株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-13677
MID PENN BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Pennsylvania 25-1666413
(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 class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par value per share MPB The 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 filer o Accelerated Filer x Emerging Growth Company o
Non-accelerated Filer o Smaller Reporting Company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    o    No    x

As of April 30, 2025, the registrant had 19,387,178 shares of common stock outstanding, par value $1.00 per share.

1
Table of Contents
FORM 10-Q
TABLE OF CONTENTS
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)
Unless the context otherwise requires, the terms "Mid Penn", "Corporation" "we", "us", and "our" refer to Mid Penn Bancorp, Inc. and its consolidated wholly-owned banking subsidiary and nonbank subsidiaries.
2
Table of Contents
GLOSSARY OF DEFINED ACRONYMS AND TERMS
2023 Plan 2023 Stock Incentive Plan
ACL Allowance for Credit Losses
AFS Available for Sale
AOCI Accumulated Other Comprehensive Income/(Loss)
ASC Accounting Standards Codification
ASU Accounting Standards Update
the Bank Mid Penn Bank
BOLI Bank Owned Life Insurance
bp or bps basis point(s)
Brunswick Brunswick Bancorp
Brunswick Acquisition Merger acquisition of Brunswick
CCL Provision for Credit Losses - Credit Commitments
CD Certificate of Deposit
CECL Current Expected Credit Losses as defined by FASB ASC Topic 326
CRE Commercial Real Estate
DCF Discounted Cash Flow
DIF FDIC’s Deposit Insurance Fund
DRIP Dividend Reinvestment Plan
EPS Earnings per share
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
FHLB Federal Home Loan Bank of Pittsburgh
FICO Fair Isaac Corporation credit scoring model
FOMC Federal Open Market Committee
FTE Fully taxable-equivalent
HELOC Home Equity Line of Credit
HFS Held for Sale
HTM Held to Maturity
GAAP Accounting principles generally accepted in the United States of America
GDP Gross domestic product
LGD Loss Given Default
LHFI Loans held for investment
Loans Loans, net of unearned income
Management Discussion Management's Discussion and Analysis of Financial Condition and Results of Operations
Merger Merger acquisition of William Penn
Mid Penn or the Corporation Mid Penn Bancorp, Inc.
NASDAQ Major stock exchange where the Corporation's shares are traded
OBS Off-Balance Sheet
OCI Other Comprehensive Income
OREO Other Real Estate Owned
PCD Purchased Credit Deteriorated
PCL Provision for Credit Losses - Loans
PD Probability of Default
Public Offering Underwritten public offering of 2,375,000 shares of the Corporation’s common stock
Riverview Riverview Financial Corporation
Riverview Acquisition Merger acquisition of Riverview
ROA Return on Assets
ROE Return on Equity
SBA Small Business Association
SEC Securities Exchange Commission
SOFR Secured Overnight Financing Rate
William Penn William Penn Bancorporation
3
Table of Contents
MID PENN BANCORP, INC.



PART 1 – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share data) March 31, 2025 December 31, 2024
ASSETS
Cash and due from banks $ 47,688  $ 37,002 
Interest-bearing balances with other financial institutions 16,880  14,490 
Federal funds sold 42,686  19,072 
Total cash and cash equivalents 107,254  70,564 
Investment securities:
HTM, at amortized cost (fair value $339,708 and $340,648, respectively)
 375,115  382,447 
AFS, at fair value (amortized cost $278,158 and $284,770, respectively)
 258,493  260,477 
Equity securities, at fair value 436  428 
Loans held for sale, at fair value 6,851  7,064 
Loans, net of unearned income 4,491,167  4,443,070 
Less: ACL - Loans (35,838) (35,514)
Net loans 4,455,329  4,407,556 
Premises and equipment, net 40,328  38,806 
Operating lease right of use asset 9,402  7,699 
Finance lease right of use asset 2,503  2,548 
Cash surrender value of life insurance 51,351  51,521 
Restricted investment in bank stocks 6,660  7,461 
Accrued interest receivable 27,263  26,846 
Deferred income taxes 21,800  22,747 
Goodwill 128,160  128,160 
Core deposit and other intangibles, net 5,814  6,242 
Foreclosed assets held for sale 1,402  44 
Other assets 47,865  50,326 
Total Assets $ 5,546,026  $ 5,470,936 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand $ 788,316  $ 759,169 
Interest-bearing transaction accounts 2,375,205  2,319,753 
Time 1,568,681  1,611,005 
Total Deposits 4,732,202  4,689,927 
Short-term borrowings 25,000  2,000 
Long-term debt 23,489  23,603 
Subordinated debt 45,587  45,741 
Operating lease liability 9,765  8,092 
Accrued interest payable 12,900  13,484 
Other liabilities 29,150  33,071 
Total Liabilities 4,878,093  4,815,918 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at March 31, 2025 and December 31, 2024; 19,802,816 issued at March 31, 2025 and 19,796,519 at December 31, 2024; 19,362,094 outstanding at March 31, 2025 and 19,355,797 at December 31, 2024
 19,803  19,797 
Additional paid-in capital 480,866  480,491 
Retained earnings 191,469  181,597 
Accumulated other comprehensive loss (14,163) (16,825)
Treasury stock, at cost; 440,722 shares at March 31, 2025 and December 31, 2024.
 (10,042) (10,042)
Total Shareholders’ Equity 667,933  655,018 
Total Liabilities and Shareholders' Equity $ 5,546,026  $ 5,470,936 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
Table of Contents
MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31,
(In thousands, except per share data) 2025 2024
INTEREST INCOME
Loans, including fees $ 66,537  $ 63,236 
Investment securities:    
Taxable 4,460  4,040 
Tax-exempt 348  376 
Other interest-bearing balances 138  403 
Federal funds sold 261  136 
Total Interest Income 71,744  68,191 
INTEREST EXPENSE    
Deposits 28,264  26,332 
Short-term borrowings 290  4,446 
Long-term and subordinated debt 681  957 
Total Interest Expense 29,235  31,735 
Net Interest Income 42,509  36,456 
   Provision/(benefit) for credit losses - loans 321  (619)
Benefit for credit losses - credit commitments (20) (318)
  Net provision/(benefit) for credit losses 301  (937)
Net Interest Income After Provision/Benefit for Credit Losses 42,208  37,393 
NONINTEREST INCOME    
Fiduciary and wealth management 1,140  1,132 
ATM debit card interchange 919  945 
Service charges on deposits 562  509 
Mortgage banking 591  424 
Mortgage hedging (9) — 
Net gain on sales of SBA loans 57  107 
Earnings from cash surrender value of life insurance 274  284 
Other 1,705  2,436 
Total Noninterest Income 5,239  5,837 
NONINTEREST EXPENSE    
Salaries and employee benefits 16,309  15,462 
Software licensing and utilization 2,574  2,120 
Occupancy, net 2,274  1,982 
Equipment 1,094  1,222 
Shares tax 919  997 
Legal and professional fees 826  998 
ATM/card processing 733  534 
Intangible amortization 428  428 
FDIC Assessment 990  945 
Gain on sale of foreclosed assets, net (28) — 
Merger and acquisition 314  — 
Other 4,209  3,832 
Total Noninterest Expense 30,642  28,520 
INCOME BEFORE PROVISION FOR INCOME TAXES 16,805  14,710 
Provision for income taxes 3,063  2,577 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 13,742  $ 12,133 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share $ 0.71  $ 0.73 
Diluted Earnings Per Common Share $ 0.71  $ 0.73 
Weighted-average basic shares outstanding 19,355,867  16,567,902 
Weighted-average diluted shares outstanding 19,416,265  16,613,373 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
March 31,
(In Thousands) 2025 2024
Net income $ 13,742  $ 12,133 
Other comprehensive income/(loss):
Unrealized gains/(losses) arising during the period on available for sale securities, net of income tax.
 3,656  (1,711)
Unrealized holding (losses)/gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax.
 (984) 1,410 
Change in defined benefit plans, net of income tax.(1)
 16  8 
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax.(2)
 (26) (17)
Total other comprehensive income/(loss) 2,662  (310)
Total comprehensive income $ 16,404  $ 11,823 
(1)The change in defined benefit plans consists primarily of unrecognized actuarial gains on defined benefit plans during the period.
(2)The reclassification adjustment for benefit plans includes settlement gains, amortization of prior service costs, and amortization of net gain or loss. Amounts are included in other income on the Consolidated Statements of Income within total noninterest income.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Common Stock Additional
Paid-in
Capital		 Retained
Earnings 		Accumulated
Other
Comprehensive
(Loss) Income		 Treasury
Stock 		Total
Shareholders'
Equity
(In thousands, except per share data) Shares Amount
Balance, January 1, 2025 19,796,519  $ 19,797  $ 480,491  $ 181,597  $ (16,825) $ (10,042) $ 655,018 
Net income —  —  —  13,742  —  —  13,742 
Total other comprehensive income —  —  —  —  2,662  —  2,662 
Common stock cash dividends declared, $0.20 per share
 —  —  —  (3,870) —  —  (3,870)
Repurchased stock —  —  —  —  —  —  — 
Employee Stock Purchase Plan 5,311  5  132  —  —  —  137 
Director Stock Purchase Plan 986  1  25  —  —  —  26 
Restricted stock activity —  —  218  —  —  —  218 
Balance, March 31, 2025 19,802,816  $ 19,803  $ 480,866  $ 191,469  $ (14,163) $ (10,042) $ 667,933 

Common Stock Additional
Paid-in
Capital		 Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss) 		Treasury
Stock 		Total
Shareholders'
Equity
(In thousands, except per share data) Shares Amount
Balance, January 1, 2024 16,998,929  $ 16,999  $ 405,725  $ 145,982  $ (16,637) $ (9,719) $ 542,350 
Net income —  —  —  12,133  —  —  12,133 
Total other comprehensive income —  —  —  —  (310) —  (310)
Common stock cash dividends declared, $0.20 per share
 —  —  —  (3,314) —  —  (3,314)
Repurchased stock —  —  —  —  —  (323) (323)
Employee Stock Purchase Plan 5,653  5  107  —  —  —  112 
Director Stock Purchase Plan 1,777  2  34  —  —  —  36 
Restricted stock activity —  —  284  —  —  —  284 
Balance, March 31, 2024 17,006,359  $ 17,006  $ 406,150  $ 154,801  $ (16,947) $ (10,042) $ 550,968 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended
March 31,
(In thousands) 2025 2024
Operating Activities:
Net Income $ 13,742  $ 12,133 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision/(benefit) for credit losses 301  (937)
Depreciation 1,133  1,192 
Amortization of intangibles 428  428 
Net amortization of security discounts/premiums 70  102 
Noncash operating lease expense 619  539 
Amortization of finance lease right of use asset 45  44 
Earnings on cash surrender value of life insurance (274) (284)
Mortgage loans originated for sale (20,566) (16,808)
Proceeds from sales of mortgage loans originated for sale 21,370  16,506 
Gain on sale of mortgage loans (591) (424)
SBA loans originated for sale (728) (1,553)
Proceeds from sales of SBA loans originated for sale 785  1,446 
Gain on sale of SBA loans (57) (107)
Gain on sale of property, plant, and equipment —  (32)
Gain on sale or write-down of foreclosed assets (28) — 
Accretion of subordinated debt (154) (153)
Stock compensation expense 218  284 
Change in deferred income tax cost 206  1,402 
Increase accrued interest receivable (417) (1,155)
Decrease/(Increase) in other assets 822  (3,484)
(Decrease)/Increase in accrued interest payable (584) 2,073 
Decrease in operating lease liability (649) (602)
(Decrease)/Increase in other liabilities (4,162) 1,799 
Net Cash Provided By Operating Activities 11,529  12,409 
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities 6,609  3,741 
Proceeds from the maturity or call of held-to-maturity securities 7,265  2,045 
Stock dividends of FHLB and other bank stock 151  239 
Reduction (Purchases) of restricted investment in bank stock 650  (917)
Net increase in loans (49,476) (68,987)
Purchases of bank premises and equipment (2,720) (351)
Proceeds from the sale of premises and equipment 65  32 
Proceeds from the sale of foreclosed assets 72  — 
Proceeds from bank-owned life insurance 527  — 
Gain on bank-owned life insurance (83) — 
Net change in investments in tax credits and other partnerships 647  (1,548)
Net Cash Used in Investing Activities (36,293) (65,746)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net increase in deposits 42,275  32,893 
Common stock dividends paid (3,870) (3,314)
Proceeds from Employee and Director Stock Purchase Plan stock issuance 163  148 
Treasury stock purchased —  (323)
Net change in finance lease liability (36) (24)
Net change in short-term borrowings 23,000  30,317 
Long-term debt repayment (78) (35,038)
Net Cash Provided by Financing Activities 61,454  24,659 
Net increase/(decrease) in cash and cash equivalents 36,690  (28,678)
Cash and cash equivalents, beginning of period 70,564  96,763 
Cash and cash equivalents, end of period $ 107,254  $ 68,085 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest $ 29,819  $ 29,662 
Cash paid for income taxes 185  — 
Supplemental Noncash Disclosures:
Recognition of operating lease right of use assets $ 2,322  $ — 
Recognition of operating lease liabilities 2,322  — 
Loans transferred to foreclosed assets held for sale 1,402  4,817 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 - Summary of Significant Accounting Policies
Nature of Operations
Mid Penn Bancorp, Inc. ("Mid Penn" or the "Corporation"), through operations conducted by Mid Penn Bank (the "Bank") and its nonbank subsidiaries, engages in a full-service commercial banking and trust business, making available to the community a wide range of financial services, including, but not limited to, mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development loans, loans to non-profit entities and local government loans, and various types of time and demand deposits including but not limited to, checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and Individual Retirement Accounts. In addition, the Bank provides a full range of trust and wealth management services through its Trust Department. Deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") to the extent provided by law.
Mid Penn also fulfills the insurance needs of both existing and potential customers through MPB Risk Services, LLC, doing business as MPB Insurance and Risk Management.
The financial services are provided to individuals, partnerships, non-profit organizations, and corporations through its retail banking offices located throughout Pennsylvania and three counties in New Jersey.
Basis of Presentation
For all periods presented, the accompanying consolidated financial statements include the accounts of Mid Penn Bancorp, Inc., its wholly-owned subsidiary, Mid Penn Bank, and five wholly-owned nonbank subsidiaries, MPB Realty, LLC, MPB Financial Services, LLC, which includes MPB Wealth Management, LLC (which ceased operating during the first quarter
of 2024), MPB Risk Services, LLC, and MPB Launchpad Fund I, LLC. As of March 31, 2025, the accounts and activities of these nonbank subsidiaries were not material to warrant separate disclosure or segment reporting. As a result, Mid Penn has only one reportable segment for financial reporting purposes. All material intercompany accounts and transactions have been eliminated in consolidation.
Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Mid Penn believes the information presented is not misleading, and the disclosures are adequate. For comparative purposes, the March 31, 2024 and December 31, 2024 balances have been reclassified, when necessary, to conform to the 2025 presentation. Such reclassifications had no impact on net income or total shareholders’ equity. In the opinion of management, all adjustments necessary for fair presentation of the periods presented have been reflected in the accompanying consolidated financial statements. All such adjustments are of a normal, recurring nature. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2024 Annual Report.
Subsequent Events
Mid Penn has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2025 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the issuance date of these consolidated financial statements.
On April 30, 2025, Mid Penn completed its acquisition of William Penn Bancorporation through the merger of William Penn with and into Mid Penn. The Merger was completed in accordance with the terms and conditions of the Agreement and Plan of Merger dated October 31, 2024, between Mid Penn and William Penn.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Material estimates subject to significant change include the allowance for credit losses, the expected cash flows and collateral values associated with loans that are individually evaluated for credit losses, the carrying value of other real estate owned ("OREO"), the fair value of financial instruments, business combination fair value computations, the valuation of goodwill and other intangible assets, stock-based compensation and deferred income tax assets.
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Accounting Standards adopted and Updated Significant Accounting Policy
Accounting Standards Pending Adoption
ASU 2023-06: The FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
ASU 2023-06 amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. ASU 2023-06 is not expected to have a significant impact on the Corporation's financial statements.
ASU 2023-09: The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.

