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Mid Penn Bancorp
MPB
#6472
Rank
$0.95 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$37.62
Share price
0.76%
Change (1 day)
37.60%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Mid Penn Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Mid Penn Bancorp - 10-Q quarterly report FY2026 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 July 31, 2026, the registrant had 25,335,215 shares of common stock outstanding, par value $1.00 per share.

1
Table of Contents
FORM 10-Q
TABLE OF CONTENTS
PART 1 – FINANCIAL INFORMATION
Item 1 – Financial Statements
4
Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)
4
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
5
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
6
Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
7
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)
9
Notes to Consolidated Financial Statements (Unaudited)
11
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
46
Item 3 – Quantitative and Qualitative Disclosures about Market Risk
69
Item 4 – Controls and Procedures
70
PART II – OTHER INFORMATION
71
Item 1 – Legal Proceedings
71
Item 1A – Risk Factors
71
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
72
Item 3 – Defaults upon Senior Securities
73
Item 4 – Mine Safety Disclosures
73
Item 5 – Other Information
73
Item 6 – Exhibits
74
Signatures
75
Unless the context otherwise requires, the terms "Mid Penn", "Corporation" "we", "us", and "our" refer to Mid Penn Bancorp, Inc. and its consolidated wholly-owned banking subsidiary and nonbank subsidiaries.
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GLOSSARY OF DEFINED ACRONYMS AND TERMS
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
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MID PENN BANCORP, INC.



PART 1 – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands, except per share data)June 30, 2026December 31, 2025
ASSETS
Cash and due from banks$55,168 $46,695 
Interest-bearing balances with other financial institutions15,367 29,178 
Federal funds sold16,111 23,045 
Total Cash and cash equivalents86,646 98,918 
Investment securities:
HTM, at amortized cost (fair value $346,306 and $321,702, respectively)
372,866 347,285 
AFS, at fair value (amortized cost $513,616 and $426,512, respectively)
499,773 416,314 
Equity securities, at fair value5,387 5,446 
Loans held-for-sale, at fair value16,595 3,668 
Loans, net of unearned income5,617,169 4,862,838 
Less: ACL - Loans(41,640)(36,091)
Net loans 5,575,529 4,826,747 
Premises and equipment, net49,236 48,742 
Operating lease right-of-use asset15,872 15,169 
Finance lease right-of-use asset2,278 2,368 
Cash surrender value of life insurance117,515 95,351 
Restricted investment in bank stocks15,720 7,576 
Accrued interest receivable33,391 29,640 
Deferred income taxes23,227 21,416 
Goodwill157,121 136,620 
Core deposit and other intangibles, net31,173 14,657 
Foreclosed assets held-for-sale8,390 7,806 
Other assets52,191 56,173 
Total Assets$7,062,910 $6,133,896 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$973,371 $834,013 
Interest-bearing transaction accounts3,299,576 2,829,175 
Time1,680,350 1,551,475 
Total Deposits5,953,297 5,214,663 
Short-term borrowings137,500 20,833 
Long-term debt2,902 23,139 
Operating lease liability16,275 15,405 
Accrued interest payable12,175 10,942 
Other liabilities38,854 34,856 
Total Liabilities6,161,003 5,319,838 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at June 30, 2026 and December 31, 2025; 25,923,997 issued at June 30, 2026 and 23,567,094 at December 31, 2025; 25,320,686 outstanding at June 30, 2026 and 23,047,203 at December 31, 2025
25,924 23,567 
Additional paid-in capital661,903 589,421 
Retained earnings238,224 219,685 
Accumulated other comprehensive loss(9,142)(6,323)
Treasury stock, at cost; 603,311 shares at June 30, 2026 and 519,891 at December 31, 2025
(15,002)(12,292)
Total Shareholders’ Equity901,907 814,058 
Total Liabilities and Shareholders' Equity$7,062,910 $6,133,896 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands, except per share data)2026202520262025
INTEREST INCOME
Loans, including fees $88,574 $72,469 $165,373 $139,006 
Investment securities:
Taxable7,558 4,637 14,059 9,097 
Tax-exempt284 344 581 692 
Other interest-bearing balances117 142 227 280 
Federal funds sold159 2,428 378 2,689 
Total Interest Income96,692 80,020 180,618 151,764 
INTEREST EXPENSE
Deposits30,619 30,981 58,467 59,245 
Short-term borrowings764 86 1,467 376 
Long-term and subordinated debt29 747 155 1,428 
Total Interest Expense31,412 31,814 60,089 61,049 
Net Interest Income65,280 48,206 120,529 90,715 
   Provision for credit losses - loans557 2,245 2,205 2,566 
Benefit for credit losses - credit commitments(29)24 (83)4 
  Net provision for credit losses528 2,269 2,122 2,570 
Net Interest Income After Provision for Credit Losses$64,752 $45,937 $118,407 $88,145 
NONINTEREST INCOME
Fiduciary and wealth management3,891 1,406 7,552 2,546 
ATM debit card interchange1,169 958 2,204 1,877 
Service charges on deposits632 652 1,268 1,214 
Mortgage banking 1,119 676 1,432 1,267 
Mortgage hedging113 (7)193 (16)
Net gain on sales of SBA loans27 63 190 120 
Earnings from cash surrender value of life insurance1,041 491 1,746 765 
Other 2,594 1,904 5,605 3,609 
Total Noninterest Income10,586 6,143 20,190 11,382 
NONINTEREST EXPENSE
Salaries and employee benefits26,945 20,753 50,291 37,062 
Software licensing and utilization4,155 3,272 7,756 5,846 
Occupancy, net2,891 2,365 6,145 4,639 
Equipment1,684 1,248 3,237 2,342 
Shares tax822 606 1,786 1,525 
Legal and professional fees2,157 993 3,846 1,819 
ATM/card processing689 621 1,446 1,354 
Intangible amortization1,819 744 3,119 1,172 
FDIC Assessment663 994 1,463 1,984 
Loss/(gain) on sale of foreclosed assets, net4 — 495 (28)
Merger and acquisition 103 11,011 7,826 11,325 
Other 5,835 5,191 12,315 9,400 
Total Noninterest Expense47,767 47,798 99,725 78,440 
INCOME BEFORE PROVISION FOR INCOME TAXES$27,571 $4,282 $38,872 $21,087 
Provision for income taxes5,880 (480)8,475 2,583 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$21,691 $4,762 $30,397 $18,504 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.86 $0.22 $1.23 $0.90 
Diluted Earnings Per Common Share$0.85 $0.22 $1.22 $0.89 
Weighted-average basic shares outstanding25,330,234 21,566,617 24,643,437 20,467,349 
Weighted-average diluted shares outstanding25,624,750 21,599,435 24,936,085 20,768,834 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2026202520262025
Net income$21,691 $4,762 $30,397 $18,504 
Other comprehensive income:
Unrealized (losses)/gains arising during the period on available-for-sale securities, net of income tax(872)2,755 (2,818)6,411 
Unrealized holding (losses)/gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax(103)(338)26 (1,322)
Change in defined benefit plans, net of income tax (1)
(10)(10)21 6 
Reclassification adjustment for settlement gains and other activity related to benefit plans, net of income tax (2)
— — (48)(26)
Total other comprehensive (loss)/income(985)2,407 (2,819)5,069 
Total comprehensive income$20,706 $7,169 $27,578 $23,573 
(1)The change in defined benefit plans consists primarily of unrecognized actuarial gains (losses) on defined benefit plans during the period.
(2)The reclassification adjustment for benefit plans includes settlement gains, amortization of prior service costs, and amortization of net gain or loss. Amounts are included in other income on the Consolidated Statements of Income within total noninterest income.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Common Stock Additional
Paid-in
Capital		Retained
Earnings 		Accumulated
Other
Comprehensive
(Loss) Income		Treasury
Stock 		Total
Shareholders'
Equity
(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 
Net income— — — 21,691 — — 21,691 
Total other comprehensive income— — — — (985)— (985)
Common stock cash dividends declared, $0.22 per share
— — — (5,621)— — (5,621)
Stock options exercised33,807 34 1,042 — — — 1,076 
Repurchased stock — — — — — (2,710)(2,710)
Employee Stock Purchase Plan4,470 4 139 — — — 143 
Director Stock Purchase Plan791 1 27 — — — 28 
Restricted stock activity 68,275 68 812 — — — 880 
Balance, June 30, 202625,923,997 25,924 661,903 238,224 (9,142)(15,002)901,907 
(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.
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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 
Net income— — — 4,762 — — 4,762 
Total other comprehensive loss— — — — 2,407 — 2,407 
Common stock cash dividends declared, $0.20 per share
— — — (4,657)— — (4,657)
Common stock issued in business combinations (1)
3,506,795 3,507 99,699 — — — 103,206 
Stock options exercised31,323 31 3,333 — — — 3,364 
Repurchased stock— — — — — (1,778)(1,778)
Employee Stock Purchase Plan4,636 5 115 — — — 120 
Director Stock Purchase Plan901 1 24 — — — 25 
Restricted stock activity72,257 72 254 — — — 326 
Balance, June 30, 202523,418,728 $23,419 $584,291 $191,574 $(11,756)$(11,820)$775,708 
(1)    Shares issued on April 30, 2025 as a result of the William Penn acquisition. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
(In thousands)20262025
Operating Activities:
Net Income$30,397 $18,504 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses2,122 2,570 
Depreciation3,036 2,305 
Amortization of intangibles3,119 1,172 
Net amortization of security discounts/premiums388 132 
Noncash operating lease expense1,710 1,335 
Amortization of finance lease right-of-use asset90 90 
Loss on sales of investment securities— 243 
Earnings on cash surrender value of life insurance(1,746)(765)
Mortgage loans originated for sale(50,301)(31,868)
Proceeds from sales of mortgage loans originated for sale38,806 34,098 
Gain on sale of mortgage loans(1,432)(1,267)
SBA loans originated for sale(3,111)(1,783)
Proceeds from sales of SBA loans originated for sale3,301 1,903 
Gain on sale of SBA loans(190)(120)
Gain on sale of property, plant, and equipment— (10)
Loss/(gain) on sale or write-down of foreclosed assets495 (28)
Discount on subordinated debt— (307)
Accretion of loan fair value marks4,293 2,882 
Restricted stock compensation expense1,413 544 
Stock option expense1,208 3,364 
Deferred income tax expense2,115 1,451 
Increase in accrued interest receivable307 571 
Increase in other assets8,055 4,586 
Increase/(decrease) in accrued interest payable1,105 (92)
Increase in operating lease liability 805 4,928 
Increase in other liabilities850 2,310 
Net Cash Provided By Operating Activities$46,835 $46,748 
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities50,596 19,430 
Purchases of available-for-sale securities(138,770)(155,899)
Proceeds from the maturity or call of held-to-maturity securities19,785 18,295 
Purchases of held-to-maturity securities(45,435)— 
Redemption of restricted investment in bank stock11,782 8,962 
Purchases of restricted investment in bank stock(19,927)(8,611)
Net cash received from acquisitions162,829 218,112 
Net (increase)/decrease in loans (174,668)2,276 
Purchases of bank premises and equipment(2,593)(4,483)
Proceeds from the sale of premises and equipment— 120 
Proceeds from the sale of foreclosed assets209 72 
Proceeds from bank-owned life insurance2,022 444 
Net change in investments in tax credits and other partnerships1,113 1,202 
Net Cash (Used in)/Provided by Investing Activities$(133,057)$99,920 

