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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-13677
MID PENN BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Pennsylvania25-1666413
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
2407 Park Drive
Harrisburg, Pennsylvania
17110
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code 1.866.642.7736

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareMPBThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    x    No    o


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    x    No    o


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated FilerxEmerging Growth Companyo
Non-accelerated FileroSmaller Reporting Companyo

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


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

As of April 28, 2023, the registrant had 15,907,861 shares of common stock outstanding, par value $1.00 per share.

1
FORM 10-Q
TABLE OF CONTENTS
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
GLOSSARY OF DEFINED ACRONYMS AND TERMS
2014 Plan2014 Restricted Stock Plan
2023 Plan2023 Stock Incentive Plan
ACLAllowance for Credit Losses
AFSAvailable for Sale
AOCIAccumulated Other Comprehensive Income
ASCAccounting Standards Codification
ASUAccounting Standards Update
the BankMid Penn Bank
Bank MergerMerger of Brunswick Bank with and into Mid Penn Bank
bp or bpsbasis point(s)
BrunswickBrunswick Bancorp
Brunswick AcquisitionMerger/acquisition of Brunswick
Brunswick BankBrunswick Bank & Trust Company
CECLCurrent Expected Credit Losses
DCFDiscounted Cash Flow
DRIPDividend Reinvestment Plan
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank of Pittsburgh
FICOthe Financing Corporation
FOMCFederal Open Market Committee
FTEFully taxable-equivalent
HFSHeld for Sale
HTMHeld to Maturity
LDALoss Driver Analysis
LIHTCLow-Income Housing Tax Credits
LoansLoans, net of unearned interest
Management DiscussionManagement's Discussion and Analysis of Financial Condition and Results of Operations
MergerMerger of Brunswick with and into Mid Penn
Merger AgreementAgreement and Plan of Merger between Mid Penn and Brunswick
Mid Penn or the CorporationMid Penn Bancorp, Inc.
N/MNot meaningful
OBSOff-Balance Sheet
OCIOther Comprehensive Income
OTTIOther-than-temporary impairment
PCDPurchased Credit Deteriorated
PCLProvision for Credit Losses - Loans
PDRPeriodic default rate
PPPPaycheck Protection Program
RiverviewRiverview Financial Corporation
Riverview AcquisitionMerger acquisition of Riverview Financial Corporation
ROAReturn on Assets
ROEReturn on Equity
SBASmall Business Association
SECSecurities Exchange Commission
SOFRSecured Overnight Financing Rate
SRCSmaller Reporting Companies
TDRTroubled Debt Restructuring
WSJPWall Street Journal Prime
3
MID PENN BANCORP, INC.