ASU 2023-09 amends the ASC to enhance income tax disclosures by requiring entities to disclose income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. Additionally, entities are required to disclose amounts greater than 5% of the total income taxes paid to an individual jurisdiction The amendments are effective for annual periods beginning after December 15, 2024. ASU 2023-09 is not expected to have a significant impact on the Corporation's financial statements.

ASU 2024-01—The FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope application of profits interest and similar awards.

The amendments in the ASU apply to all reporting entities that account for profits interest awards as compensation to employees or nonemployees in return for goods or services. The amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. ASU 2024-01 is not expected to have a significant impact on the Corporation's financial statements.

ASU 2024-02: The FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements.

This ASU contains amendments to the Codification that remove references to various FASB Concepts Statements. The amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. ASU 2024-02 is not expected to have a significant impact on the Corporation's financial statements.

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

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

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

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


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

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



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Note 2 - Business Combinations
Commonwealth Benefits Group Acquisition
On July 31, 2024, Mid Penn acquired the insurance business and related accounts of a full-service employee benefits firm that serves mid to large employers across central and eastern Pennsylvania, northern Maryland, and northern Virginia, for a purchase price of $2.0 million at closing and an additional $800 thousand potentially payable pursuant to a three year earnout.
Mid Penn has recognized total goodwill of $1.1 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired.



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Note 3 - Investment Securities
AFS Securities
At March 31, 2025, the fair value of AFS securities totaled $258.5 million. At March 31, 2025, no securities were identified that violated credit loss triggers; therefore, no DCF analysis was performed, and no credit loss was recognized on any of the securities available for sale.
Accrued interest receivable is excluded from the estimate of credit losses for AFS securities. At March 31, 2025, accrued interest receivable totaled $1.1 million for AFS securities, and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
HTM Securities
At March 31, 2025, Mid Penn’s HTM securities totaled $375.1 million. The Company primarily held highly rated HTM securities, including taxable and tax-exempt securities issued mainly by the U.S government, state governments, and political subdivisions. As of March 31, 2025, the majority of Mid Penn's HTM securities were rated as A1/BBB by Moody's and/or Standard & Poor's ratings services. Credit ratings of HTM securities, which are a key factor in estimating expected credit losses, are reviewed on a quarterly basis.
At March 31, 2025, Mid Penn had no HTM securities that were past due 30 days or more as to principal or interest payments. Mid Penn had no HTM securities classified as nonaccrual at March 31, 2025. Therefore, no allowance for credit losses was recorded as of March 31, 2025.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. At March 31, 2025, accrued interest receivable totaled $2.2 million for HTM securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
The following tables set forth the amortized cost and estimated fair value of investment securities for the periods presented:
March 31, 2025
(In thousands) Amortized
Cost		 Gross
Unrealized
Gains		 Gross Unrealized
Losses		 Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies $ 22,273  $ —  $ 516  $ 21,757 
Mortgage-backed U.S. government agencies 215,826  289  16,008  200,107 
State and political subdivision obligations 4,305  —  710  3,595 
Corporate debt securities 35,754  35  2,755  33,034 
Total available-for-sale debt securities 278,158  324  19,989  258,493 
Held-to-maturity
U.S. Treasury and U.S. government agencies $ 237,976  $ —  $ 22,952  $ 215,024 
Mortgage-backed U.S. government agencies 36,275  1  4,703  31,573 
State and political subdivision obligations 75,418  —  6,633  68,785 
Corporate debt securities 25,446  —  1,120  24,326 
Total held-to-maturity debt securities 375,115  1  35,408  339,708 
Total $ 653,273  $ 325  $ 55,397  $ 598,201 
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December 31, 2024
(In thousands) Amortized
Cost		 Gross
Unrealized
Gains		 Gross Unrealized
Losses		 Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies $ 22,247  $ —  $ 740  $ 21,507 
Mortgage-backed U.S. government agencies 222,464  11  19,531  202,944 
State and political subdivision obligations 4,309  —  713  3,596 
Corporate debt securities 35,750  —  3,320  32,430 
Total available-for-sale debt securities $ 284,770  $ 11  $ 24,304  $ 260,477 
Held-to-maturity        
U.S. Treasury and U.S. government agencies $ 241,941  $ —  $ 28,133  $ 213,808 
Mortgage-backed U.S. government agencies 37,593  —  5,508  32,085 
State and political subdivision obligations 77,462  —  6,840  70,622 
Corporate debt securities 25,451  —  1,318  24,133 
Total held-to-maturity debt securities 382,447  —  41,799  340,648 
Total $ 667,217  $ 11  $ 66,103  $ 601,125 
Estimated fair values of debt securities are based on quoted market prices, where applicable. If quoted market prices are not available, fair values are based on quoted market prices of instruments of a similar type, credit quality and structure, adjusted for differences between the quoted instruments and the instruments being valued. See "Note 8 - Fair Value Measurement," for additional information.
Investment securities having a fair value of $429.4 million at March 31, 2025 and $440.0 million at December 31, 2024 were pledged primarily to secure public deposits, some Trust department deposit accounts, and certain other borrowings. In accordance with legal provisions for alternatives other than pledging of investments, Mid Penn also obtains letters of credit from the FHLB to secure certain public deposits. These FHLB letter of credit commitments totaled $113.0 million as of March 31, 2025 and $156.0 million as of December 31, 2024.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands) Less Than 12 Months 12 Months or More Total
March 31, 2025 Number
of
Securities		 Estimated
Fair
Value		 Gross
Unrealized
Losses		 Number
of
Securities		 Estimated
Fair
Value		 Gross
Unrealized
Losses		 Number
of
Securities		 Estimated
Fair
Value		 Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies — $ —  $ —  12 $ 21,757  $ 516  12 $ 21,757  $ 516 
Mortgage-backed U.S. government agencies 10 74,099  1,141  90 126,008  14,867  100 200,107  16,008 
State and political subdivision obligations — —  —  8 3,595  710  8 3,595  710 
Corporate debt securities 1 3,955  —  17 29,079  2,755  18 33,034  2,755 
Total available-for-sale debt securities 11 $ 78,054  $ 1,141  127 $ 180,439  $ 18,848  138 $ 258,493  $ 19,989 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies — —  —  141 215,024  22,952  141 215,024  22,952 
Mortgage-backed U.S. government agencies 3 302  —  61 31,271  4,703  64 31,573  4,703 
State and political subdivision obligations 9 3,734  23  163 65,051  6,610  172 68,785  6,633 
Corporate debt securities 4 10,500  —  11 13,826  1,120  15 24,326  1,120 
Total held-to-maturity debt securities 16 14,536  23  376 325,172  35,385  392 339,708  35,408 
Total 27 $ 92,590  $ 1,164  503 $ 505,611  $ 54,233  530 $ 598,201  $ 55,397 
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(Dollars in thousands) Less Than 12 Months 12 Months or More Total
December 31, 2024 Number
of
Securities		 Estimated
Fair
Value		 Gross
Unrealized
Losses		 Number
of
Securities		 Estimated
Fair
Value		 Gross
Unrealized
Losses		 Number
of
Securities		 Estimated
Fair
Value		 Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies — $ —  $ —  12 $ 21,507  $ 740  12 $ 21,507  $ 740 
Mortgage-backed U.S. government agencies 9 72,499  1,847  91 130,445  17,684  100 202,944  19,531 
State and political subdivision obligations — —  —  8 3,596  713  8 3,596  713 
Corporate debt securities — —  —  18 32,430  3,320  18 32,430  3,320 
Total available-for-sale securities 9 72,499  1,847  129 187,978  22,457  138 260,477  24,304 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies — $ —  $ —  143 $ 213,808  $ 28,133  143 $ 213,808  $ 28,133 
Mortgage-backed U.S. government agencies 2 163  1  62 31,922  5,507  64 32,085  5,508 
State and political subdivision obligations 8 3,176  30  169 67,446  6,810  177 70,622  6,840 
Corporate debt securities 4 10,500  —  11 13,633  1,318  15 24,133  1,318 
Total held to maturity securities 14 13,839  31  385 326,809  41,768  399 340,648  41,799 
Total 23 $ 86,338  $ 1,878  514 $ 514,787  $ 64,225  537 $ 601,125  $ 66,103 
At March 31, 2025 and 2024, the majority of the unrealized losses on securities in an unrealized loss position were attributable to U.S. Treasury and U.S. government agencies, and mortgage-backed U.S. government agencies.

Mid Penn had no securities considered by management to be credit related losses as of March 31, 2025 and 2024, and did not record any securities losses in the respective periods ended on these dates. Mid Penn does not consider the securities with unrealized losses on the respective dates to be credit related losses as the unrealized losses were deemed to be temporary changes in value related to market movements in interest yields at various periods similar to the maturity dates of holdings in the investment portfolio, and not reflective of an erosion of credit quality.
There were no gross realized gains and losses on sales of available-for-sale debt securities for the three months ended March 31, 2025 and 2024.
The table below illustrates the contractual maturity of debt investment securities at amortized cost and estimated fair value. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
(In thousands) Available-for-sale Held-to-maturity
March 31, 2025 Amortized
Cost		 Fair
Value		 Amortized
Cost		 Fair
Value
Due in 1 year or less $ 10,501  $ 10,486  $ 19,738  $ 19,640 
Due after 1 year but within 5 years 22,423  21,734  140,361  131,748 
Due after 5 years but within 10 years 28,564  25,538  164,425  145,154 
Due after 10 years 844  628  14,316  11,593 
62,332  58,386  338,840  308,135 
Mortgage-backed securities 215,826  200,107  36,275  31,573 
$ 278,158  $ 258,493  $ 375,115  $ 339,708 
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Note 4 - Loans and Allowance for Credit Losses - Loans
Loans, net of unearned income, are summarized as follows by portfolio segment:
(In thousands) March 31, 2025 December 31, 2024
Commercial real estate
CRE Nonowner Occupied $ 1,272,153  $ 1,251,010 
CRE Owner Occupied 654,305  624,007 
Multifamily 410,531  412,900 
Farmland 226,033  224,709 
Total Commercial real estate 2,563,022  2,512,626 
Commercial and industrial
720,695  705,392 
Construction
Residential Construction 88,196  99,399 
Other Construction 321,015  326,171 
Total Construction 409,211  425,570 
Residential mortgage
1-4 Family 1st Lien 312,162  313,592 
1-4 Family Rental 339,880  336,636 
HELOC and Junior Liens 139,380  140,392 
Total Residential Mortgage 791,422  790,620 
Consumer 6,817  8,862 
Total loans $ 4,491,167  $ 4,443,070 

Total loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs. Net deferred loan fees were $3.3 million and $3.8 million as of March 31, 2025 and December 31, 2024, respectively.
Accrued interest receivable is not included in the amortized cost basis of Mid Penn's loans. Accrued interest receivable for loans totaled $23.5 million and $22.9 million as of March 31, 2025 and December 31, 2024, respectively, with no related ACL and was reported in other assets on the accompanying Consolidated Balance Sheet.
Past Due and Nonaccrual Loans
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The classes of the loan portfolio summarized by the past due status as of March 31, 2025 and December 31, 2024, are summarized as follows:
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(In thousands) 30-59
Days Past
Due		 60-89
Days Past
Due		 Greater
than 90
Days		 Total Past
Due		 Current Total Loans Loans
Receivable
> 90 Days and
Accruing
March 31, 2025
Commercial real estate
CRE Nonowner Occupied $ 1,746  $ —  $ 13,919  $ 15,665  $ 1,256,488  $ 1,272,153  $ — 
CRE Owner Occupied 2,176  —  298  2,474  651,831  654,305  — 
Multifamily —  —  —  —  410,531  410,531  — 
Farmland 1  —  —  1  226,032  226,033  — 
Total Commercial real estate 3,923  —  14,217  18,140  2,544,882  2,563,022  — 
Commercial and industrial 112  35  797  944  719,751  720,695  3 
Construction
Residential Construction —  —  —  —  88,196  88,196  — 
Other Construction —  —  —  —  321,015  321,015  — 
Total Construction —  —  —  —  409,211  409,211  — 
Residential mortgage
1-4 Family 1st Lien 583  79  386  1,048  311,114  312,162  — 
1-4 Family Rental —  4  125  129  339,751  339,880  — 
HELOC and Junior Liens 649  —  1,433  2,082  137,298  139,380  — 
Total Residential Mortgage 1,232  83  1,944  3,259  788,163  791,422  — 
Consumer —  —  —  —  6,817  6,817  — 
Total $ 5,267  $ 118  $ 16,958  $ 22,343  $ 4,468,824  $ 4,491,167  $ 3 

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(In thousands) 30-59
Days Past
Due		 60-89
Days Past
Due		 Greater
than 90
Days		 Total Past
Due		 Current Total Loans Loans
Receivable
> 90 Days and
Accruing
December 31, 2024
Commercial real estate
CRE Nonowner Occupied $ 1,281  $ 1,515  $ 11,658  $ 14,454  $ 1,236,556  $ 1,251,010  $ — 
CRE Owner Occupied 39  51  262  352  623,655  624,007  — 
Multifamily —  —  —  —  412,900  412,900  — 
Farmland 184  —  —  184  224,525  224,709  — 
Total Commercial real estate 1,504  1,566  11,920  14,990  2,497,636  2,512,626  — 
Commercial and industrial 74  3  794  871  704,521  705,392  — 
Construction
Residential Construction —  —  —  —  99,399  99,399  — 
Other Construction —  —  —  —  326,171  326,171  — 
Total Construction —  —  —  —  425,570  425,570  — 
Residential mortgage
1-4 Family 1st Lien 2,853  220  516  3,589  310,003  313,592  — 
1-4 Family Rental 374  7  137  518  336,118  336,636  — 
HELOC and Junior Liens 724  209  2,157  3,090  137,302  140,392  — 
Total Residential Mortgage 3,951  436  2,810  7,197  783,423  790,620  — 
Consumer 20  —  —  20  8,842  8,862  — 
Total $ 5,549  $ 2,005  $ 15,524  $ 23,078  $ 4,419,992  $ 4,443,070  $ — 
Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due. Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of March 31, 2025 and December 31, 2024 are summarized as follows:
March 31, 2025 December 31, 2024
(In thousands) With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total
Commercial real estate
CRE Nonowner Occupied 3,677  10,242  13,919  2,622  11,153  13,775 
CRE Owner Occupied —  2,032  2,032  —  546  546 
Multifamily —  147  147  —  154  154 
Total Commercial real estate 3,677  12,421  16,098  2,622  11,853  14,475 
Commercial and industrial 4,989  611  5,600  758  3,894  4,652 
Construction
Residential Construction —  —  —  —  —  — 
Other Construction —  —  —  —  —  — 
Total Construction —  —  —  —  —  — 
Residential mortgage
1-4 Family 1st Lien —  654  654  —  1,028  1,028 
1-4 Family Rental —  160  160  —  176  176 
HELOC and Junior Liens —  1,533  1,533  —  2,279  2,279 
Total Residential Mortgage $ —  $ 2,347  $ 2,347  $ —  $ 3,483  $ 3,483 
Consumer —  —  —  —  —  — 
Total loans $ 8,666  $ 15,379  $ 24,045  $ 3,380  $ 19,230  $ 22,610 
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The amount of interest income recognized on nonaccrual loans was approximately $127 thousand and $159 thousand during the three months ended March 31, 2025 and 2024, respectively.
Credit Quality Indicators
Mid Penn categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. On a minimum of a quarterly basis, Mid Penn analyzes loans individually to classify the loans according to their credit risk. The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.
PASS - This type of classification consists of 6 subcategories:    
Nominal Risk / Pass - This loan classification is a credit extension of the highest quality.
Moderate Risk / Pass - This type of classification has strong financial ratios, substantial debt capacity, and low leverage with a very favorable comparison to industry peers or better than average improving trends are necessary to be in this classification.
Good Acceptable Risk / Pass - The Borrower in this rating classification is a reasonable credit risk having financial ratios on par with its peers and demonstrates slightly improving trends over time; they list good quality assets and fairly low leverage plus ample debt capacity.
Average Acceptable Risk / Pass - This type of classification has financial ratios and assets are of above average quality, the leverage is worse than average compared to industry standards; the Borrower should have a good repayment history and possess consistent earnings with some growth.
Marginally Acceptable Risk / Pass - This type of classification has financial ratios consistent with industry averages, assets of average quality with ascertainable values, acceptable leverage, moderate capital assets and an acceptable reliance on trade debt; the Borrower demonstrates marginally adequate earnings, cash flow and debt service plus positive trends.
Weak/Monitor Risk (Watch list) / Pass - This type of classification has financial ratios that are slightly below standard industry averages and assets are below average quality with unstable values; fixed assets could be near or at the end of their useful life and liabilities may not match the asset structure.