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net (decrease)/increase in deposits(8,277)139,977 
Common stock dividends paid(11,858)(8,527)
Proceeds from Employee and Director Stock Purchase Plan stock issuance365 308 
Treasury stock purchased(2,710)(1,778)
Net change in finance lease liability(75)(72)
Proceeds from short-term borrowings658,667 — 
Repayment of short-term borrowings(542,000)(2,000)
Long-term debt repayment(20,162)(157)
Subordinated debt redemption— (8,131)
  Cash paid in lieu of fractional shares — (7)
Net Cash Provided by Financing Activities73,950 119,613 
Net (decrease)/increase in cash and cash equivalents(12,272)266,281 
Cash and cash equivalents, beginning of period98,918 70,564 
Cash and cash equivalents, end of period$86,646 $336,845 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$58,856 $61,112 
Cash paid for income taxes758 399 
Supplemental Noncash Disclosures:
Recognition of operating lease right-of-use assets$65 $2,322 
Recognition of operating lease liabilities65 2,322 
Loans transferred to foreclosed assets held-for-sale1,288 9,816 
Common Stock issued to Cumberland Advisors and 1st Colonial Shareholders2,238 — 
  Fair value of assets acquired in business combination, excluding cash (1)(2)
$756,794 $688,669 
Goodwill recorded (1)(2)
20,391 7,313 
Fair value of liabilities assumed in business combination (1)(2)
753,509 630,181 
Fair value of shares issued in business combination (1)(2)
71,853 103,213 
(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.
(2) Includes the impact of the William Penn acquisition on April 30, 2025 and the Charis Insurance Group acquisition on May 12, 2025. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 - Summary of Significant Accounting Policies
Nature of Operations
Mid Penn Bancorp, Inc. ("Mid Penn" or the "Corporation"), through operations conducted by Mid Penn Bank (the "Bank") and its nonbank subsidiaries, engages in a full-service commercial banking and trust business, making available to the community a wide range of financial services, including, but not limited to, mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development loans, loans to non-profit entities and local government loans, and various types of time and demand deposits including but not limited to, checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and 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. 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
Effective January 1, 2026, the Corporation adopted ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. 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.
In connection with the acquisition, Cumberland Advisors, Inc. was merged into a newly formed Mid Penn acquisition subsidiary and now operates as Cumberland Advisors, LLC. As of June 30, 2026, Cumberland Advisors, LLC had approximately $2.8 billion in assets under management.
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 $79 thousand and $622 thousand for the three and six months ended June 30, 2026, respectively, 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 $19 thousand and $7.2 million for the three and six months ended June 30, 2026, respectively, which is included in noninterest expense in the Consolidated Statements of Income.
Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. Mid Penn considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, FICO scores and other qualitative factors that indicate deterioration in credit quality since origination. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ACL on the date of acquisition using the same methodology as other loans and leases held-for-investment.
As part of the 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 demand84,208 
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.

1st Colonial contributed approximately $3.8 million of total revenue and $2.8 million of net income to Mid Penn's consolidated results for the three months ended June 30, 2026. For the six months ended June 30, 2026, 1st Colonial contributed approximately $5.0 million of total revenue and $3.7 million of net income to Mid Penn's consolidated results.
The following supplemental pro forma information presents certain financial results for the three and six months ended June 30, 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 June 30, Six Months Ended June 30,
2026202520262025
Net interest income after provision for credit losses - loans$64,752 $52,203 $122,817 $100,827 
Noninterest income10,586 7,941 20,607 14,058 
Noninterest expense47,767 53,115 105,863 88,980 
Net income$21,691 $7,015 $29,666 $22,415 
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 six months ended June 30, 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 June 30, 2026, the fair value of AFS securities totaled $499.8 million. As of June 30, 2026, no securities were identified that violated credit loss triggers; therefore, no discounted cash flow analysis was required. As of June 30, 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 June 30, 2026, accrued interest receivable totaled $2.2 million for AFS securities, and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
HTM Securities
As of June 30, 2026, Mid Penn’s HTM securities totaled $372.9 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 June 30, 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 June 30, 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 June 30, 2026. As of June 30, 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 June 30, 2026, accrued interest receivable totaled $2.1 million for HTM securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
The following tables set forth the amortized cost and estimated fair value of investment securities for the periods presented:
June 30, 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$17,294 $— $460 $16,834 
Mortgage-backed U.S. government agencies441,388 1,800 13,190 429,998 
State and political subdivision obligations4,287 — 497 3,790 
Corporate debt securities50,647 351 1,847 49,151 
Total available-for-sale debt securities$513,616 $2,151 $15,994 $499,773 
Held-to-maturity
U.S. Treasury and U.S. government agencies$223,550 $— $17,760 $205,790 
Mortgage-backed U.S. government agencies29,916 2 3,741 26,177 
State and political subdivision obligations106,950 3 4,022 102,931 
Corporate debt securities12,450 — 1,042 11,408 
Total held-to-maturity debt securities372,866 5 26,565 346,306 
Total$886,482 $2,156 $42,559 $846,079 
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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 $525.4 million as of June 30, 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 $399.6 million as of June 30, 2026 and $162.5 million as of December 31, 2025.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
June 30, 2026Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies—$— $— 9$16,834 $460 9$16,834 $460 
Mortgage-backed U.S. government agencies56337,430 1,335 8392,568 11,855 139429,998 13,190 
State and political subdivision obligations—— — 83,790 497 83,790 497 
Corporate debt securities1129,152 96 1219,999 1,751 2349,151 1,847 
Total available-for-sale debt securities67$366,582 $1,431 112$133,191 $14,563 179$499,773 $15,994 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies3$5,735 $96 128$200,055 $17,664 131$205,790 $17,760 
Mortgage-backed U.S. government agencies5885 7 5825,292 3,734 6326,177 3,741 
State and political subdivision obligations4052,194 25 11850,737 3,997 158102,931 4,022 
Corporate debt securities22,500 — 78,908 1,042 911,408 1,042 
Total held-to-maturity debt securities5061,314 128 311284,992 26,437 361346,306 26,565 
Total117$427,896 $1,559 423$418,183 $41,000 540$846,079 $42,559 
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(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2025Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses		Number
of
Securities		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies—$— $— 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 securities36$227,273 $205 $123$189,041 $14,030 159$416,314 $14,235 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies—$— $— 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 June 30, 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 June 30, 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 or losses on the sale of AFS securities as of June 30, 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
June 30, 2026Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in 1 year or less$12,409 $12,242 $68,961 $68,762 
Due after 1 year but within 5 years11,397 11,297 170,758 159,585 
Due after 5 years but within 10 years47,578 45,558 94,729 84,353 
Due after 10 years844 678 8,502 7,429 
72,228 69,775 342,950 320,129 
Mortgage-backed securities441,388 429,998 29,916 26,177 
$513,616 $499,773 $372,866 $346,306 
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Note 4 - Loans and Allowance for Credit Losses - Loans
Loans, net of unearned income, are summarized as follows by portfolio segment:
(In thousands)June 30, 2026December 31, 2025
Commercial real estate
CRE Nonowner Occupied$1,599,855 $1,364,040 
CRE Owner Occupied830,915 718,864 
Multifamily446,216 419,267 
Farmland240,517 227,816 
Total Commercial real estate3,117,503 2,729,987 
Commercial and industrial
728,431 720,031 
Construction
Residential Construction87,934 85,299 
Other Construction330,502 310,390 
Total Construction418,436 395,689 
Residential mortgage
1-4 Family 1st Lien574,948 417,421 
1-4 Family Rental470,501 410,965 
HELOC and Junior Liens297,241 178,116 
Total Residential Mortgage1,342,690 1,006,502 
Consumer10,109 10,629 
Total loans$5,617,169 $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 $3.1 million and $2.8 million as of June 30, 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 $28.5 million and $25.7 million as of June 30, 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 June 30, 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
June 30, 2026
Commercial real estate
CRE Nonowner Occupied$199 $1,767 $3,947 $5,913 $1,593,942 $1,599,855 $— 
CRE Owner Occupied2,650 32 3,775 6,457 824,458 830,915 — 
Multifamily— — 287 287 445,929 446,216 — 
Farmland— 79 1,459 1,538 238,979 240,517 — 
Total Commercial real estate2,849 1,878 9,468 14,195 3,103,308 3,117,503 — 
Commercial and industrial3,157 419 12,404 15,980 712,451 728,431 — 
Construction
Residential Construction340 — — 340 87,594 87,934 — 
Other Construction1,108 — — 1,108 329,394 330,502 — 
Total Construction1,448 — — 1,448 416,988 418,436 — 
Residential mortgage
1-4 Family 1st Lien778 381 1,381 2,540 572,408 574,948 213 
1-4 Family Rental977 — 273 1,250 469,251 470,501 — 
HELOC and Junior Liens2,085 793 1,609 4,487 292,754 297,241 — 
Total Residential Mortgage3,840 1,174 3,263 8,277 1,334,413 1,342,690 213 
Consumer5 3 12 20 10,089 10,109 — 
Total$11,299 $3,474 $25,147 $39,920 $5,577,249 $5,617,169 $213 

