Exhibit 99.1

Mid Penn Bancorp, Inc.

2407 Park Drive

Harrisburg, PA 17110

1-866-642-7736

January 22, 2025 – Harrisburg, PA – Mid Penn Bancorp, Inc. (NASDAQ: MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial Services, LLC, today reported net income available to common shareholders ("earnings") for the quarter ended December 31, 2024, of $13.2 million, or $0.72 per diluted common share, compared to net income of $12.1 million, or $0.73 per diluted common share, for the fourth quarter of 2023, and a consensus analyst estimate of $0.71 per diluted common share for the fourth quarter of 2024.

Key Highlights of the Fourth Quarter of 2024:

•Net income available to common shareholders increased 9.4% to $13.2 million, or $0.72 per diluted common share, for the fourth quarter of 2024, compared to net income of $12.1 million, or $0.73 per diluted common share, for the fourth quarter of 2023. Net income for the year ended December 31, 2024, increased 32.2% to $49.4 million, or $2.90 per diluted common share, compared to $37.4 million for the year ended December 31, 2023, or $2.29 per diluted common share.

•On November 4, 2024, Mid Penn Bancorp, Inc. completed its underwritten public offering of 2,375,000 shares of common stock at a price of $29.50 per share. Outstanding shares as of December 31, 2024 were 19,355,797, compared to 16,573,707 as of December 31, 2023.

•Net interest margin increased to 3.21% for the quarter ended December 31, 2024, compared to 3.13% for the third quarter of 2024. Cost of funds decreased to 2.66% for the quarter ended December 31, 2024, compared to 2.77% for the third quarter of 2024, as a result of a $112.1 million decrease in short term and overnight borrowings, and a decrease in interest paid on interest-bearing deposit accounts due to the Bank lowering rates in response to the Federal Reserve interest rate cuts in the third and fourth quarters of 2024.

•Loan growth for the fourth quarter of 2024 was $11.4 million, or 1.0% (annualized), as the Bank continued to execute on its restrained growth strategy in 2024. Total loans increased $190.3 million, or 4.5% to $4.4 billion at December 31, 2024, compared to $4.3 billion at December 31, 2023.

•Deposits decreased $16.8 million, or 1.4% (annualized), during the fourth quarter of 2024, compared to an increase of $209.8 million, or 18.6% (annualized), during the third quarter of 2024. This decrease was driven by a $32.8 million decrease in noninterest-bearing accounts and a $15.0 million decrease in time deposits, offset by a $31.0 million increase in interest-bearing transaction accounts. Total deposits increased $343.7 million or 7.91% to $4.7 billion at December 31, 2024, compared to $4.3 billion at December 31, 2023.

•On October 31, 2024, Mid Penn Bancorp, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with William Penn Bancorporation (“William Penn”) pursuant to which William Penn will merge with and into Mid Penn in an all-stock transaction valued at approximately $107 million, based on Mid Penn’s closing stock price as of October 30, 2024. The Merger has been approved unanimously by each company’s board of directors and is expected to close in the first half of 2025. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Mid Penn and William Penn shareholders.

•The Board of Directors declared a cash dividend of $0.20 per common share, payable February 18, 2025, to shareholders of record as of February 7, 2025.

Chair, President and CEO Rory G. Ritrievi provided the following statement:

"When I was in high school, the coaches of the football teams would have all the players hold their right hands above their heads with four fingers extended and with each player shouting “four” over and over at the beginning of the fourth quarter. They did this to get each player laser focused on the importance of finishing the game as strongly as possible.

That is exactly what we did at Mid Penn in the fourth quarter of 2024. After three solid quarters leading in to the fourth, we delivered yet another solid performance that was characterized much like the previous three, and all attributed to a strong performance on the part of the entire employee group.

Strong asset quality, restrained balance sheet growth in a continued inverted yield curve environment, improvement in net interest margin, good performance in non-interest income and responsible non-interest expense management were all part of the quarterly success.

That solid quarterly performance came even as the company announced its merger intentions with William Penn and a completion of an $80 million capital raise within the quarter. A busy quarter indeed.

With that success, we not only beat consensus estimates for the quarter, but also for the full year, making 2024 another standout year for Mid Penn.

On the basis of that performance, the Board has authorized its 57th consecutive quarterly dividend, a cash dividend of $0.20 per share of common stock, which was declared at its meeting on January 22, 2025, payable on February 18, 2025, to shareholders of record as of February 7, 2025." For the three months ended December 31, 2024, net interest income was $41.3 million, compared to net interest income of $40.2 million for the three months ended September 30, 2024, and $37.0 million for the three months ended December 31, 2023.