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

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

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

LOSS. These loans are considered uncollectible and no longer a viable asset of the Bank. They lack an identifiable source of repayment based on an inability to generate sufficient cash flow to service the debt. All trends are negative and the damage to the financial condition of the Borrower cannot be reversed now or in the near future.
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The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.
March 31, 2025
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized
Cost Basis
(In thousands) 2025 2024 2023 2022 2021 Prior Total
CRE Nonowner Occupied
Pass $ 20,673  $ 85,769  $ 197,443  $ 339,713  $ 150,865  $ 440,272  $ 11,179  $ 1,245,914 
Special mention —  —  —  —  —  4,418  —  4,418 
Substandard or lower —  —  1,540  1,280  —  19,001  —  21,821 
Total CRE Nonowner Occupied 20,673  85,769  198,983  340,993  150,865  463,691  11,179  1,272,153 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  1  —  1 
Net charge offs —  —  —  —  —  1  —  1 
CRE Owner Occupied
Pass 33,854  61,419  104,424  104,367  64,246  263,242  14,350  645,902 
Special mention —  —  —  4,943  174  1,001  —  6,118 
Substandard or lower —  —  —  —  235  2,050  —  2,285 
Total CRE Owner Occupied 33,854  61,419  104,424  109,310  64,655  266,293  14,350  654,305 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net recoveries —  —  —  —  —  —  —  — 
Multifamily
Pass 2,943  4,854  66,143  118,458  100,824  113,606  3,505  410,333 
Special mention —  —  —  —  —  51  —  51 
Substandard or lower —  —  —  —  —  147  —  147 
Total Multifamily 2,943  4,854  66,143  118,458  100,824  113,804  3,505  410,531 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net charge offs —  —  —  —  —  —  —  — 
Farmland
Pass 7,125  28,095  29,605  54,696  40,912  48,779  13,224  222,436 
Special mention —  —  127  —  1,153  2,129  188  3,597 
Substandard or lower —  —  —  —  —  —  —  — 
Total Farmland 7,125  28,095  29,732  54,696  42,065  50,908  13,412  226,033 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net charge offs —  —  —  —  —  —  —  — 
Commercial and industrial
Pass 53,535  111,556  100,212  71,545  52,191  103,350  217,835  710,224 
Special mention —  120  56  213  62  2,451  4,585  7,487 
Substandard or lower —  —  —  —  785  1,599  600  2,984 
Total commercial and industrial 53,535  111,676  100,268  71,758  53,038  107,400  223,020  720,695 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  1  —  —  5  —  6 
Net charge offs —  —  1  —  —  5  —  6 
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Residential Construction
Pass 1,923  38,527  36,783  2,952  —  —  8,011  88,196 
Special mention —  —  —  —  —  —  —  — 
Substandard or lower —  —  —  —  —  —  —  — 
Total Residential Construction 1,923  38,527  36,783  2,952  —  —  8,011  88,196 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net recoveries —  —  —  —  —  —  —  — 
Other Construction
Pass 20,573  69,098  74,600  97,132  10,927  21,577  27,108  321,015 
Special mention —  —  —  —  —  —  —  — 
Substandard or lower —  —  —  —  —  —  —  — 
Total Other Construction 20,573  69,098  74,600  97,132  10,927  21,577  27,108  321,015 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net recoveries —  —  —  —  —  —  —  — 
1-4 Family 1st Lien
Performing 15,389  18,710  59,014  44,951  34,232  135,632  2,354  310,282 
Non-performing —  —  —  —  —  1,880  —  1,880 
Total 1-4 Family 1st Lien 15,389  18,710  59,014  44,951  34,232  137,512  2,354  312,162 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  2  —  2 
Net recoveries —  —  —  —  —  2  —  2 
1-4 Family Rental
Performing 9,308  24,953  49,924  93,316  57,899  101,725  1,896  339,021 
Non-performing —  —  147  —  —  712  —  859 
Total 1-4 Family Rental 9,308  24,953  50,071  93,316  57,899  102,437  1,896  339,880 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net recoveries —  —  —  —  —  —  —  — 
HELOC and Junior Liens
Performing 1,230  5,023  15,743  9,347  4,810  12,693  87,297  136,143 
Non-performing —  1,000  101  —  —  1,135  1,001  3,237 
Total HELOC and Junior Liens 1,230  6,023  15,844  9,347  4,810  13,828  88,298  139,380 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net charge offs —  —  —  —  —  —  —  — 
Consumer
Performing 1,379  1,566  915  316  365  265  2,011  6,817 
Non-performing —  —  —  —  —  —  —  — 
Total consumer 1,379  1,566  915  316  365  265  2,011  6,817 
Gross charge offs —  —  —  —  —  (15) —  (15)
Current period recoveries —  —  —  —  —  9  —  9 
Net charge offs —  —  —  —  —  (6) —  (6)
Total
Pass $ 140,626  $ 399,318  $ 609,210  $ 788,863  $ 419,965  $ 990,826  $ 295,212  $ 3,644,020 
Special mention —  120  183  5,156  1,389  10,050  4,773  21,671 
Substandard or lower —  —  1,540  1,280  1,020  22,797  600  27,237 
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Performing 27,306  50,252  125,596  147,930  97,306  250,315  93,558  792,263 
Nonperforming —  1,000  248  —  —  3,727  1,001  5,976 
Total $ 167,932  $ 450,690  $ 736,777  $ 943,229  $ 519,680  $ 1,277,715  $ 395,144  $ 4,491,167 
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December 31, 2024
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized
Cost Basis
(In thousands) 2024 2023 2022 2021 2020 Prior Total
CRE Nonowner Occupied
Pass $ 85,501  $ 176,018  $ 343,072  $ 152,157  $ 130,650  $ 325,478  $ 11,732  $ 1,224,608 
Special mention —  —  —  —  —  3,105  —  3,105 
Substandard or lower —  1,515  1,260  —  3,281  17,241  —  23,297 
Total CRE Nonowner Occupied 85,501  177,533  344,332  152,157  133,931  345,824  11,732  1,251,010 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  2  —  2 
Net recoveries —  —  —  —  —  2  —  2 
CRE Owner Occupied
Pass 52,922  99,065  106,876  66,160  77,774  199,725  11,630  614,152 
Special mention —  222  4,991  227  —  2,133  —  7,573 
Substandard or lower —  —  —  194  —  2,088  —  2,282 
Total CRE Owner Occupied 52,922  99,287  111,867  66,581  77,774  203,946  11,630  624,007 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  4  —  4 
Net recoveries —  —  —  —  —  4  —  4 
Multifamily
Pass 4,843  66,119  118,568  101,871  40,450  78,070  2,771  412,692 
Special mention —  —  —  —  —  54  —  54 
Substandard or lower —  —  —  —  —  154  —  154 
Total Multifamily 4,843  66,119  118,568  101,871  40,450  78,278  2,771  412,900 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net charge offs —  —  —  —  —  —  —  — 
Farmland
Pass 27,449  31,259  56,178  42,693  25,119  24,729  14,801  222,228 
Special mention —  128  —  —  —  2,163  190  2,481 
Substandard or lower —  —  —  —  —  —  —  — 
Total Farmland 27,449  31,387  56,178  42,693  25,119  26,892  14,991  224,709 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net charge offs —  —  —  —  —  —  —  — 
Commercial and industrial
Pass 114,175  106,657  78,702  54,312  21,532  92,723  222,525  690,626 
Special mention —  62  503  31  —  3,534  4,498  8,628 
Substandard or lower —  —  —  892  1,168  1,632  2,446  6,138 
Total commercial and industrial 114,175  106,719  79,205  55,235  22,700  97,889  229,469  705,392 
Gross charge offs —  (201) —  —  (206) (412) —  (819)
Current period recoveries —  —  —  —  —  1  —  1 
Net charge offs —  (201) —  —  (206) (411) —  (818)
Residential construction
Pass 34,275  37,222  15,559  —  —  2,007  10,336  99,399 
Special mention —  —  —  —  —  —  —  — 
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Substandard or lower —  —  —  —  —  —  —  — 
Total Residential construction 34,275  37,222  15,559  —  —  2,007  10,336  99,399 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net recoveries —  —  —  —  —  —  —  — 
Other construction
Pass 66,711  94,619  104,439  11,664  10,983  11,928  25,827  326,171 
Special mention —  —  —  —  —  —  —  — 
Substandard or lower —  —  —  —  —  —  —  — 
Total Other construction 66,711  94,619  104,439  11,664  10,983  11,928  25,827  326,171 
Gross charge offs —  —  —  —  —  —  —  — 
Current period recoveries —  —  —  —  —  —  —  — 
Net recoveries —  —  —  —  —  —  —  — 
1-4 Family 1st Lien
Performing 27,580  59,762  45,946  34,743  42,727  98,891  2,915  312,564 
Non-performing —  —  —  —  211  817  —  1,028 
Total 1-4 Family 1st Lien 27,580  59,762  45,946  34,743  42,938  99,708  2,915  313,592 
Gross charge offs —  —  —  —  —  (7) —  (7)
Current period recoveries —  —  —  —  —  16  —  16 
Net recoveries —  —  —  —  —  9  —  9 
1-4 Family Rental
Performing 28,735  51,488  88,594  59,397  35,222  69,890  2,009  335,335 
Non-performing —  147  —  —  595  559  —  1,301 
Total 1-4 Family Rental 28,735  51,635  88,594  59,397  35,817  70,449  2,009  336,636 
Gross charge offs —  —  —  —  —  (2) —  (2)
Current period recoveries —  —  —  —  —  22  —  22 
Net recoveries —  —  —  —  —  20  —  20 
HELOC and Junior Liens
Performing 6,096  16,125  9,856  4,845  2,182  10,887  88,122  138,113 
Non-performing —  21  —  —  —  1,257  1,001  2,279 
Total HELOC and Junior Liens 6,096  16,146  9,856  4,845  2,182  12,144  89,123  140,392 
Gross charge offs —  —  (21) —  —  —  —  (21)
Current period recoveries —  —  —  —  —  —  —  — 
Net charge offs —  —  (21) —  —  —  —  (21)
Consumer
Performing 4,214  972  354  394  107  234  2,587  8,862 
Non-performing —  —  —  —  —  —  —  — 
Total consumer 4,214  972  354  394  107  234  2,587  8,862 
Gross charge offs —  —  (2) —  —  (50) —  (52)
Current period recoveries —  —  1  —  —  38  —  39 
Net charge offs —  —  (1) —  —  (12) —  (13)
Total
Pass $ 385,876  $ 610,959  $ 823,394  $ 428,857  $ 306,508  $ 734,660  $ 299,622  $ 3,589,876 
Special mention —  412  5,494  258  —  10,989  4,688  21,841 
Substandard or lower —  1,515  1,260  1,086  4,449  21,115  2,446  31,871 
Performing 66,625  128,347  144,750  99,379  80,238  179,902  95,633  794,874 
Nonperforming —  168  —  —  806  2,633  1,001  4,608 
Total $ 452,501  $ 741,401  $ 974,898  $ 529,580  $ 392,001  $ 949,299  $ 403,390  $ 4,443,070 
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Mid Penn had no loans classified as "doubtful" as of March 31, 2025 and December 31, 2024. There was $109 thousand and $861 thousand in loans for which formal foreclosure proceedings were in process at March 31, 2025 and December 31, 2024, respectively.
Collateral-Dependent Loans
A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, Mid Penn elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, Mid Penn records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate, including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Total collateral-dependent loans as of March 31, 2025 were $24.0 million.
Allowance for Credit Losses

