection with the acquisition, Cumberland was merged into a newly formed Mid Penn acquisition subsidiary and now operates as Cumberland Advisors, LLC.
Mid Penn recognized goodwill of $5.1 million, and a customer list intangible of $2.1 million as a result of the acquisition.
Mid Penn incurred merger-related expenses related to the Cumberland Advisors acquisition of $544 thousand for the three months ended March 31, 2026, which is included in noninterest expense in the Consolidated Statements of Income.
1st Colonial Bancorp, Inc. Acquisition
On February 27, 2026, Mid Penn completed its acquisition of 1st Colonial Bancorp, Inc., through the merger of 1st Colonial with and into Mid Penn. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations.
In connection with the merger, Mid Penn issued 2,111,076 shares of Mid Penn common stock and paid holders of 1st Colonial common stock approximately $37.5 million in cash. Each share of Mid Penn common stock outstanding prior to the merger remained outstanding and unaffected by the merger.
Mid Penn recognized goodwill of $15.3 million, and a core deposit intangible asset of $17.3 million as a result of this acquisition. This is calculated as the excess of consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired. Goodwill is primarily comprised of expected synergies, the assembled workforce, and expanded market presence. Goodwill is not deductible for income tax purposes.
Mid Penn incurred merger-related expenses related to 1st Colonial acquisition of $7.2 million for the three months ended March 31, 2026, which are included in noninterest expense in the Consolidated Statements of Income.
Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. Mid Penn considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, FICO scores and other qualitative factors that indicate deterioration in credit quality since origination. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ACL on the date of acquisition using the same methodology as other loans and leases held-for-investment.
As part of the 1st Colonial acquisition, Mid Penn acquired PSL and PCD loans of $599.4 million and $7.4 million, respectively. The day 1 allowance recorded at acquisition was $4.4 million, including $977 thousand related to PCD loans. The related fair value adjustment reflected both expected credit losses recognized at acquisition and other loan valuation factors, including interest rate risk and liquidity considerations.

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The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date:
(In thousands)
Assets acquired:
Cash and cash equivalents$89,568 
Federal funds sold17 
Investment securities114,405 
Loans held for sale4,031 
Loans581,823 
Core deposit intangible17,322 
Premises and equipment860 
Operating lease right-of-use asset1,513 
Cash surrender value of life insurance22,440 
Deferred income taxes2,647 
Accrued interest receivable4,058 
Other assets3,816 
Total assets acquired$842,500 
Liabilities assumed:
Deposits:
Noninterest-bearing demand$84,208 
Interest-bearing demand451,441 
Money market9,202 
Savings109,200 
Time92,860 
Operating lease liability1,513 
Accrued interest payable128 
Other liabilities3,114 
Total liabilities assumed$751,666 
Consideration transferred$106,120 
Cash paid in lieu of fractional shares$2 
Cash consideration for common stock37,489 
Purchase price assigned to stock options settled for cash716 
Fair value of common stock issued67,913 
Total$106,120 
Reconciliation to consideration transferred:
Total assets acquired$842,500 
Total liabilities assumed751,666 
Net assets acquired90,834 
Goodwill15,286 
Consideration transferred$106,120 
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The fair values of assets acquired and liabilities assumed are based on preliminary estimates and, as permitted under GAAP, Mid Penn has up to twelve months following the date of the merger to finalize the fair values of the acquired assets and assumed liabilities related to the merger. During this measurement period, Mid Penn may record subsequent adjustments to goodwill for provisional amounts recorded at the merger date, with provisional merger-related tax adjustments.
From the acquisition date of February 27, 2026 through March 31, 2026, 1st Colonial contributed approximately $2.5 million of total revenue and $1.3 million of net income to Mid Penn's consolidated results for the three months ended March 31, 2026.
The following supplemental pro forma information presents selected financial results for the three months ended March 31, 2026 and 2025 as if the merger of 1st Colonial was effective as of January 1, 2025. The supplemental unaudited pro forma financial information included in the table below is based on various estimates and is presented for informational purposes only and does not indicate the results of operations of the combined company that would have been achieved for the periods presented had the transaction been completed as of the date indicated or that may be achieved in the future.
(In thousands)Three Months Ended March 31,
20262025
Net interest income after provision for credit losses - loans$58,066 $48,624 
Noninterest income10,021 6,117 
Noninterest expense58,097 35,865 
Net income$7,975 $15,400 
William Penn Acquisition
On April 30, 2025, Mid Penn completed its acquisition of 100% of the outstanding shares of William Penn through the merger of William Penn with and into Mid Penn.
This transaction included the acquisition of 12 branches, further expanding Mid Penn's presence in the Philadelphia region and surrounding counties in Pennsylvania and New Jersey.
Mid Penn recognized total goodwill of $6.9 million, and a core deposit intangible asset of $9.0 million as a result of this acquisition. This is calculated as the excess of consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired. Goodwill is primarily comprised of expected synergies and an assembled workforce. Goodwill is not deductible for income tax purposes.
The purchase accounting for the transaction was finalized as of December 31, 2025, and no material measurement adjustments were recorded during the three months ended March 31, 2026.
Charis Insurance Group, Inc. Acquisition
On May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, Inc. (Charis Insurance Group), which provides business, home and auto insurance throughout central and southern Pennsylvania, for a cash purchase price of $4.0 million.
Mid Penn recognized total goodwill of $1.6 million, which is calculated as the excess of consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired.

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Note 3 - Investment Securities
AFS Securities
As of March 31, 2026, the fair value of AFS securities totaled $484.1 million. As of March 31, 2026, no securities were identified that violated credit loss triggers; therefore, no discounted cash flow analysis was required. As of March 31, 2026, the Corporation recorded no allowance for credit losses on any available-for-sale debt securities.
Accrued interest receivable is excluded from the estimate of credit losses for AFS securities. As of March 31, 2026, accrued interest receivable totaled $3.1 million for AFS securities, and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
HTM Securities
As of March 31, 2026, Mid Penn’s HTM securities totaled $341.0 million. The Corporation 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, 2026, the majority of Mid Penn's HTM securities were rated investment grade, generally 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. Management has the intent and ability to hold these securities to maturity.
As of March 31, 2026, there were no HTM securities that were past due 30 days or more as to principal or interest payments. Additionally, Mid Penn had no HTM securities classified as nonaccrual as of March 31, 2026. As of March 31, 2026, the Corporation recorded no allowance for credit losses on any held-to-maturity debt securities.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. As of March 31, 2026, accrued interest receivable totaled $1.9 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, 2026
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$17,266 $— $404 $16,862 
Mortgage-backed U.S. government agencies386,477 2,236 12,492 376,221 
State and political subdivision obligations51,406 — 552 50,854 
Corporate debt securities41,642 377 1,826 40,193 
Total available-for-sale debt securities496,791 2,613 15,274 484,130 
Held-to-maturity
U.S. Treasury and U.S. government agencies$231,015 $— $17,042 $213,973 
Mortgage-backed U.S. government agencies31,214 3 3,665 27,552 
State and political subdivision obligations63,281 2 4,619 58,664 
Corporate debt securities15,447 3 1,241 14,209 
Total held-to-maturity debt securities340,957 8 26,567 314,398 
Total$837,748 $2,621 $41,841 $798,528 
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December 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$19,446 $— $380 $19,066 
Mortgage-backed U.S. government agencies361,109 3,788 11,500 353,397 
State and political subdivision obligations4,319 — 485 3,834 
Corporate debt securities41,638 249 1,870 40,017 
Total available-for-sale debt securities$426,512 $4,037 $14,235 $416,314 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$231,980 $— $16,566 $215,414 
Mortgage-backed U.S. government agencies32,418 4 3,747 28,675 
State and political subdivision obligations67,441 12 4,043 63,410 
Corporate debt securities15,446 — 1,243 14,203 
Total held-to-maturity debt securities347,285 16 25,599 321,702 
Total$773,797 $4,053 $39,834 $738,016 
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 $541.8 million as of March 31, 2026 and $544.7 million as of December 31, 2025 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 $406.5 million as of March 31, 2026 and $162.5 million as of December 31, 2025.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
March 31, 2026Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies—$— $— 9$16,862 $404 9$16,862 $404 
Mortgage-backed U.S. government agencies45280,082 1,023 8496,139 11,469 129376,221 12,492 
State and political subdivision obligations—— — 850,854 552 850,854 552 
Corporate debt securities818,765 4 1421,428 1,822 2240,193 1,826 
Total available-for-sale debt securities53$298,847 $1,027 115$185,283 $14,247 168$484,130 $15,274 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies35,759 55 133208,214 16,987 136213,973 17,042 
Mortgage-backed U.S. government agencies51,004 3 5826,548 3,662 6327,552 3,665 
State and political subdivision obligations4755,344 48 1193,320 4,571 16658,664 4,619 
Corporate debt securities33,400 100 910,809 1,141 1214,209 1,241 
Total held-to-maturity debt securities5865,507 206 319248,891 26,361 377314,398 26,567 
Total111$364,354 $1,233 434$434,174 $40,608 545$798,528 $41,841 
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(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2025Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies—$— $— 10$19,066 $380 10$19,066 $380 
Mortgage-backed U.S. government agencies27208,676 141 91144,721 11,359 118353,397 11,500 
State and political subdivision obligations124 — 83,810 485 93,834 485 
Corporate debt securities818,573 64 1421,444 1,806 2240,017 1,870 
Total available-for-sale securities36227,273 205 123189,041 14,030 159416,314 14,235 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies—$— $— 137$215,414 $16,566 137$215,414 $16,566 
Mortgage-backed U.S. government agencies4423 — 6028,252 3,747 6428,675 3,747 
State and political subdivision obligations124,401 2 13959,009 4,041 15163,410 4,043 
Corporate debt securities33,368 128 910,835 1,115 1214,203 1,243 
Total held-to-maturity securities198,192 130 345313,510 25,469 364321,702 25,599 
Total55$235,465 $335 468$502,551 $39,499 523$738,016 $39,834 
As of March 31, 2026 and December 31, 2025, 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.