(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. Nonaccrual loans totaled $213 thousand, and there were no loans greater than 90 days past due and still accruing as of June 30, 2026 and December 31, 2025, respectively.
Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of June 30, 2026 and December 31, 2025 are summarized as follows:
June 30, 2026December 31, 2025
(In thousands)With a Related AllowanceWithout a Related AllowanceTotalWith a Related AllowanceWithout a Related AllowanceTotal
Commercial real estate
CRE Nonowner Occupied$1,686 $2,261 $3,947 $2,873 $2,271 $5,144 
CRE Owner Occupied509 3,443 3,952 509 2,043 2,552 
Multifamily— 405 405 — 131 131 
Farmland373 1,166 1,539 — 46 46 
Total Commercial real estate2,568 7,275 9,843 3,382 4,491 7,873 
Commercial and industrial10,788 1,994 12,782 10,519 398 10,917 
Residential mortgage
1-4 Family 1st Lien— 3,468 3,468 24 1,188 1,212 
1-4 Family Rental— 314 314 146 949 1,095 
HELOC and Junior Liens104 1,897 2,001 — 1,840 1,840 
Total Residential Mortgage104 5,679 5,783 170 3,977 4,147 
Consumer— 12 12 — 14 14 
Total loans$13,460 $14,960 $28,420 $14,071 $8,880 $22,951 
The amount of interest income recognized on nonaccrual loans was approximately $2.4 million and $674 thousand during the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, the amount of interest income recognized on nonaccrual loans was approximately $2.5 million and $801 thousand, respectively.
Credit Quality Indicators
Mid Penn categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. On a minimum of a quarterly basis, Mid Penn analyzes loans individually to classify the loans 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 can’t 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:
June 30, 2026
Term Loans Amortized Cost Basis by Origination YearRevolving Loans Amortized
Cost Basis
(In thousands)20262025202420232022PriorTotal
CRE Nonowner Occupied
Pass$192,454 $174,223 $132,305 $207,490 $366,796 $500,719 $15,133 $1,589,120 
Special mention— — 333 — — 333 — 666 
Substandard or lower— — — 1,686 — 8,383 — 10,069 
Total CRE Nonowner Occupied192,454 174,223 132,638 209,176 366,796 509,435 15,133 1,599,855 
Gross charge-offs— — — (498)— (3)— (501)
Current period recoveries— — — — — — — — 
Net charge-offs— — — (498)— (3)— (501)
CRE Owner Occupied
Pass77,592 126,627 59,954 110,219 107,448 306,067 16,292 804,199 
Special mention— — 1,568 890 11,337 6,800 — 20,595 
Substandard or lower— — — — 1,909 4,212 — 6,121 
Total CRE Owner Occupied77,592 126,627 61,522 111,109 120,694 317,079 16,292 830,915 
Gross charge-offs— — — — — — — — 
Current period recoveries— — 95 — — — — 95 
Net charge-offs— — 95 — — — — 95 
Multifamily
Pass19,937 41,038 20,891 50,615 161,072 147,252 4,628 445,433 
Special mention— — — — — 378 — 378 
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Substandard or lower— — 287 — — 118 — 405 
Total Multifamily19,937 41,038 21,178 50,615 161,072 147,748 4,628 446,216 
Gross charge-offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge-offs— — — — — — — — 
Farmland
Pass25,984 29,404 21,157 21,985 49,205 74,172 15,089 236,996 
Special mention— — — 422 — — — 422 
Substandard or lower— — — 373 — 2,606 120 3,099 
Total Farmland25,984 29,404 21,157 22,780 49,205 76,778 15,209 240,517 
Gross charge-offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge-offs— — — — — — — — 
Commercial and industrial
Pass49,772 88,755 84,768 54,605 49,340 125,632 237,844 690,716 
Special mention— — — 673 3,255 2,743 3,522 10,193 
Substandard or lower— — 510 18,503 4,006 3,331 1,172 27,522 
Total Commercial and industrial49,772 88,755 85,278 73,781 56,601 131,706 242,538 728,431 
Gross charge-offs— — — — — — — — 
Current period recoveries— — — 4 — 2 — 6 
Net charge-offs— — — 4 — 2 — 6 
Residential Construction
Pass20,597 36,346 2,224 11,844 397 — 16,526 87,934 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Residential Construction20,597 36,346 2,224 11,844 397 — 16,526 87,934 
Gross charge-offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge-offs— — — — — — — — 
Other Construction
Pass22,744 127,559 53,252 49,522 41,743 17,076 18,606 330,502 
Special mention— — — — — — — — 
Substandard or lower— — — — — — — — 
Total Other Construction22,744 127,559 53,252 49,522 41,743 17,076 18,606 330,502 
Gross charge-offs— — — — — — — — 
Current period recoveries— — — — — — — — 
Net charge-offs— — — — — — — — 
1-4 Family 1st Lien
Performing44,544 21,318 28,048 57,731 46,636 367,874 1,646 567,797 
Nonperforming3,566 1,376 324 100 — 1,785 — 7,151 
Total 1-4 Family 1st Lien48,110 22,694 28,372 57,831 46,636 369,659 1,646 574,948 
Gross charge-offs— — — — — — — — 
Current period recoveries— — — — — 5 — 5 
Net recoveries— — — — — 5 — 5 
1-4 Family Rental
Performing40,302 49,615 23,495 44,515 102,081 198,889 7,967 466,864 
Nonperforming— — — — 336 3,301 — 3,637 
Total 1-4 Family Rental40,302 49,615 23,495 44,515 102,417 202,190 7,967 470,501 
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Gross charge-offs— — — — — (13)— (13)
Current period recoveries— — — — — 13 — 13 
Net charge-offs— — — — — — — — 
HELOC and Junior Liens
Performing4,279 10,811 5,882 18,376 8,778 24,064 220,691 292,881 
Nonperforming— — 1,128 89 138 2,004 1,001 4,360 
Total HELOC and Junior Liens4,279 10,811 7,010 18,465 8,916 26,068 221,692 297,241 
Gross charge-offs— — — (48)— — — (48)
Current period recoveries— — — — — — — — 
Net charge-offs— — — (48)— — — (48)
Consumer
Performing4,102 930 1,006 702 237 658 2,449 10,084 
Nonperforming— — — 25 — — — 25 
Total Consumer4,102 930 1,006 727 237 658 2,449 10,109 
Gross charge-offs— — — — — (652)— (652)
Current period recoveries— — — — — 24 — 24 
Net charge-offs— — — — — (628)— (628)
Total
Pass$409,080 $623,952 $374,551 $506,280 $776,001 $1,170,918 $324,118 $4,184,900 
Special mention— — 1,901 1,985 14,592 10,254 3,522 32,254 
Substandard or lower— — 797 20,562 5,915 18,650 1,292 47,216 
Performing93,227 82,674 58,431 121,324 157,732 591,485 232,753 1,337,626 
Nonperforming3,566 1,376 1,452 214 474 7,090 1,001 15,173 
Total$505,873 $708,002 $437,132 $650,365 $954,714 $1,798,397 $562,686 $5,617,169 
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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 charge-offs— — — (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 charge-offs— (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 

Mid Penn had no loans classified as "doubtful" as of June 30, 2026 and December 31, 2025. There was $1.2 million and $567 thousand in mortgage loans for which formal foreclosure proceedings were in process at June 30, 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 June 30, 2026 were $28.4 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.
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The ACL for individual loans, such as nonaccrual 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. At the purchase or acquisition date, the amortized cost basis of PCD loans includes the purchase price and the initial estimate of credit losses.
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-loans account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off.
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The following tables present the activity in the ACL - loans by portfolio segment for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025:
(In thousands)Balance
as of
March 31, 2026		Initial ACL - PCD LoansInitial ACL - PSL LoansCharge-offsRecoveriesNet Loans (Charged off) RecoveredProvision/(Benefit) for Credit LossesBalance
as of
June 30, 2026
Commercial Real Estate
CRE Nonowner Occupied10,207 — — (2)— (2)595 10,800 
CRE Owner Occupied8,274 — — — 2 2 (1,634)6,642 
Multifamily1,542 — — — — — (68)1,474 
Farmland2,154 — — — — — 371 2,525 
Commercial and industrial9,856 — — — 6 6 1,036 10,898 
Construction
Residential Construction431 — — — — — (13)418 
Other Construction1,676 — — — — — (88)1,588 
Residential Mortgage
1-4 Family 1st Lien3,695 — — — 3 3 48 3,746 
1-4 Family Rental2,171 — — — 13 13 (21)2,163 
HELOC and Junior Liens1,047 — — (48)— (48)355 1,354 
Consumer52 — — (11)15 4 (24)32 
Total41,105 — — (61)39 (22)557 41,640 
(In thousands)Balance
as of
December 31, 2025
Initial ACL - PCD Loans (1)
Initial ACL - PSL Loans (2)
Charge-offsRecoveriesNet Loans (Charged off) RecoveredProvision/(Benefit) for Credit LossesBalance
as of
June 30, 2026
Commercial Real Estate
CRE Nonowner Occupied9,917 — 269 (501)— (501)1,115 10,800 
CRE Owner Occupied6,095 183 552 — 95 95 (283)6,642 
Multifamily1,443 — 87 — — — (56)1,474 
Farmland2,118 — 1 — — — 406 2,525 
Commercial and industrial9,259 547 599 — 6 6 487 10,898 
Construction
Residential Construction477 — 54 — — — (113)418 
Other Construction1,464 — 76 — — — 48 1,588 
Residential Mortgage
1-4 Family 1st Lien2,434 92 1,304 — 5 5 (89)3,746 
1-4 Family Rental2,295 — 157 (13)13 — (289)2,163 
HELOC and Junior Liens559 155 337 (48)— (48)351 1,354 
Consumer30 — 2 (652)24 (628)628 32 
Total36,091 977 3,438 (1,214)143 (1,071)2,205 41,640 
(1) Includes a $977 thousand initial allowance on PCD loans acquired in the 1st Colonial acquisition on February 27, 2026.
(2) Includes a $3.4 million initial allowance on PSL loans acquired in the 1st Colonial acquisition on February 27, 2026.
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(In thousands)Balance
as of
March 31, 2025		Initial ACL - PCD LoansCharge-offsRecoveriesNet Loans (Charged off) Recovered
Provision/(Benefit) for Credit Losses (1)
Balance
as of
June 30, 2025
Commercial Real Estate
CRE Nonowner Occupied$10,380 $89 $(691)$1 $(690)$819 $10,598 
CRE Owner Occupied5,722 100 — — — 608 6,430 
Multifamily3,324 31 — — — (1,377)1,978 
Farmland2,075 — — — — 23 2,098 
Commercial and industrial7,864 36 (203)3 (200)402 8,102 
Construction
Residential Construction830 — — — — 128 958 
Other Construction1,899 — — — — 537 2,436 
Residential Mortgage
1-4 Family 1st Lien1,582 37 — 83 83 494 2,196 
1-4 Family Rental1,740 47 — — — 471 2,258 
HELOC and Junior Liens404 3 — — — 113 520 
Consumer18 — (15)11 (4)27 41 
Total$35,838 $343 $(909)$98 $(811)$2,245 $37,615 
(In thousands)Balance
as of
December 31, 2024		Initial ACL - PCD LoansCharge-offsRecoveriesNet Loans (Charged off) Recovered
Provision/(Benefit) for Credit Losses (1)
Balance
as of
June 30, 2025
Commercial Real Estate
CRE Nonowner Occupied$11,047 $89 $(691)$2 $(689)$151 $10,598 
CRE Owner Occupied5,243 100 — — — 1,087 6,430 
Multifamily3,432 31 — — — (1,485)1,978 
Farmland1,932 — — — — 166 2,098 
Commercial and industrial7,122 36 (203)9 (194)1,138 8,102 
Construction
Residential Construction931 — — — — 27 958 
Other Construction2,131 — — — — 305 2,436 
Residential Mortgage
1-4 Family 1st Lien1,503 37 — 85 85 571 2,196 
1-4 Family Rental1,756 47 — — — 455 2,258 
HELOC and Junior Liens392 3 — — — 125 520 
Consumer25 — (30)20 (10)26 41 
Total$35,514 $343 $(924)$116 $(808)$2,566 $37,615 
(1) Includes a $2.3 million initial provision on non-PCD loans acquired in the William Penn acquisition.