Mid Penn’s ACL - loans methodology follows guidance within FASB ASC Subtopic 326-20. The ACL - loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the loan portfolio is continuously monitored by management and is reflected within the ACL - loans. The ACL - loans is an estimate of expected losses inherent within Mid Penn’s existing loan portfolio. The ACL - loans is adjusted through the PCL and reduced by the charge off of loan amounts, net of recoveries.
The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and credit loss expense.
Mid Penn estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Mid Penn uses a third-party software application to calculate the quantitative portion of the ACL using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Mid Penn as a whole, as well as specific loans. Factors considered include the following: lending process, concentrations of credit, and peer group divergence. The quantitative and qualitative portions of the allowance are added together to determine the total ACL, which reflects management’s expectations of future conditions based on reasonable and supportable forecasts.
The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the ACL for the collective component, loans are segregated into loan pools based on loan purpose codes and similar risk characteristics.
The commercial real estate and residential mortgage loan portfolio segments include loans for both commercial and residential properties that are secured by real estate. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and, if applicable, guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral, availability of permanent financing, maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. The borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance, in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered when applicable. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing.
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The commercial and industrial loan portfolio segment includes commercial loans made to many types of businesses for various purposes, such as short-term working capital loans that are usually secured by accounts receivable and inventory, equipment and fixed asset purchases that are secured by those assets, and term financing for those within Mid Penn’s geographic markets. Mid Penn’s credit underwriting process for commercial and industrial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information, and evaluation of underlying collateral to support the credit.
The consumer loan portfolio segment is comprised of loans which are underwritten after evaluating a borrower’s capacity, credit and collateral. Several factors are considered when assessing a borrower’s capacity, including the borrower’s employment, income, current debt, assets and level of equity in the property. Credit is assessed using a credit report that provides credit scores and the borrower’s current and past information about their credit history. Loan-to-value and debt-to-income ratios, loan amount and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends, such as conditions that negatively affect housing prices and demand and levels of unemployment.
Mid Penn utilizes a DCF method to estimate the quantitative portion of the allowance for credit losses for loan pools. The DCF is based off of historical losses, including peer data, which is correlated to national unemployment and GDP.
The PD and LGD measures are used in conjunction with prepayment data as inputs into the DCF model to calculate the cash flows at the individual loan level. Contractual cash flows based on loan terms are adjusted for PD, LGD and prepayments to derive loss cash flows. These loss cash flows are discounted by the loan’s coupon rate to arrive at the discounted cash flow based quantitative loss. The prepayment studies are updated quarterly by a third-party for each applicable pool.
Mid Penn determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the portfolio extend beyond this forecast period, Mid Penn uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans.
Qualitative factors used in the ACL methodology include the following:
•Lending process
•Concentrations of credit
•Peer Group Divergence
The ACL for individual loans, such as non-accrual and PCD, that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or the "as is" value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on a regular basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Mid Penn’s Appraisal Review Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of the expected credit loss is charged off.
Mid Penn may also purchase loans or acquire loans through a business combination. At the purchase or acquisition date, loans are evaluated to determine whether there has been more than insignificant credit deterioration since origination. Loans that have experienced more than insignificant credit deterioration since origination are referred to as PCD loans. In its evaluation of whether a loan has experienced more than insignificant deterioration in credit quality since origination, Mid Penn takes into consideration loan grades, past due and nonaccrual status. Mid Penn may also consider external credit rating agency ratings for borrowers and for non-commercial loans, FICO score or band, probability of default levels, and number of times past due. At the purchase or acquisition date, the amortized cost basis of PCD loans is equal to the purchase price and an initial estimate of credit losses. The initial recognition of expected credit losses on PCD loans has no impact on net income.
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When the initial measurement of expected credit losses on PCD loans is calculated on a pooled loan basis, the expected credit losses are allocated to each loan within the pool. Any difference between the initial amortized cost basis and the unpaid principal balance of the loan represents a noncredit discount or premium, which is accreted (or amortized) into interest income over the life of the loan. Subsequent changes to the ACL on PCD loans are recorded through the PCL. For purchased loans that are not deemed to have experienced more than insignificant credit deterioration since origination and are therefore not deemed PCD, any discounts or premiums included in the purchase price are accreted (or amortized) over the contractual life of the individual loan.
Loans are charged off against the ACL-loans, with any subsequent recoveries credited back to the ACL-loans account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off.
The following tables present the activity in the ACL - loans by portfolio segment for the three months ended March 31, 2025 and the three months ended March 31, 2024:
(In thousands) Balance at
December 31, 2024		 Charge offs Recoveries Net loans (charged off) recovered
Provision/(Benefit) for credit losses
Three Months Ended
March 31, 2025
Commercial Real Estate
CRE Nonowner Occupied 11,047  —  1  1  (668) 10,380 
CRE Owner Occupied 5,243  —  —  —  479  5,722 
Multifamily 3,432  —  —  —  (108) 3,324 
Farmland 1,932  —  —  —  143  2,075 
Commercial and industrial 7,122  —  6  6  736  7,864 
Construction
Residential Construction 931  —  —  —  (101) 830 
Other Construction 2,131  —  —  —  (232) 1,899 
Residential Mortgage
1-4 Family 1st Lien 1,503  —  2  2  77  1,582 
1-4 Family Rental 1,756  —  —  —  (16) 1,740 
HELOC and Junior Liens 392  —  —  —  12  404 
Consumer 25  (15) 9  (6) (1) 18 
Total 35,514  (15) 18  3  321  35,838 
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(In thousands) Balance at
December 31, 2023		 Charge offs Recoveries Net loans (charged off) recovered
(Benefit)/Provision for credit losses
Three Months Ended
March 31, 2024
Commercial Real Estate
CRE Nonowner Occupied $ 10,267  $ —  $ —  $ —  $ 150  $ 10,417 
CRE Owner Occupied 5,646  —  —  —  (44) 5,602 
Multifamily 2,202  —  —  —  168  2,370 
Farmland 2,064  —  —  —  (62) 2,002 
Commercial and industrial 7,131  —  —  —  (631) 6,500 
Construction
Residential Construction 1,256  —  —  —  (80) 1,176 
Other Construction 2,146  —  —  —  25  2,171 
Residential Mortgage
1-4 Family 1st Lien 1,207  (7) —  (7) 71  1,271 
1-4 Family Rental 1,859  —  —  —  (320) 1,539 
HELOC and Junior Liens 389  (21) —  (21) 89  457 
Consumer 20  (22) 6  (16) 15  19 
Total $ 34,187  $ (50) $ 6  $ (44) $ (619) $ 33,524 



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The following table presents the ACL for loans and the amortized cost basis of the loans by the measurement methodology used as of March 31, 2025 and December 31, 2024:

(In thousands) ACL - Loans Loans
March 31, 2025 Collectively Evaluated for Credit Loss Individually Evaluated for Credit Loss Total ACL - Loans Collectively Evaluated for Credit Loss Individually Evaluated for Credit Loss Total Loans
Commercial real estate
CRE Nonowner Occupied $ 8,823  $ 1,557  $ 10,380  $ 1,258,234  $ 13,919  $ 1,272,153 
CRE Owner Occupied 5,722  —  5,722  652,273  2,032  654,305 
Multifamily 3,324  —  3,324  410,384  147  410,531 
Farmland 2,075  —  2,075  226,033  —  226,033 
Commercial and industrial 7,038  826  7,864  715,095  5,600  720,695 
Construction
Residential Construction 830  —  830  88,196  —  88,196 
Other Construction 1,899  —  1,899  321,015  —  321,015 
Residential mortgage
1-4 Family 1st Lien 1,582  —  1,582  311,508  654  312,162 
1-4 Family Rental 1,740  —  1,740  339,720  160  339,880 
HELOC and Junior Liens 404  —  404  137,847  1,533  139,380 
Consumer 18  —  18  6,817  —  6,817 
Total $ 33,455  $ 2,383  $ 35,838  $ 4,467,122  $ 24,045  $ 4,491,167 

(In thousands) ACL - Loans Loans
December 31, 2024 Collectively Evaluated for Credit Loss Individually Evaluated for Credit Loss Total ACL - Loans Collectively Evaluated for Credit Loss Individually Evaluated for Credit Loss Total Loans
Commercial real estate
CRE Nonowner Occupied $ 9,945  $ 1,102  $ 11,047  $ 1,237,235  $ 13,775  $ 1,251,010 
CRE Owner Occupied 5,243  —  5,243  623,461  546  624,007 
Multifamily 3,432  —  3,432  412,746  154  412,900 
Farmland 1,932  —  1,932  224,709  —  224,709 
Commercial and industrial 6,785  337  7,122  700,740  4,652  705,392 
Construction
Residential Construction 931  —  931  99,399  —  99,399 
Other Construction 2,131  —  2,131  326,171  —  326,171 
Residential mortgage
1-4 Family 1st Lien 1,503  —  1,503  312,564  1,028  313,592 
1-4 Family Rental 1,756  —  1,756  336,460  176  336,636 
HELOC and Junior Liens 392  —  392  138,113  2,279  140,392 
Consumer 25  —  25  8,862  —  8,862 
Total $ 34,075  $ 1,439  $ 35,514  $ 4,420,460  $ 22,610  $ 4,443,070 
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Modifications to Borrowers Experiencing Financial Difficulty
From time to time, we may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications may result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension, or a combination thereof, among other things.

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

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

(In thousands) Interest Only Term Extension Combination:
Interest Only and
Term Extension		 Total % of Total Class of Financing Receivable
Three months ended March 31, 2024
HELOC and Junior Liens $ —  $ —  $ 92  $ 92  0.01 
Total Residential Mortgage —  —  92  92  0.01 
Total $ —  $ —  $ 92  $ 92 



The financial effects of the interest-only loan modifications reduced the monthly payment amounts for the borrower and the term extensions in the table above added 2.0 years to the life of the loan, which also reduced the monthly payment amounts for the borrower.
As of March 31, 2025, there were no defaulted troubled debt restructured loans, as all troubled debt restructured loans were current with respect to their associated forbearance agreements. There were also no defaults on troubled debt restructured loans within twelve months of restructure during 2024.
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Note 5 - Deposits
Deposits consisted of the following as of March 31, 2025 and December 31, 2024:
(Dollars in thousands) March 31, 2025 % of Total Deposits December 31, 2024 % of Total Deposits
Noninterest-bearing demand deposits $ 788,316  16.7  % $ 759,169  16.2  %
Interest-bearing demand deposits 1,045,100  22.1  % 1,101,444  23.5  %
Money market 1,067,661  22.6  % 958,051  20.4  %
Savings 262,444  5.5  % 260,258  5.5  %
Total demand and savings 3,163,521  66.9  % 3,078,922  65.6  %
Time 1,568,681  33.1  % 1,611,005  34.4  %
Total deposits $ 4,732,202  100.0  % $ 4,689,927  100.0  %
The scheduled maturities of time deposits at March 31, 2025 were as follows:
Time Deposits
(In thousands) Less than $250,000 $250,000 or more
Maturing in 2025 $ 969,787  $ 296,652 
Maturing in 2026 197,038  45,330 
Maturing in 2027 35,580  1,824 
Maturing in 2028 11,364  561 
Maturing in 2029 5,815  255 
Maturing thereafter 3,883  592 
$ 1,223,467  $ 345,214 
Mid Penn had $319.8 million in brokered certificates of deposits as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, Mid Penn had $66.3 million and $83.7 million of CDAR (Certificate of Deposit Account Registry) deposits, respectively.

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Note 6 - Derivative Financial Instruments
Mid Penn manages its exposure to certain interest rate risks through the use of derivatives; however, none are entered into for speculative purposes. In 2025, Mid Penn entered into outstanding derivative contracts designated as hedges. Mid Penn’s free-standing derivative financial instruments are required to be carried at their fair value on the Consolidated Balance Sheets.
Loan-level Interest Rate Swaps
Mid Penn enters into loan-level interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. Mid Penn simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of the offsetting customer and dealer counterparty swap agreements is that the customer pays a fixed rate of interest and Mid Penn receives a floating rate. Mid Penn’s loan-level interest rate swaps are considered derivatives but are not accounted for using hedge accounting.
Information related to loan level swaps is set forth in the following table:
March 31, 2025 December 31, 2024
(Dollars in thousands)
 Interest rate swaps on loans with customers
      Notional amount $ 235,150  $ 217,150 
      Weighted average remaining term (years) 4.87 5.11
      Receive fixed rate (weighted average) 4.88  % 4.68  %
      Pay variable rate (weighted average) 6.63  % 6.64  %
      Estimated fair value (1)
 $ 9,901  $ 11,118 
March 31, 2025 December 31, 2024
(Dollars in thousands)
 Interest rate swaps on loans with correspondents
      Notional amount $ 235,150  $ 217,150 
      Weighted average remaining term (years) 4.87 5.11
      Receive variable rate (weighted average) 6.63  % 6.64  %
      Pay fixed rate (weighted average) 4.88  % 4.68  %
      Estimated fair value (2)
 $ 9,901  $ 11,118 
(1) The net amount of the estimated fair value is disclosed in Other Liabilities on the Consolidated Balance Sheet.
(2) The net amount of the estimated fair value is disclosed in Other Assets on the Consolidated Balance Sheet.
Cash Flow Hedges of Interest Rate Risk

Mid Penn’s objectives in using interest rate derivatives are to reduce volatility in net interest income and to manage its exposure to interest rate movements. To accomplish this objective, Mid Penn primarily uses interest rate swaps as part of its interest rate risk management strategy.

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Information related to cash flow hedges is set forth in the following table:
March 31, 2025 December 31, 2024
(Dollars in thousands)
 Cash flow hedges
      Notional amount $ 315,000  $ 295,000 
      Weighted average remaining term (years) 1.34 1.55
      Pay fixed rate (weighted average) 3.66  % 3.64  %
      Receive variable rate (weighted average) 3.89  % 4.10  %
      Estimated fair value (1)
 $ 913  $ 2,590 
(1) Estimated fair value, net of accrued interest receivable, is disclosed in Other Assets on the Consolidated Balance Sheet.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are made on Mid Penn’s variable-rate liabilities. During the next twelve months, Mid Penn estimates that an additional $914 thousand will be reclassified as a decrease to interest expense.

Note 7 - Accumulated Other Comprehensive (Loss) Income
The changes in each component of accumulated other comprehensive loss, net of taxes, are as follows:
(In thousands)
 Unrealized Loss on
Securities		 Unrealized
Holding Losses on
Interest Rate
Derivatives used in
Cash Flow Hedges		 Defined Benefit
Plans		 Total
Balance at December 31, 2024 $ (18,889) $ 1,485  $ 579  $ (16,825)
OCI before reclassifications 3,656  (984) 16  2,688 
Amounts reclassified from AOCI —  —  (26) (26)
Balance at March 31, 2025 $ (15,233) $ 501  $ 569  (14,163)
Balance at December 31, 2023 $ (17,339) $ 820  $ (118) $ (16,637)
OCI before reclassifications (1,711) 1,410  8  (293)
Amounts reclassified from AOCI —  —  (17) (17)
Balance at March 31, 2024 $ (19,050) $ 2,230  $ (127) $ (16,947)
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Note 8 - Fair Value Measurement
Mid Penn uses estimates of fair value in applying various accounting standards for its consolidated financial statements on either a recurring or non-recurring basis. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. Mid Penn groups its assets and liabilities measured at fair value in three hierarchy levels, based on the observability and transparency of the inputs. The fair value hierarchy is as follows:
Level 1 - Inputs that represent quoted prices for identical instruments in active markets.
Level 2 - Inputs that represent quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.
There were no transfers of assets between fair value Level 1 and Level 2 during the three months ended March 31, 2025 or the year ended December 31, 2024.
The following tables illustrate the assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets.
March 31, 2025
(In thousands) Level 1 Level 2 Level 3 Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies $ —  $ 21,757  $ —  $ 21,757 
Mortgage-backed U.S. government agencies —  200,107  —  200,107 
State and political subdivision obligations —  3,595  —  3,595 
Corporate debt securities —  33,034  —  33,034 
Equity securities 436  —  —  436 
Loans held for sale —  6,851  —  6,851 
Other assets:
Derivative assets —  10,814  —  10,814 
Other liabilities:
Derivative liabilities —  9,901  9,901 
December 31, 2024
(In thousands) Level 1 Level 2 Level 3 Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies $ —  $ 21,507  $ —  $ 21,507 
Mortgage-backed U.S. government agencies —  202,944  —  202,944 
State and political subdivision obligations —  3,596  —  3,596 
Corporate debt securities —  32,430  —  32,430 
Equity securities 428  —  —  428 
Loans held for sale —  7,064  —  7,064 
Other assets:
Derivative assets —  13,708  —  13,708 
Other liabilities:
Derivative Liabilities —  11,118  —  11,118 
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The valuation methodologies and assumptions used to estimate the fair value for the items in the preceding tables are as follows:
Available for sale investment securities - The fair value of equity and debt securities classified as available for sale is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather, relying on the securities’ relationship to other benchmark quoted prices.
Equity securities - The fair value of equity securities with readily determinable fair values is recorded on the Consolidated Balance Sheet, with realized and unrealized gains and losses reported in other expense on the Consolidated Statements of Income.
Loans held for sale - This category includes mortgage loans held for sale that are measured at fair value. Fair values as of March 31, 2025 were measured as the price that secondary market investors were offering for loans with similar characteristics.
Derivative instruments - Interest rate swaps are measured by alternative pricing sources with reasonable levels of price transparency in markets that are not active. Based on the complex nature of interest rate swap agreements, the markets these instruments trade in are not as efficient and are less liquid than that of the more mature Level 1 markets. These markets do, however, have comparable, observable inputs in which an alternative pricing source values these assets in order to arrive at a fair market value. These characteristics classify interest rate swap agreements as Level 2.
Mortgage banking derivatives - represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors and the fair value of interest rate swaps. The fair values of Mid Penn’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. These characteristics classify Mortgage banking derivatives as Level 2. As of March 31, 2025, Mortgage banking derivatives are not considered material.
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, upon their acquisition or when there is evidence of impairment).