The Corporation evaluates debt securities for credit losses in accordance with ASC 326. Mid Penn had no securities considered by management to be credit related losses as of March 31, 2026 and December 31, 2025, 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 on the sale of AFS securities as of March 31, 2026 and December 31, 2025, respectively.
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, 2026Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in 1 year or less$57,495 $57,383 $28,834 $28,572 
Due after 1 year but within 5 years14,392 14,199 157,135 147,941 
Due after 5 years but within 10 years37,583 35,670 114,622 102,527 
Due after 10 years844 657 9,152 7,806 
110,314 107,909 309,743 286,846 
Mortgage-backed securities386,477 376,221 31,214 27,552 
$496,791 $484,130 $340,957 $314,398 
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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, 2026December 31, 2025
Commercial real estate
CRE Nonowner Occupied$1,448,637 $1,364,040 
CRE Owner Occupied839,938 718,864 
Multifamily449,417 419,267 
Farmland237,735 227,816 
Total Commercial real estate2,975,727 2,729,987 
Commercial and industrial
724,927 720,031 
Construction
Residential Construction87,910 85,299 
Other Construction365,429 310,390 
Total Construction453,339 395,689 
Residential mortgage
1-4 Family 1st Lien591,385 417,421 
1-4 Family Rental465,317 410,965 
HELOC and Junior Liens290,858 178,116 
Total Residential Mortgage1,347,560 1,006,502 
Consumer8,387 10,629 
Total loans$5,509,940 $4,862,838 
Total loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs. Net deferred loan fees were $2.9 million and $2.8 million as of March 31, 2026 and December 31, 2025, respectively.
Accrued interest receivable is not included in the amortized cost basis of Mid Penn's loans. Accrued interest receivable for loans totaled $27.5 million and $25.7 million as of March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025, 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, 2026
Commercial real estate
CRE Nonowner Occupied$2,926 $— $3,604 $6,530 $1,442,107 $1,448,637 $— 
CRE Owner Occupied3,201 1,379 2,804 7,384 832,554 839,938 — 
Multifamily1,071 196 348 1,615 447,802 449,417 — 
Farmland2,056 384 46 2,486 235,249 237,735 — 
Total Commercial real estate9,254 1,959 6,802 18,015 2,957,712 2,975,727 — 
Commercial and industrial830 1,860 11,225 13,915 711,012 724,927 — 
Construction
Residential Construction— — — — 87,910 87,910 — 
Other Construction582 — — 582 364,847 365,429 — 
Total Construction582 — — 582 452,757 453,339 — 
Residential mortgage
1-4 Family 1st Lien2,368 84 299 2,751 588,634 591,385 — 
1-4 Family Rental168 — 884 1,052 464,265 465,317 — 
HELOC and Junior Liens464 298 1,540 2,302 288,556 290,858 — 
Total Residential Mortgage3,000 382 2,723 6,105 1,341,455 1,347,560 — 
Consumer69 15 — 84 8,303 8,387 — 
Total$13,735 $4,216 $20,750 $38,701 $5,471,239 $5,509,940 $— 

(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, 2025
Commercial real estate
CRE Nonowner Occupied$278 $— $5,144 $5,422 $1,358,618 $1,364,040 $— 
CRE Owner Occupied2,022 58 901 2,981 715,883 718,864 — 
Multifamily— 196 — 196 419,071 419,267 — 
Farmland— 1,581 46 1,627 226,189 227,816 — 
Total Commercial real estate2,300 1,835 6,091 10,226 2,719,761 2,729,987 — 
Commercial and industrial3,740 1,006 6,804 11,550 708,481 720,031 — 
Construction
Residential Construction— — — — 85,299 85,299 — 
Other Construction230 — — 230 310,160 310,390 — 
Total Construction230 — — 230 395,459 395,689 — 
Residential mortgage
1-4 Family 1st Lien4,192 165 484 4,841 412,580 417,421 — 
1-4 Family Rental812 1,054 1,047 2,913 408,052 410,965 — 
HELOC and Junior Liens1,474 486 1,815 3,775 174,341 178,116 — 
Total Residential Mortgage6,478 1,705 3,346 11,529 994,973 1,006,502 — 
Consumer7 14 — 21 10,608 10,629 — 
Total$12,755 $4,560 $16,241 $33,556 $4,829,282 $4,862,838 $— 
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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. There were no loans greater than 90 days past due and still accruing as of March 31, 2026 and December 31, 2025.
Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of March 31, 2026 and December 31, 2025 are summarized as follows:
March 31, 2026December 31, 2025
(In thousands)With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
Commercial real estate
CRE Nonowner Occupied3,026 2,271 5,297 2,873 2,271 5,144 
CRE Owner Occupied2,521 1,854 4,375 509 2,043 2,552 
Multifamily— 472 472 — 131 131 
Farmland— 46 46 — 46 46 
Total Commercial real estate5,547 4,643 10,190 3,382 4,491 7,873 
Commercial and industrial11,839 785 12,624 10,519 398 10,917 
Residential mortgage
1-4 Family 1st Lien2,331 1,528 3,859 24 1,188 1,212 
1-4 Family Rental— 928 928 146 949 1,095 
HELOC and Junior Liens386 1,641 2,027 — 1,840 1,840 
Total Residential Mortgage$2,717 $4,097 $6,814 $170 $3,977 $4,147 
Consumer— 13 13 — 14 14 
Total loans$20,103 $9,538 $29,641 $14,071 $8,880 $22,951 
The amount of interest income recognized on nonaccrual loans was approximately $94 thousand and $127 thousand during the three months ended March 31, 2026 and 2025, 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 as to their credit risk. The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.
PASS - This type of classification consists of 6 subcategories:    
Nominal Risk / Pass - This loan classification is a credit extension of the highest quality.
Moderate Risk / Pass - This type of classification has strong financial ratios, substantial debt capacity, and low leverage with a very favorable comparison to industry peers or better than average improving trends.
Good Acceptable Risk / Pass - This type of classification is a reasonable credit risk having financial ratios on par with its peers and demonstrates slightly improving trends over time; the Borrower lists good quality assets with relatively low leverage and ample debt capacity.
Average Acceptable Risk / Pass - This type of classification has financial ratios and assets that are of above average quality; however, the leverage is worse than average compared to industry standards; the Borrower should have a good repayment history and possess consistent earnings with some growth.
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Marginally Acceptable Risk / Pass - This type of classification has financial ratios consistent with industry averages, assets of average quality with ascertainable values, acceptable leverage, moderate capital assets and an acceptable reliance on trade debt; however, the Borrower demonstrates marginally adequate earnings, cash flow and debt service plus positive trends.
Weak/Monitor Risk (Watch list) / Pass - This type of classification has financial ratios that are slightly below standard industry averages and assets are below average quality with unstable values; fixed assets could be near or at the end of their useful life and liabilities may not match the asset structure.
SPECIAL MENTION - These credits have developing weaknesses deserving extra attention from the lender and lending management. They are currently protected, but potentially weak. The weakness may be cash flow, leverage, liquidity, management, industry or other factors which may, if not checked or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date.
SUBSTANDARD - These credit extensions also have well-defined weaknesses, which are inadequately protected by the current worth and debt service capacity of the Borrower, or the collateral pledged, if any. The repayment of principal and interest as originally intended can be jeopardized by defined weaknesses related to adverse financial, managerial, economic, market or political conditions.
DOUBTFUL - These credits have definite weaknesses inherent in Substandard loans with added characteristics that are severe enough to make further collection in full highly questionable and improbable based on the current trends.
LOSS. These loans are considered uncollectible and no longer a viable asset of the Bank. They lack an identifiable source of repayment based on an inability to generate sufficient cash flow to service their debt. All trends are negative and the damage to the financial condition of the Borrower cannot be reversed now or in the near future.
The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal:
March 31, 2026
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20262025202420232022PriorTotal
CRE Nonowner Occupied
Pass$61,992 $168,620 $101,100 $185,355 $374,328 $528,571 $16,664 $1,436,630 
Special mention— — 306 — — 340 — 646 
Substandard or lower— — — 1,692 — 9,669 — 11,361 
Total CRE Nonowner Occupied61,992 168,620 101,406 187,047 374,328 538,580 16,664 1,448,637 
Gross charge-offs— — — (499)— — — (499)
Net charge-offs— — — (499)— — — (499)
CRE Owner Occupied
Pass58,613 127,926 67,578 111,087 118,262 322,699 18,250 824,415 
Special mention— — — 908 2,446 6,129 — 9,483 
Substandard or lower— — — — 1,915 4,125 — 6,040 
Total CRE Owner Occupied58,613 127,926 67,578 111,995 122,623 332,953 18,250 839,938 
Current period recoveries— — 93 — — — — 93 
Net charge-offs— — 93 — — — — 93 
Multifamily
Pass7,501 38,177 20,361 64,314 161,880 151,860 4,475 448,568 
Special mention— — — — — 377 — 377 
Substandard or lower— — 348 — — 124 — 472 
Total Multifamily7,501 38,177 20,709 64,314 161,880 152,361 4,475 449,417 
Farmland
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Pass17,158 28,577 22,535 23,057 50,182 77,623 15,002 234,134 
Special mention— — — 424 — — — 424 
Substandard or lower— — — 384 — 2,673 120 3,177 
Total Farmland17,158 28,577 22,535 23,865 50,182 80,296 15,122 237,735 
Commercial and industrial
Pass42,542 96,787 88,635 60,888 56,476 137,463 213,106 695,897 
Special mention— — — 153 442 3,855 — 4,450 
Substandard or lower— — 555 15,843 635 3,780 3,767 24,580 
Total Commercial and industrial42,542 96,787 89,190 76,884 57,553 145,098 216,873 724,927 
Residential Construction
Pass11,594 39,937 3,211 15,893 779 — 16,496 87,910 
Total Residential Construction11,594 39,937 3,211 15,893 779 — 16,496 87,910 
Other Construction
Pass6,832 95,970 82,049 82,156 42,699 20,014 32,770 362,490 
Special mention— — — — 2,939 — — 2,939 
Substandard or lower— — — — — — — — 
Total Other Construction6,832 95,970 82,049 82,156 45,638 20,014 32,770 365,429 
1-4 Family 1st Lien
Performing40,254 26,594 36,200 96,608 108,208 276,702 1,719 586,285 
Nonperforming— — 1,643 281 143 3,033 — 5,100 
Total 1-4 Family 1st Lien40,254 26,594 37,843 96,889 108,351 279,735 1,719 591,385 
Current period recoveries— — — — — 2 — 2 
Net recoveries— — — — — 2 — 2 
1-4 Family Rental
Performing14,243 51,190 25,410 47,086 106,431 212,345 4,597 461,302 
Nonperforming— — — — — 4,015 — 4,015 
Total 1-4 Family Rental14,243 51,190 25,410 47,086 106,431 216,360 4,597 465,317 
Gross charge-offs— — — — — (13)— (13)
Net charge-offs— — — — — (13)— (13)
HELOC and Junior Liens
Performing3,159 32,808 26,715 34,342 20,310 52,599 117,167 287,100 
Nonperforming— — 1,140 89 145 1,383 1,001 3,758 
Total HELOC and Junior Liens3,159 32,808 27,855 34,431 20,455 53,982 118,168 290,858 
Consumer
Performing1,457 997 1,178 773 651 1,121 2,184 8,361 
Nonperforming— — — 26 — — — 26 
Total Consumer1,457 997 1,178 799 651 1,121 2,184 8,387 
Gross charge-offs— — — — — (641)— (641)
Current period recoveries— — — — — 9 — 9 
Net charge-offs— — — — — (632)— (632)
Total
Pass$206,232 $595,994 $385,469 $542,750 $804,606 $1,238,230 $316,763 $4,090,044 
Special mention— — 306 1,485 5,827 10,701 — 18,319 
Substandard or lower— — 903 17,919 2,550 20,371 3,887 45,630 
Performing59,113 111,589 89,503 178,809 235,600 542,767 125,667 1,343,048 
Nonperforming— — 2,783 396 288 8,431 1,001 12,899 
Total$265,345 $707,583 $478,964 $741,359 $1,048,871 $1,820,500 $447,318 $5,509,940 
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December 31, 2025
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20252024202320222021PriorTotal
CRE Nonowner Occupied
Pass$156,421 $98,728 $188,873 $358,610 $156,310 $375,646 $16,109 $1,350,697 
Special mention— — 1,698 — — 90 — 1,788 
Substandard or lower— — 1,540 — — 10,015 — 11,555 
Total CRE Nonowner Occupied156,421 98,728 192,111 358,610 156,310 385,751 16,109 1,364,040 
Gross charge-offs— — — (691)— (394)— (1,085)
Current period recoveries— — — 301 — 4 — 305 
Net recoveries— — — (390)— (390)— (780)
CRE Owner Occupied
Pass119,632 65,978 97,419 105,690 64,478 239,464 16,370 709,031 
Special mention— — 922 1,576 172 2,939 — 5,609 
Substandard or lower— 181 — 1,888 177 1,978 — 4,224 
Total CRE Owner Occupied119,632 66,159 98,341 109,154 64,827 244,381 16,370 718,864 
Gross charge-offs— (346)— — — — — (346)
Net recoveries— (346)— — — — — (346)
Multifamily
Pass37,788 4,816 62,305 156,236 68,254 86,424 3,271 419,094 
Special mention— — — — — 42 — 42 
Substandard or lower— — — — — 131 — 131 
Total Multifamily37,788 4,816 62,305 156,236 68,254 86,597 3,271 419,267 
Farmland
Pass29,858 23,228 24,273 51,055 36,651 44,326 15,255 224,646 
Special mention— — 428 — — — — 428 
Substandard or lower— — 397 — 2,299 46 — 2,742 
Total Farmland29,858 23,228 25,098 51,055 38,950 44,372 15,255 227,816 
Commercial and industrial
Pass96,562 89,541 70,773 64,532 41,663 90,534 240,497 694,102 
Special mention— — — 87 — 1,495 — 1,582 
Substandard or lower— 115 15,663 500 1,249 1,299 5,521 24,347 
Total Commercial and industrial96,562 89,656 86,436 65,119 42,912 93,328 246,018 720,031 
Gross charge-offs— — — — — (294)— (294)
Current period recoveries— — 1 — — 8 — 9 
Net charge-offs— — 1 — — (286)— (285)
Residential construction
Pass29,399 27,382 17,469 351 — — 10,698 85,299 
Total Residential construction29,399 27,382 17,469 351 — — 10,698 85,299 
Other construction
Pass64,396 79,617 74,890 42,758 7,790 12,387 28,552 310,390 
Total Other construction64,396 79,617 74,890 42,758 7,790 12,387 28,552 310,390 
1-4 Family 1st Lien
Performing57,120 28,810 59,920 49,052 38,466 179,375 1,489 414,232 
Nonperforming— — 100 48 — 3,041 — 3,189 
Total 1-4 Family 1st Lien57,120 28,810 60,020 49,100 38,466 182,416 1,489 417,421 
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Current period recoveries— — — — — 90 — 90 
Net recoveries— — — — — 90 — 90 
1-4 Family Rental
Performing46,766 22,067 45,885 99,841 59,781 131,001 2,154 407,495 
Nonperforming— — 292 — 1,572 1,606 — 3,470 
Total 1-4 Family Rental46,766 22,067 46,177 99,841 61,353 132,607 2,154 410,965 
HELOC and Junior Liens
Performing8,403 5,050 17,397 8,447 4,815 14,180 115,728 174,020 
Nonperforming— 1,151 93 152 — 1,699 1,001 4,096 
Total HELOC and Junior Liens8,403 6,201 17,490 8,599 4,815 15,879 116,729 178,116 
Consumer
Performing5,143 1,169 829 276 265 702 2,216 10,600 
Nonperforming— — 29 — — — — 29 
Total Consumer5,143 1,169 858 276 265 702 2,216 10,629 
Gross charge-offs— — — — — (98)— (98)
Current period recoveries— — — — — 55 — 55 
Net charge-offs— — — — — (43)— (43)
Total
Pass$534,056 $389,290 $536,002 $779,232 $375,146 $848,781 $330,752 $3,793,259 
Special mention— — 3,048 1,663 172 4,566 — 9,449 
Substandard or lower— 296 17,600 2,388 3,725 13,469 5,521 42,999 
Performing117,432 57,096 124,031 157,616 103,327 325,258 121,587 1,006,347 
Nonperforming— 1,151 514 200 1,572 6,346 1,001 10,784 
Total$651,488 $447,833 $681,195 $941,099 $483,942 $1,198,420 $458,861 $4,862,838 
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Mid Penn had no loans classified as "doubtful" as of March 31, 2026 and December 31, 2025. There was $160 thousand and $567 thousand in mortgage loans for which formal foreclosure proceedings were in process at March 31, 2026 and December 31, 2025, 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, 2026 were $29.6 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 judgment 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 its 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 expected cash flows are discounted using the loan’s effective interest rate to estimate the quantitative allowance for credit losses. The prepayment studies are updated quarterly by a third-party for each applicable pool.
Mid Penn determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the loans held-for-investment (LHFI) portfolio extend beyond this forecast period, Mid Penn uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans.
Qualitative factors used in the ACL methodology include the following:
•Changes in lending policies, procedures, and underwriting standards
•Changes in portfolio composition and concentrations of credit
•Peer group trends and divergence
The ACL for individual loans, such as non-accrual and PCD, that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or the "as is" value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on a regular basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Mid Penn’s Real Estate Administration 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
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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 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.
Effective January 1, 2026, the Corporation adopted ASU 2025-08 for applicable purchased seasoned loans ("PSL loans"), under which an initial allowance for credit losses is recognized at acquisition and incorporated into the initial amortized cost basis of the loans, rather than recognized through a Day 1 provision expense. The impact of adoption is reflected in the ACL rollforward in this Note and is further discussed in "Note 1 - Summary of Significant Accounting Policies".
Loans are charged off against the ACL, with any subsequent recoveries credited back to the ACL account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off.
The following tables present the activity in the ACL - loans by portfolio segment for the three months ended March 31, 2026 and the three months ended March 31, 2025:
(In thousands)Balance as of
December 31, 2025		Initial ACL - PCD LoansInitial ACL - PSL LoansCharge-offsRecoveriesNet Loans (Charged off) Recovered
(Benefit)/Provision for Credit Losses (1)
Balance as of March 31, 2026
Commercial Real Estate
CRE Nonowner Occupied9,917 — 269 (499)— (499)520 10,207 
CRE Owner Occupied6,095 183 552 — 93 93 1,351 8,274 
Multifamily1,443 — 87 — — — 12 1,542 
Farmland2,118 — 1 — — — 35 2,154 
Commercial and industrial9,259 547 599 — — — (549)9,856 
Construction
Residential Construction477 — 54 — — — (100)431 
Other Construction1,464 — 76 — — — 136 1,676 
Residential Mortgage
1-4 Family 1st Lien2,434 92 1,304 — 2 2 (137)3,695 
1-4 Family Rental2,295 — 157 (13)— (13)(268)2,171 
HELOC and Junior Liens559 155 337 — — — (4)1,047 
Consumer30 — 2 (641)9 (632)652 52 
Total36,091 977 3,438 (1,153)104 (1,049)1,648 41,105 
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(In thousands)Balance as of
December 31, 2024		Charge-offsRecoveriesNet Loans Recovered (Charged off) Provision/(Benefit) for Credit LossesBalance as of March 31, 2025
Commercial Real Estate
CRE Nonowner Occupied$11,047 $— $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 
Total$35,514 $(15)$18 $3 $321 $35,838 