PART 1 – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share data)March 31, 2023December 31, 2022
ASSETS
Cash and due from banks$51,158 $53,368 
Interest-bearing balances with other financial institutions4,996 4,405 
Federal funds sold6,017 3,108 
Total cash and cash equivalents62,171 60,881 
Investment securities:
HTM, at amortized cost (fair value $352,454 and $348,505)
396,784 399,494 
AFS, at fair value236,609 237,878 
Equity securities available for sale, at fair value438 430 
Loans held for sale, at fair value2,677 2,475 
Loans, net of unearned interest3,611,347 3,514,119 
Less: ACL - Loans(31,265)(18,957)
Net loans 3,580,082 3,495,162 
Premises and equipment, net34,191 34,471 
Operating lease right of use asset8,414 8,798 
Finance lease right of use asset2,862 2,907 
Cash surrender value of life insurance50,928 50,674 
Restricted investment in bank stocks8,041 8,315 
Accrued interest receivable19,205 18,405 
Deferred income taxes15,548 13,674 
Goodwill114,231 114,231 
Core deposit and other intangibles, net6,916 7,260 
Foreclosed assets held for sale248 43 
Other assets44,120 42,856 
Total Assets$4,583,465 $4,497,954 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$797,038 $793,939 
Interest-bearing transaction accounts2,197,216 2,325,847 
Time883,827 658,545 
Total Deposits3,878,081 3,778,331 
Short-term borrowings88,000 102,647 
Long-term debt4,316 4,409 
Subordinated debt56,794 56,941 
Operating lease liability9,270 9,725 
Accrued interest payable5,809 2,303 
Other liabilities30,402 31,499 
Total Liabilities4,072,672 3,985,855 
Shareholders' Equity:
Common stock, par value $1.00 per share; 20,000,000 shares authorized; 16,098,354 issued at March 31, 2023 and 16,094,486 at December 31, 2022; 15,890,011 outstanding at March 31, 2023 and 15,886,143 at December 31, 2022
16,098 16,094 
Additional paid-in capital387,332 386,987 
Retained earnings129,617 133,114 
Accumulated other comprehensive loss(17,374)(19,216)
Treasury stock, at cost; 208,343 shares at March 31, 2023 and December 31, 2022
(4,880)(4,880)
Total Shareholders’ Equity510,793 512,099 
Total Liabilities and Shareholders' Equity$4,583,465 $4,497,954 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31,
(In thousands, except per share data)20232022
INTEREST INCOME
Loans, including fees $45,865 $35,016 
Investment securities:  
Taxable3,874 1,953 
Tax-exempt389 336 
Other interest-bearing balances53 13 
Federal funds sold45 314 
Total Interest Income50,226 37,632 
INTEREST EXPENSE  
Deposits12,001 2,294 
Short-term borrowings1,490 — 
Long-term and subordinated debt686 924 
Total Interest Expense14,177 3,218 
Net Interest Income36,049 34,414 
  Provision for credit losses - loans 490 500 
Net Interest Income After Provision for Credit Losses - Loans35,559 33,914 
NONINTEREST INCOME  
Fiduciary and wealth management1,236 1,052 
ATM debit card interchange1,056 1,057 
Service charges on deposits435 684 
Mortgage banking 384 529 
Mortgage hedging20 566 
Net loss on sales of SBA loans— (9)
Earnings from cash surrender value of life insurance254 246 
Other 940 1,625 
Total Noninterest Income4,325 5,750 
NONINTEREST EXPENSE  
Salaries and employee benefits13,844 13,244 
Software licensing and utilization1,946 2,106 
Occupancy, net1,886 1,799 
Equipment1,251 1,011 
Shares tax899 920 
Legal and professional fees800 639 
ATM/card processing493 517 
Intangible amortization344 481 
FDIC Assessment340 591 
Gain on sale or write-down of foreclosed assets, net— (16)
Merger and acquisition 224 — 
Post-acquisition restructuring — 329 
Other 4,043 4,124 
Total Noninterest Expense26,070 25,745 
INCOME BEFORE PROVISION FOR INCOME TAXES13,814 13,919 
Provision for income taxes2,587 2,565 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$11,227 $11,354 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.71 $0.71 
Diluted Earnings Per Common Share$0.70 $0.71 
Weighted-average basic shares outstanding15,886,186 15,957,864 
Weighted-average diluted shares outstanding15,931,121 15,977,936 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended March 31,
(In Thousands)20232022
Net income$11,227 $11,354 
Other comprehensive income (loss):
Unrealized gains (losses) arising during the period on available for sale securities, net of income tax (cost) benefit of ($526) and $1,390, respectively. (1)
1,977 (5,230)
Unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges, net of income tax benefit of $34 and $0, respectively. (1)
(128)— 
Change in defined benefit plans, net of income taxes of $1 and $33, respectively (1), (2)
5 127 
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax benefit of $3 and $0, respectively (1), (3)
(12)(1)
Total other comprehensive income (loss)1,842 (5,104)
Total comprehensive income$13,069 $6,250 