The following table illustrates financial instruments measured at fair value on a nonrecurring basis:
March 31, 2025
(In thousands) Level 1 Level 2 Level 3 Total
Individually evaluated loans, net of ACL $ —  $ —  $ 21,662  $ 21,662 
Foreclosed assets held for sale —  —  1,402  1,402 
December 31, 2024
(In thousands) Level 1 Level 2 Level 3 Total
Individually evaluated loans, net of ACL $ —  $ —  $ 21,171  $ 21,171 
Foreclosed assets held for sale —  —  44  44 
Net loans - This category consists of loans that were individually evaluated for credit losses, net of the related ACL, and have been classified as Level 3 assets. All of Mid Penn’s individually evaluated loans for 2025 and 2024, whether reporting
a specific allowance allocation or not, are considered collateral-dependent. Mid Penn utilized Level 3 inputs such as independent appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses.
Foreclosed assets held for sale - Values are based on appraisals that consider the sales prices of property in the proximate vicinity.
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The following table presents additional information about the valuation techniques for level 3 assets measured at fair value on a nonrecurring basis.
March 31, 2025
(In thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL $ 21,662 
Appraisal of collateral
Appraisal adjustments
 8% - 100% 26.5%
Foreclosed assets held for sale 1,402 
Appraisal of collateral
 Appraisal adjustments 41% - 41% 41.0%
December 31, 2024
(In thousands)
Fair Value
Valuation Technique
Significant Unobservable Input
 Range of Inputs
Weighted Average
Individually evaluated loans, net of ACL $ 21,171  Appraisal of collateral Appraisal adjustments —% - 100% 5.6%
Foreclosed assets held for sale 44  Appraisal of collateral Appraisal adjustments 26% - 26% 26.0%
The following tables summarize the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn's financial instruments as of the periods presented:
March 31, 2025
Carrying
Amount		 Estimated Fair Value
(In thousands) Level 1 Level 2 Level 3 Total
Financial instruments - assets
 Cash and cash equivalents $ 107,254  $ 107,254  $ —  $ —  $ 107,254 
 Available-for-sale securities 258,493  —  258,493  —  258,493 
Held-to-maturity securities 375,115  —  339,708  —  339,708 
 Equity securities 436  436  —  —  436 
 Loans held for sale 6,851  —  6,851  —  6,851 
Net loans 4,455,329  —  —  4,483,665  4,483,665 
  Restricted investment in bank stocks 6,660  6,660  —  6,660 
  Accrued interest receivable 27,263  27,263  —  —  27,263 
  Derivative assets 10,814  —  10,814  —  10,814 
Financial instruments - liabilities
Deposits $ 4,732,202  $ —  $ 4,740,814  $ —  $ 4,740,814 
Short-term borrowings 25,000  —  25,000  —  25,000 
Long-term debt (1)
 20,462  —  20,369  —  20,369 
Subordinated debt 45,587  —  43,246  —  43,246 
 Accrued interest payable 12,900  12,900  —  —  12,900 
 Derivative liabilities 9,901  —  9,901  —  9,901 
(1)Long-term debt excludes finance lease obligations.
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December 31, 2024
Estimated Fair Value
(In thousands) Carrying
Amount		 Level 1 Level 2 Level 3 Total
Financial instruments - assets
Cash and cash equivalents $ 70,564  $ 70,564  $ —  $ —  $ 70,564 
Available-for-sale securities 260,477  —  260,477  —  260,477 
 Held-to-maturity securities 382,447  —  340,648  —  340,648 
   Equity securities 428  428  —  —  428 
 Loans held for sale 7,064  —  7,064  —  7,064 
Net loans 4,407,556  —  —  4,430,623  4,430,623 
 Restricted investment in bank stocks 7,461  7,461  —  7,461 
 Accrued interest receivable 26,846  26,846  —  —  26,846 
 Derivative assets 13,708  —  13,708  —  13,708 
Financial instruments - liabilities
Deposits $ 4,689,927  $ —  $ 4,684,548  $ —  $ 4,684,548 
Short-term debt 2,000  —  2,000  —  2,000 
Long-term debt (1)
 20,540  —  19,120  —  19,120 
Subordinated debt 45,741  —  42,811  —  42,811 
 Accrued interest payable 13,484  13,484  —  —  13,484 
 Derivative liabilities 11,118  —  11,118  —  11,118 
(1)Long-term debt excludes finance lease obligations.
The Bank’s outstanding and unfunded credit commitments and financial standby letters of credit were deemed to have no significant fair value as of March 31, 2025 and December 31, 2024.
Note 9 - Commitments and Contingencies
Guarantees and commitments to extend credit
Mid Penn is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments include various guarantees and commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Mid Penn evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit and financial guarantees written are conditional commitments to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Mid Penn had $67.5 million and $64.3 million of standby letters of credit outstanding as of March 31, 2025 and December 31, 2024, respectively. Mid Penn does not anticipate any losses because of these transactions. The amount of the liability as of March 31, 2025 and December 31, 2024 for payment under standby letters of credit issued was not considered material.
Mid Penn is required to estimate expected credit losses for OBS credit exposures which are not unconditionally cancellable. Mid Penn maintains a separate ACL on OBS credit exposures, including unfunded loan commitments and letters of credit, which is included in other liabilities on the accompanying Consolidated Balance Sheets.
The ACL - OBS is adjusted as a provision for OBS commitments in provision for credit losses. The estimate includes consideration of the likelihood that funding will occur, an estimate of exposure at default that is derived from utilization rate assumptions using a non-modeled approach, and PD and LGD estimates that are derived from the same models and approaches for Mid Penn's other loan portfolio segments described in "Note 4 - Loans and Allowance for Credit Losses - Loans" above, as these unfunded commitments share similar risk characteristics with these loan portfolio segments.
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The ACL - OBS was $2.9 million as of March 31, 2025 and December 31, 2024. A benefit for credit losses - credit commitments of $20 thousand and $318 thousand was recorded for the three months ended March 31, 2025 and March 31, 2024, respectively.
The following table presents the activity in the ACL - OBS by segment for the three March 31, 2025 and December 31, 2024:
(in thousands)
 Balance at December 31, 2024 (Benefit)/Provision for credit loss Three months ended March 31, 2025
1-4 Family Rental $ 16  $ (3) $ 13 
C&I 1,165  157  1,322 
CRE NonOwner Occupied 132  (23) 109 
CRE Owner Occupied 98  7  105 
Consumer 3  —  3 
Farmland 92  20  112 
HELOC & Junior Liens 92  3  95 
Multifamily 27  (5) 22 
Other Construction & Land 792  (132) 660 
Residential Construction 516  (45) 471 
Residential First Liens 6  1  7 
$ 2,939  $ (20) $ 2,919 
(in thousands)
 Balance at December 31, 2023 (Benefit)/Provision for credit loss Three months ended March 31, 2024
1-4 Family Rental $ 11  $ —  $ 11 
C&I 1,270  (132) 1,138 
CRE NonOwner Occupied 113  (28) 85 
CRE Owner Occupied 106  14  120 
Consumer 3  —  3 
Farmland 108  (13) 95 
HELOC & Junior Liens 100  13  113 
Multifamily 24  (7) 17 
Other Construction & Land 1,036  (108) 928 
Residential Construction 778  (47) 731 
Residential First Liens 18  (10) 8 
$ 3,567  $ (318) $ 3,249 
Litigation
Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties.
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While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.
Note 10 - Debt
Short-term FHLB and Correspondent Bank Borrowings
Total short-term borrowings were $25.0 million and $2.0 million as of March 31, 2025 and December 31, 2024, respectively. Short-term borrowings generally consist of federal funds purchased and advances from the FHLB with an original maturity of less than a year. Federal funds purchased from correspondent banks mature in one business day and reprice daily based on the Federal Funds rate. Advances from the FHLB are collateralized by the Bank’s investment in the common stock of the FHLB and by a blanket lien on selected loan receivables comprised principally of real estate secured loans within the Bank’s portfolio totaling $2.4 billion at March 31, 2025. The Bank had a short-term borrowing capacity from the FHLB as of March 31, 2025 up to the Bank’s unused borrowing capacity of $1.5 billion (equal to $1.7 billion of maximum borrowing capacity, less the aggregate amount of FHLB letter of credits securing public funds deposits, and other FHLB advances and obligations outstanding) upon satisfaction of any stock purchase requirements of the FHLB.
The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35.0 million at March 31, 2025. No draws were made on these lines as of March 31, 2025 and December 31, 2024, respectively.
Long-term Debt
The following table presents a summary of long-term debt as of March 31, 2025 and December 31, 2024.
(Dollars in thousands) March 31, 2025 December 31, 2024
FHLB fixed rate instruments:
Due February 2026, 4.51%
 $ 20,000  $ 20,000 
Due August 2026, 4.80%
 447  523 
Due February 2027, 6.71%
 15  17 
Total FHLB fixed rate instruments 20,462  20,540 
Lease obligations included in long-term debt 3,027  3,063 
Total long-term debt $ 23,489  $ 23,603 
As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. The FHLB fixed rate instruments obtained by the Bank are secured under the terms of a blanket collateral agreement with the FHLB consisting of FHLB stock and qualifying Bank loan receivables, principally real estate secured loans. The Bank also obtains letters of credit from the FHLB to secure certain public fund deposits of municipality and school district customers who agree to use of the FHLB letters of credit as a legally allowable alternative to investment pledging. These FHLB letter of credit commitments totaled $113.0 million and $156.0 million as of March 31, 2025 and December 31, 2024, respectively.
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Note 11 - Subordinated Debt and Trust Preferred Securities
Subordinated Debt Assumed November 2021 with the Riverview Acquisition
On November 30, 2021, Mid Penn completed its acquisition of Riverview and assumed $25.0 million of subordinated notes (the "Riverview Notes"). In accordance with purchase accounting principles, the Riverview Notes were assigned a fair value premium of $2.3 million. The notes are treated as Tier 2 capital for regulatory reporting purposes.
The Riverview Notes were entered into by Riverview on October 6, 2020 with certain qualified institutional buyers and accredited institutional investors. The Riverview Notes have a maturity date of October 15, 2030 and initially bear interest, payable semi-annually, at a fixed annual rate of 5.75% per annum until October 15, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 563 bps, payable quarterly until maturity. Mid Penn may redeem the Riverview Notes at par, in whole or in part, at its option, anytime beginning on October 15, 2025, subject to any required regulatory approvals.
Subordinated Debt Issued December 2020
On December 22, 2020, Mid Penn entered into agreements for and sold at 100% of their principal amount, an aggregate of $12.2 million of its subordinated notes due December 2030 (the "December 2020 Notes") on a private placement basis to accredited investors. The December 2020 Notes are treated as Tier 2 capital for regulatory capital purposes.
The December 2020 Notes bear interest at a rate of 4.5% per year for the first five years and then float at the Wall Street Journal’s Prime Rate plus 50 bp, provided that the interest rate applicable to the outstanding principal balance during the period the December 2020 Notes are floating will at no time be less than 4.5%. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on March 31, 2021. The December 2020 Notes will mature on December 31, 2030 and are redeemable, in whole or in part, without premium or penalty, on any interest payment date on or after December 31, 2025 and prior to December 31, 2030, subject to any required regulatory approvals. Additionally, if (i) all or any portion of the December 2020 Notes cease to be deemed Tier 2 Capital, (ii) interest on the December 2020 Notes fails to be deductible for United States federal income tax purposes, or (iii) Mid Penn will be considered an "investment company," Mid Penn may redeem the December 2020 Notes, in whole but not in part, by giving 10 days’ notice to the holders of the December 2020 Notes. In the event of a redemption described in the previous sentence, Mid Penn will redeem the December 2020 Notes at 100% of the principal amount of the December 2020 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.
Holders of the December 2020 Notes may not accelerate the maturity of the December 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar event of Mid Penn or Mid Penn Bank, its principal banking subsidiary. Related parties held $750 thousand of the December 2020 Notes as of March 31, 2025 and December 31, 2024.
Subordinated Debt Issued March 2020
On March 20, 2020, Mid Penn entered into agreements with accredited investors who purchased $15.0 million aggregate principal amount of its subordinated notes due March 2030 (the "March 2020 Notes"). As a result of Mid Penn’s merger with Riverview on November 30, 2021, $6.9 million of the March 2020 Notes balance was redeemed as Riverview was a holder of the March 2020 Notes. The balance of March 2020 Notes outstanding as of March 31, 2025 was $8.1 million. The March 2020 Notes are intended to be treated as Tier 2 capital for regulatory capital purposes.
The March 2020 Notes bear interest at a rate of 4.0% per year for the first five years and then float at the Wall Street Journal’s Prime Rate, provided that the interest rate applicable to the outstanding principal balance during the period the March 2020 Notes are floating will at no time be less than 4.25%. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, beginning on June 30, 2020, for the first five years after issuance and will be payable quarterly in arrears thereafter on March 30, June 30, September 30 and December 30. The March 2020 Notes will mature on March 30, 2030 and are redeemable in whole or in part, without premium or penalty, at any time on or after March 30, 2025 and prior to March 30, 2030. Additionally, if all or any portion of the March 2020 Notes cease to be deemed Tier 2 Capital, Mid Penn may redeem, on any interest payment date, all or part of the 2020 Notes. In the event of a redemption described in the previous sentence, Mid Penn will redeem the March 2020 Notes at 100% of the principal amount of the March 2020 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.
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Holders of the March 2020 Notes may not accelerate the maturity of the March 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar event of Mid Penn or Mid Penn Bank, its principal banking subsidiary. Related parties held $1.7 million of the March 2020 Notes as of March 31, 2025 and December 31, 2024.
Note 12 - Common Stock and Earnings Per Share
Treasury Stock Repurchase Program
Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 30, 2026 by Mid Penn’s Board of Directors on April 23, 2025. The Program authorizes the repurchase of up to $15.0 million of Mid Penn’s outstanding common stock. Under the Program, Mid Penn conducts repurchases of its common stock through open market transactions (which may be by means of a trading plan adopted under SEC Rule 10b5-1) or in privately negotiated transactions. Repurchases under the Program are made at the discretion of management and are subject to market conditions and other factors. There is no guarantee as to the exact number of shares that Mid Penn may repurchase. The Program is able to be modified, suspended or terminated at any time, at Mid Penn’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors Mid Penn deems appropriate. The Program does not obligate Mid Penn to repurchase any shares.
No shares were repurchased in the three months ended March 31, 2025. As of March 31, 2025, Mid Penn had repurchased 440,722 shares of common stock at an average price of $22.78 per share under the Program. The Program had approximately $5.0 million remaining available for repurchase as of March 31, 2025.
Dividend Reinvestment Plan
Under Mid Penn’s amended and restated DRIP, 300,000 shares of Mid Penn’s authorized but unissued common stock are reserved for issuance. The DRIP also allows for voluntary cash payments, within specified limits, to be used for the purchase of additional shares.
Equity Incentive Plans
On May 9, 2023, shareholders approved the 2023 Stock Incentive Plan, which authorizes Mid Penn to grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, deferred stock units and performance shares. The 2023 Plan was established for employees and directors of Mid Penn and the Bank, selected by the Compensation Committee of the Board of Directors, to incentivize the further success of the Company, and replaces the 2014 Restricted Stock Plan. The aggregate number of shares of common stock of the Company available for issuance under the Plans is 550,000 shares.
As of March 31, 2025, a total of 263,974 restricted shares were granted under the Plans, of which 82,278 shares were unvested. The Plan's shares granted and vested resulted in $239 thousand and $302 thousand in share-based compensation expense for the three months ended March 31, 2025 and 2024, respectively.
Share-based compensation expense relating to restricted stock is calculated using grant date fair value and is recognized on a straight-line basis over the vesting periods of the awards. Restricted shares granted to employees vest in equal amounts on the anniversary of the grant date over the vesting period and the expense is a component of salaries and benefits expense on the Consolidated Statement of Income. The employee grant vesting period is determined by the terms of each respective grant, with vesting periods generally between one and four years. Restricted shares granted to directors have a twelve-month vesting period, and the expense is a component of directors’ fees and benefits within the other expense line item on the Consolidated Statement of Income.
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The following data shows the amounts used in computing basic and diluted earnings per common share:
Three Months Ended March 31,
(In thousands, except per share data) 2025 2024
Net income $ 13,742  $ 12,133 
Weighted average common shares outstanding (basic) 19,355,867 16,567,902
Effect of dilutive unvested restricted stock grants 60,398 45,471
Weighted average common shares outstanding (diluted) 19,416,265 16,613,373
Basic earnings per common share $ 0.71  $ 0.73 
Diluted earnings per common share 0.71  0.73 
There were no antidilutive instruments at March 31, 2025 and 2024, respectively.
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Note 13 - Segment Reporting
Mid Penn operates as a single reportable segment, providing a broad range of banking and financial services to individuals, businesses, and institutional clients. These services include commercial and consumer lending, deposit products, wealth management, insurance, and treasury management solutions. The Chief Executive Officer and the Chief Financial Officer are the Mid Penn Chief Operating Decision Makers ("CODM"). The CODM regularly evaluates financial performance and allocates resources on a consolidated basis.