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The following table presents the ACL for loans and the amortized cost basis of loans as of March 31, 2026 and December 31, 2025:

(In thousands)ACL - LoansLoans
March 31, 2026Collectively 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$9,879 $328 $10,207 $1,443,340 $5,297 $1,448,637 
CRE Owner Occupied8,016 258 8,274 835,563 4,375 839,938 
Multifamily1,542 — 1,542 448,945 472 449,417 
Farmland2,154 — 2,154 237,689 46 237,735 
Commercial and industrial7,890 1,966 9,856 712,303 12,624 724,927 
Construction
Residential Construction431 431 87,910 — 87,910 
Other Construction1,676 1,676 365,429 — 365,429 
Residential mortgage
1-4 Family 1st Lien3,603 92 3,695 587,526 3,859 591,385 
1-4 Family Rental2,171 — 2,171 464,389 928 465,317 
HELOC and Junior Liens896 151 1,047 288,831 2,027 290,858 
Consumer52 — 52 8,374 13 8,387 
Total$38,310 $2,795 $41,105 $5,480,299 $29,641 $5,509,940 

(In thousands)ACL - LoansLoans
December 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$9,374 $543 $9,917 $1,358,896 $5,144 $1,364,040 
CRE Owner Occupied6,020 75 6,095 716,312 2,552 718,864 
Multifamily1,443 — 1,443 419,136 131 419,267 
Farmland2,118 — 2,118 227,770 46 227,816 
Commercial and industrial7,835 1,424 9,259 709,114 10,917 720,031 
Construction
Residential Construction477 — 477 85,299 — 85,299 
Other Construction1,464 — 1,464 310,390 — 310,390 
Residential mortgage
1-4 Family 1st Lien2,434 — 2,434 416,209 1,212 417,421 
1-4 Family Rental2,289 6 2,295 409,870 1,095 410,965 
HELOC and Junior Liens559 — 559 176,276 1,840 178,116 
Consumer30 — 30 10,615 14 10,629 
Total$34,043 $2,048 $36,091 $4,839,887 $22,951 $4,862,838 
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Modifications to Borrowers Experiencing Financial Difficulty
From time to time, we may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications may result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension, or a combination thereof, among other things.
Information related to loans modified for the three months ended March 31, 2026, whereby the borrower was experiencing financial difficulty at the time of modification, is set forth in the following table:
(Dollars in thousands)Interest Only
Term Extension		Combination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Three months ended March 31, 2026
Commercial and industrial— 87 — 87 0.01 %
Total$— $87 $— $87 

There were no loan modifications to borrowers experiencing financial difficulty for the three months ended March 31, 2025.

The financial effects of the loan modifications reduced the monthly payment amounts for the borrower and the term extensions in the table above added a weighted-average of 2.0 years to the life of the loans, which also reduced the monthly payment amounts for the borrowers.
As of March 31, 2026, there were no defaults on loans modified to borrowers experiencing financial difficulty within the twelve months following modification.
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Note 5 - Deposits
Deposits consisted of the following as of March 31, 2026 and December 31, 2025:
(Dollars in thousands)March 31, 2026% of Total DepositsDecember 31, 2025% of Total Deposits
Noninterest-bearing demand deposits$933,497 15.6 %$834,013 16.0 %
Interest-bearing demand deposits1,664,412 27.9 %1,278,940 24.5 %
Money market1,253,751 21.0 %1,226,171 23.5 %
Savings439,334 7.4 %324,064 6.2 %
Total demand and savings 4,290,994 71.9 %3,663,188 70.2 %
Time1,679,973 28.1 %1,551,475 29.8 %
Total deposits$5,970,967 100.0 %$5,214,663 100.0 %
The scheduled maturities of time deposits as of March 31, 2026 were as follows:
Time Deposits
(In thousands)Less than $250,000$250,000 or more
Maturing in 2026$1,002,755 $366,263 
Maturing in 2027200,201 41,279 
Maturing in 202835,019 5,147 
Maturing in 202914,080 889 
Maturing in 20306,521 686 
Maturing thereafter5,965 1,168 
$1,264,541 $415,432 
Mid Penn had $132.7 million of brokered certificates of deposits as of March 31, 2026 and $97.5 million as of December 31, 2025. As of March 31, 2026 and December 31, 2025, Mid Penn had $112.7 million and $83.2 million, respectively, of Certificate of Deposit Account Registry ("CDAR") deposits.