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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 and six months ended June 30, 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 June 30, 2026
Commercial real estate
CRE Nonowner Occupied— — 251 251 0.02 %
Total Commercial real estate— — 251 251 0.01 %
Residential mortgage
1-4 Family Rental— — 1,059 1,059 0.23 %
Total Residential Mortgage— — 1,059 1,059 0.08 %
Consumer— — — — — %
Total$— $— $1,310 $1,310 
(Dollars in thousands)Interest OnlyTerm ExtensionCombination:
Interest Only and
Term Extension		Total% of Total Class of Financing Receivable
Six months ended June 30, 2026
Commercial real estate
CRE Nonowner Occupied$— $— $251 $251 0.02 %
Total Commercial real estate$— $— $251 $251 0.01 %
Commercial and industrial$— $87 $— $87 0.01 %
Residential mortgage
1-4 Family Rental— — 1,059 1,059 0.23 %
Total Residential Mortgage— — 1,059 1,059 0.08 %
Total$— $87 $1,310 $1,397 

There were no loan modifications to borrowers experiencing financial difficulty for the three and six months ended June 30, 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 loan, which also reduced the monthly payment amounts for the borrower.
As of June 30, 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 June 30, 2026 and December 31, 2025:
(Dollars in thousands)June 30, 2026% of Total DepositsDecember 31, 2025% of Total Deposits
Noninterest-bearing demand deposits$973,371 16.4 %$834,013 16.0 %
Interest-bearing demand deposits1,607,406 27.0 %1,278,940 24.5 %
Money market1,264,632 21.2 %1,226,171 23.5 %
Savings427,538 7.2 %324,064 6.2 %
Total demand and savings 4,272,947 71.8 %3,663,188 70.2 %
Time1,680,350 28.2 %1,551,475 29.8 %
Total deposits$5,953,297 100.0 %$5,214,663 100.0 %
The scheduled maturities of time deposits at June 30, 2026 were as follows:
Time Deposits
(In thousands)Less than $250,000$250,000 or more
Maturing in 2026$857,160 $331,069 
Maturing in 2027333,182 82,218 
Maturing in 202836,193 5,920 
Maturing in 202916,625 889 
Maturing in 20306,991 686 
Maturing thereafter8,249 1,168 
$1,258,400 $421,950 
Mid Penn had $135.0 million and $97.5 million of brokered certificates of deposits as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, Mid Penn had $103.3 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 June 30, 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)June 30, 2026December 31, 2025
 Loan-level interest rate swaps
      Notional amount $377,297 $287,251 
      Estimated fair value in Other Assets$7,565 $8,796 
      Estimated fair value in Other Liabilities$7,565 $8,796 
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 derivatives designed as cash flow hedges as part of its interest rate risk management strategy.

Cash Flow Hedges of Brokered Certificates of Deposit:
Mid Penn designated an interest rate swap as a cash flow hedge for certain brokered certificates of deposit. The interest rate swap was terminated during the three months ended June 30, 2026.
(Dollars in thousands)June 30, 2026December 31, 2025
 Cash flow hedges
      Notional amount $— $75,000 
     Weighted-average remaining term (years) — 0.84
     Pay fixed rate (weighted-average)— %3.81 %
     Receive variable rate (weighted average)— %3.52 %
     Estimated fair value (1)
$— $211 
(1) Estimated fair value, net of accrued interest receivable, is disclosed in Other Assets on the Consolidated Balance Sheet.


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Cash Flow Hedge of Variable-Rate Loans:
During the three months ended June 30, 2026, Mid Penn designated an interest rate floor as a cash flow hedge of forecasted interest cash flows associated on certain variable-rate loans.

(Dollars in thousands)June 30, 2026December 31, 2025
 Cash flow hedges
Notional amount$200,000 $— 
Weighted-average remaining term (years)2.92— 
 Floor strike rate (weighted-average)
3.50 %— %
Underlying variable rate (weighted-average)
3.86 %— %
 Estimated fair value (1)
$1,550 $— 
(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 $622 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 March 31, 2026$(8,917)$(62)$822 $(8,157)
OCI before reclassifications(872)(103)(10)(985)
Amounts reclassified from AOCI— — — — 
Balance as of June 30, 2026$(9,789)$(165)$812 (9,142)
Balance as of December 31, 2025$(6,971)$(191)$839 $(6,323)
OCI before reclassifications(2,818)26 21 (2,771)
Amounts reclassified from AOCI— — (48)(48)
Balance as of June 30, 2026$(9,789)$(165)$812 $(9,142)
Balance as of March 31, 2025$(15,233)$501 $569 $(14,163)
OCI before reclassifications2,755 (338)(10)2,407 
Amounts reclassified from AOCI— — — — 
Balance as of June 30, 2025$(12,478)$163 $559 $(11,756)
Balance as of December 31, 2024$(18,889)$1,485 $579 $(16,825)
OCI before reclassifications6,411 (1,322)6 5,095 
Amounts reclassified from AOCI— — (26)(26)
Balance as of June 30, 2025$(12,478)$163 $559 $(11,756)
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Note 8 - Fair Value Measurement
Mid Penn uses estimates of fair value in applying various accounting standards for its consolidated financial statements on either a recurring or non-recurring basis. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. Mid Penn groups its assets and liabilities measured at fair value in three hierarchy levels, based on the observability and transparency of the inputs. The fair value hierarchy is as follows:
Level 1 - Inputs that represent quoted prices for identical instruments in active markets.
Level 2 - Inputs that represent quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.
There were no transfers of assets between fair value Level 1 and Level 2 of the fair value hierarchy during the three and six months ended June 30, 2026 or the year ended December 31, 2025.
The following tables illustrate the assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets.
June 30, 2026
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $16,834 $— $16,834 
Mortgage-backed U.S. government agencies— 429,998 — 429,998 
State and political subdivision obligations— 3,790 — 3,790 
Corporate debt securities— 49,151 — 49,151 
Equity securities5,387 — — 5,387 
Loans held-for-sale— 16,595 — 16,595 
Other assets:
Derivative assets— 9,115 — 9,115 
Other liabilities:
Derivative liabilities— 7,565 7,565 
December 31, 2025
(In thousands)Level 1Level 2Level 3Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $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 June 30, 2026 were measured as the price that secondary market investors were offering for loans with similar characteristics.
Derivative instruments - Interest rate swaps and interest rate floors 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:
June 30, 2026
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $24,134 $24,134 
Foreclosed assets held-for-sale— — 8,390 8,390 
December 31, 2025
(In thousands)Level 1Level 2Level 3Total
Individually evaluated loans, net of ACL$— $— $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:
June 30, 2026
(Dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average
Individually evaluated loans, net of ACL$24,134 Appraisal of collateralAppraisal adjustments0%-100%61.5%
Foreclosed assets held for sale8,390 Appraisal of collateralAppraisal adjustments18%-100%43.0%
December 31, 2025
(Dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average
Individually evaluated loans, net of ACL$20,903 Appraisal of collateralAppraisal adjustments8%-100%44.9%
Foreclosed assets held for sale7,806 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:
June 30, 2026
Carrying
Amount		Estimated Fair Value
(In thousands)Level 1Level 2Level 3Total
Financial instruments - assets
 Cash and cash equivalents $86,646 $86,646 $— $— $86,646 
 Available-for-sale securities499,773 — 499,773 — 499,773 
Held-to-maturity securities372,866 — 346,306 — 346,306 
 Equity securities5,387 5,387 — — 5,387 
 Loans held-for-sale16,595 — 16,595 — 16,595 
Net loans 5,575,529 — — 5,505,422 5,505,422 
 Restricted investment in bank stocks15,720 15,720 — 15,720 
 Accrued interest receivable (2)
33,391 188 4,666 28,538 33,391 
 Derivative assets 9,115 — 9,115 — 9,115 
Financial instruments - liabilities
Deposits$5,953,297 $— $5,950,466 $— $5,950,466 
Short-term borrowings137,500 — 137,500 — 137,500 
Long-term debt (1)
60 — 60 — 60 
Subordinated debt— — — — — 
 Accrued interest payable12,175 — 12,175 — 12,175 
 Derivative liabilities7,565 — 7,565 — 7,565 
(1)Long-term debt excludes finance lease obligations.
(2)Level 1 accrued interest receivable consists primarily of other short-term receivables for which carrying value approximates fair value.
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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 receivable (2)
29,640 127 3,776 25,737 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.
(2)Level 1 accrued interest receivable consists primarily of other short-term receivables for which carrying value approximates fair value.
The Bank’s outstanding and unfunded credit commitments and financial standby letters of credit were deemed to have no significant fair value as of June 30, 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 $97.9 million and $66.5 million of standby letters of credit outstanding as of June 30, 2026 and December 31, 2025, respectively. Mid Penn does not anticipate any losses because of these transactions. The amount of the liability as of June 30, 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
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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.
The ACL - OBS was $3.1 million and $2.9 million as of June 30, 2026 and December 31, 2025, respectively. A benefit for credit losses related to credit commitments of $29 thousand and a provision for credit losses related to credit commitments of $298 thousand were recorded for the three months ended June 30, 2026 and June 30, 2025, respectively. A benefit for credit losses related to credit commitments of $83 thousand and a provision for credit losses related to credit commitments of $278 thousand were recorded for the six months ended June 30, 2026 and June 30, 2025, respectively.
The following table presents the activity in the ACL - OBS by segment for the three and six months ended June 30, 2026 and 2025:
(In thousands)Balance as of
March 31, 2026		Initial ACL Recorded On Acquired Commitments(Benefit)/Provision for Credit LossBalance as of
June 30, 2026
1-4 Family Rental$11 $— $— $11 
C&I1,538 — (43)1,496 
CRE NonOwner Occupied124 — (10)114 
CRE Owner Occupied113 — (19)94 
Consumer3 — 1 4 
Farmland96 — 2 98 
HELOC & Junior Liens199 — 99 298 
Multifamily12 — 1 13 
Other Construction & Land760 — (24)737 
Residential Construction219 — (38)181 
Residential First Liens4 — 2 6 
$3,079 $— $(29)$3,051 
(In thousands)Balance as of
December 31, 2025
Initial ACL Recorded On Acquired Commitments (1)
(Benefit)/Provision for Credit LossBalance as of
June 30, 2026
1-4 Family Rental$12 $— $(1)$11 
C&I1,457 83 (45)1,496 
CRE NonOwner Occupied134 — (20)114 
CRE Owner Occupied93 — 1 94 
Consumer3 — 1 4 
Farmland97 — 1 98 
HELOC & Junior Liens130 64 104 298 
Multifamily12 — 1 13 
Other Construction & Land742 33 (39)737 
Residential Construction229 40 (88)181 
Residential First Liens4 — 2 6 
$2,913 $220 $(83)$3,051 
(1) Includes a $220 thousand initial allowance on unfunded commitments acquired in the 1st Colonial acquisition.
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(In thousands)Balance as of
March 31, 2025
(Benefit)/Provision for Credit Loss (1)
Balance as of
June 30, 2025
1-4 Family Rental$13 $3 $16 
C&I1,322 (120)1,202 
CRE NonOwner Occupied109 4 113 
CRE Owner Occupied105 13 118 
Consumer3 — 3 
Farmland112 (13)99 
HELOC & Junior Liens95 30 125 
Multifamily22 1 23 
Other Construction & Land660 382 1,042 
Residential Construction471 (2)469 
Residential First Liens7 — 7 
$2,919 $298 $3,217 
(In thousands)Balance as of
December 31, 2024
(Benefit)/Provision for Credit Loss (1)
Balance as of
June 30, 2025
1-4 Family Rental$16 $— $16 
C&I1,165 37 1,202 
CRE NonOwner Occupied132 (19)113 
CRE Owner Occupied98 20 118 
Consumer3 — 3 
Farmland92 7 99 
HELOC & Junior Liens92 33 125 
Multifamily27 (4)23 
Other Construction & Land792 250 1,042 
Residential Construction516 (47)469 
Residential First Liens6 1 7 
$2,939 $278 $3,217 
(1) Includes a $274 thousand initial allowance on unfunded commitments acquired in the William Penn acquisition.
Litigation
Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties. While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.
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Note 10 - Debt
Short-term FHLB and Correspondent Bank Borrowings
Total short-term borrowings were $137.5 million and $20.8 million as of June 30, 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 June 30, 2026, the amount of loans pledged totaled $3.2 billion. As of June 30, 2026, the Bank's unused short-term borrowing capacity with the FHLB totaled $1.7 billion (equal to $2.2 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 June 30, 2026. No draws have been made on these lines of credit as of June 30, 2026 and December 31, 2025, respectively.
Long-term Debt
The following table presents a summary of long-term debt as of June 30, 2026 and December 31, 2025.
(Dollars in thousands)June 30, 2026December 31, 2025
FHLB fixed rate instruments:
Due February 2026, 4.51%
$— $20,000 
Due August 2026, 4.80%
54 212 
Due February 2027, 6.71%
6 10 
Total FHLB fixed rate instruments60 20,222 
Finance lease obligations included in long-term debt2,842 2,917 
Total long-term debt$2,902 $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 June 30, 2026 and December 31, 2025, the Bank had long-term debt outstanding in the amount of $2.9 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 $399.6 million and $162.5 million as of June 30, 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 on 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 qualified institutional buyers and 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 qualified institutional buyers and 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 June 30, 2026, the Corporation had no subordinated debt outstanding.
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Note 12 - Common Stock and Equity Incentive Plans
Treasury Stock Repurchase Program
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020. 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.
During the six months ended June 30, 2026, Mid Penn repurchased 76,000 shares of common stock at an average price of $32.78. All 76,000 shares were repurchased during the three months ended June 30, 2026, at an average price of $32.78. As of June 30, 2026, Mid Penn has repurchased an aggregate total of 595,891 shares of common stock under the Program at an average price of $24.82 per share.
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 June 30, 2026, participants in the plan held 492,599 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 (the "2023 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 "2014 Plan", and together with the 2023 Plan, the "Plans"). The aggregate number of shares of common stock available for issuance under the Plans is 550,000 shares.
As of June 30, 2026, a total of 394,554 restricted shares were granted under the Plans, of which 144,177 shares were unvested. The Plan's shares granted and vested resulted in $1.0 million and $2.4 million in share-based compensation expense for the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025, the Plan's shares granted and vested resulted in share-based compensation expense of $1.7 million and $2.6 million, 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.
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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, 60,126 stock options and 27,821 restricted stock units remained unvested as of June 30, 2026.
Compensation expense for stock options was $131 thousand and $262 thousand for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, unrecognized compensation expense related to unvested options was $514 thousand. Compensation expense for restricted stock awards was $183 thousand and $365 thousand for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, unrecognized compensation cost related to unvested restricted stock was $711 thousand.
The assumed awards are subject to the original vesting terms and conditions included in William Penn's 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 June 30,Six Months Ended June 30,
(In thousands, except per share data)2026202520262025
Net income available to common shareholders$21,691 $4,762 $30,397 $18,504 
Weighted-average common shares outstanding - basic25,330,23421,566,61724,643,43720,467,349
Dilutive effect of stock-based compensation294,51632,818292,648301,485
Weighted-average common shares outstanding - diluted25,624,75021,599,43524,936,08520,768,834
Basic earnings per common share$0.86 $0.22 $1.23 $0.90 
Diluted earnings per common share0.85 0.22 1.22 0.89 
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 and six months ended June 30, 2026, respectively. There were 367,400 and 111,994 antidilutive instruments for the three and six months ended June 30, 2025, respectively. Dilutive common stock equivalents included issued equity awards acquired in the William Penn acquisition.
As part of 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, 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 six months ended June 30, 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:

Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Net interest income$65,280 $48,206 $120,529 $90,715 
Provision for credit losses5282,2692,1222,570
Noninterest income10,5866,14320,19011,382
Noninterest expense47,76747,79899,72578,440
Provision/(Benefit) for Income taxes5,880(480)8,4752,583
Net income21,6914,76230,39718,504
Total assets$7,062,910 $6,354,543 $7,062,910 $6,354,543 


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;
•risks associated with acquired loan portfolios, including unexpected credit deterioration, valuation adjustments, or higher-than-anticipated credit losses;
•the effects of future economic conditions on Mid Penn, the Bank, our nonbank subsidiaries, and our markets and customers;
•governmental monetary and fiscal policies, as well as legislative and regulatory changes;
•future actions or inactions of the United States government, including a failure to increase the government debt limit or a prolonged shutdown of the federal government;
•business or economic disruption from 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;
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•an increase in the Pennsylvania Bank Shares Tax to which the Bank’s capital stock is currently subject, or imposition of any additional taxes on the capital stock of Mid Penn or the Bank;
•impacts of the capital and liquidity requirements imposed by bank regulatory agencies;
•the effect of changes in accounting policies and practices, including the adoption or interpretation of new accounting standards, as may be adopted by regulatory agencies, the Public Company Accounting Oversight Board, Financial Accounting Standards Board, the SEC, and other accounting and reporting rule making authorities;
•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
•changes in technology;
•our ability to 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, geopolitical instability, or other international conflicts;
•supply chain disruption; and
•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.
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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.
The following table presents a summary of Mid Penn's earnings and selected performance ratios:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)
2026202520262025
Net Income$21,691 $4,762 $30,397 $18,504 
Diluted EPS$0.85 $0.22 $1.22 $0.89 
Dividends declared$0.22 $0.20 $0.44 $0.40 
Return on average assets (2)
1.24 %0.32 %0.92 %0.65 %
Return on average equity (2)
9.75 %2.85 %7.06 %5.60 %
Net interest margin (1)(2)
4.06 %3.44 %3.94 %3.41 %
Nonperforming assets to total assets0.52 %0.44 %0.52 %0.44 %
Net charge-offs/(recoveries) to average loans (annualized)0.002 %0.069 %0.077 %0.069 %
(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 Corporation'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 and 215,386 restricted stock units, 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 June 30, 2026 was $21.7 million, or $0.86 per basic common share and $0.85 per diluted common share, compared to earnings of $4.8 million, or $0.22 per basic and diluted common share for the three months ended June 30, 2025. The increase in net income per diluted share primarily reflected earnings from the 1st Colonial and Cumberland Advisors acquisitions, and the absence of merger related expenses associated with the William Penn acquisition that were recognized in the prior period. Mid Penn's earnings for the six months ended June 30, 2026 were $30.4 million, or $1.23 per basic common share and $1.22 per diluted common share, compared to earnings of $18.5 million, or $0.90 per basic common share, and $0.89 per diluted common share for the six months ended June 30, 2025.
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◦Net Interest Margin - For the second quarter of 2026, Mid Penn’s net interest margin was 4.06% versus 3.44% for the same period of 2025. For the six months ended June 30, 2026, net interest margin was 3.94% versus 3.41% for the same period of 2025. The yield on interest-earning assets for the three months ended June 30, 2026 increased 30 basis points from the same period of 2025. The rate on interest-bearing liabilities decreased 41 basis points from the same period of 2025. The increase, compared to the second 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 June 30, 2026 were $5.6 billion compared to $4.9 billion as of December 31, 2025, an increase of $754.3 million, or 15.5%. The increase was primarily driven by the 1st Colonial acquisition and organic growth, which contributed to an increase in residential mortgage loans of $336.2 million, an increase in nonowner occupied commercial real estate of $235.8 million, an increase in owner occupied commercial real estate of $112.1 million, a $26.9 million increase in multifamily loans, a $22.7 million increase in construction loans, and an increase in commercial and industrial loans of $8.4 million.
◦Deposit Growth - Total deposits increased $738.6 million, or 14.2%, from $5.2 billion at December 31, 2025, to $6.0 billion at June 30, 2026. The growth was primarily driven by the acquisition of 1st Colonial, which contributed to an increase of $470.4 million in interest-bearing transaction accounts, an increase of $139.4 million in noninterest-bearing accounts, and an increase of $128.9 million in time deposits.
•Asset Quality - ACL as of June 30, 2026 was $41.6 million, or 0.74% of total loans, as compared to $36.1 million, or 0.74% of total loans as of December 31, 2025. The increase primarily reflects the initial allowance recorded for 1st Colonial loans of $4.4 million.
◦Net Charge-offs/Recoveries - Mid Penn had net loan charge-offs of $22 thousand and $811 thousand for the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, net loan charge-offs were $1.1 million compared to $808 thousand for the same period of 2025.
◦Nonperforming assets - Total nonperforming assets were $36.8 million at June 30, 2026, an increase compared to nonperforming assets of $30.8 million at December 31, 2025. The increase during the second quarter of 2026 is primarily related to the addition of $7.4 million of nonaccrual loans from the 1st Colonial acquisition, partially offset by the payoff of one commercial real estate loan with a balance of $1.3 million. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.71% at June 30, 2026, compared to 0.69% and 0.58% as of December 31, 2025 and June 30, 2025, respectively.
◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $557 thousand for the three months ended June 30, 2026 compared to a provision of $2.2 million for the same period of 2025. The benefit for credit losses on off-balance sheet credit exposures was $29 thousand for the three months ended June 30, 2026, compared to a provision of $24 thousand for the same period of 2025. The decrease in provision for the three months ended June 30, 2026, was primarily driven by qualitative adjustments to the CRE owner-occupied portfolio and improved macroeconomic assumptions, offset by an increase in reserve on one individually analyzed C&I loan.
The provision for credit losses on loans was $2.2 million for the six months ended June 30, 2026, a decrease of $361 thousand compared to the provision for credit losses of $2.6 million for the six months ended June 30, 2025. The decrease for the six months ended June 30, 2026 was primarily attributable to improved macroeconomic assumptions, partially offset by increases from qualitative adjustments to several segments of the portfolio. The benefit for credit losses on off-balance sheet credit exposures was $29 thousand and $83 thousand for the three and six months ended June 30, 2026, respectively.
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•Noninterest Income - Noninterest income totaled $10.6 million for the three months ended June 30, 2026 compared to $6.1 million for the same period of 2025. The increase is primarily due to a $2.5 million increase in fiduciary and wealth management, reflecting the Cumberland Advisors acquisition, a $550 thousand increase in earnings from the cash surrender value of life insurance, a $443 thousand increase in mortgage banking, a $211 thousand increase in ATM debit card interchange fees, and a $690 thousand increase in other noninterest income.
Noninterest income totaled $20.2 million for the six months ended June 30, 2026 compared to $11.4 million for the same period of 2025. The increase in noninterest income was primarily driven by a $5.0 million increase in fiduciary and wealth management income, reflecting the acquisition of Cumberland Advisors, a $981 thousand increase in earnings from the cash surrender value of life insurance, and a $2.0 million increase in other noninterest income, including a $653 thousand increase in insurance commissions, and a $558 thousand increase in death benefits received.
•Noninterest Expense - Noninterest expense totaled $47.8 million for the three months ended June 30, 2026, a decrease of $31 thousand, or 0.1%, compared to noninterest expense of $47.8 million for the same period of 2025.
Salaries and employee benefits increased $6.2 million due to the addition of 1st Colonial and Cumberland Advisors, legal and professional fees increased $1.2 million, intangible amortization increased $1.1 million, and software licensing and utilization costs increased $883 thousand, partially offset by a decrease of $10.9 million in merger and acquisition expense related to the William Penn acquisition in 2025.
Noninterest expense totaled $99.7 million for the six months ended June 30, 2026 compared to $78.4 million for the same period of 2025. The increase was primarily driven by a $13.2 million increase in salaries and benefits, reflecting additional staff from the 1st Colonial, Cumberland Advisors, and William Penn acquisitions. Software licensing and utilization costs, occupancy expenses, and legal and professional fees increased $1.9 million, $1.5 million, and $2.0 million, respectively, primarily reflecting Mid Penn's increased size and operational complexity following these acquisitions. Intangible amortization also increased $1.9 million. These increases were partially offset by a $3.5 million decrease in merger and acquisition expenses compared to the same period of 2025.
•Liquidity - Current liquidity, including cash equivalents and borrowing capacity, totaled $1.7 billion compared to $1.5 billion at March 31, 2026, representing 142.5% of uninsured and uncollateralized deposits and approximately 28.6% 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 areas that require 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 and six months ended June 30, 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
June 30, 2026June 30, 2025
(Dollars in thousands)Average BalanceInterest
Yield/
Rate (2)
Average BalanceInterest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances$19,067 $117 2.46 %$23,271 $142 2.45 %
Investment Securities:
Taxable787,477 7,213 3.67 %584,919 4,570 3.13 %
Tax-exempt55,840 284 2.04 %67,186 344 2.05 %
Total Investment Securities843,317 7,497 3.57 %652,105 4,914 3.02 %
Federal funds sold11,748 159 5.43 %236,037 2,428 4.13 %
Loans, net of unearned income5,588,129 88,574 6.36 %4,724,638 72,469 6.15 %
Restricted investment in bank stocks12,292 345 11.26 %6,945 67 3.87 %
Total Interest-earning Assets6,474,553 96,692 5.99 %5,642,996 80,020 5.69 %
Cash and Due from Banks55,360 50,376 
Other Assets466,108 342,673 
Total Assets$6,996,021 $6,036,045 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,660,007 $6,712 1.62 %$1,123,130 $4,954 1.77 %
Money market1,243,822 7,838 2.53 %1,179,295 8,350 2.84 %
Savings433,917 711 0.66 %307,634 70 0.09 %
Time1,668,054 15,358 3.69 %1,735,888 17,607 4.07 %
Total Interest-bearing Deposits5,005,800 30,619 2.45 %4,345,947 30,981 2.86 %
Short-term borrowings79,875 764 3.84 %7,418 86 4.65 %
