Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Estimated fair values of the assets acquired and liabilities assumed in the Brunswick Acquisition as of the closing date are as follows:


(In thousands)
Assets acquired:
Cash and cash equivalents	$	21,029
Federal funds sold	7,604
Investment securities	2,423
Loans	324,471
Goodwill	12,800
Core deposit intangible	999
Premises and equipment	4,568
Cash surrender value of life insurance	3,361
Deferred income taxes	6,393
Accrued interest receivable	1,171
Other assets	5,884
Total assets acquired	390,703
Liabilities assumed:
Deposits:
Noninterest-bearing demand	60,888
Interest-bearing demand	11,767
Money Market	47,362
Savings	14,203
Time	147,163
Long-term debt	60,136
Accrued interest payable	1,911
Other liabilities	1,613
Total liabilities assumed	345,043

Consideration paid	$	45,660

Cash paid	$	27,565
Fair value of common stock issued	18,095

Pro Forma Information

The following table presents pro forma information as if the merger between Mid Penn and Brunswick had been completed on January 1, 2021. The pro forma information does not necessarily reflect the results of operations that would have occurred had Mid Penn merged with Brunswick at the beginning of 2021. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies, or other factors.


	For the Year Ended December 31,
(In thousands, except per share data)	2022		2021
Net interest income after loan loss provision	$	156,258	$	117,015
Noninterest income	24,834		23,327
Noninterest expense	108,481		99,581
Net income	58,659		32,686
Net income per common share	3.69		2.05