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Note 6 - Derivative Financial Instruments
Mid Penn manages its exposure to certain interest rate risks through the use of derivative financial instruments; however, none are entered into for speculative purposes. During the three months ended March 31, 2026, Mid Penn had 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 loan-level 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, while 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. These transactions are structured as back-to-back arrangements with offsetting terms; however, the Corporation remains exposed to credit risk associated with both the customer and dealer counterparties.
Information related to loan-level interest rate swaps is set forth in the following table:
(Dollars in thousands)March 31, 2026December 31, 2025
 Loan-level interest rate swaps on loans with customers
      Notional amount $332,451 $287,251 
      Weighted-average remaining term (years) 4.474.16
      Receive fixed rate (weighted-average) 5.34 %5.13 %
      Pay variable rate (weighted-average)5.98 %6.08 %
      Estimated fair value (1)
$7,820 $8,796 
(Dollars in thousands)March 31, 2026December 31, 2025
Loan-level interest rate swaps on loans with correspondents
      Notional amount $332,451 $287,251 
      Weighted-average remaining term (years) 4.474.16
      Receive variable rate (weighted-average) 5.98 %6.08 %
      Pay fixed rate (weighted-average)5.34 %5.13 %
      Estimated fair value (2)
$7,820 $8,796 
(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. During the three months ended March 31, 2026, Mid Penn had interest rate swaps designated as cash flow hedges to hedge the cash flows associated with existing brokered CDs.

Information related to cash flow hedges is set forth in the following table:
(Dollars in thousands)March 31, 2026December 31, 2025
 Cash flow hedges
      Notional amount $75,000 $75,000 
      Weighted-average remaining term (years) 0.590.84
      Pay fixed rate (weighted-average) 3.81 %3.81 %
      Receive variable rate (weighted average)3.67 %3.52 %
      Estimated fair value (1)
$348 $211 
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(1) Estimated fair value, net of accrued interest receivable, is disclosed in Other Assets on the Consolidated Balance Sheet.

For derivatives designated and qualifying as cash flow hedges of interest rate risk, the unrealized gain or loss 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 $59 thousand will be reclassified to interest expense.

Note 7 - Accumulated Other Comprehensive Loss (Income)
The components of accumulated other comprehensive loss (income), 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 as of December 31, 2025$(6,971)$(191)$839 $(6,323)
OCI before reclassifications(1,946)129 31 (1,786)
Amounts reclassified from AOCI— — (48)(48)
Balance as of March 31, 2026$(8,917)$(62)$822 (8,157)
Balance as of December 31, 2024$(18,889)$1,485 $579 $(16,825)
OCI before reclassifications3,656 (984)16 2,688 
Amounts reclassified from AOCI— — (26)(26)
Balance as of March 31, 2025$(15,233)$501 $569 $(14,163)
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Note 8 - Fair Value Measurement
Mid Penn uses estimates of fair value in applying various accounting standards to its consolidated financial statements on either a recurring or non-recurring basis. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. Mid Penn groups its assets and liabilities measured at fair value in three hierarchy levels, based on the observability and transparency of the inputs. The fair value hierarchy is as follows:
Level 1 - Inputs that represent quoted prices for identical instruments in active markets.
Level 2 - Inputs that represent quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.
There were no transfers of assets between fair value Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2026 or the year ended December 31, 2025.
The following tables illustrate the assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets:
March 31, 2026
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $16,862 $— $16,862 
Mortgage-backed U.S. government agencies— 376,221 — 376,221 
State and political subdivision obligations— 50,854 — 50,854 
Corporate debt securities— 40,193 — 40,193 
Equity securities5,412 — — 5,412 
Loans held-for-sale— 16,554 — 16,554 
Other assets:
Derivative assets— 8,168 — 8,168 
Other liabilities:
Derivative liabilities— 7,820 7,820 
December 31, 2025
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $19,066 $— $19,066 
Mortgage-backed U.S. government agencies— 353,397 — 353,397 
State and political subdivision obligations— 3,834 — 3,834 
Corporate debt securities— 40,017 — 40,017 
Equity securities5,446 — — 5,446 
Loans held-for-sale— 3,668 — 3,668 
Other assets:
Derivative assets— 9,007 — 9,007 
Other liabilities:
Derivative liabilities— 8,796 — 8,796 
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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). Matrix pricing is a mathematical technique widely used 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. These securities consist primarily of publicly traded equity securities and are classified within Level 1 in the fair value hierarchy.
Loans held-for-sale - This category includes mortgage loans held-for-sale that are measured at fair value on a recurring basis. Fair values as of March 31, 2026 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 active or liquid as those for 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 3.
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis. These instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, upon acquisition or when there is evidence of impairment).

The following table illustrates financial instruments measured at fair value on a nonrecurring basis:
March 31, 2026
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $26,846 $26,846 
Foreclosed assets held-for-sale— — 8,420 8,420 
December 31, 2025
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $20,903 $20,903 
Foreclosed assets held-for-sale— — 7,806 7,806 
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 2026 and 2025, 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 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, 2026
(Dollars in thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL$26,846 
Appraisal of collateral
Appraisal adjustments
8%-100%52.1%
Foreclosed assets held-for-sale
8,420 
Appraisal of collateral
Appraisal adjustments18%-100%42.6%
December 31, 2025
(Dollars in thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL$20,903 Appraisal of collateralAppraisal adjustments8%-100%44.9%
Foreclosed assets held-for-sale
7,806 Appraisal of collateralAppraisal adjustments23%-100%39.8%
The following tables present 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, 2026
Carrying
Amount		Estimated Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial instruments - assets
 Cash and cash equivalents $141,190 $141,190 $— $— $141,190 
 Available-for-sale securities484,130 — 484,130 — 484,130 
Held-to-maturity securities340,957 — 314,398 — 314,398 
 Equity securities5,412 5,412 — — 5,412 
 Loans held-for-sale16,554 — 16,554 — 16,554 
Net loans 5,468,835 — — 5,508,561 5,508,561 
 Restricted investment in bank stocks10,081 10,081 — 10,081 
 Accrued interest receivable32,958 32,958 — — 32,958 
 Derivative assets 8,168 — 8,168 — 8,168 
Financial instruments - liabilities
Deposits$5,970,967 $— $5,973,274 $— $5,973,274 
Short-term borrowings31,500 — 31,500 — 31,500 
Long-term debt (1)
141 — 127 — 127 
 Accrued interest payable12,195 12,195 — — 12,195 
 Derivative liabilities7,865 — 7,865 — 7,865 
(1)Long-term debt excludes finance lease obligations.
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December 31, 2025
Estimated Fair Value
(In thousands)Carrying
Amount		Level 1Level 2Level 3Total
Financial instruments - assets
Cash and cash equivalents$98,918 $98,918 $— $— $98,918 
Available-for-sale securities416,314 — 416,314 — 416,314 
 Held-to-maturity securities347,285 — 321,702 — 321,702 
   Equity securities5,446 5,446 — — 5,446 
 Loans held-for-sale3,668 — 3,668 — 3,668 
Net loans 4,826,747 — — 4,866,731 4,866,731 
 Restricted investment in bank stocks7,576 7,576 — 7,576 
 Accrued interest receivable29,640 29,640 — — 29,640 
 Derivative assets9,007 — 9,007 — 9,007 
Financial instruments - liabilities
Deposits$5,214,663 $— $5,218,656 $— $5,218,656 
Short-term borrowings20,833 — 20,833 — 20,833 
Long-term debt (1)
20,222 — 20,223 — 20,223 
Subordinated debt— — — — — 
 Accrued interest payable10,942 10,942 — — 10,942 
 Derivative liabilities8,796 — 8,796 — 8,796 
(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, 2026 and December 31, 2025.
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. These instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a customer unless there is a violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Mid Penn evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit and financial guarantees written are conditional commitments to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Mid Penn had $65.1 million and $66.5 million of standby letters of credit outstanding as of March 31, 2026 and December 31, 2025, respectively. Mid Penn does not anticipate any losses resulting from these transactions. The amount of the liability as of March 31, 2026 and December 31, 2025 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 credit-related OBS commitments, 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 derived from the same models and approaches used 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.
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The ACL - OBS was $3.1 million and $2.9 million as of March 31, 2026 and December 31, 2025, respectively. A benefit for credit losses related to credit commitments of $54 thousand and $20 thousand was recorded for the three months ended March 31, 2026 and March 31, 2025, respectively.
The following table presents the activity in the ACL - OBS by segment for the three months ended March 31, 2026:
(In thousands)
Balance as of
December 31, 2025
Initial ACL Recorded On Acquired Commitments (1)
(Benefit)/Provision for Credit LossBalance as of March 31, 2026
1-4 Family Rental$12 $— $(1)$11 
C&I1,457 83 (2)1,538 
CRE NonOwner Occupied134 — (10)124 
CRE Owner Occupied93 — 20 113 
Consumer3 — — 3 
Farmland97 — (1)96 
HELOC & Junior Liens130 64 5 199 
Multifamily12 — — 12 
Other Construction & Land742 33 (15)760 
Residential Construction229 40 (50)219 
Residential First Liens4 — — 4 
$2,913 $220 $(54)$3,079 
(1)    Includes commitments on loans acquired in the 1st Colonial acquisition on February 27, 2026. These commitments are included in the allowance for off-balance sheet credit exposures as of March 31, 2026.
(In thousands)
Balance as of
December 31, 2024		(Benefit)/Provision for Credit LossBalance as of
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 
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 $31.5 million and $20.8 million as of March 31, 2026 and December 31, 2025, respectively. Short-term borrowings generally consist of federal funds purchased and advances from the FHLB with an original maturity of less than one year. Federal funds purchased from correspondent banks mature in one business day and are repriced daily based on the federal funds rate. Advances from the FHLB are collateralized by the Bank’s investment in FHLB common stock and by a blanket lien on selected loan receivables comprised principally of real estate secured loans. As of March 31, 2026, the amount of loans pledged totaled $2.7 billion. As of March 31, 2026, the Bank's unused short-term borrowing capacity with the FHLB totaled $1.5 billion (equal to $1.9 billion of maximum borrowing capacity, less the aggregate amount of FHLB letters of credit securing public funds deposits, and other FHLB advances and obligations outstanding) upon satisfaction of any stock purchase requirements of the FHLB.
The Bank also maintained unused overnight lines of credit with other correspondent banks totaling $35.0 million as of March 31, 2026. No draws have been made on these lines of credit as of March 31, 2026 and December 31, 2025, respectively.
Long-term Debt
The following table presents a summary of long-term debt as of March 31, 2026 and December 31, 2025:
(Dollars in thousands)March 31, 2026December 31, 2025
FHLB fixed rate instruments:
Due February 2026, 4.51%
$— $20,000 
Due August 2026, 4.80%
133 212 
Due February 2027, 6.71%
8 10 
Total FHLB fixed rate instruments141 20,222 
Finance lease obligations included in long-term debt2,880 2,917 
Total long-term debt$3,021 $23,139 
As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. As of March 31, 2026 and December 31, 2025, the Bank had long-term debt outstanding in the amount of $3.0 million and $23.1 million, respectively, consisting of FHLB fixed rate instruments, and a finance lease liability.
The FHLB fixed rate instruments are secured under the terms of a blanket collateral agreement with the FHLB consisting of FHLB stock and qualifying Mid Penn loan receivables, principally real estate secured loans. Mid Penn also obtains letters of credit from the FHLB to secure certain public fund deposits of municipalities and school district customers, which are used as a legally allowable alternative to investment in securities. These FHLB letter of credit commitments totaled $406.5 million and $162.5 million as of March 31, 2026 and December 31, 2025, respectively.
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Note 11 - Subordinated Debt
Subordinated Debt Assumed November 2021 with the Riverview Acquisition
On November 30, 2021, Mid Penn completed its acquisition of Riverview and assumed $25.0 million of Subordinated Notes (the "Riverview Notes"). In accordance with purchase accounting principles, the Riverview Notes were recorded at fair value, including a premium of $2.3 million. The notes were treated as Tier 2 capital for regulatory reporting purposes.
The Riverview Notes were issued by Riverview on October 6, 2020 in a private placement to certain qualified institutional buyers and accredited institutional investors. The Riverview Notes had a maturity date of October 15, 2030 and initially bore interest at a fixed rate of 5.75% per annum before converting to a floating rate prior to redemption. The Riverview Notes were redeemable beginning October 15, 2025, and Mid Penn redeemed all of the Riverview Notes on such date.
Subordinated Debt Issued December 2020
On December 22, 2020, Mid Penn issued $12.2 million of subordinated notes due December 2030 (the "December 2020 Notes") in a private placement to accredited investors. The December 2020 Notes were treated as Tier 2 capital for regulatory capital purposes.
The December 2020 Notes initially bore interest at a fixed rate of 4.5% per annum before converting to a floating rate prior to redemption. The December 2020 Notes became redeemable beginning December 31, 2025, and Mid Penn redeemed all of the December 2020 Notes on such date.
Subordinated Debt Issued March 2020
On March 20, 2020, Mid Penn issued $15.0 million of subordinated notes due March 2030 (the "March 2020 Notes") in a private placement to accredited investors. The March 2020 Notes were treated as Tier 2 capital for regulatory capital purposes.
The March 2020 Notes initially bore interest at a fixed rate of 4.0% per annum before converting to a floating rate prior to redemption. The March 2020 Notes became redeemable on March 30, 2025 and Mid Penn redeemed all of the March 2020 Notes in full on June 30, 2025.
Outstanding Balance
As of March 31, 2026, the Corporation had no subordinated debt outstanding.