Long-term debt2,886 29 4.03 %23,417 252 4.32 %
Subordinated debt— — — %45,264 495 4.39 %
Total Interest-bearing Liabilities5,088,561 31,412 2.48 %4,422,046 31,814 2.89 %
Noninterest-bearing Demand933,699 813,807 
Other Liabilities81,669 129,701 
Shareholders' Equity892,092 670,491 
Total Liabilities & Shareholders' Equity$6,996,021 $6,036,045 
Net Interest Income$65,280 $48,206 
Taxable Equivalent Adjustment (1)
231 245 
Net Interest Income (taxable-equivalent basis)$65,511 $48,451 
Total Yield on Earning Assets5.99 %5.69 %
Rate on Supporting Liabilities2.48 %2.89 %
Average Interest Spread3.51 %2.80 %
Net Interest Margin (1)
4.06 %3.44 %
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2)Annualized ratios.
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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended June 30, 2026 in comparison to the same period in 2025:
Three Months Ended
June 30, 2026 vs. June 30, 2025
Increase (decrease)
(In thousands)Volume Rate Net
INTEREST INCOME:
Interest Bearing Balances$(26)$1 $(25)
Investment Securities:
Taxable1,583 1,060 2,643 
Tax-exempt(58)(2)(60)
Total Investment Securities1,525 1,058 2,583 
Federal funds sold(2,307)38 (2,269)
Loans13,245 2,860 16,105 
Restricted investment in bank stocks52 226 278 
Total Interest Income12,489 4,183 16,672 
INTEREST EXPENSE:
Interest-Bearing Deposits:
Interest-bearing demand2,368 (610)1,758 
Money market457 (969)(512)
Savings29 612 641 
Time(688)(1,561)(2,249)
Total Interest-Bearing Deposits2,166 (2,528)(362)
Short-term borrowings840 (162)678 
Long-term debt(221)(2)(223)
Subordinated debt(495)— (495)
Total Interest Expense2,290 (2,692)(402)
NET INTEREST INCOME$10,199 $6,875 $17,074 
For the three months ended June 30, 2026, net interest income was $65.3 million compared to net interest income of $48.2 million for the three months ended June 30, 2025. The tax-equivalent net interest margin for the three months ended June 30, 2026 was 4.06% compared to 3.44% for the second quarter of 2025, representing a 62 bp increase compared to the same period in 2025.
The yield on interest-earning assets increased to 5.99% for the quarter ended June 30, 2026 from 5.69% for the quarter ended June 30, 2025. These increases were primarily due to continued repricing of assets at higher rates during the second quarter of 2026 compared to the second quarter of 2025, continued discipline on new loan pricing, and an increase in Fed funds sold.
Average investment securities increased $191.2 million and the yield on those investment securities increased 55 bps during the second quarter of 2026 compared to the second quarter of 2025, increasing interest income due to volume by $1.5 million, and increasing interest income due to rates by $1.1 million. Average loans increased $863.5 million, and the yield on those loans increased 21 bps, contributing $13.2 million and $2.9 million, respectively, to the increase in interest income.
Interest expense decreased $402 thousand during the second quarter of 2026 compared to the second quarter of 2025. The rate of interest-bearing liabilities decreased from 2.89% for the second quarter of 2025 to 2.48% for the second quarter of 2026. The decrease in the average rate was primarily attributable to lower rates paid on interest-bearing deposits following
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Federal Reserve rate cuts in 2025, lower rates on short term borrowings, and lower long-term debt. 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.
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Average Balances, Income and Interest Rates on a Taxable-Equivalent Basis
For the Six Months Ended June 30,
20262025
(Dollars in thousands)Average BalanceInterestYield/
Rate		Average BalanceInterestYield/
Rate
ASSETS:
Interest Bearing Balances$19,356 $227 2.36 %$22,039 $280 2.56 %
Investment Securities:
Taxable751,543 13,697 3.68 577,401 8,879 3.10 
Tax-exempt62,164 581 1.88 68,476 692 2.04 
Total Investment Securities813,707 14,278 3.54 645,877 9,571 2.99 
Federal funds sold14,357 378 5.31 130,482 2,689 4.16 
Loans, net of unearned income5,337,080 165,375 6.25 4,592,890 139,006 6.10 
Restricted investment in bank stocks11,582 360 6.27 7,022 218 6.26 
Total Interest-earning Assets6,196,082 180,618 5.88 5,398,310 151,764 5.67 
Cash and Due from Banks55,452 45,175 
Other Assets444,216 321,923 
Total Assets $6,695,750 $5,765,408 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand$1,522,053 $12,129 1.61 %$1,087,426 $9,635 1.79 %
Money market1,230,277 15,308 2.51 1,103,745 15,291 2.79 
Savings398,950 1,011 0.51 284,428 124 0.09 
Time1,624,228 30,019 3.73 1,662,891 34,195 4.15 
Total Interest-bearing Deposits4,775,508 58,467 2.47 4,138,490 59,245 2.89 
Short-term borrowings75,517 1,467 3.92 16,106 376 4.71 
Long-term debt7,285 155 4.29 23,475 509 4.37 
Subordinated debt— — — 45,462 919 4.08 
Total Interest-bearing Liabilities4,858,310 60,089 2.49 4,223,533 61,049 2.91 
Noninterest-bearing Demand892,547 783,561 
Other Liabilities76,379 92,560 
Shareholders' Equity868,514 665,754 
Total Liabilities & Shareholders' Equity $6,695,750 $5,765,408 
Net Interest Income$120,529 $90,715 
Taxable Equivalent Adjustment (1)467 487 
Net Interest Income (taxable-equivalent basis)$120,996 $91,202 
Total Yield on Earning Assets5.88 %5.67 %
Rate on Supporting Liabilities2.49 2.91 
Average Interest Spread3.38 2.75 
Net Interest Margin (1)3.94 3.41 
(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 six months ended June 30, 2026 in comparison to the same period in 2025:
Six Months Ended
June 30, 2026 vs. June 30, 2025
(In thousands)Increase (decrease)
VolumeRateNet
INTEREST INCOME:
Interest Bearing Balances$(34)$(19)$(53)
Investment Securities:
Taxable2,678 2,140 4,818 
Tax-exempt(64)(47)(111)
Total Investment Securities2,614 2,093 4,707 
Federal funds sold(2,393)82 (2,311)
Loans, net of unearned income22,523 3,846 26,369 
Restricted investment in bank stocks142 — 142 
Total Interest Income22,852 6,002 28,854 
INTEREST EXPENSE:
Interest-Bearing Deposits:
Interest-bearing demand3,851 (1,357)2,494 
Money market1,753 (1,736)17 
Savings50 837 887 
Time(795)(3,381)(4,176)
Total Interest-Bearing Deposits4,859 (5,637)(778)
Short-term borrowings1,154 (63)1,091 
Long-term debt(351)(3)(354)
Subordinated debt(919)— (919)
Total Interest Expense4,743 (5,703)(960)
NET INTEREST INCOME$18,109 $11,705 $29,814 
For the six months ended June 30, 2026, net interest income was $120.5 million compared to net interest income of $90.7 million for the six months ended June 30, 2025. FTE net interest income was $121.0 million for the six months ended June 30, 2026, an increase of $29.8 million, or 32.7%, compared to the same period in 2025. The tax-equivalent net interest margin for the six months ended June 30, 2026 was 3.94% compared to 3.41% for the same period in 2025, representing a 53 bp increase, primarily reflecting lower funding costs from the repricing of interest-bearing deposits and short-term borrowings, as well as lower long-term debt balances.
The higher yields and the growth in interest-earning assets contributed $22.9 million and $6.0 million, respectively, to the increase in interest income. The yield on interest-earning assets increased 21 bps to 5.88% for the six months ended June 30, 2026 compared to 5.67% for the same period of 2025. Average interest-earning assets increased $22.4 million, or 14.8%, during the six months ended June 30, 2026 compared to the same period of 2025.
Average investment securities increased $167.8 million, or 26.0%, and the yield on those investment securities increased 55 bps during the six months ended June 30, 2026, contributing $2.6 million and $2.1 million, respectively, to interest income. Average loans increased $744.2 million, and the yield on those loans increased 15 bps, contributing $22.5 million and $3.8 million, respectively, to the increase in interest income.
Interest expense decreased $1.0 million during the first six months of 2026 compared to the same period of 2025. The rate on interest-bearing liabilities decreased from 2.91% for the first six months of 2025 to 2.49% for the first six months of
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2026. The decrease in the average rate primarily reflected the repricing of interest-bearing deposits and short term borrowings, as well as lower long term debt balances. Mid Penn continued to offer competitive deposit rates to retain and attract customer deposits. The average rate paid on interest-bearing deposits decreased 42 bps, during the six months ended June 30, 2026, compared to the same period in 2025, reducing interest expense by $5.6 million.
Provision for Credit Losses - Loans
The provision for credit losses on loans was $557 thousand for the three months ended June 30, 2026 compared to a provision of $2.2 million for the three months ended June 30, 2025. The decrease in provision was primarily driven by the Day 1 allowance on William Penn loans acquired on April 30, 2025. This amount reflects accounting guidance in effect prior to Mid Penn's adoption of ASU 2025-08, under which the allowance for certain purchased loans was recognized through the provision for credit losses.
The provision for credit losses on loans was $2.2 million for the six months ended June 30, 2026 compared to a provision of $2.6 million for the same period in 2025. The decrease for the six months ended June 30, 2026 was primarily attributable to improved macroeconomic assumptions, partially offset by higher qualitative adjustments across several segments of the portfolio.
Noninterest Income
For the three months ended June 30, 2026, noninterest income totaled $10.6 million, an increase of $4.4 million, or 72.3%, compared to noninterest income of $6.1 million for the three months ended June 30, 2025. The increase is primarily due to a $2.5 million increase in fiduciary and wealth management, reflecting the Cumberland Advisors acquisition, a $550 thousand increase in earnings from the cash surrender value of life insurance, a $443 thousand increase in mortgage banking, and a $690 thousand increase in other noninterest income.
The following table and explanations that follow provide additional analysis of noninterest income:
Three Months Ended June 30,
(Dollars in thousands)20262025$ Variance% Variance
Fiduciary and wealth management $3,891 $1,406 $2,485 176.7%
ATM debit card interchange1,169 958 211 22.0 
Service charges on deposits632 652 (20)(3.1)
Mortgage banking1,119 676 443 65.5 
Mortgage hedging113 (7)120 (1714.3)
Net gain on sales of SBA loans27 63 (36)(57.1)
Earnings from cash surrender value of life insurance1,041 491 550 112.0 
Other2,594 1,904 690 36.2 
Total$10,586 $6,143 $4,443 72.3%
For the six months ended June 30, 2026, noninterest income totaled $20.2 million, an increase of $8.8 million, or 77.4%, compared to noninterest income of $11.4 million for the six months ended June 30, 2025. The increase was primarily driven by a $5.0 million increase in fiduciary and wealth management income, reflecting the Cumberland Advisors acquisition, a $981 thousand increase in earnings from the cash surrender value of life insurance, a $2.0 million increase in other noninterest income, including a $653 thousand increase in insurance commissions, and a $558 thousand increase in death benefits received.
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Six Months Ended June 30,
(Dollars in thousands)20262025$ Variance% Variance
Fiduciary and wealth management$7,552 $2,546 $5,006 196.6%
ATM debit card interchange2,204 1,877 327 17.4 
Service charges on deposits1,268 1,214 54 4.4 
Mortgage banking1,432 1,267 165 13.0 
Mortgage hedging193 (16)209 (1306.3)
Net gain on sales of SBA loans190 120 70 58.3 
Earnings from cash surrender value of life insurance1,746 765 981 128.2 
Other5,605 3,609 1,996 55.3 
Total$20,190 $11,382 $8,808 77.4%