Net Interest Income

The tax-equivalent net interest margin for the three months ended December 31, 2024, was 3.21% compared to 3.13% and 2.98% for the third quarter of 2024 and fourth quarter of 2023, respectively, representing an 8 basis point ("bp") increase from the third quarter of 2024, and a 23 bp increase compared to the same period in 2023.

The yield on interest-earning assets decreased to 5.67% for the quarter ended December 31, 2024, from 5.73% for the three months ended September 30, 2024, and increased from 5.35% for the three months ended December 31, 2023. The decrease from the third quarter of 2024 was due to a decrease in the average balance of Federal Funds Sold and a decrease in the average balance of restricted investments in bank stocks, partially offset by an increase in taxable investment securities. The increase from December 31, 2023, was due to assets continuing to reprice at higher rates during 2024, continued discipline on new loan pricing, and an overall increase in the average balance of Fed Funds Sold.

For the year ended December 31, 2024, net interest income increased 6.6% to $156.7 million compared to net interest income of $147.0 million for the same period of 2023. The increase was primarily due to a $47.5 million increase in interest income on loans, offset by a $37.0 million increase in interest expense on deposits compared to the same period of 2023.

Average Balances

Average loans increased $35.5 million to $4.4 billion for the quarter ended December 31, 2024, compared to $4.4 billion for the quarter ended September 30, 2024, and $4.2 billion for the quarter ended December 31, 2023.

Average deposits were $4.7 billion for the fourth quarter of 2024, reflecting an increase of $90.2 million, or 2.0%, compared to total average deposits of $4.6 billion in the third quarter of 2024, and an increase of $285.3 million, or 6.5%, compared to total average deposits of $4.4 billion for the fourth quarter of 2023. The average cost of deposits was 2.62% for the fourth quarter of 2024, representing a 3 bp decrease and a 28 bp increase from the third quarter of 2024 and the fourth quarter of 2023, respectively. The Bank continues to face headwinds with respect to deposit pricing, given competition for deposits across all product types. Our primary focus with respect to deposit strategy is stability, ensuring that our rates are competitive, and our product mix satisfies the needs of our customers. Additionally, the Bank also maintains interest rate swaps to hedge the cash flows associated with existing brokered CDs to mitigate the impact of higher deposit costs. Cost of funds decreased to 2.66%, compared to 2.77% for the third quarter of 2024, as a result of a $112.1 million decrease in short term and overnight borrowings, and a decrease in interest paid on interest-bearing deposit accounts due to the Bank lowering rates in response to the Federal Reserve interest rate cuts in the third and fourth quarters of 2024.

Asset Quality

The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was $333 thousand for the three months ended December 31, 2024, a decrease of $183 thousand compared to the provision for credit losses of $516 thousand for the three months ended September 30, 2024, and a $1.0 million increase compared to the benefit for credit losses of $664 thousand for the three months ended December 31, 2023. This decrease from the three months ended September 30, 2024, was driven by decreases in loss rates across multiple segments of the portfolio, offset by increased reserves on individually evaluated loans. Net charge-offs for the three months ended December 31, 2024, were $408 thousand or less than 0.009% of total average loans.

The provision for credit losses on loans was $2.1 million for the year ended December 31, 2024, a decrease of $1.2 million compared to the provision for credit losses of $3.3 million for the year ended December 31, 2023. This decrease for the year ended December 31, 2024, was primarily due to a decrease in loss factors across most portfolios. The benefit for credit losses on off-balance sheet credit exposures was $628 thousand for the year ended December 31, 2024. Net charge-offs for the year ended December 31, 2024, were $817 thousand or 0.018% of total average loans.

Allowance for credit losses - loans was 0.80% of loans, net of unearned income at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.

Total nonperforming assets were $22.7 million at December 31, 2024, compared to nonperforming assets of $17.7 million and $14.5 million at September 30, 2024, and December 31, 2023, respectively. The increase during the fourth quarter of 2024 primarily related to the addition of two commercial loans with a combined balance of $3.0 million, and two commercial real estate loans with a combined balance of $2.3 million being placed on nonaccrual in the fourth quarter of 2024.

Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.52% at December 31, 2024, compared to 0.61% and 0.49% as of September 30, 2024, and December 31, 2023, respectively.

Capital

Shareholders’ equity increased $112.7 million, or 20.8%, from $542.4 million as of December 31, 2023, to $655.0 million as of December 31, 2024. This increase is primarily due to retained earnings and the proceeds of the capital raise completed in November 2024. Retained earnings increased $9.4 million, or 5.4%, from $172.2 million as of September 30, 2024, to $181.6 million as of December 31, 2024. Regulatory capital ratios for both Mid Penn and the Bank indicate regulatory capital levels in excess of both the regulatory minimums and the levels necessary for the Bank to be considered "well capitalized" at December 31, 2024. Additionally, Mid Penn declared $3.9 million in dividends during the fourth quarter of 2024.