The following table presents certain information reviewed by management:

(in thousands)
 March 31, 2025 March 31, 2024
Net interest income $ 42,509  $ 36,456 
Provision (Benefit) for credit losses 301 (937)
Noninterest income 5,239 5,837
Noninterest expense 30,642 28,520
Income taxes 3,063 2,577
Net income 13,742 12,133
Total assets $ 5,546,026  $ 5,330,379 

Other Segment Information

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

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

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management Discussion relates to the Corporation, a financial holding company incorporated in the Commonwealth of Pennsylvania, and its wholly-owned subsidiaries, and should be read in conjunction with the consolidated financial statements and other financial information presented in this report.
Caution About Forward-Looking Statements
Forward-looking statements involve risks, uncertainties and assumptions. Although Mid Penn generally does not make forward-looking statements unless Mid Penn’s management believes its management has a reasonable basis for doing so, Mid Penn cannot guarantee the accuracy of any forward-looking statements. Actual results may differ materially from those expressed in any forward-looking statements due to a number of uncertainties and risks, including the risks described in this Quarterly Report on Form 10-Q, the 2024 Annual Report, and other unforeseen risks. You should not put undue reliance on any forward-looking statements. These statements speak only as of the date of this Quarterly Report on Form 10-Q, even if subsequently made available by us on Mid Penn’s website or otherwise, and Mid Penn undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

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

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

•Mid Penn’s ability to efficiently integrate acquisitions, including as a result of the Merger, into its business and operations, which may take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse results relating to Mid Penn’s existing business and operations;
•the possibility that the anticipated benefits of the Merger, including anticipated cost savings and other synergies of the Merger may take longer to be realized or may not be achieved in their entirety, and attrition in key client, partner and other relationships relating to the Merger may be greater than expected;
•the effects of future economic conditions on Mid Penn, the Bank, our nonbank subsidiaries, and our markets and customers;
•governmental monetary and fiscal policies, as well as legislative and regulatory changes;
•future actions or inactions of the United States government, including a failure to increase the government debt limit or a prolonged shutdown of the federal government;
•business or economic disruption from national or global epidemic or pandemic events;
•the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, the value of investment securities, and interest rate protection agreements;
•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, 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, as may be adopted by regulatory agencies, as well as the Public Company Accounting Oversight Board, Financial Accounting Standards Board, the SEC, and other accounting and reporting rule making authorities;
•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
•changes in technology;
•our ability to implement business strategies, including our acquisition strategy;
•our ability to successfully expand our franchise, including through acquisitions or establishing new offices at favorable prices;
•our ability to successfully integrate any banks, companies, offices, assets, liabilities, customers, systems and management personnel we acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames;
•potential goodwill impairment charges, or future impairment charges and fluctuations in the fair values of reporting units or of assets in the event projected financial results are not achieved within expected time frames;
•our ability to attract and retain qualified management and personnel;
•results of regulatory examination and supervision processes;
•the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the Merger;
•potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with the Merger;
•the failure of assumptions underlying the establishment of reserves for loan and lease losses, the assessment of potential impairment of investment securities, and estimations of values of collateral and various financial assets and liabilities;
•our ability to maintain compliance with the listing rules of The NASDAQ Stock Market;
•our ability to maintain the value and image of our brand and protect our intellectual property rights;
•volatility in the securities markets;
•disruptions due to flooding, severe weather, or other natural disasters or acts of God;
•acts of war, terrorism, or global military conflict;
•supply chain disruption;
•the risk factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC; and
•other risks and uncertainties contained in this prospectus supplement or incorporated by reference into this prospectus supplement from the other reports and filings with the SEC.
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Overview
Mid Penn is a financial holding company, which generates the majority of its revenues through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the net interest margin, which is FTE net interest income as a percentage of average interest-earning assets. Mid Penn also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans, investments and properties. Offsetting these revenue sources are provisions for credit losses, non-interest expenses and income taxes.
The following table presents a summary of Mid Penn's earnings and selected performance ratios:
Three Months Ended March 31,
2025 2024
Net Income $ 13,742  $ 12,133 
Diluted EPS $ 0.71  $ 0.73 
Dividends Declared $ 0.20  $ 0.20 
Return on average assets (2)
 1.01  % 0.92  %
Return on average equity (2)
 8.43  % 8.94  %
Net interest margin (1)
 3.37  % 2.97  %
Non-performing assets to total assets 0.46  % 0.29  %
Net (recoveries)/charge-offs to average loans (annualized) (0.0003) % 0.004  %
(1) Presented on a FTE basis using a 21% Federal tax rate and statutory interest expense disallowances. See also the "Net Interest Income" section.
(2) Annualized ratios


Summary of Financial Results
•Net Income Per Share - Mid Penn’s net income available to common shareholders ("earnings") for the three months ended March 31, 2025 was $13.7 million, or $0.71 per both common share basic and diluted, compared to earnings of $12.1 million, or $0.73 per both common share basic and diluted for the three months ended March 31, 2024.
◦Net Interest Margin - For the first quarter of 2025, Mid Penn’s net interest margin was 3.37% versus 2.97% for the same period of 2024. The yield on interest-earning assets for the first quarter of 2025 increased 14 basis points from the same period of 2024. The rate on interest-bearing liabilities decreased 30 basis points from the same period of 2024.
◦Loan Growth - Total loans, net of unearned income, as of March 31, 2025 were $4.5 billion compared to $4.4 billion as of December 31, 2024, an increase of $48.1 million, or 1.1%. The growth was primarily driven by an increase in owner occupied commercial real estate of $30.3 million, an increase in nonowner occupied commercial real estate of $21.1 million, and an increase in commercial and industrial loans of $15.3 million, partially offset by an $11.2 million decrease in residential construction loans.
◦Deposit Growth - Total deposits increased $42.3 million, or 0.9%, from $4.7 billion at December 31, 2024, to $4.7 billion at March 31, 2025. The growth was driven by an increase of $55.5 million in interest-bearing transaction accounts, a $29.1 million increase in non-interest bearing accounts, offset by a decrease of $42.3 million in time deposits.
•Asset Quality - ACL-loans at March 31, 2025 was $35.8 million, or 0.80% of total loans, as compared to $35.5 million, or 0.80% of total loans at December 31, 2024.
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◦Net Charge-offs/Recoveries - Mid Penn had net recoveries of $3 thousand and net charge-offs of $44 thousand for the three months ended March 31, 2025 and 2024, respectively.
◦Non-performing assets - Total non-performing assets were $25.4 million at March 31, 2025, an increase compared to non-performing assets of $22.7 million at December 31, 2024. The increase during the first quarter of 2025 is primarily related to the addition of three commercial loans with a combined balance of $7.0 million, partially offset by the payoff of two commercial loans with a combined balance of $3.0 million. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.50% at March 31, 2025, compared to 0.52% as of December 31, 2024.
◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $321 thousand for the three months ended March 31, 2025 compared to a benefit of $619 thousand for the same period of 2024. The benefit for credit losses on off-balance sheet credit exposures was $20 thousand for the three months ended March 31, 2025, compared to a benefit of $318 thousand for the same period of 2024. The increase in provision for the three months ended March 31, 2025, is primarily due to an increase in loss factors across certain portfolios.
•Noninterest Income - Noninterest income totaled $5.2 million for the three months ended March 31, 2025 compared to $5.8 million for the same period of 2024. The decrease is primarily due to a $731 thousand decrease in other miscellaneous noninterest income, driven by a $1.4 million decrease in Bank-owned life insurance benefits received, partially offset by a $357 thousand increase in loan level swap fees, a $113 thousand increase in other letter of credit income, and a $167 thousand increase in Mortgage Banking income.
•Noninterest Expense - Noninterest expense totaled $30.6 million for the three months ended March 31, 2025, an increase of $2.1 million, or 7.4%, compared to noninterest expense of $28.5 million for the same period of 2024. The increase was primarily driven by a $847 thousand increase in salaries and employee benefits, a $454 thousand increase in software licensing, a $314 thousand increase in merger and acquisition expenses, and a $292 thousand increase in occupancy expenses, partially offset by a $172 thousand decrease in legal and professional fees.
•Liquidity - Current liquidity, including borrowing capacity, decreased to $1.6 billion or 104.2% of uninsured and uncollateralized deposits, or approximately 33.0% of total deposits.
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Critical Accounting Estimates
The 2024 Annual Report on Form 10-K includes a summary of critical accounting estimates that Mid Penn considers to be most important to the presentation of its financial condition and results of operations. These estimates require management’s most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.
Management of the Corporation considers the accounting judgments relating to the allowance for credit losses and goodwill impairment to be the accounting area that requires the most subjective and complex judgments.
There have been no material changes to Mid Penn's critical accounting estimates as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

Net Interest Income
Net interest income, Mid Penn’s primary source of revenue, is the amount by which interest income on loans and investments exceeds interest incurred on deposits and borrowings. The amount of net interest income is affected by changes in interest rates and changes in the volume and mix of interest-sensitive assets and liabilities. Net interest income is also shown on a taxable-equivalent basis in total. Income from tax-exempt assets, primarily loans to or securities issued by state and local governments, is adjusted by an amount equivalent to the federal income taxes which would have been paid if the income received on these assets was taxable at the statutory rate of 21% for the periods presented.
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The following table includes average balances, amounts, and yields of interest income and rates of expense, interest rate spread, and net interest margin for the periods presented:
Average Balances, Income and Interest Rates
For the Three Months Ended
March 31, 2025 March 31, 2024
(Dollars in thousands) Average Balance Interest
Yield/
Rate (2)
 Average Balance Interest
Yield/
Rate (2)
ASSETS:
Interest Bearing Balances $ 20,794  $ 138  2.69  % $ 39,999  $ 403  4.05  %
Investment Securities:
Taxable 569,800  4,309  3.07  % 539,674  3,800  2.83  %
Tax-Exempt 69,780  348  2.02  % 76,013  376  1.99  %
Total Investment Securities 639,580  4,657  2.95  % 615,687  4,176  2.73  %
Federal Funds Sold 23,754  261  4.46  % 10,373  136  5.27  %
Loans, net of unearned income 4,459,679  66,537  6.05  % 4,293,828  63,236  5.92  %
Restricted Investment in Bank Stocks 7,101  151  8.62  % 19,439  240  4.97  %
Total Interest-earning Assets 5,150,908  71,744  5.65  % 4,979,326  68,191  5.51  %
Cash and Due from Banks 39,916  38,264 
Other Assets 300,939  302,090 
Total Assets $ 5,491,763  $ 5,319,680 
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand $ 1,051,325  $ 4,681  1.81  % $ 898,340  $ 3,884  1.74  %
Money Market 1,024,669  6,941  2.75  % 876,242  5,968  2.74  %
Savings 260,965  54  0.08  % 287,765  72  0.10  %
Time 1,591,769  16,588  4.23  % 1,468,611  16,408  4.49  %
Total Interest-bearing Deposits 3,928,728  28,264  2.92  % 3,530,958  26,332  3.00  %
Short-term borrowings 24,892  290  4.72  % 316,025  4,446  5.66  %
Long-term debt 23,533  257  4.43  % 40,571  533  5.28  %
Subordinated debt and trust preferred securities 45,662  424  3.77  % 46,275  424  3.69  %
Total Interest-bearing Liabilities 4,022,815  29,235  2.95  % 3,933,829  31,735  3.24  %
Noninterest-bearing Demand 752,980  781,136 
Other Liabilities 55,004  58,714 
Shareholders' Equity 660,964  546,001 
Total Liabilities & Shareholders' Equity $ 5,491,763  $ 5,319,680 
Net Interest Income $ 42,509  $ 36,456 
Taxable Equivalent Adjustment (1)
 242  260 
Net Interest Income (taxable-equivalent basis) $ 42,751  $ 36,716 
Total Yield on Earning Assets 5.65  % 5.51  %
Rate on Supporting Liabilities 2.95  % 3.24  %
Average Interest Spread 2.70  % 2.27  %
Net Interest Margin (1)
 3.37  % 2.97  %
(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2)Annualized ratios
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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended March 31, 2025 in comparison to the same period in 2024:
Three months ended
March 31, 2025 vs. March 31, 2024
Increase (decrease)
(Dollars in thousands) Volume Rate Net
INTEREST INCOME:
Interest Bearing Balances $ (192) $ (73) $ (265)
Investment Securities:
Taxable 210  299  509 
Tax-Exempt (31) 3  (28)
Total Investment Securities 179  302  481 
Federal Funds Sold 174  (49) 125 
Loans 2,422  879  3,301 
Restricted Investment Bank Stocks (151) 62  (89)
Total Interest Income 2,432  1,121  3,553 
INTEREST EXPENSE:
Interest Bearing Deposits:
Interest Bearing Demand 656  141  797 
Money Market 1,003  (30) 973 
Savings (7) (11) (18)
Time 1,365  (1,185) 180 
Total Interest-Bearing Deposits 3,017  (1,085) 1,932 
Short-term Borrowings (4,062) (94) (4,156)
Long-term Debt (222) (54) (276)
Subordinated Debt (6) 6  — 
Total Interest Expense (1,273) (1,227) (2,500)
NET INTEREST INCOME $ 3,705  $ 2,348  $ 6,053 
For the three months ended March 31, 2025, net interest income was $42.5 million compared to net interest income of $36.5 million for the three months ended March 31, 2024. The tax-equivalent net interest margin for the three months ended March 31, 2025 was 3.37% compared to 2.97% for the first quarter of 2024, representing a 40 bp increase compared to the same period in 2024.
The yield on interest-earning assets increased to 5.65% for the quarter ended March 31, 2025, from 5.51% for the quarter ended March 31, 2024. These increases were due to assets continuing to reprice at higher rates during 2024 and the first quarter of 2025, continued discipline on new loan pricing, and an increase in Fed Funds Sold.
Average investment securities increased $23.9 million and the yield on those investment securities increased 23 bps during the first quarter of 2025 compared to the first quarter of 2024, increasing interest income due to volume by $179 thousand, and increasing interest income due to rates by $302 thousand. Average loans increased $165.9 million, and the yield on those loans increased 13 bps, contributing $2.4 million and $879 thousand, respectively, to the increase in interest income.
Interest expense decreased $2.5 million during the first quarter of 2025 compared to the first quarter of 2024. The rate of interest-bearing liabilities decreased from 3.24% for the first quarter of 2024 to 2.95% for the first quarter of 2025. The decrease in the rate was primarily a result of a decrease in short-term borrowings, a decrease in long term debt, and a decrease in time deposits.
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Mid Penn continued to offer higher rates over the comparable period to both retain and attract deposits.
Although the effective interest rate impact on interest-earning assets and funding sources can be reasonably estimated at current interest rate levels, the interest-bearing product and pricing options selected by customers, and the future mix of the loan, investment, and deposit products in the Bank's portfolios, may significantly change the estimates used in Mid Penn’s asset and liability management and related interest rate risk simulation models. In addition, our net interest income may be impacted by further interest rate actions of the Federal Reserve’s FOMC.
Provision for Credit Losses - Loans
The provision for credit losses on loans was $321 thousand for the three months ended March 31, 2025 compared to a benefit of $619 thousand for the three months ended March 31, 2024. The increase in provision was driven by an increase in loss factors across certain portfolios.
Noninterest Income
For the three months ended March 31, 2025, noninterest income totaled $5.2 million, a decrease of $598 thousand, or 10.2%, compared to noninterest income of $5.8 million for the three months ended March 31, 2024. The decrease is primarily due to a $731 thousand decrease in other miscellaneous noninterest income, driven by a $1.4 million decrease in Bank-owned life insurance benefits received, partially offset by a $357 thousand increase in loan level swap fees, a $113 thousand increase in other letter of credit income, and a $167 thousand increase in Mortgage Banking income.
The following table and explanations that follow provide additional analysis of noninterest income:
Three Months Ended March 31,
(Dollars in Thousands) 2025 2024 $ Variance % Variance
Fiduciary and wealth management $ 1,140  $ 1,132  $ 8  0.7  %
ATM debit card interchange 919  945  (26) (2.8)
Service charges on deposits 562  509  53  10.4 
Mortgage banking 591  424  167  39.4 
Mortgage hedging (9) —  (9) 100.0 
Net gain on sales of SBA loans 57  107  (50) (46.7)
Earnings from cash surrender value of life insurance 274  284  (10) (3.5)
Other 1,705  2,436  (731) (30.0)
Total $ 5,239  $ 5,837  $ (598) (10.2  %)