Noninterest Expense
For the three months ended June 30, 2026, noninterest expense totaled $47.8 million, a decrease of $31 thousand, or 0.1%, compared to noninterest expense of $47.8 million for the same period in 2025. The decrease was primarily driven by a $10.9 million decrease in merger and acquisition expenses, partially offset by a $6.2 million increase in salaries and employee benefits, a $1.2 million increase in legal and professional fees, a $1.1 million increase in intangible amortization, a $883 thousand increase in software licensing, and a $526 thousand increase in occupancy expenses.
The following table and explanations that follow provide additional analysis of noninterest expense:
Three Months Ended June 30,
(Dollars in thousands)20262025$ Variance% Variance
Salaries and employee benefits$26,945 $20,753 $6,192 29.8 %
Software licensing and utilization4,155 3,272 883 27.0 
Occupancy expense, net2,891 2,365 526 22.2 
Equipment expense1,684 1,248 436 34.9 
Shares tax822 606 216 35.6 
Legal and professional fees2,157 993 1,164 117.2 
ATM/card processing689 621 68 11.0 
Intangible amortization1,819 744 1,075 144.5 
FDIC Assessment663 994 (331)(33.3)
Loss on sale of foreclosed assets, net4 — 4 — 
Merger and acquisition expense103 11,011 (10,908)(99.1)
Other expenses5,835 5,191 644 12.4 
Total Noninterest Expense$47,767 $47,798 $(31)(0.1%)


For the six months ended June 30, 2026, noninterest expense totaled $99.7 million, an increase of $21.3 million, or 27.1%, compared to noninterest expense of $78.4 million for the six months ended June 30, 2025. The increase was primarily driven by a $13.2 million increase in salaries and benefits, reflecting additional staff from the William Penn, 1st Colonial, and Cumberland Advisors acquisitions. Software licensing and utilization costs, occupancy expenses, and legal and professional fees increased $1.9 million, $1.5 million, and $2.0 million, respectively, primarily reflecting Mid Penn's increased size and operational complexity following these acquisitions. Intangible amortization also increased $1.9 million. These increases were partially offset by a $3.5 million decrease in merger and acquisition expenses compared to the same period of 2025.
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Six Months Ended June 30,
(Dollars in thousands)20262025$ Variance% Variance
Salaries and employee benefits$50,291 $37,062 $13,229 35.7 %
Software licensing and utilization7,756 5,846 1,910 32.7 
Occupancy expense, net6,145 4,639 1,506 32.5 
Equipment expense3,237 2,342 895 38.2 
Shares tax1,786 1,525 261 17.1 
Legal and professional fees3,846 1,819 2,027 111.4 
ATM/card processing1,446 1,354 92 6.8 
Intangible amortization3,119 1,172 1,947 166.1 
FDIC Assessment1,463 1,984 (521)(26.3)
Loss/(gain) on sale of foreclosed assets, net495 (28)523 N/M
Merger and acquisition expense7,826 11,325 (3,499)(30.9)
Other expenses12,315 9,400 2,915 31.0 
Total Noninterest Expense$99,725 $78,440 $21,285 27.1%

Income Taxes
The provision for income taxes was $5.9 million for the three months ended June 30, 2026 compared to a benefit of $480 thousand for the same period in 2025. The provision for income taxes was $8.5 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively. The provision for income taxes for the six months ended June 30, 2026 and 2025 reflects a combined Federal and State effective tax rate of 21.8% and 12.2%, respectively.
Generally, Mid Penn’s effective tax rate is below the federal statutory rate due to earnings on tax-exempt loans, investments, and earnings from the cash surrender value of life insurance, as well as the impact of federal income tax credits, including those awarded from Mid Penn’s low-income housing investments. The 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 Corporation 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 and six month periods ended June 30, 2026.

Financial Condition
Mid Penn’s total assets were $7.1 billion as of June 30, 2026, reflecting an increase of $929.0 million, or 15.1%, 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, and an increase in investment securities, partially offset by a decrease in Federal funds sold.
Investment Securities
Mid Penn’s investment portfolio is utilized primarily to support overall liquidity and interest rate risk management, to provide collateral supporting pledging requirements for public funds on deposit, and to generate additional interest income within reasonable risk parameters. The carrying value of total investment securities as of June 30, 2026 was $872.6 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 June 30, 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$7,363 1.61 %$5,349 2.89 %$4,122 3.10 %$— — %$16,834 2.40 %
Mortgage-backed U.S. government agencies— — — — 7,482 3.04 422,516 4.69 429,998 4.66 
State and political subdivision obligations— — — — 3,111 2.51 679 2.23 3,790 2.45 
Corporate debt securities4,880 3.435,947 8.5238,324 5.60— —49,151 5.72
$12,243 2.34 %$11,296 5.80 %$53,039 4.84 %$423,195 4.68 %$499,773 4.67 %
Held-to-maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies$18,500 1.80%$130,682 1.86%$74,368 2.21%$— —%$223,550 1.97%
Mortgage-backed U.S. government agencies72 2.821,632 2.922,765 2.7325,447 1.9429,916 2.07
State and political subdivision obligations50,461 3.2433,626 2.2614,361 2.428,502 2.74106,950 2.78
Corporate debt securities— —6,450 3.226,000 3.16— —12,450 3.19
$69,033 2.85 %$172,390 2.00 %$97,494 2.31 %$33,949 2.14 %$372,866 2.25 %

Loans, net of unearned income
Total loans, net of unearned income, as of June 30, 2026 were $5.6 billion compared to $4.9 billion as of December 31, 2025. The growth of $754.3 million, or 15.5%, since December 31, 2025 was primarily driven by the acquisition of 1st Colonial, which contributed to an increase in commercial real estate loans of $387.5 million, an increase in residential mortgages of $336.2 million, an increase in construction loans of $22.7 million, and an increase in commercial and industrial loans of $8.4 million.
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June 30, 2026December 31, 2025Change in Balance
(Dollars in thousands)Balance% of Total LoansBalance% of Total Loans$%
Commercial real estate
CRE Nonowner Occupied$1,599,855 28.5 %$1,364,040 28.1 %$235,815 17.3 %
CRE Owner Occupied830,915 14.8 718,864 14.7 112,051 15.6 
Multifamily446,216 7.9 419,267 8.6 26,949 6.4 
Farmland240,517 4.3 227,816 4.7 12,701 5.6 
Total Commercial Real Estate3,117,503 55.5 2,729,987 56.1 387,516 14.2 
Commercial and industrial
728,431 13.0 720,031 14.8 8,400 1.2 
Construction
Residential Construction87,934 1.5 85,299 1.8 2,635 3.1 
Other Construction330,502 5.9 310,390 6.3 20,112 6.5 
Total Construction418,436 7.4 395,689 8.1 22,747 5.7 
Residential Mortgage
1-4 Family 1st Lien574,948 10.2 417,421 8.6 157,527 37.7 
1-4 Family Rental470,501 8.4 410,965 8.5 59,536 14.5 
HELOC and Junior Liens297,241 5.3 178,116 3.7 119,125 66.9 
Total Residential Mortgage1,342,690 23.9 1,006,502 20.8 336,188 33.4 
Consumer10,109 0.2 10,629 0.2 (520)(4.9)
$5,617,169 100.0 %$4,862,838 100.0 %$754,331 15.5 %