Note 12 - Common Stock and Equity Incentive Plans
Treasury Stock Repurchase Program
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020. On April 21, 2026, the Board of Directors renewed the Program through April 30, 2027 and approved an increase in repurchase authorization permitting the repurchase of up to an additional $50.0 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, 2026. As of March 31, 2026, Mid Penn had repurchased an aggregate total of 519,891 shares of common stock at an average price of $23.65 per share under the Program.
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Dividend Reinvestment Plan
The amended and restated Dividend Reinvestment Plan of Mid Penn Bancorp, Inc. allows holders of the Corporation's common shares to purchase additional shares of the Corporation's common stock, par value $1.00 per share. Under the plan, participants may have cash dividends on all of their shares automatically reinvested, and each participating shareholder may also make optional cash contributions to purchase additional shares.
As of March 31, 2026, participants in the plan held 496,255 shares of the Corporation's common stock.
Equity Incentive Plans
The Corporation recognizes stock-based compensation expense for equity awards based on the grant-date fair value of the awards. Compensation expense is recognized on a straight-line basis over the requisite service period and is included in salaries and benefits expense in the Consolidated Statements of Income.
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 Corporation, and replaced the 2014 Restricted Stock Plan. The aggregate number of shares of common stock available for issuance under the Plans is 550,000 shares.
As of March 31, 2026, a total of 314,804 restricted shares were granted under the Plans, of which 110,845 shares were unvested. The Plan's shares granted and vested resulted in $689 thousand and $239 thousand in stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively.
Stock-based compensation expense relating to restricted stock is calculated using grant date fair value and is recognized on a straight-line basis over the vesting periods of the awards. Restricted shares granted to employees vest in equal amounts on the anniversary of the grant date over the vesting period and the expense is a component of salaries and benefits expense on the Consolidated Statement of Income. The employee grant vesting period is determined by the terms of each respective grant, with vesting periods generally between one and four years. Restricted shares granted to directors have a twelve-month vesting period, and the expense is a component of directors’ fees and benefits within the other expense line item on the Consolidated Statement of Income.
Equity Awards Assumed from William Penn Acquisition
In connection with the acquisition of William Penn on April 30, 2025, the Corporation issued 3,506,795 shares of common stock as purchase consideration and assumed outstanding equity awards of William Penn, resulting in the issuance of 538,447 stock options and 215,386 restricted stock units "RSUs" of which 129,776 stock options and 53,822 restricted stock units remained unvested as of March 31, 2026.
Compensation expense for stock options was $131 thousand for the three months ended March 31, 2026. As of March 31, 2026, unrecognized compensation expense related to unvested options was $645 thousand. Compensation expense for restricted stock awards was $183 thousand for the three months ended March 31, 2026. As of March 31, 2026, unrecognized compensation cost related to unvested restricted stock was $894 thousand.
The assumed awards are subject to the original vesting terms and conditions included in the William Penn stock-based compensation plan.
Stock Appreciation Rights Issued in Connection with the Cumberland Advisors Acquisition
Stock appreciation rights issued in the acquisition of Cumberland Advisors are being accounted for as post-combination compensation expense and will be recognized over the applicable service period. The stock appreciation rights have a maximum aggregate value of $1.2 million to be exercisable between the first and third anniversary of the closing date of the transaction.
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Note 13 - Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding plus the effect of potentially dilutive common shares, which include stock options and unvested restricted stock awards, using the treasury stock method.
The following data sets forth the computation of basic and diluted earnings per common share:
Three Months Ended March 31,
(In thousands, except per share data)20262025
Net income available to common shareholders$8,706 $13,742 
Weighted-average common shares outstanding - basic23,949,00819,355,867
Dilutive effect of stock-based compensation365,13160,398
Weighted-average common shares outstanding - diluted24,314,13919,416,265
Basic earnings per common share$0.36 $0.71 
Diluted earnings per common share0.36 0.71 
Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. There were no anti-dilutive stock options excluded from diluted earnings per share for the three months ended March 31, 2026 or March 31, 2025. Dilutive common stock equivalents included assumed equity awards acquired in the William Penn acquisition.
As part of the acquisition of William Penn on April 30, 2025, the Company issued 3,506,795 shares of common stock as purchase consideration, and assumed outstanding equity awards of William Penn, consisting of 538,447 stock options and 215,386 restricted stock units (RSUs).
As part of the acquisition of Cumberland Advisors on January 1, 2026, Mid Penn issued 127,009 shares of common stock as purchase consideration.
As part of the acquisition of 1st Colonial on February 27, 2026, Mid Penn issued 2,111,076 shares of common stock as purchase consideration. These shares contributed to the increase in weighted-average shares outstanding for the quarter ended March 31, 2026.


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

The following table presents financial information reviewed by the CODM in assessing performance and allocating resources:

(In thousands)
March 31, 2026March 31, 2025
Net interest income$55,250 $42,509 
Provision for credit losses1,594301
Noninterest income9,6045,239
Noninterest expense51,95930,642
Provision for Income taxes2,5953,063
Net income8,70613,742
Total assets$6,964,809 $5,546,026 

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 ("ROA"), return on average equity ("ROE") and core efficiency ratio.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management Discussion relates to the Corporation, a financial holding company incorporated in the Commonwealth of Pennsylvania, and its wholly-owned subsidiaries, and should be read in conjunction with the consolidated financial statements and other financial information presented in this report and our Annual Report on Form 10-K for the year ended December 31, 2025.
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 2025 Annual Report, and other unforeseen risks. You should not put undue reliance on any forward-looking statements. These statements speak only as of the date of this Quarterly Report on Form 10-Q, even if subsequently made available by us on Mid Penn’s website or otherwise, and Mid Penn undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

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

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

•Mid Penn’s ability to efficiently integrate recent acquisitions into its business and operations, which may take longer than anticipated or be more costly than anticipated or result in unanticipated disruptions to existing operations;
•the possibility that anticipated benefits of recent acquisitions, including cost savings and other synergies, may take longer to be realized or may not fully be achieved, and that attrition in client, partner or other relationships 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 disruptions arising from public health events or other external disruptions;
•the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, the value of investment securities, and interest rate protection agreements;
•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
•an increase in the Pennsylvania Bank Shares Tax to which the Bank’s capital stock is currently subject, or imposition of any additional taxes on the capital stock of Mid Penn or the Bank;
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•impacts of the capital and liquidity requirements imposed by bank regulatory agencies;
•the effect of changes in accounting policies and practices, including the adoption or interpretation of new accounting standards, as may be adopted by regulatory agencies, the Public Company Accounting Oversight Board, the 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 successfully expand our franchise, including through acquisitions or establishing new offices at favorable prices;
•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 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 Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent filings with the SEC.