On April 24, 2024, Mid Penn’s Board of Directors reauthorized its treasury stock repurchase program ("The Program") effective through April 24, 2025. The Program authorizes the repurchase of up to $15.0 million of Mid Penn’s outstanding common stock. During the year ended December 31, 2024, Mid Penn repurchased 15,500 shares of common stock at an average price of $20.81. As of December 31, 2024, Mid Penn repurchased a total of 440,722 shares of common stock at an average price of $22.78 per share under the Program. The Program had approximately $5.0 million remaining available for repurchase as of December 31, 2024.

Noninterest Income

For the three months ended December 31, 2024, noninterest income totaled $6.1 million, an increase of $971 thousand, or 18.8%, compared to noninterest income of $5.2 million for the third quarter of 2024. The increase is primarily due to a $1.2 million increase in other miscellaneous noninterest income, driven by a $615 thousand increase in Bank-owned life insurance benefits received, a $305 thousand increase in loan level swap fees, and a $230 thousand increase in insurance commissions, partially offset by a $112 thousand decrease in mortgage banking income and a $136 thousand decrease in the gain on sales of SBA loans.

For the year ended December 31, 2024, noninterest income totaled $22.5 million, an increase of $2.5 million, or 12.4%, compared to noninterest income of $20.0 million for the year ended December 31, 2023. The increase in noninterest income is primarily driven by a $2.2 million increase in other miscellaneous noninterest income, driven by increases in Bank-owned life insurance benefits received, and a $1.1 million increase in Mortgage Banking income, partially offset by a $379 thousand decrease in fiduciary and wealth management and a $314 thousand decrease in mortgage hedging.

Noninterest Expense

Total noninterest expense increased $955 thousand to $30.9 million in the fourth quarter of 2024 from $30.0 million in the third quarter of 2024. The increase was driven by a $791 thousand increase in salaries and employee benefits and a $677 thousand increase in other miscellaneous noninterest expense, driven by an $843 thousand increase in charitable contributions, partially offset by a $607 thousand decrease in legal and professional fees and a $419 thousand decrease in shares tax.

For the year ended December 31, 2024, noninterest expense totaled $117.6 million, a decrease of $972 thousand, or 0.8%, compared to noninterest expense of $118.6 million for the year ended December 31, 2023. The decrease was primarily driven by a $5.0 million decrease in merger and acquisition expenses, and a $3.0 million decrease in post acquisition restructuring, partially offset by a $4.8 million increase in salaries and benefits expense, driven by year-end employee bonus incentives, increases in employee salaries, and increased costs of employee medical benefits, a $1.4 million increase in legal and professional fees, and a $1.4 million increase in software licensing and utilization.

The efficiency ratio(1) was 63.9% in the fourth quarter of 2024, compared to 64.9% in the third quarter of 2024, and 66.2% in the fourth quarter of 2023. The change in the efficiency ratio during the fourth quarter of 2024 compared to the third quarter of 2024 was the result of higher net interest income and higher noninterest income driven by an increase in loan level swap fees and insurance commissions, partially offset by slightly higher noninterest expense. Mid Penn continues to evaluate levels of noninterest expense for opportunities to reduce operating costs throughout the organization.

Subsequent Events

Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.

(1)Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document.

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank’s future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Mid Penn and William Penn; the outcome of any legal proceedings that may be instituted against Mid Penn or William Penn; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the integration of Mid Penn and William Penn successfully; the dilution caused by Mid Penn’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Mid Penn or William Penn.

For a more detailed description of these and other factors which would affect our results, please see Mid Penn’s filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.

(1)Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document.

(2)Regulatory capital ratios as of December 31, 2024 are preliminary and prior periods are actual.

(3)Annualized ratio

(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowance.

(2)Annualized ratios

Explanatory note: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Mid Penn’s management uses these non-GAAP financial measures in their analysis of Mid Penn’s performance. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is book value. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing tangible book value. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances or non-deductible portions of the non-GAAP adjustments. Adjusted earnings per common share excludes from income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, net of income taxes. For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. The efficiency ratio is often used by management to measure its noninterest expense as a percentage of its revenue. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Mid Penn’s results and financial condition as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding Mid Penn’s ongoing operating results. This supplemental presentation should not be construed as an inference that Mid Penn’s future results will be unaffected by similar adjustments to be determined in accordance with GAAP. The reconciliation of the non-GAAP to comparable GAAP financial measures can be found in the tables below.

(1) Annualized ratio