Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Schedule of Fair Value Measurements, Nonrecurring

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

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%

Schedule of Fair Value, by Balance Sheet Grouping

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.


	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.