The above list of factors that may affect future performance is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with this understanding of inherent uncertainty.
Overview
Mid Penn is a financial holding company incorporated in August 1991 in the Commonwealth of Pennsylvania.
Mid Penn 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 calculated on a fully taxable-equivalent basis ("FTE") as 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.
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The following table presents a summary of Mid Penn's earnings and selected performance ratios:
Three Months Ended March 31,
(Dollars in thousands)
20262025
Net Income$8,706 $13,742 
Diluted EPS$0.36 $0.71 
Dividends declared$0.22 $0.20 
Return on average assets (2)
0.55 %1.01 %
Return on average equity (2)
4.18 %8.43 %
Net interest margin (1)(2)
3.80 %3.37 %
Nonperforming assets to total assets0.55 %0.46 %
Net charge-offs/(recoveries) to average loans (annualized)0.084 %(0.0003)%
(1) Presented on a FTE basis using a 21% Federal tax rate and statutory interest expense disallowances. See also the "Net Interest Income" section.
(2) Annualized ratios
On February 27, 2026, Mid Penn completed the acquisition of 1st Colonial Bancorp, Inc. ("1st Colonial"), which added total assets of $842.5 million, comprised primarily of $597.5 million of loans. Additionally, on January 1, 2026, Mid Penn completed the acquisition of Cumberland Advisors, Inc. ("Cumberland Advisors"), a registered investment advisory firm, which had approximately $3.2 billion in assets under management, further expanding the Company's wealth management capabilities and fee-based revenue.
On April 30, 2025, Mid Penn completed the William Penn acquisition, which added total assets of $726.5 million, including $405.3 million of loans. This transaction included the acquisition of 12 branches, further expanding Mid Penn's presence in the Philadelphia region and surrounding counties in Pennsylvania and New Jersey. Mid Penn issued 3,506,795 shares of Mid Penn common stock as consideration for the $103.2 million purchase price. The Corporation also granted replacement awards for 538,447 stock options, with a fair value of $3.1 million to continuing employees of William Penn.
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, 2026 was $8.7 million, or $0.36 per basic and diluted common share, compared to earnings of $13.7 million, or $0.71 per both basic and diluted common share for the three months ended March 31, 2025.
•Net Interest Income
◦Net Interest Margin - For the first quarter of 2026, Mid Penn’s net interest margin was 3.80% versus 3.37% for the same period of 2025. The yield on interest-earning assets for the first quarter of 2026 increased 10 basis points from the same period of 2025. The rate on interest-bearing liabilities decreased 43 basis points from the same period of 2025. The increase, compared to the first quarter of 2025, was driven by higher loan and investment securities yields and a reduction in the cost of funds.
◦Loan Growth - Total loans, net of unearned income, as of March 31, 2026 were $5.5 billion compared to $4.9 billion as of December 31, 2025, an increase of $647.1 million, or 13.3%. The growth was primarily driven by the acquisition of 1st Colonial, which contributed to an increase in residential mortgages of $341.1 million, an increase in commercial real estate loans of $245.7 million, an increase in construction loans of $57.7 million, and an increase in commercial and industrial loans of $4.9 million.
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◦Deposit Growth - Total deposits increased $756.3 million, or 14.5%, from $5.2 billion at December 31, 2025, to $6.0 billion at March 31, 2026. The growth was primarily driven by the acquisition of 1st Colonial, which contributed to an increase of $528.3 million in interest-bearing transaction accounts, an increase of $128.5 million in time deposits, and a $99.5 million increase in non-interest bearing accounts.
•Asset Quality - ACL as of March 31, 2026 was $41.1 million, or 0.75% of total loans, as compared to $36.1 million, or 0.74% of total loans as of December 31, 2025. This increase includes the initial allowance recorded for 1st Colonial loans of $4.4 million.
◦Net Charge-offs/Recoveries - Mid Penn had net loan charge-offs of $1.0 million and net recoveries of $3 thousand for the three months ended March 31, 2026 and 2025, respectively.
◦Non-performing assets - Total non-performing assets were $38.1 million at March 31, 2026, an increase compared to non-performing assets of $30.8 million at December 31, 2025. The increase during the first quarter of 2026 is primarily related to the addition of $7.4 million of nonaccrual loans from the 1st Colonial acquisition. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.70% at March 31, 2026, compared to 0.69% as of December 31, 2025.
◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $1.6 million for the three months ended March 31, 2026 compared to a provision of $321 thousand for the same period of 2025. The benefit for credit losses on off-balance sheet credit exposures was $54 thousand for the three months ended March 31, 2026, compared to a benefit of $20 thousand for the same period of 2025. The increase in provision for the three months ended March 31, 2026, was primarily driven by qualitative adjustments to the CRE owner-occupied portfolio, reflecting growth within that segment, offset by decreases due to higher prepayment speeds and a favorable economic forecast.
•Noninterest Income - Noninterest income totaled $9.6 million for the three months ended March 31, 2026 compared to $5.2 million for the same period of 2025. The increase is primarily driven by a $2.5 million increase in fiduciary and wealth management income, a $431 thousand increase in earnings from the cash surrender value of life insurance, a $1.3 million increase in other noninterest income, including a $558 thousand increase in death benefits received, and a $458 thousand increase in insurance commissions.
•Noninterest Expense - Noninterest expense totaled $52.0 million for the three months ended March 31, 2026, an increase of $21.3 million, or 69.6%, compared to noninterest expense of $30.6 million for the same period of 2025.
Merger and acquisition expenses increased $7.4 million to $7.7 million for the three months ended March 31, 2026, driven by $7.2 million related to the 1st Colonial acquisition, $544 thousand related to the Cumberland Advisors acquisition, compared to $314 thousand in the same period of 2025.
Salaries and benefits increased $7.0 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase is attributable to (i) the retail staff additions at the twelve retail locations added through the William Penn acquisition and three retail locations added through the 1st Colonial acquisition; (ii) the retention of various William Penn and 1st Colonial team members through the completion of systems integrations; and (iii) the addition of staff members from the Cumberland Advisors acquisition.
Software licensing and utilization costs increased $1.0 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects additional costs to (i) license the additional William Penn and 1st Colonial branches; and (ii) upgrade internal systems, including network storage, cybersecurity, and data security enhancements in response to the Bank's larger size and increased IT complexity.
Occupancy expenses increased $979 thousand for the three months ended March 31, 2026, compared to the same period in 2025. The increase was driven by the facility operating costs of the additional retail locations added through the William Penn, 1st Colonial, and Cumberland Advisors acquisitions.
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•Liquidity - Current liquidity, including cash equivalents and borrowing capacity totaled $1.5 billion, compared to $1.7 billion at December 31, 2025, representing 144.8% of uninsured and uncollateralized deposits and approximately 25.0% of total deposits.
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Critical Accounting Estimates
The 2025 Annual Report on Form 10-K includes a summary of critical accounting estimates that Mid Penn considers to be most important to the presentation of its financial condition and results of operations. These estimates require management’s most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.
Management of the Corporation considers the accounting judgments relating to the allowance for credit losses, business combinations, and goodwill impairment to be the accounting area that requires the most subjective and complex judgments. Changes in key assumptions, including economic conditions and other inputs used in these estimates, could have a material impact on the Corporation's results of operations and financial condition.
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, 2025.

Results of Operations

Net Interest Income
Net interest income, Mid Penn's primary source of earnings, represents the difference between interest income received on loans, investments, and overnight funds, and interest expense paid on deposits and short- and long-term borrowings. Net interest income is affected by changes in interest rates and changes in average balances (volume) in the various interest-sensitive assets and liabilities. Interest and average rates in the table below are presented on a fully taxable-equivalent basis ("FTE"). Tax-equivalent adjustments were calculated using a statutory corporate tax rate of 21% for the three months ended March 31, 2026 and 2025.
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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, 2026March 31, 2025
(Dollars in thousands)Average BalanceInterest
Yield/
Rate (2)
Average BalanceInterest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances$19,647 $110 2.27 %$20,794 $138 2.69 %
Investment Securities:
Taxable715,209 6,486 3.68 %569,800 4,309 3.07 %
Tax-exempt68,559 297 1.76 %69,780 348 2.02 %
Total Investment Securities783,768 6,783 3.51 %639,580 4,657 2.95 %
Federal funds sold16,994 220 5.25 %23,754 261 4.46 %
Loans, net of unearned income5,083,240 76,798 6.13 %4,459,679 66,537 6.05 %
Restricted investment in bank stocks10,864 15 0.56 %7,101 151 8.62 %
Total Interest-earning Assets5,914,513 83,926 5.75 %5,150,908 71,744 5.65 %
Cash and Due from Banks55,545 39,916 
Other Assets422,953 300,939 
Total Assets$6,393,011 $5,491,763 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,382,567 $5,417 1.59 %$1,051,325 $4,681 1.81 %
Money market1,216,581 7,470 2.49 %1,027,355 6,941 2.74 %
Savings363,593 300 0.33 %260,965 54 0.08 %
Time1,579,915 14,661 3.76 %1,589,083 16,588 4.23 %
Total Interest-bearing Deposits4,542,656 27,848 2.49 %3,928,728 28,264 2.92 %
Short-term borrowings71,111 702 4.00 %24,892 290 4.72 %
Long-term debt11,733 126 4.36 %23,533 257 4.43 %
Subordinated debt— — — %45,662 424 3.77 %
Total Interest-bearing Liabilities4,625,500 28,676 2.51 %4,022,815 29,235 2.95 %
Noninterest-bearing Demand850,936 752,980 
Other Liabilities71,022 55,004 
Shareholders' Equity845,553 660,964 
Total Liabilities & Shareholders' Equity$6,393,011 $5,491,763 
Net Interest Income$55,250 $42,509 
Taxable Equivalent Adjustment (1)
236 242 
Net Interest Income (taxable-equivalent basis)$55,486 $42,751 
Total Yield on Earning Assets5.75 %5.65 %
Rate on Supporting Liabilities2.51 %2.95 %
Average Interest Spread3.24 %2.70 %
Net Interest Margin (1)
3.80 %3.37 %
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2)Annualized ratios
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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended March 31, 2026 in comparison to the same period in 2025:
Three months ended
March 31, 2026 vs. March 31, 2025
Increase (decrease)
(In thousands)Volume Rate Net
INTEREST INCOME:
Interest Bearing Balances$(8)$(20)$(28)
Investment Securities:
Taxable1,100 1,077 2,177 
Tax-exempt(6)(45)(51)
Total Investment Securities1,094 1,032 2,126 
Federal funds sold(74)33 (41)
Loans9,303 958 10,261 
Restricted investment in bank stocks80 (216)(136)
Total Interest Income10,395 1,787 12,182 
INTEREST EXPENSE:
Interest-Bearing Deposits:
Interest-bearing demand1,475 (739)736 
Money market1,278 (749)529 
Savings21 225 246 
Time(96)(1,831)(1,927)
Total Interest-Bearing Deposits2,678 (3,094)(416)
Short-term borrowings538 (126)412 
Long-term debt(129)(2)(131)
Subordinated debt(424)— (424)
Total Interest Expense2,663 (3,222)(559)
NET INTEREST INCOME$7,732 $5,009 $12,741 
For the three months ended March 31, 2026, net interest income was $55.3 million compared to net interest income of $42.5 million for the three months ended March 31, 2025. The tax-equivalent net interest margin for the three months ended March 31, 2026 was 3.80% compared to 3.37% for the first quarter of 2025, representing a 43 bp increase compared to the same period in 2025.
The yield on interest-earning assets increased to 5.75% for the quarter ended March 31, 2026, from 5.65% for the quarter ended March 31, 2025. These increases were due to assets continuing to reprice at higher rates during 2025 and the first quarter of 2026, continued discipline on new loan pricing, and an increase in Fed funds sold.
Average investment securities increased $144.2 million and the yield on those investment securities increased 56 bps during the first quarter of 2026 compared to the first quarter of 2025, increasing interest income due to volume by $1.1 million, and increasing interest income due to rates by $1.0 million. Average loans increased $623.6 million, and the yield on those loans increased 8 bps, contributing $9.3 million and $958 thousand, respectively, to the increase in interest income.
Interest expense decreased $559 thousand during the first quarter of 2026 compared to the first quarter of 2025. The rate of interest-bearing liabilities decreased from 2.95% for the first quarter of 2025 to 2.51% for the first quarter of 2026. The
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decrease in the rate was primarily a result of a decrease in short-term borrowings, a decrease in long term debt, and a decrease in time deposits. Mid Penn continued to offer higher rates over the comparable period to both retain and attract deposits.
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 $1.6 million for the three months ended March 31, 2026 compared to a provision of $321 thousand for the three months ended March 31, 2025. The increase in provision was primarily attributable to qualitative adjustments to several segments of the portfolio, offset by reductions due to a favorable economic forecast.
Noninterest Income
For the three months ended March 31, 2026, noninterest income totaled $9.6 million, a increase of $4.4 million, or 83.3%, compared to noninterest income of $5.2 million for the three months ended March 31, 2025. The increase was largely driven by a $2.5 million increase in fiduciary and wealth management income, a $431 thousand increase in earnings from the cash surrender value of life insurance, a $1.3 million increase in other noninterest income, including a $558 thousand increase in death benefits received, and a $458 thousand increase in insurance commissions.
The following table and explanations that follow provide additional analysis of noninterest income:
Three Months Ended March 31,
(Dollars in thousands)20262025$ Variance% Variance
Fiduciary and wealth management $3,661 $1,140 $2,521 221.1%
ATM debit card interchange1,035 919 116 12.6 
Service charges on deposits636 562 74 13.2 
Mortgage banking314 591 (277)(46.9)
Mortgage hedging81 (9)90 N/M
Net gain on sales of SBA loans163 57 106 186.0 
Earnings from cash surrender value of life insurance705 274 431 157.3 
Other3,009 1,705 1,304 76.5 
Total$9,604 $5,239 $4,365 83.3%

