Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables illustrate the assets measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets:

	December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies	$	—	$	35,649	$	—	$	35,649
Mortgage-backed U.S. government agencies	—		152,683		—		152,683
State and political subdivision obligations	—		3,646		—		3,646
Corporate debt securities	—		31,577		—		31,577
Equity securities	438		—		—		438
Loans held for sale	—		3,855		—		3,855
Other assets:
Derivative assets	—		11,944		—		11,944
Total	$	438	$	239,354	$	—	$	239,792

	December 31, 2022
(In thousands)	Level 1		Level 2		Level 3		Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies	$	—	$	34,914	$	—	$	34,914
Mortgage-backed U.S. government agencies	$	—	$	166,915	$	—	$	166,915
State and political subdivision obligations	—		3,539		—		3,539
Corporate debt securities	—		32,510		—		32,510
Equity securities	430		—		—		430
Loans held for sale	—		2,475		—		2,475
Other assets:
Derivative assets	—		11,703		—		11,703
Total	$	430	$	252,056	$	—	$	252,486

Fair Value Measurements, Nonrecurring

The following table illustrates Level 3 financial instruments measured at fair value on a nonrecurring basis:

(In thousands)	December 31, 2023		December 31, 2022
Individually evaluated loans, net of ACL	$	13,399	$	4,022
Foreclosed assets held for sale	293		43

Fair Value, by Balance Sheet Grouping

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn’s financial instruments as of:

	December 31, 2023
			Estimated Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial instruments - assets
Cash and cash equivalents	$	96,763	$	96,763	$	—	$	—	$	96,763
Available-for-sale investment securities	223,555		—		223,555		—		223,555
Held-to-maturity investment securities	399,128		—		357,521		—		357,521
Equity securities	438		438		—		—		438
Loans held for sale	3,855		—		3,855		—		3,855
Net loans	4,218,605		—		—		4,221,926		4,221,926
Restricted investment in bank stocks	16,768		16,768		—		—		16,768
Accrued interest receivable	25,820		25,820		—		—		25,820
Derivative assets	11,944		—		11,944		—		11,944
Financial instruments - liabilities
Deposits	$	4,346,212	$	—	$	4,337,723	$	—	$	4,337,723
Short-term borrowings	241,532		—		241,532		—		241,532
Long-term debt (1)	55,806		—		55,081		—		55,081
Subordinated debt	46,354		—		39,515		—		39,515
Accrued interest payable	14,257		14,257		—		—		14,257
Derivative liabilities	10,484		—		10,484		—		10,484

(1)Long-term debt excludes finance lease obligations.

	December 31, 2022
			Estimated Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial instruments - assets
Cash and cash equivalents	$	60,881	$	60,881	$	—	$	—	$	60,881
Available-for-sale investment securities	237,878		—		237,878		—		237,878
Held-to-maturity investment securities	399,494		—		348,505		—		348,505
Equity securities	430		430		—		—		430
Loans held for sale	2,475		—		2,475		—		2,475
Net loans	3,495,162		—		—		3,439,948		3,439,948
Restricted investment in bank stocks	8,315		8,315		—		—		8,315
Accrued interest receivable	18,405		18,405		—		—		18,405
Derivative assets	11,703		—		11,703		—		11,703
Financial instruments - liabilities
Deposits	$	3,778,331	$	—	$	3,761,260	$	—	$	3,761,260
Short-term debt	102,647		—		102,647		—		102,647
Long-term debt (1)	1,119		—		1,069		—		1,069
Subordinated debt	56,941		—		55,917		—		55,917
Accrued interest payable	2,303		2,303		—		—		2,303
Derivative liabilities	11,737		—		11,737		—		11,737

(1)Long-term debt excludes finance lease obligations