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)June 30, 2026December 31, 2025
Commercial Real EstateBalance % of portfolio
Weighted-Average LTV (2)
Balance% of portfolio
Weighted-Average LTV (2)
Owner Occupied (1)
$830,915 26.7 %N/A$718,864 26.3 %N/A
Farmland (1)
240,517 7.7 N/A227,816 8.3 N/A
Multifamily446,216 14.2 62.9 419,267 15.5 53.3 
Non Owner Occupied
Retail 453,763 14.6 50.1 429,095 15.7 50.4 
Office 364,012 11.7 67.5 289,650 10.6 61.4 
Industrial 195,595 6.3 49.8 177,822 6.5 48.0 
Hospitality 222,408 7.1 49.3 158,667 5.8 47.1 
Flex 55,853 1.8 46.6 46,432 1.7 47.2 
Mobile Home Park 23,027 0.7 54.0 18,763 0.7 56.4 
Health Care 24,398 0.8 60.5 11,870 0.4 52.8 
Other Property Types260,799 8.4 57.1 231,741 8.5 54.7 
Total Commercial Real Estate$3,117,503 100.0%56.7 %$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 June 30, 2026One Year
and Less		One to
Five Years		Five to
Fifteen Years		Over
Fifteen Years		Total
Commercial real estate
CRE Nonowner Occupied$174,069 $590,785 $519,310 $315,691 $1,599,855 
CRE Owner Occupied42,804 151,148 338,919 298,044 830,915 
Multifamily87,969 130,191 113,463 114,593 446,216 
Farmland1,242 11,991 71,058 156,226 240,517 
Total Commercial real estate306,084 884,115 1,042,750 884,554 3,117,503 
Commercial and industrial36,118 269,975 159,679 262,659 728,431 
Construction
Residential Construction60,172 23,555 1,032 3,175 87,934 
Other Construction136,449 123,983 54,305 15,765 330,502 
Total Construction196,621 147,538 55,337 18,940 418,436 
Residential mortgage
1-4 Family 1st Lien8,995 27,097 104,509 434,347 574,948 
1-4 Family Rental50,488 54,934 159,157 205,922 470,501 
HELOC and Junior Liens3,571 15,780 48,521 229,369 297,241 
Total Residential Mortgage63,054 97,811 312,187 869,638 1,342,690 
Consumer3,523 1,393 2,184 3,009 10,109 
Total loans held in portfolio$605,400 $1,400,832 $1,572,137 $2,038,800 $5,617,169 
Fixed interest rates:
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Commercial real estate
CRE Nonowner Occupied$128,132 $211,932 $60,942 $1,973 $402,979 
CRE Owner Occupied30,727 105,193 25,301 4,482 165,703 
Multifamily47,593 64,382 7,757 — 119,732 
Farmland364 8,457 3,639 — 12,460 
Total Commercial real estate206,816 389,964 97,639 6,455 700,874 
Commercial and industrial18,928 166,464 28,139 7,756 221,287 
Construction
Residential Construction4,958 10,337 — 2,903 18,198 
Other Construction13,958 21,493 686 657 36,794 
Total Construction18,916 31,830 686 3,560 54,992 
Residential mortgage
1-4 Family 1st Lien7,764 17,134 80,624 360,489 466,011 
1-4 Family Rental18,282 40,872 14,175 12,922 86,251 
HELOC and Junior Liens862 9,568 33,763 2,897 47,090 
Total Residential Mortgage26,908 67,574 128,562 376,308 599,352 
Consumer1,823 1,393 2,039 794 6,049 
Total fixed interest rates$273,391 $657,225 $257,065 $394,873 $1,582,554 
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied$45,937 $378,853 $458,368 $313,718 $1,196,876 
CRE Owner Occupied12,077 45,955 313,618 293,562 665,212 
Multifamily40,376 65,809 105,706 114,593 326,484 
Farmland878 3,534 67,419 156,226 228,057 
Total Commercial real estate99,268 494,151 945,111 878,099 2,416,629 
Commercial and industrial17,190 103,511 131,540 254,903 507,144 
Construction
Residential Construction55,214 13,218 1,032 272 69,736 
Other Construction122,491 102,490 53,619 15,108 293,708 
Total Construction177,705 115,708 54,651 15,380 363,444 
Residential mortgage
1-4 Family 1st Lien1,231 9,963 23,885 73,858 108,937 
1-4 Family Rental32,206 14,062 144,982 193,000 384,250 
HELOC and Junior Liens2,709 6,212 14,758 226,472 250,151 
Total Residential Mortgage36,146 30,237 183,625 493,330 743,338 
Consumer1,700 — 145 2,215 4,060 
Total floating interest rates332,009 743,607 1,315,072 1,643,927 4,034,615 
Total fixed and floating interest rates$605,400 $1,400,832 $1,572,137 $2,038,800 $5,617,169 


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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
June 30,		Six Months Ended
June 30,
(Dollars in thousands)2026202520262025
Balance, beginning of period$41,105 $35,838 $36,091 $35,514 
Purchased credit deteriorated loans— 343 977 343 
Purchased seasoned loans— — 3,438 — 
Loans charged off during period(61)(909)(1,214)(924)
Recoveries of loans previously charged off39 98 143 116 
Net charge-offs(22)(811)(1,071)(808)
Provision for credit losses - loans (1)(2)
557 2,245 2,205 2,566 
Balance, end of period$41,640 $37,615 $41,640 $37,615 
Ratio of net charge-offs to average loans outstanding (annualized)0.002 %0.069 %0.040 %0.035 %
Ratio of ACL - loans to net loans at end of period0.74 %0.78 %0.74 %0.78 %
(1) Includes a $3.4 million initial provision related to non-PCD loans from the 1st Colonial acquisition in the second quarter of 2026.
(2) Includes a $2.3 million initial provision related to non-PCD loans from the William Penn acquisition in the second quarter of 2025.


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The following table presents the change in nonperforming asset categories as of June 30, 2026, December 31, 2025, and June 30, 2025.
(Dollars in thousands)June 30, 2026December 31, 2025June 30, 2025
Nonperforming Assets:
Total nonaccrual loans$28,420 $22,951 $18,216 
Foreclosed real estate8,390 7,806 9,816 
Total nonperforming assets36,810 30,757 28,032 
Accruing loans 90 days or more past due213 — — 
Total risk elements$37,023 $30,757 $28,032 
Nonaccrual loans as a percentage of total loans outstanding0.51 %0.47 %0.38 %
Nonperforming assets as a percentage of total loans outstanding and foreclosed real estate0.65 %0.63 %0.58 %
Ratio of ACL-loans to nonperforming loans146.52 %157.25 %206.49 %
Total nonperforming assets were $36.8 million at June 30, 2026, an increase compared to nonperforming assets of $30.8 million at December 31, 2025. The increase during the second quarter of June 30, 2026 was primarily related to the addition of $7.4 million of nonaccrual loans acquired in the 1st Colonial acquisition, partially offset by payoffs and paydowns in the second quarter of 2026. Delinquency, measured as loans past due 30 days or more, including loans on nonaccrual status, was 0.71% of total loans at June 30, 2026, compared to 0.69% and 0.58% as of December 31, 2025 and June 30, 2025, respectively.

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 June 30, 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 $738.6 million, or 14.2%, from $5.2 billion on December 31, 2025, to $6.0 billion at June 30, 2026. The growth was primarily driven by the acquisition of 1st Colonial deposits of $747.1 million. These deposits contributed to a $470.4 million increase in interest-bearing accounts, a $139.4 million increase in noninterest-bearing accounts, and a $128.9 million increase in time deposits.
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Average balances and average interest rates applicable to deposits by major classification:
June 30, 2026December 31, 2025Change
(Dollars in thousands)BalanceRateBalanceRate$%
Noninterest-bearing demand deposits$892,547 0.00 %$816,429 0.00 %$76,118 9.32 %
Interest-bearing demand deposits1,522,053 1.61 1,179,007 1.77 343,046 29.10 
Money market1,230,277 2.51 1,176,166 2.79 54,111 4.60 
Savings398,950 0.51 306,431 0.08 92,519 30.19 
Time1,624,228 3.73 1,674,557 4.05 (50,329)(3.01)
$5,668,055 2.08 %$5,152,590 2.36 %$515,465 10.00 %

As of June 30, 2026, uninsured deposits were approximately $1.2 billion, or 20.0% 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 June 30, 2026 were as follows:
(In thousands)2026
Three months or less$200,920 
Over three months to six months129,040 
Over six months to twelve months69,609 
Over twelve months22,381 
$421,950 
Borrowings

Total short-term borrowings increased $116.7 million, or 560.0%, from December 31, 2025 to June 30, 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 $2.9 million at June 30, 2026, a decrease of $20.2 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 designed to respond to overall stress in the financial condition of the banking industry or a prospective liquidity problem specific to Mid Penn.
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The Consolidated Statements of Cash Flows provide additional information. Mid Penn’s operating activities during the six months ended June 30, 2026 provided $46.8 million in cash, mainly due to net income. Cash used in investing activities during the six months ended June 30, 2026 was $133.1 million, mainly the result of a net increase in loans. Cash provided by financing activities during the six months ended June 30, 2026 totaled $73.9 million, primarily the result of a net decrease in deposits and proceeds from short-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:
June 30, 2026December 31, 2025Regulatory Minimum for Capital Adequacy
Total Risk-Based Capital (to Risk-Weighted Assets)13.53 %14.32 %10.50 %
Tier I Risk-Based Capital (to Risk-Weighted Assets)12.78 13.55 8.50 
Common Equity Tier I (to Risk-Weighted Assets)12.78 13.55 7.00 
Tier I Leverage Capital (to Average Assets)10.66 11.02 4.00 
As of June 30, 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 $87.8 million, or 10.8%, from $814.1 million as of December 31, 2025 to $901.9 million as of June 30, 2026, reflecting common stock issued in connection with the 1st Colonial and Cumberland Advisors acquisitions totaling $69.6 million and earnings of $30.4 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 June 30, 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
June 30, 2026December 31, 2025
40010.7%9.7%≥ -25%
3008.0%7.3%≥ -20%
2005.4%4.9%≥ -15%
1002.7%2.4%≥ -10%
(100)(3.1)%(2.7)%≥ -10%
(200)(5.9)%(5.3)%≥ -15%
(300)(8.2)%(7.3)%≥ -20%
(400)(10.1)%(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 June 30, 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 six months ended June 30, 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 six months ended June 30, 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, armed conflicts, and changes in trade policy, including tariffs and retaliatory measures, may contribute to financial market volatility 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, which 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)None.
(2)None.

PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar amount of Shares That May Yet Be Purchased
April 1 - April 30, 20261,000$33.28 520,891$37,668,835 
May 1 - May 31, 202631,00032.28 551,89136,668,155 
June 1 - June 30, 202644,000 $33.07 595,891$35,213,075 
Total76,000 $32.78 

Mid Penn adopted a treasury stock repurchase program ("Program") 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. 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 June 30, 2026, Mid Penn repurchased 76,000 shares of common stock at an average price of $32.78. No shares were repurchased in the first quarter of 2026. As of June 30, 2026, Mid Penn has repurchased 595,891 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 June 30, 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
Agreement and Plan of Merger, dated as of March 29, 2017, by and among Mid Penn Bancorp, Inc., Mid Penn Bank, and The Scottdale Bank and Trust Company (Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed on March 30, 2017.)
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:
August 6, 2026
By:/s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
(Principal Financial Officer)
Date:
August 6, 2026
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