Noninterest Expense
For the three months ended March 31, 2026, noninterest expense totaled $52.0 million, an increase of $21.3 million, or 69.6%, compared to noninterest expense of $30.6 million for the same period in 2025. The increase was primarily driven by a $7.4 million increase in merger and acquisition expenses, a $7.0 million increase in salaries and employee benefits, a $1.0 million increase in software licensing, a $979 thousand increase in occupancy expenses, an $872 thousand increase in intangible amortization, an $862 thousand increase in legal and professional fees, and a $2.3 million increase in other noninterest expense, primarily driven by a $1.5 million increase related to a change in methodology for LIHTC amortization, and a $665 thousand in legal settlements.
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The following table and explanations that follow provide additional analysis of noninterest expense:
Three Months Ended March 31,
(Dollars in thousands)20262025$ Variance% Variance
Salaries and employee benefits$23,346 $16,309 $7,037 43.1 %
Software licensing and utilization3,598 2,574 1,024 39.8 
Occupancy expense, net3,253 2,274 979 43.1 
Equipment expense1,553 1,094 459 42.0 
Shares tax964 919 45 4.9 
Legal and professional fees1,688 826 862 104.4 
ATM/card processing757 733 24 3.3 
Intangible amortization1,300 428 872 203.7 
FDIC Assessment800 990 (190)(19.2)
Loss/(gain) on sale of foreclosed assets, net491 (28)519 N/M
Merger and acquisition expense7,723 314 7,409 2359.6 
Other expenses6,486 4,209 2,277 54.1 
Total Noninterest Expense$51,959 $30,642 $21,317 69.6%

Income Taxes
The provision for income taxes was $2.6 million for the three months ended March 31, 2026 compared to $3.1 million for the same period in 2025. The provision for income taxes for the three months ended March 31, 2026 reflects a combined Federal and State effective tax rate of 23.0% for the three months ended March 31, 2026, compared to 18.2%, for the three months ended March 31, 2025.
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 effective tax rate for the current period was higher than the federal statutory rate primarily due to the impact of state income taxes. This increase was driven by changes in the Corporation's state apportionment resulting from the acquisition of 1st Colonial, resulting in a higher proportion of income subject to higher state tax rates. 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.
On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that may affect the Company in future periods, including provisions related to business deductions and tax depreciation. These changes did not have a material impact on the Corporation’s federal income tax expense or liability for the three months ended March 31, 2026.
Financial Condition
Mid Penn’s total assets were $7.0 billion as of March 31, 2026, reflecting an increase of $830.9 million, or 13.5%, compared to total assets of $6.1 billion as of December 31, 2025. The increase was primarily driven by an increase in loans as a result of the 1st Colonial acquisition, an increase in available for sale investment securities, and an increase in Fed Funds Sold.
Investment Securities
Mid Penn’s investment portfolio is utilized primarily to support overall liquidity and interest rate risk management, to provide collateral supporting pledging requirements for public funds on deposit, and to generate additional interest income within reasonable risk parameters. The carrying value of total investment securities as of March 31, 2026 were $825.1 million compared to $763.6 million as of December 31, 2025. Mid Penn does not anticipate growth in 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
(Dollars in thousands)One Year
and Less		After One Year
thru Five Years		After Five Years
Thru Ten Years		After Ten
Years		Total
As of March 31, 2026AmountWeighted-Average YieldAmountWeighted-Average YieldAmountWeighted-Average YieldAmountWeighted-Average YieldAmountWeighted-Average Yield
Available-for-sale securities, at fair value:
U.S. Treasury and U.S. government agencies$7,338 1.62 %$5,369 2.89 %$4,155 3.10 %$— — %$16,862 2.40 %
Mortgage-backed U.S. government agencies— — — — 7,653 3.03 368,568 4.60 376,221 4.57 
State and political subdivision obligations— — — — 50,196 2.50 658 2.23 50,854 2.45 
Corporate debt securities2,930 2.258,831 7.1228,432 5.39— —40,193 5.54
$10,268 1.80 %$14,200 5.50 %$90,436 4.54 %$369,226 4.59 %$484,130 4.55 %
Held-to-maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies$21,498 1.66%$117,477 1.86%$92,040 2.20%$— —%$231,015 1.98%
Mortgage-backed U.S. government agencies63 3.001,671 2.903,220 2.7526,260 1.9531,214 2.09
State and political subdivision obligations5,335 3.3934,211 2.3014,583 2.379,152 2.7563,281 2.87
Corporate debt securities2,000 2.255,447 3.608,000 3.40— —15,447 3.32
$28,896 2.87 %$158,806 2.02 %$117,843 2.32 %$35,412 2.16 %$340,957 2.29 %

Loans, net of unearned income
Total loans, net of unearned income, as of March 31, 2026 were $5.5 billion compared to $4.9 billion as of December 31, 2025. The growth of $647.1 million, or 13.3%, since December 31, 2025 was primarily driven by the acquisition of 1st Colonial, which contributed to an increase in residential mortgages of $341.1 million, an increase in commercial real estate loans of $245.7 million, an increase in construction loans of $57.7 million, and an increase in commercial and industrial loans of $4.9 million.
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March 31, 2026December 31, 2025Change in Balance
(Dollars in thousands)Balance% of Total LoansBalance% of Total Loans$%
Commercial real estate
CRE Nonowner Occupied$1,448,637 26.3 %$1,364,040 28.1 %$84,597 6.2 %
CRE Owner Occupied839,938 15.2 718,864 14.7 121,074 16.8 
Multifamily449,417 8.2 419,267 8.6 30,150 7.2 
Farmland237,735 4.3 227,816 4.7 9,919 4.4 
Total Commercial Real Estate2,975,727 54.0 2,729,987 56.1 245,740 9.0 
Commercial and industrial
724,927 13.2 720,031 14.8 4,896 0.7 
Construction
Residential Construction87,910 1.6 85,299 1.8 2,611 3.1 
Other Construction365,429 6.6 310,390 6.3 55,039 17.7 
Total Construction453,339 8.2 395,689 8.1 57,650 14.6 
Residential Mortgage
1-4 Family 1st Lien591,385 10.7 417,421 8.6 173,964 41.7 
1-4 Family Rental465,317 8.4 410,965 8.5 54,352 13.2 
HELOC and Junior Liens290,858 5.3 178,116 3.7 112,742 63.3 
Total Residential Mortgage1,347,560 24.4 1,006,502 20.8 341,058 33.9 
Consumer8,387 0.2 10,629 0.2 (2,242)(21.1)
$5,509,940 100.0 %$4,862,838 100.0 %$647,102 13.3 %

The majority of the Bank's loan portfolio is to businesses and individuals located within the Bank's primary market area, which consists principally of central and southeastern Pennsylvania, along with select counties in 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 to identify credit portfolio weaknesses as early as possible, so any exposures that are discovered might be mitigated or potential losses reduced. Most of the Bank's loans are secured by real estate, and the value of this collateral is dependent on 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, 2026December 31, 2025
Commercial Real EstateBalance % of portfolio
Weighted-Average LTV (2)
Balance% of portfolio
Weighted-Average LTV (2)
Owner Occupied (1)
$839,938 28.2 %N/A$718,864 26.3 %N/A
Farmland (1)
237,735 8.0 N/A227,816 8.3 N/A
Multifamily449,417 15.2 58.4 419,267 15.5 53.3 
Non Owner Occupied
Retail 425,231 14.3 50.7 429,095 15.7 50.4 
Office 322,368 10.8 62.0 289,650 10.6 61.4 
Industrial 190,389 6.4 47.2 177,822 6.5 48.0 
Hospitality 168,278 5.7 47.1 158,667 5.8 47.1 
Flex 54,200 1.8 44.4 46,432 1.7 47.2 
Mobile Home Park 19,213 0.6 54.4 18,763 0.7 56.4 
Health Care 12,473 0.4 52.8 11,870 0.4 52.8 
Other Property Types256,485 8.6 55.9 231,741 8.5 54.7 
Total Commercial Real Estate$2,975,727 100.0%54.2 %$2,729,987 100.0%52.9 %
(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, 2026One Year
and Less		One to
Five Years		Five to
Fifteen Years		Over
Fifteen Years		Total
Commercial real estate
CRE Nonowner Occupied$179,506 $475,303 $469,179 $324,649 $1,448,637 
CRE Owner Occupied35,739 163,881 343,347 296,971 839,938 
Multifamily88,244 140,070 114,139 106,964 449,417 
Farmland1,285 10,975 67,559 157,916 237,735 
Total Commercial real estate304,774 790,229 994,224 886,500 2,975,727 
Commercial and industrial42,587 277,261 162,264 242,815 724,927 
Construction
Residential Construction52,755 31,219 1,856 2,080 87,910 
Other Construction153,960 145,264 49,191 17,014 365,429 
Total Construction206,715 176,483 51,047 19,094 453,339 
Residential mortgage
1-4 Family 1st Lien9,844 28,061 104,219 449,261 591,385 
1-4 Family Rental55,213 52,167 158,208 199,729 465,317 
HELOC and Junior Liens6,899 17,027 47,442 219,490 290,858 
Total Residential Mortgage71,956 97,255 309,869 868,480 1,347,560 
Consumer1,920 1,565 1,939 2,963 8,387 
Total loans held in portfolio$627,952 $1,342,793 $1,519,343 $2,019,852 $5,509,940 
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Fixed interest rates:
Commercial real estate
CRE Nonowner Occupied$130,870 $187,723 $56,556 $11,677 $386,826 
CRE Owner Occupied27,623 109,875 25,697 3,115 166,310 
Multifamily44,738 65,465 7,644 — 117,847 
Farmland389 8,070 5,043 — 13,502 
Total Commercial real estate203,620 371,133 94,940 14,792 684,485 
Commercial and industrial21,681 172,561 24,498 9,384 228,124 
Construction
Residential Construction3,577 11,340 583 2,006 17,506 
Other Construction14,117 20,745 512 1,757 37,131 
Total Construction17,694 32,085 1,095 3,763 54,637 
Residential mortgage
1-4 Family 1st Lien7,436 17,936 80,299 326,523 432,194 
1-4 Family Rental21,412 38,376 16,231 10,686 86,705 
HELOC and Junior Liens1,089 9,178 35,660 2,614 48,541 
Total Residential Mortgage29,937 65,490 132,190 339,823 567,440 
Consumer1,274 1,517 1,807 952 5,550 
Total fixed interest rates$274,206 $642,786 $254,530 $368,714 $1,540,236 
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied$48,636 $287,580 $412,623 $312,972 $1,061,811 
CRE Owner Occupied8,116 54,006 317,650 293,856 673,628 
Multifamily43,506 74,605 106,495 106,964 331,570 
Farmland896 2,905 62,516 157,916 224,233 
Total Commercial real estate101,154 419,096 899,284 871,708 2,291,242 
Commercial and industrial20,906 104,700 137,766 233,431 496,803 
Construction
Residential Construction49,178 19,879 1,273 74 70,404 
Other Construction139,843 124,519 48,679 15,257 328,298 
Total Construction189,021 144,398 49,952 15,331 398,702 
Residential mortgage
1-4 Family 1st Lien2,408 10,125 23,920 122,738 159,191 
1-4 Family Rental33,801 13,791 141,977 189,043 378,612 
HELOC and Junior Liens5,810 7,849 11,782 216,876 242,317 
Total Residential Mortgage42,019 31,765 177,679 528,657 780,120 
Consumer646 48 132 2,011 2,837 
Total floating interest rates353,746 700,007 1,264,813 1,651,138 3,969,704 
Total fixed and floating interest rates$627,952 $1,342,793 $1,519,343 $2,019,852 $5,509,940 