Noninterest Expense
For the three months ended March 31, 2025, noninterest expense totaled $30.6 million, an increase of $2.1 million, or 7.4%, compared to noninterest expense of $28.5 million for the same period in 2024. The increase was primarily driven by a $847 thousand increase in salaries and employee benefits, a $454 thousand increase in software licensing, a $314 thousand increase in merger and acquisition expenses, and a $292 thousand increase in occupancy expenses, partially offset by a $172 thousand decrease in legal and professional fees.
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The following table and explanations that follow provide additional analysis of noninterest expense:
Three Months Ended March 31,
(Dollars in Thousands) 2025 2024 $ Variance % Variance
Salaries and employee benefits $ 16,309  $ 15,462  $ 847  5.5  %
Software licensing and utilization 2,574  2,120  454  21.4 
Occupancy expense, net 2,274  1,982  292  14.7 
Equipment expense 1,094  1,222  (128) (10.5)
Shares tax 919  997  (78) (7.8)
Legal and professional fees 826  998  (172) (17.2)
ATM/card processing 733  534  199  37.3 
Intangible amortization 428  428  —  — 
FDIC Assessment 990  945  45  4.8 
Gain on sale of foreclosed assets, net (28) —  (28) 100.0 
Merger and acquisition expense 314  —  314  100.0 
Other expenses 4,209  3,832  377  9.8 
Total Noninterest Expense $ 30,642  $ 28,520  $ 2,122  7.4  %

Income Taxes
The provision for income taxes was $3.1 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The provision for income taxes for the three months ended March 31, 2025 reflects a combined Federal and State effective tax rate of 18.2% and 17.5%, for the three months ended March 31, 2025 and March 31, 2024, respectively. Generally, Mid Penn’s effective tax rate is below the federal statutory rate due to earnings on tax-exempt loans, investments, and earnings from the cash surrender value of life insurance, as well as the impact of federal income tax credits, including those awarded from Mid Penn’s low-income housing investments. The realization of Mid Penn’s deferred tax assets is dependent on future earnings. Mid Penn currently anticipates that future earnings will be adequate to fully realize the currently recorded deferred tax assets.
Financial Condition
Mid Penn’s total assets were $5.5 billion as of March 31, 2025, reflecting an increase of $75.1 million, or 1.4%, compared to total assets of $5.5 billion as of December 31, 2024. The increase was primarily driven by organic loan growth, and an increase in Fed Funds Sold.
Investment Securities
Mid Penn’s investment portfolio is utilized primarily to support overall liquidity and interest rate risk management, to provide collateral supporting pledging requirements for public funds on deposit, and to generate additional interest income within reasonable risk parameters. The carrying value of total investment securities as of March 31, 2025 were $633.6 million compared to $642.9 million as of December 31, 2024. Mid Penn does not intend to grow the investment portfolio beyond levels necessary to support pledging requirements.

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The following table presents the expected maturities of the investment portfolio and the weighted average yields (calculated based on historical cost):
Maturing
(In Thousands) One Year
and Less		 After One Year
thru Five Years		 After Five Years
Thru Ten Years		 After Ten
Years
As of March 31, 2025 Amount Weighted Average Yield Amount Weighted Average Yield Amount Weighted Average Yield Amount Weighted Average Yield
Available for sale securities, at fair value:
U.S. Treasury and U.S. government agencies $ 5,489  3.49  % $ 14,408  2.39  % $ 1,860  3.30  % $ —  —  %
Mortgage-backed U.S. government agencies —  —  —  —  5,147  2.52  194,960  3.71 
State and political subdivision obligations —  —  —  —  2,967  2.49  628  2.23 
Corporate debt securities 4,997  5.15  7,326  4.31  20,711  4.42  —  — 
$ 10,486  4.28  % $ 21,734  3.05  % $ 30,685  3.84  % $ 195,588  3.71  %
Held to maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies $ 6,100  3.10  % $ 100,618  1.84  % $ 131,258  2.09  % $ —  —  %
Mortgage-backed U.S. government agencies 25  3.98  2,528  2.96  3,682  2.76  30,040  2.00 
State and political subdivision obligations 11,637  2.44  33,748  2.41  15,717  2.36  14,316  2.54 
Corporate debt securities 2,001  3.90  5,996  3.92  17,449  3.96  —  — 
$ 19,763  2.79  % $ 142,890  2.08  % $ 168,106  2.33  % $ 44,356  2.18  %

Loans, net of unearned income
Total loans, net of unearned income, as of March 31, 2025 were $4.5 billion compared to $4.4 billion as of December 31, 2024. The growth of $48.1 million, or 1.1%, since December 31, 2024 was primarily the result of organic loan growth across the commercial real estate and commercial and industrial portfolios, offset by decreases in residential and other construction loan portfolios.
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March 31, 2025 December 31, 2024 Change in Balance
(Dollars in thousands) Balance % of Total Loans Balance % of Total Loans $ %
Commercial real estate
CRE Nonowner Occupied $ 1,272,153  28.3  % $ 1,251,010  28.1  % $ 21,143  1.7  %
CRE Owner Occupied 654,305  14.6  624,007  14.0  30,298  4.9 
Multifamily 410,531  9.1  412,900  9.3  (2,369) (0.6)
Farmland 226,033  5.0  224,709  5.1  1,324  0.6 
Total Commercial Real Estate 2,563,022  57.0  2,512,626  56.5  50,396  2.0 
Commercial and industrial
720,695  16.0  705,392  15.9  15,303  2.2 
Construction
Residential Construction 88,196  2.0  99,399  2.2  (11,203) (11.3)
Other Construction 321,015  7.1  326,171  7.3  (5,156) (1.6)
Total Construction 409,211  9.1  425,570  9.5  (16,359) (3.8)
Residential mortgage
1-4 Family 1st Lien 312,162  7.0  313,592  7.1  (1,430) (0.5)
1-4 Family Rental 339,880  7.6  336,636  7.6  3,244  1.0 
HELOC and Junior Liens 139,380  3.1  140,392  3.2  (1,012) (0.7)
Total Residential Mortgage 791,422  17.7  790,620  17.9  802  0.1 
Consumer 6,817  0.2  8,862  0.2  (2,045) (23.1)
$ 4,491,167  100.0  % $ 4,443,070  100.0  % $ 48,097  1.1  %

The majority of the Bank's loan portfolio is to businesses and individuals located within the Bank's primary market area of the Pennsylvania counties of Berks, Blair, Bucks, Chester, Clearfield, Cumberland, Dauphin, Delaware, Fayette, Huntingdon, Lancaster, Lehigh, Luzerne, Montgomery, Perry, Schuylkill and Westmoreland, along with Camden, Middlesex and Monmouth counties of New Jersey. Commercial real estate, construction, and land development loans are collateralized mainly by mortgages on the income-producing real estate or land involved. Commercial, industrial, and agricultural loans are primarily made to business entities and may be secured by business assets, including commercial real estate, or may be unsecured. Residential real estate loans are secured by liens on the residential property. Consumer loans include installment loans, lines of credit and home equity loans. The Bank has no significant concentration of credit to any one borrower. The Bank’s highest concentration of credit by loan type is in commercial real estate.
Credit risk is managed through portfolio diversification, underwriting policies and procedures, and loan monitoring practices. Lenders are provided with detailed underwriting policies for all types of credit risks accepted by the Bank and must obtain appropriate internal approvals for credit extensions. The Bank also maintains strict documentation requirements and robust credit quality assurance practices in order to identify credit portfolio weaknesses as early as possible, so any exposures that are discovered might be mitigated or potential losses reduced. The Bank generally secures its loans with real estate, with such collateral values dependent and subject to change based on real estate market conditions within its market area.
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The following table presents the commercial real estate portfolio by property type along with the weighted average loan to value:
(Dollars in thousands) March 31, 2025 December 31, 2024
Commercial Real Estate Balance % of portfolio
Weighted Average LTV (2)
 Balance % of portfolio
Weighted Average LTV (2)
Owner Occupied (1) $ 654,305  25.5  % N/A $ 624,007  24.8  % N/A
Farmland (1) 226,033  8.8  N/A 224,709  8.9  N/A
Multifamily 410,531  16.0  60.2  412,900  16.4  63.8 
Non Owner Occupied
Retail 420,606  16.4  54.5  426,171  17.0  60.3 
Office 276,439  10.8  60.7  296,468  11.8  63.2 
Industrial 184,762  7.2  49.0  161,683  6.4  53.2 
Hospitality 156,631  6.1  45.0  152,060  6.1  51.2 
Flex 43,526  1.7  37.1  44,187  1.8  44.2 
Mobile Home Park 17,153  0.7  59.7  17,748  0.7  67.7 
Health Care 14,367  0.6  54.5  14,511  0.6  55.3 
Other Property Types 158,669  6.2  58.1  138,182  5.5  64.1 
Total Commercial Real Estate $ 2,563,022  100.0  % 55.2  % $ 2,512,626  100.0  % 59.9  %
(1) LTV not available for Owner Occupied and Farmland properties.
(2) Weighted average Loan to Value is calculated based on estimated current market values of the properties.
Maturity distribution by contractual maturity date and rate sensitivity information related to the loan portfolio is reflected in the table below:

(In Thousands)
As of March 31, 2025 One Year
and Less		 One to
Five Years		 Five to
Fifteen Years		 Over
Fifteen Years		 Total
Commercial real estate
CRE Nonowner Occupied $ 65,453  $ 458,592  $ 475,462  $ 272,646  $ 1,272,153 
CRE Owner Occupied 25,530  80,210  275,625  272,940  654,305 
Multifamily 61,225  137,624  109,196  102,486  410,531 
Farmland 325  8,478  63,804  153,426  226,033 
Total Commercial real estate 152,533  684,904  924,087  801,498  2,563,022 
Commercial and industrial 23,186  336,976  132,787  227,746  720,695 
Construction
Residential Construction 51,031  27,533  8,024  1,608  88,196 
Other Construction 180,187  113,230  19,898  7,700  321,015 
Total Construction 231,218  140,763  27,922  9,308  409,211 
Residential mortgage
1-4 Family 1st Lien 7,688  29,310  72,280  202,884  312,162 
1-4 Family Rental 37,206  24,066  108,657  169,951  339,880 
HELOC and Junior Liens 10,061  12,914  33,138  83,267  139,380 
Total Residential Mortgage 54,955  66,290  214,075  456,102  791,422 
Consumer 910  1,722  1,434  2,751  6,817 
Total loans held in portfolio $ 462,802  $ 1,230,655  $ 1,300,305  $ 1,497,405  $ 4,491,167 
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Fixed interest rates:
Commercial real estate
CRE Nonowner Occupied $ 50,487  $ 219,764  $ 55,288  $ 9,248  $ 334,787 
CRE Owner Occupied 17,280  56,550  30,304  2,027  106,161 
Multifamily 40,518  81,526  7,507  —  129,551 
Farmland 320  7,445  6,404  56  14,225 
Total Commercial real estate 108,605  365,285  99,503  11,331  584,724 
Commercial and industrial 6,475  198,490  31,858  7,783  244,606 
Construction
Residential Construction 20,338  8,518  —  194  29,050 
Other Construction 17,375  41,634  4,779  800  64,588 
Total Construction 37,713  50,152  4,779  994  93,638 
Residential mortgage
1-4 Family 1st Lien 7,493  18,323  49,259  140,908  215,983 
1-4 Family Rental 33,397  17,838  5,061  8,823  65,119 
HELOC and Junior Liens 1,010  5,768  22,339  2,522  31,639 
Total Residential Mortgage 41,900  41,929  76,659  152,253  312,741 
Consumer 464  1,708  1,434  873  4,479 
Total fixed interest rates $ 195,157  $ 657,564  $ 214,233  $ 173,234  $ 1,240,188 
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied $ 14,965  $ 238,829  $ 420,174  $ 263,398  $ 937,366 
CRE Owner Occupied 8,250  23,660  245,321  270,913  548,144 
Multifamily 20,707  56,097  101,689  102,487  280,980 
Farmland 5  1,033  57,400  153,370  211,808 
Total Commercial real estate 43,927  319,619  824,584  790,168  1,978,298 
Commercial and industrial 16,711  138,486  100,929  219,963  476,089 
Construction
Residential Construction 30,693  19,015  8,024  1,414  59,146 
Other Construction 162,813  71,596  15,119  6,899  256,427 
Total Construction 193,506  90,611  23,143  8,313  315,573 
Residential mortgage
1-4 Family 1st Lien 196  10,987  23,021  61,975  96,179 
1-4 Family Rental 3,809  6,228  103,596  161,128  274,761 
HELOC and Junior Liens 9,050  7,146  10,799  80,746  107,741 
Total Residential Mortgage 13,055  24,361  137,416  303,849  478,681 
Consumer 446  14  —  1,878  2,338 
Total floating interest rates 267,645  573,091  1,086,072  1,324,171  3,250,979 
Total fixed and floating interest rates $ 462,802  $ 1,230,655  $ 1,300,305  $ 1,497,405  $ 4,491,167 


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Credit Quality, Credit Risk, and Allowance for Credit Losses
Mid Penn’s ACL methodology for loans is based upon guidance within FASB ASC Subtopic 326-20, "Financial Instruments – Credit Losses – Measured at Amortized Cost," as well as regulatory guidance from the FDIC, the Bank's primary federal regulator. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the loan portfolio is continuously monitored by management and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within Mid Penn’s existing loan portfolio. The ACL is adjusted through the provision for credit losses and reduced by the charge off of loan amounts, net of recoveries.
The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense.
For a complete description of Mid Penn’s ACL-loans methodology and the quantitative and qualitative factors included in the calculation, please see "Note 4 – Loans and Allowance for Credit Losses – Loans" included in Part I. Item 1. – Financial Statements of this report.