(1)The income tax impacts of the components of other comprehensive income are calculated using the 21% statutory tax rate for March 31, 2023 and 2022.
(2)The change in defined benefit plans consists primarily of unrecognized actuarial gains (losses) on defined benefit plans during the period.
(3)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. See "Note 11 – Postretirement Benefit Plans," for additional information.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Common Stock Additional
Paid-in
Capital		Retained
Earnings 		Accumulated
Other
Comprehensive
(Loss) Income		Treasury
Stock 		Total
Shareholders'
Equity
(In thousands, except per share data)SharesAmount
Balance, January 1, 202316,094,486 $16,094 $386,987 $133,114 $(19,216)$(4,880)$512,099 
Net income— — — 11,227 — — 11,227 
Total other comprehensive income, net of taxes— — — — 1,842 — 1,842 
Common stock cash dividends declared - $0.20 per share
— — — (3,176)— — (3,176)
 Impact of adopting CECL (1)
— — — (11,548)— — (11,548)
Employee Stock Purchase Plan 2,217 2 55 — — — 57 
Director Stock Purchase Plan 1,651 2 41 — — — 43 
Restricted stock activity— — 249 — — — 249 
Balance, March 31, 202316,098,354 $16,098 $387,332 $129,617 $(17,374)$(4,880)$510,793 
Balance, January 1, 202216,056,282 $16,056 $384,742 $91,043 $158 $(1,923)$490,076 
Net income— — — 11,354 — — 11,354 
Total other comprehensive loss, net of taxes— — — — (5,104)— (5,104)
Common stock cash dividends declared - $0.20 per share
— — — (3,191)— — (3,191)
Riverview restricted stock adjustment— — 776 — — — 776 
Employee Stock Purchase Plan 1,710 2 44 — — — 46 
Director Stock Purchase Plan 1,377 1 35 — — — 36 
Restricted stock activity— — 168 — — — 168 
Balance, March 31, 202216,059,369 $16,059 $385,765 $99,206 $(4,946)$(1,923)$494,161 
(1) The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" effective January 1, 2023. See "Note 1 - Summary of Significant Accounting Policies" for further details.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
(In thousands)20232022
Operating Activities:
Net Income$11,227 $11,354 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses - loans490 500 
Depreciation1,202 966 
Amortization of intangibles344 481 
Net amortization of security discounts/premiums127 197 
Noncash operating lease expense509 419 
Amortization of finance lease right of use asset45 45 
Earnings on cash surrender value of life insurance(254)(246)
Mortgage loans originated for sale(24,615)(10,488)
Proceeds from sales of mortgage loans originated for sale24,797 15,057 
Gain on sale of mortgage loans(384)(529)
SBA loans originated for sale— (669)
Proceeds from sales of SBA loans originated for sale— 721 
Loss on sale of SBA loans— 9 
Gain on sale of property, plant, and equipment(31)(45)
Loss on sale of bank premises and equipment held for sale— 809 
Write-off of bank premises and equipment held for sale— 705 
Accretion of subordinated debt(147)(140)
Stock compensation expense249 168 
Change in deferred income tax benefit706 321 
Increase accrued interest receivable(800)(256)
Decrease (increase) in other assets775 (1,749)
Increase in accrued interest payable3,506 276 
Decrease in operating lease liability (580)(555)
Decrease in other liabilities(4,217)(6,438)
Net Cash Provided By Operating Activities12,949 10,913 
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities3,743 1,478 
Purchases of available-for-sale securities— (90,330)
Proceeds from the maturity or call of held-to-maturity securities2,611 5,898 
Purchases of held-to-maturity securities— (39,928)
Stock dividends of FHLB and other bank stock110 — 
Reduction of restricted investment in bank stock164 1,497 
Net (increase) decrease in loans (97,156)(17,271)
Purchases of bank premises and equipment(922)(1,372)
Proceeds from the sale of premises and equipment31 71 
Net change in investments in tax credits and other partnerships(2,174)(4,376)
Net Cash Used In Investing Activities(93,593)(144,333)
Financing Activities:
Net increase (decrease) in deposits99,750 (12,979)
Common stock dividends paid(3,176)(3,191)
Proceeds from Employee and Director Stock Purchase Plan stock issuance100 82 
Riverview restricted stock (1)
— 776 
Net change in finance lease liability(23)(22)
Net change in short-term borrowings(14,647)— 
Long-term debt repayment(70)(6,567)
Net Cash Provided by (Used In) Financing Activities81,934 (21,901)
Net increase (decrease) in cash and cash equivalents1,290 (155,321)
Cash and cash equivalents, beginning of period60,881 913,752 
Cash and cash equivalents, end of period$62,171 $758,431 
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MID PENN BANCORP, INC.



Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$10,671 $2,942 
Supplemental Noncash Disclosures:
Recognition of operating lease right of use assets$125 $115 
Recognition of operating lease liabilities125 115 
Obsolete Riverview asset write-off— 705 
Loans transferred to foreclosed assets held for sale205 125 
(1) Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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MID PENN BANCORP, INC.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 - Summary of Significant Accounting Policies
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 nonbank subsidiaries, MPB Financial Services, LLC, which includes MPB Wealth Management, LLC and MPB Risk Services, LLC, MPB Launchpad Fund I, LLC and MPB Charitable Foundation Inc. As of March 31, 2023, 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, 2022 and December 31, 2022 balances have been reclassified, when necessary, to conform to the 2023 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 Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report").
Mid Penn has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2023, 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.
CECL Adoption and Updated Significant Accounting Policy

On January 1, 2023, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with ASC Topic 842.

The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The Corporation recorded an overall increase of $15.0 million to the ACL on January 1, 2023 as a result of the adoption of CECL. Retained earnings decreased $11.5 million and deferred tax assets increased by $3.1 million. Included in the $15.0 million increase to the ACL was $3.1 million for certain OBS credit exposures that were previously recognized in other liabilities before the adoption of CECL.

On January 1, 2023, the Corporation adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings in Accounting Standards Codification ("ASC") Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. See "Note 4 - Loans and Allowance for Credit Losses - Loans" for the new financial statement disclosures applicable under this update.
The updates to the significant accounting policies related to CECL are further discussed in "Note 3 - Investment Securities", "Note 4 - Loans and Allowance for Credit Losses - Loans" and "Note 8 - Commitments and Contingencies".
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MID PENN BANCORP, INC.





All other significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation’s 2022 Annual Report. Those significant accounting policies are unchanged at March 31, 2023.
Accounting Standards Pending Adoption
ASU No. 2023-02: The FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.
The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period. The Corporation does not expect the adoption of ASU No. 2023-02 to have a material impact on its consolidated financial statements.
Note 2 - Business Combination
Brunswick Acquisition
On December 20, 2022, Mid Penn entered into a Merger Agreement with Brunswick pursuant to which Brunswick will be merged with and into Mid Penn bank with Mid Penn being the surviving corporation in the Merger. Immediately following consummation of the Merger, Brunswick Bank, a wholly-owned subsidiary of Brunswick, will be merged with and into Mid Penn Bank, a wholly-owned subsidiary of Mid Penn, with Mid Penn Bank being the surviving bank in the Bank Merger. The Merger Agreement was approved by the boards of directors and shareholders of Mid Penn and Brunswick. See "Form 8-K filed on December 20, 2022," for additional details.

Under the terms of the Merger Agreement, shareholders of Brunswick will have the right to elect to receive, subject to adjustment and proration as described in the Merger Agreement, either (A) 0.598 shares of Mid Penn common stock or (B) Eighteen Dollars ($18.00) for each share of Brunswick common stock they own. On April 25, 2023, Mid Penn and Brunswick issued a joint press release announcing the receipt of all bank regulatory and shareholder approvals required to consummate the merger of Brunswick into Mid Penn. The transaction is expected to close in May 2023.
Note 3 - Investment Securities
FASB ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," was adopted by Mid Penn on January 1, 2023. ASU 2016-13 introduces the CECL methodology for estimating allowances for credit losses. ASU 2016-13 applies to all financial instruments carried at amortized cost, including HTM securities, and makes targeted improvements to the accounting for credit losses on AFS securities.
In order to comply with ASU 2016-13, Mid Penn conducted a review of its investment portfolio and determined that for certain classes of securities it would be appropriate to assume the expected credit loss to be zero. This zero-credit loss assumption applies to debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. The reasons behind the adoption of the zero-credit loss assumption are as follows:
•High credit rating
•Long history with no credit losses
•Guaranteed by a sovereign entity
•Widely recognized as "risk-free rate"
•Can print its own currency
•Currency is routinely held by central banks, used in international commerce, and commonly viewed as reserve currency
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MID PENN BANCORP, INC.