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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 judgment 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)20262025
Balance, beginning of period$36,091 $35,514 
Purchased credit deteriorated loans977 — 
Purchased seasoned loans3,438 — 
Loans charged off during period(1,153)(15)
Recoveries of loans previously charged off104 18 
Net (charge-offs)/recoveries(1,049)3 
(Benefit)/provision for credit losses - loans (1)
1,648 321 
Balance, end of period$41,105 $35,838 
Ratio of net charge-offs/(recoveries) to average loans outstanding (annualized)0.084 %(0.0003)%
Ratio of ACL - loans to net loans at end of period0.75 %0.80 %

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The following table presents the change in nonperforming asset categories as of March 31, 2026, December 31, 2025, and March 31, 2025.
(Dollars in thousands)March 31, 2026December 31, 2025March 31, 2025
Nonperforming Assets:
Total nonaccrual loans$29,641 $22,951 $24,045 
Foreclosed real estate8,420 7,806 1,402 
Total nonperforming assets38,061 30,757 25,447 
Accruing loans 90 days or more past due— — 3 
Total risk elements$38,061 $30,757 $25,450 
Nonaccrual loans as a percentage of total loans outstanding0.54 %0.47 %0.54 %
Nonperforming assets as a percentage of total loans outstanding and foreclosed real estate0.69 %0.63 %0.57 %
Ratio of ACL-loans to nonperforming loans138.68 %157.25 %149.05 %
Total nonperforming assets were $38.1 million at March 31, 2026, an increase compared to nonperforming assets of $30.8 million at December 31, 2025. The increase during the first quarter of 2026 is primarily driven by the addition of $7.4 million of nonaccrual loans from the 1st Colonial acquisition in the first quarter of 2026. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.70% at March 31, 2026, compared to 0.69% and 0.50% as of December 31, 2025 and March 31, 2025.

Goodwill

Mid Penn evaluates goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that impairment may be present. Significant negative industry or economic trends, as well as changes in the Corporation's stock price, could represent potential indicators of impairment. Management considered relevant factors, including overall market conditions, and trends in the Corporation's stock price, and concluded that no triggering events had occurred as of March 31, 2026. Management will continue to monitor these factors in future periods. Mid Penn's annual impairment test is scheduled to be conducted as of October 31, 2026.
Deposits
Total deposits increased $756.3 million, or 14.5%, from $5.2 billion on December 31, 2025, to $6.0 billion at March 31, 2026. The growth was primarily driven by the acquisition of 1st Colonial deposits of $747.1 million. These deposits contributed to a $528.3 million increase in interest bearing accounts, $128.5 million increase in time deposits, and a $99.5 million increase in noninterest bearing accounts.
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Average balances and average interest rates applicable to deposits by major classification:
March 31, 2026December 31, 2025Change
(Dollars in thousands)BalanceRateBalanceRate$%
Noninterest-bearing demand deposits$850,936 0.00 %$816,429 0.00 %$34,507 4.23 %
Interest-bearing demand deposits1,382,567 1.59 1,179,007 1.77 203,560 17.27 
Money market1,216,581 2.49 1,176,166 2.79 40,415 3.44 
Savings363,593 0.33 306,431 0.08 57,162 18.65 
Time1,579,915 3.76 1,674,557 4.05 (94,642)(5.65)
$5,393,592 2.09 %$5,152,590 2.36 %$241,002 4.68 %

As of March 31, 2026, uninsured deposits were approximately $1.0 billion, or 17.3% of total deposits, compared to $1.0 billion, or 19.2% of total deposits, as of December 31, 2025. The maturities of the uninsured time deposits as of March 31, 2026 were as follows:
(In thousands)2026
Three months or less$163,843 
Over three months to six months137,142 
Over six months to twelve months98,231 
Over twelve months16,216 
$415,432 
Borrowings

Total short-term borrowings increased $10.7 million, or 51.2%, from December 31, 2025 to March 31, 2026. The increase in short-term borrowings was driven by our objective to maintain a strong level of unencumbered liquid assets, ensuring the availability of high-quality liquidity to meet potential near-term obligations. Total long-term borrowings were $3.0 million at March 31, 2026, a decrease of $20.1 million from December 31, 2025.
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, 2026 provided $14.5 million of cash, mainly due to net income. Cash provided in investing activities during the three months ended March 31, 2026 was $33.9 million, mainly the result of the Cumberland Advisors and 1st Colonial acquisitions. Cash used by financing activities during the three months ended March 31, 2026 totaled $6.1 million, primarily the result of the repayment of long-term borrowings.
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.
Mid Penn maintained the following regulatory capital ratios in comparison to regulatory requirements:
March 31, 2026December 31, 2025Regulatory Minimum for Capital Adequacy
Total Risk-Based Capital (to Risk-Weighted Assets)13.58 %14.32 %10.50 %
Tier I Risk-Based Capital (to Risk-Weighted Assets)12.82 13.55 8.50 
Common Equity Tier I (to Risk-Weighted Assets)12.82 13.55 7.00 
Tier I Leverage Capital (to Average Assets)11.40 11.02 4.00 
As of March 31, 2026 and December 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. 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 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 $73.3 million, or 9.0%, from $814.1 million as of December 31, 2025 to $887.4 million as of March 31, 2026, reflecting common stock issued in connection with the 1st Colonial and Cumberland Advisors acquisitions totaling $69.6 million and earnings of $8.7 million, partially offset by dividends paid of $6.2 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, 2026, all interest rate risk levels according to the model were within the tolerance limits of the Board-approved policy.
Change in
Basis Points		% Change in Net Interest IncomePolicy
Risk Limit
March 31, 2026
4009.7%≥ -25%
3007.3%≥ -20%
2004.9%≥ -15%
1002.4%≥ -10%
(100)(2.7)%≥ -10%
(200)(5.3)%≥ -15%
(300)(7.3)%≥ -20%
(400)(8.4)%≥ -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, 2026, 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
Except for changes in connection with the ongoing integration of 1st Colonial Bancorp, Inc., there were no changes in Mid Penn’s internal control over financial reporting during the three months ended March 31, 2026, that have materially affected, or are reasonable likely to materially affect, Mid Penn’s internal control over financial reporting.
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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 2025 Annual Report and subsequent reports filed with the SEC to determine if there were material changes applicable to the three months ended March 31, 2026. Aside from the following risk factor, there have been no material changes to the risk factors that were previously disclosed in the 2025 Annual Report.

Geopolitical instability and armed conflicts may adversely impact our business, financial condition, and results of operations.

Geopolitical instability, including armed conflicts and tensions in various regions of the world, may contribute to volatility in financial markets and broader economic uncertainty. Escalation of such conflicts could disrupt energy and commodity markets, increase inflationary pressures, and affect interest rate conditions.

These conditions may adversely affect the economies in which we operate and our customers' financial condition, which could impact their ability to repay loans, reduce demand for credit, and negatively affect collateral values, resulting in increased credit losses within our loan portfolio.

Geopolitical developments may also lead to additional economic sanctions, trade restrictions, or other regulatory requirements, increasing compliance costs and operational complexity. Such developments may also increase risks associated with cyber threats, fraud, or disruptions involving critical infrastructure or third-party service providers.

In addition, heightened uncertainty may affect assumptions and estimates used in evaluating allowance for credit losses, including qualitative factors, and could contribute to increased provision expense. The extent and duration of these conditions and their impact on our business, financial condition, and results of operations remain uncertain.


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ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(1)As reported on a Form 8-K filed on January 5, 2026, Mid Penn completed its acquisition of Cumberland Advisors, Inc. on January 1, 2026. In connection with the transaction, each share of Cumberland Advisors common stock was converted into the right to receive, at the election of the holder, either 17.79 shares of common stock, par value $1.00 per share, of Mid Penn or $539.22 for each share of Cumberland Advisors common stock they owned (subject to adjustment and proration as provided in the acquisition agreement). Mid Penn issued to former shareholders of Cumberland Advisors approximately 127,009 shares of Mid Penn common stock having a total value of approximately $2.3 million, and stock appreciation rights (“SARs”) having a maximum (capped) aggregate value of $1,200,000. The SARs are exercisable between the first and third anniversary of the closing date of the transaction. The shares of Mid Penn common stock and SARs were issued in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.

(2)None.

Mid Penn adopted a treasury stock repurchase program ("Program") effective March 19, 2020. Subsequent to March 31, 2026, on April 21, 2026, the Board of Directors renewed the Program through April 30, 2027 and approved an increase in repurchase authorization permitting the repurchase of up to an additional $50.0 million of Mid Penn’s outstanding common stock. The Program permits repurchases of its common stock through open market transactions (including pursuant to trading plans adopted under SEC Rule 10b5-1) or 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, 2026, Mid Penn did not repurchase any shares of common stock. As of March 31, 2026, Mid Penn repurchased an aggregate total of 519,891 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, 2026, none of Mid Penn’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Mid Penn’s common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(c) of Regulation S-K.
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ITEM 6 – EXHIBITS

2.1
Completion of Acquisition, dated as of February 27, 2026, by and between Mid Penn Bancorp, Inc. and 1st Colonial Bancorp, Inc. (Incorporated by reference to Registrant's Current Report on Form 8-K filed on March 2, 2026.)
3.1
The Registrant’s Articles of Incorporation. (Incorporated by reference to Exhibit 3.1 to Registrant's Quarterly Report on form 10-Q with the SEC on May 9, 2023.)
3.2
The Registrant’s By-laws. (Incorporated by reference to Exhibit 3.1 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 28, 2024.)
31.1
31.2
32
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Mid Penn Bancorp, Inc.
(Registrant)
By:/s/ Rory G. Ritrievi
Rory G. Ritrievi
President and CEO
(Principal Executive Officer)
Date:
May 7, 2026
By:
/s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
(Principal Financial Officer)
Date:
May 7, 2026
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