Changes in the ACL-loans are summarized as follows:
Three Months Ended
March 31,
(Dollars in thousands) 2025 2024
Balance, beginning of period $ 35,514  $ 34,187 
Loans charged off during period (15) (50)
Recoveries of loans previously charged off 18  6 
Net recoveries/(charge-offs) 3  (44)
Provision/(benefit) for credit losses - loans 321  (619)
Balance, end of period $ 35,838  $ 33,524 
Ratio of net (recoveries)/charge-offs to average loans outstanding (annualized) (0.0003) % 0.004  %
Ratio of ACL - loans to net loans at end of period 0.80  % 0.78  %

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The following table presents the change in nonperforming asset categories as of March 31, 2025, December 31, 2024, and March 31, 2024.
(Dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024
Non-performing Assets:
Total non-accrual loans $ 24,045  $ 22,610  $ 10,389 
Foreclosed real estate 1,402  44  5,110 
Total non-performing assets 25,447  22,654  15,499 
Accruing loans 90 days or more past due 3  —  25 
Total risk elements $ 25,450  $ 22,654  $ 15,524 
Non-accrual loans as a percentage of total loans outstanding 0.54  % 0.51  % 0.24  %
Non-performing assets as a percentage of total loans outstanding and foreclosed real estate 0.57  % 0.51  % 0.36  %
Ratio of ACL-loans to non-performing loans 149.05  % 157.07  % 322.69  %
Total nonperforming assets were $25.4 million at March 31, 2025, an increase compared to nonperforming assets of $22.7 million at December 31, 2024. The increase during the first quarter of 2025 is primarily related to the addition of three commercial loans with a combined balance of $7.0 million being placed on nonaccrual in the first quarter of 2025, offset by the payoff of two commercial loans with a combined balance of $3.0 million in the first quarter of 2025. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.50% at March 31, 2025, compared to 0.52% and 0.38% as of December 31, 2024 and March 31, 2024.

Goodwill

Mid Penn evaluates goodwill annually for impairment unless events occur which indicate that impairment is possible: a triggering event. At March 31, 2025, Mid Penn had goodwill of $128.2 million and Mid Penn's stock continues to trade below book value, warranting additional analysis. Management has reviewed actual earnings in relation to forecasted earnings, liquidity levels, changes in deposit balances, and credit quality, among others. Management has not noted any factors which would indicate that an additional impairment test is necessary. Management will continue to monitor internal metrics and macroeconomic trends to determine if there is likelihood of goodwill impairment. Mid Penn's annual impairment test is scheduled to be conducted as of October 31, 2025.
Deposits
Total deposits increased $42.3 million, or 0.9%, from $4.7 billion on December 31, 2024, to $4.7 billion at March 31, 2025. The growth was driven by a $55.5 million increase in interest bearing accounts, and a $29.1 million increase in noninterest bearing accounts, offset by a $42.3 million decrease in time deposits.
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Average balances and average interest rates applicable to deposits by major classification:
March 31, 2025 December 31, 2024 Change
(Dollars in thousands) Balance Rate Balance Rate $ %
Noninterest-bearing demand deposits $ 752,980  0.00  % $ 780,538  0.00  % $ (27,558) (3.53) %
Interest-bearing demand deposits 1,051,325  1.81  1,001,813  1.90  49,512  4.94 
Money market 1,024,669  2.75  913,311  2.91  111,358  12.19 
Savings 260,965  0.08  275,692  0.09  (14,727) (5.34)
Time 1,591,769  4.23  1,541,654  4.57  50,115  3.25 
$ 4,681,708  2.45  % $ 4,513,008  2.58  % $ 168,700  3.74  %

As of March 31, 2025, uninsured deposits were approximately $1.5 billion compared to $1.4 billion as of December 31, 2024. The maturities of the uninsured time deposits as of March 31, 2025 were as follows:
(In thousands) 2025
Three months or less $ 153,186 
Over three months to six months 73,385 
Over six months to twelve months 102,159 
Over twelve months 16,484 
$ 345,214 
Borrowings

Total short-term borrowings increased $23.0 million, or 1150.0%, from December 31, 2024. The increase in short-term borrowings was driven by our objective to maintain a strong unencumbered liquid assets ratio, ensuring the availability of high-quality liquidity to meet potential near-term obligations. Short term FHLB borrowings increased $25.0 million, offset by a decrease of $2.0 million in FHLB overnight borrowings. Total long-term borrowings were $23.5 million at March 31, 2025, a decrease of $114 thousand from December 31, 2024.
Liquidity
Mid Penn’s objective is to maintain adequate liquidity to meet funding needs at a reasonable cost and to provide contingency plans to meet unanticipated funding needs or a loss of funding sources, while minimizing interest rate risk. Adequate liquidity provides resources for credit needs of borrowers, for depositor withdrawals, and for funding corporate operations. Sources of liquidity are as follows:
•a growing core deposit base;
•proceeds from the sale or maturity of investment securities;
•payments received on loans and mortgage-backed securities;
•overnight correspondent bank borrowings on various credit lines; and
•borrowing capacity available from the FHLB and the Federal Reserve Discount Window available to Mid Penn.
Mid Penn believes its core deposits are generally stable even in periods of changing interest rates. Liquidity is measured and monitored daily, allowing management to better understand and react to balance sheet trends. These measurements indicate that liquidity generally remains stable and exceeds our minimum defined levels of adequacy. Other than the trends of continued competitive pressures and volatile interest rates, and the uncertain impact of the current inflationary environment, there are no known demands, commitments, events, or uncertainties that will result in, or that are reasonably likely to result in, liquidity increasing or decreasing in any material way.
On at least a quarterly basis, a comprehensive liquidity analysis is reviewed by the Asset Liability Committee and Board of Directors. The analysis provides a summary of the current liquidity measurements, projections, and future liquidity positions given various levels of liquidity stress. Management also maintains a detailed Contingency Funding Plan 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 three months ended March 31, 2025 provided $11.5 million of cash, mainly due to net income. Cash used in investing activities during the three months ended March 31, 2025 was $36.3 million, mainly the result of the net increase in loans. Cash provided by financing activities during the three months ended March 31, 2025 totaled $61.5 million, primarily the result of an increase in net deposits.
Regulatory Capital
Mid Penn and the Bank are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory, and possibly additional discretionary, actions by the regulators that if, undertaken, could have a direct material effect on Mid Penn's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory account practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.
Minimum regulatory capital requirements established by Basel III rules require Mid Penn and the Bank to:
•Meet a minimum Common Equity Tier I capital ratio of 4.5% of risk-weighted assets;
•Meet a minimum Tier I capital ratio of 6.0% of risk-weighted assets;
•Meet a minimum Total capital ratio of 8.0% of risk-weighted assets;
•Meet a minimum Tier I leverage capital ratio of 4.0% of average assets;
•Maintain a "capital conservation buffer" of 2.5% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonuses; and
•Comply with the definition of capital to improve the ability of regulatory capital instruments to absorb losses.
The Basel III Rules use a standardized approach for risk weightings that expands the risk-weighting for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures and resulting in higher risk weightings for a variety of asset categories.
Banks are evaluated for capital adequacy by regulatory supervisory agencies based on the ratio of capital to risk-weighted assets and total assets. The minimum capital to risk-weighted assets requirements, including the capital conservation buffers, which became effective for Mid Penn and the Bank on January 1, 2016, are illustrated below. At March 31, 2025, regulatory capital ratios for both Mid Penn and the Bank met the definition of a "well-capitalized" institution under the regulatory framework for prompt corrective action and exceeded the minimum capital requirements under Basel III.
Mid Penn maintained the following regulatory capital ratios in comparison to regulatory requirements:
March 31, 2025 December 31, 2024 Regulatory Minimum for Capital Adequacy Fully Phased-In, with Capital Conversation Buffers
Total Risk-Based Capital (to Risk-Weighted Assets) 13.85  % 13.98  % 10.50  % 4.00  %
Tier I Risk-Based Capital (to Risk-Weighted Assets) 12.04  12.09  8.50  7.00 
Common Equity Tier I (to Risk-Weighted Assets) 12.04  12.09  7.00  8.50 
Tier I Leverage Capital (to Average Assets) 10.16  9.98  4.00  10.50 
As of March 31, 2025 and December 31, 2024, Mid Penn and the Bank met all capital adequacy requirements and the Bank was considered "well-capitalized". However, future changes in regulations could increase capital requirements and may have an adverse effect on capital resources.
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Shareholders' Equity
Shareholders' equity, or capital, is evaluated in relation to total assets and the risk associated with those assets, and the desire to collectively maintain and enhance shareholders’ value, and satisfactorily address regulatory capital requirements. Accordingly, capital management practices have been, and will continue to be, of paramount importance to Mid Penn.
Shareholders’ equity increased by $12.9 million, or 2.0%, from $655.0 million as of December 31, 2024 to $667.9 million as of March 31, 2025, primarily due to earnings of $13.7 million.

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ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a financial institution, Mid Penn’s primary source of market risk is interest rate risk. Interest rate risk is the exposure to fluctuations in Mid Penn’s future earnings, earnings at risk, resulting from changes in interest rates. This exposure or sensitivity is a function of the repricing characteristics of Mid Penn's portfolio of assets and liabilities. Each asset and liability reprices either at maturity or during the life of the instrument. Interest rate sensitivity is measured as the difference between the volume of assets and liabilities that are subject to repricing in a future period of time.
The principal purpose of asset-liability management is to maximize current and future net interest income within acceptable levels of interest rate risk while satisfying liquidity and capital requirements. Net interest income is increased by increasing the net interest margin and by volume growth. Thus, the goal of interest rate risk management is to maintain a balance between risk and reward such that net interest income is maximized while risk is maintained at an acceptable level.
Mid Penn utilizes an asset-liability management model to measure the impact of interest rate movements on its interest rate sensitivity position. Mid Penn’s management also reviews the traditional maturity gap analysis regularly. Mid Penn does not always attempt to achieve an exact match between interest sensitive assets and liabilities because it believes that an actively managed amount of interest rate risk is inherent and appropriate in the management of Mid Penn’s profitability.
Modeling techniques and simulation analysis involve assumptions and estimates that inherently cannot be measured with complete precision. Key assumptions in the analyses include maturity and repricing characteristics of assets and liabilities, prepayments on amortizing assets, non-maturing deposit sensitivity, and loan and deposit pricing. These assumptions are inherently uncertain due to the timing, magnitude and frequency of rate changes and changes in market conditions and management strategies, among other factors. However, the analyses are useful in quantifying risk and provide a relative gauge of Mid Penn’s interest rate risk position over time.
Management reviews interest rate risk on a quarterly basis. This analysis includes earnings scenarios whereby interest rates are increased by 100, 200, 300 and 400 bps or decreased by 100, 200, 300, and 400 bps. These scenarios, detailed in the table below, indicate that Mid Penn would experience enhanced net interest income over a one-year time frame due to upward interest rate changes, while a reduction in interest rates would result in a decline in net interest income over a one-year time frame; however, actual results could vary significantly from the calculations prepared by management. At March 31, 2025, all interest rate risk levels according to the model were within the tolerance limits of the Board-approved policy.
Change in
Basis Points		 % Change in
Net Interest Income		 Policy
Risk Limit
400 12.5% ≥ -25%
300 9.5% ≥ -20%
200 6.4% ≥ -15%
100 3.3% ≥ -10%
(100) (3.3)% ≥ -10%
(200) (6.7)% ≥ -15%
(300) (10.1)% ≥ -20%
(400) (14.1)% ≥ -25%
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ITEM 4 – CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Mid Penn maintains controls and procedures designed to ensure that information required to be disclosed in the reports that Mid Penn files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures as of March 31, 2025, Mid Penn’s management, with the participation of the Principal Executive Officer and Principal Financial Officer, concluded that the disclosure controls and procedures were effective as of such date.
Changes in Internal Controls
There were no changes in Mid Penn’s internal control over financial reporting that have materially affected, or are reasonable likely to materially affect, Mid Penn’s internal control over financial reporting during the three months ended March 31, 2025.
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PART II – OTHER INFORMATION
ITEM 1 – LEGAL PROCEEDINGS
Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties. While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.
In addition, management does not know of any material proceedings contemplated by governmental authorities against Mid Penn or any of its properties.
ITEM 1A – RISK FACTORS
Management has reviewed the risk factors that were previously disclosed in the 2024 Annual Report and subsequent reports filed with the SEC to determine if there were material changes applicable to the three months ended March 31, 2025. Aside from the following risk factor, there have been no material changes to the risk factors that were previously disclosed in the 2024 Annual Report.

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

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

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

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

Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020, and renewed through April 30, 2026 by Mid Penn’s Board of Directors on April 23, 2025. The Program authorizes the repurchase of up to $15.0 million of Mid Penn’s outstanding common stock. Under the Program, Mid Penn conducts repurchases of its common stock through open market transactions (which may be by means of a trading plan adopted under SEC Rule 10b5-1) or in privately negotiated transactions. Repurchases under the Program are made at the discretion of management and are subject to market conditions and other factors. There is no guarantee as to the exact number of shares that Mid Penn may repurchase. The Program is able to be modified, suspended or terminated at any time, at Mid Penn’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors Mid Penn deems appropriate. The Program does not obligate Mid Penn to repurchase any shares. During the three months ended March 31, 2025, Mid Penn did not repurchase any shares of common stock. As of March 31, 2025, Mid Penn repurchased 440,722 shares of common stock under the Program.
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ITEM 3 – DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 – MINE SAFETY DISCLOSURES
Not Applicable
ITEM 5 – OTHER INFORMATION
During the three months ended March 31, 2025, none of Mid Penn’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Mid Penn’s common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(c) of Regulation S-K.
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ITEM 6 – EXHIBITS

3.1
The Registrant’s Articles of Incorporation. (Incorporated by reference to Exhibit 3.1 to Registrant's Quarterly Report on form 10-Q with the SEC on May 9, 2023.)
3.2
The Registrant’s By-laws. (Incorporated by reference to Exhibit 3.1 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 28, 2024.)
10.1
Mid Penn Bancorp, Inc. Executive Annual Incentive Plan (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on form 8-K filed with the SEC on January 24, 2025.)
31.1
31.2
32
101.SCH
 Inline XBRL Taxonomy Extension Schema Document.
101.CAL
 Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
 Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
 Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
 Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Mid Penn Bancorp, Inc.
(Registrant)
By: /s/ Rory G. Ritrievi
Rory G. Ritrievi
President and CEO
(Principal Executive Officer)
Date:
May 8, 2025
By:
/s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
(Principal Financial Officer)
Date:
May 8, 2025
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EX-31.1 2 mpb-20540331xexx311xq.htm EX-31.1 Document

EXHIBIT 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO EXCHANGE ACT RULES
13A-14(A)/15D-14(A) AS ADDED BY SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATION
I, Rory G. Ritrievi, certify that:
1.I have reviewed this report on Form 10-Q of Mid Penn Bancorp, Inc.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)Significant deficiencies and material weaknesses, if any, in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ Rory G. Ritrievi
Rory G. Ritrievi
Chair, President and CEO
Date:
May 8, 2025

EX-31.2 3 mpb-20250331xexx312xq.htm EX-31.2 Document

EXHIBIT 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO EXCHANGE ACT RULES
13A-14(A)/15D-14(A) AS ADDED BY SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
CERTIFICATION
I, Justin T. Webb, certify that:
1.I have reviewed this report on Form 10-Q of Mid Penn Bancorp, Inc.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)Significant deficiencies and material weaknesses, if any, in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
Date:
May 8, 2025

EX-32 4 mpb-20250331xexx32xq.htm EX-32 Document

EXHIBIT 32
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND
PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADDED BY SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Mid Penn Bancorp, Inc. (the “Corporation”) on Form 10-Q for the period ending March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rory G. Ritrievi, President and CEO, and I, Justin T. Webb, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as added pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.
2.To my knowledge, the information contained in the Report fairly presents, in all material respects the financial condition and results of operations of Mid Penn Bancorp, Inc. as of the dates and for the periods expressed in the Report.
By: /s/ Rory G. Ritrievi
Rory G. Ritrievi
Chair, President and CEO
Date:
May 8, 2025
By: /s/ Justin T. Webb
Justin T. Webb
Chief Financial Officer
Date:
May 8, 2025