•Currently under the U.S. Government conservatorship or receivership
Mid Penn will continuously monitor any changes in economic conditions, credit downgrades, changes to explicit or implicit guarantees granted to certain debt issuers, and any other relevant information that would indicate potential credit deterioration and prompt Mid Penn to reconsider its zero-credit loss assumption.
At the date of adoption, Mid Penn’s estimated allowance for credit losses on AFS and HTM securities under ASU 2016-13 was deemed immaterial due to the composition of these portfolios. Both portfolios consist primarily of U.S. government agency guaranteed mortgage-backed securities for which the risk of loss is minimal. Therefore, Mid Penn did not recognize a cumulative effect adjustment through retained earnings related to the AFS and HTM securities.
AFS Securities
ASU 2016-13 makes targeted improvements to the accounting for credit losses on AFS securities. The concept of other-than-temporarily impaired has been replaced with the allowance for credit losses. Unlike HTM securities, AFS securities are evaluated on an individual level and pooling of securities is not allowed.
Quarterly, Mid Penn evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Mid Penn performs further analysis as outlined below:
•Review the extent to which the fair value is less than the amortized cost and observe the security’s lowest credit rating as reported by third-party credit ratings companies.
•The securities that violate the credit loss triggers above would be subjected to additional analysis that may include, but is not limited to: changes in market interest rates, changes in securities credit ratings, security type, service area economic factors, financial performance of the issuer/or obligor of the underlying issue and third-party guarantee.
•If Mid Penn determines that a credit loss exists, the credit portion of the allowance will be measured using a DCF analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Mid Penn records will be limited to the amount by which the amortized cost exceeds the fair value.
The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by a reputable third-party.
At March 31, 2023, the results of the analysis did not identify any securities that violate the 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, 2023, accrued interest receivable totaled $1.0 million for AFS securities and was reported in other assets on the accompanying Consolidated Balance Sheet.
HTM Securities
ASU 2016-13 requires institutions to measure expected credit losses on financial assets carried at amortized cost on a collective or pool basis when similar risks exist. Mid Penn uses several levels of segmentation in order to measure expected credit losses:
•The portfolio is segmented into agency and non-agency securities.
•The non-agency securities are separated into state and political subdivision obligations and corporate debt securities.
Each individual segment is categorized by third-party credit ratings.
As discussed above, Mid Penn has determined that for certain classes of securities it would be appropriate to assume the expected credit loss to be zero, which include debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. This assumption will be reviewed and attested to quarterly.
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MID PENN BANCORP, INC.





At March 31, 2023, Mid Penn’s HTM securities totaled $396.8 million. After applying appropriate probability of default and loss given default assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at March 31, 2023.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. At March 31, 2023, accrued interest receivable totaled $2.2 million for HTM securities and was reported in other assets on the accompanying Consolidated Balance Sheet.
At March 31, 2023, 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, 2023.
The amortized cost and estimated fair value of investment securities for the periods presented:
March 31, 2023
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,554 $— $1,304 $35,250 
Mortgage-backed U.S. government agencies182,196 — 16,592 165,604 
State and political subdivision obligations4,349 — 652 3,697 
Corporate debt securities35,471 — 3,413 32,058 
Total available-for-sale debt securities258,570 — 21,961 236,609 
Held-to-maturity
U.S. Treasury and U.S. government agencies$245,703 $— $30,853 $214,850 
Mortgage-backed U.S. government agencies49,050 — 6,061 42,989 
State and political subdivision obligations87,048 33 6,324 80,757 
Corporate debt securities14,983 — 1,125 13,858 
Total held-to-maturity debt securities396,784 33 44,363 352,454 
Total$655,354 $33 $66,324 $589,063 
December 31, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,528 $— $1,614 $34,914 
Mortgage-backed U.S. government agencies185,993 — 19,078 166,915 
State and political subdivision obligations4,354 — 815 3,539 
Corporate debt securities35,467 — 2,957 32,510 
Total available-for-sale debt securities$262,342 $— $24,464 $237,878 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$245,671 $— $34,834 $210,837 
Mortgage-backed U.S. government agencies50,710 — 6,676 44,034 
State and political subdivision obligations87,125 — 8,345 78,780 
Corporate debt securities15,988 — 1,134 14,854 
Total held-to-maturity debt securities399,494 — 50,989 348,505 
Total$661,836 $— $75,453 $586,383 
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,
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MID PENN BANCORP, INC.





adjusted for differences between the quoted instruments and the instruments being valued. See "Note 7 - Fair Value Measurement," for additional information.
Investment securities having a fair value of $376.2 million at March 31, 2023 and $338.8 million at December 31, 2022 were pledged 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 $183.5 million as of March 31, 2023 and $189.0 million as of December 31, 2022.
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
March 31, 2023Number
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 agencies15$28,440 $615 4$