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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 September 30, 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 October 31, 2023, the registrant had 16,668,569 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
2022 Annual ReportCorporation's Annual Report on Form 10-K for the year ended December 31, 2022
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
BOLIBank Owned Life Insurance
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
LGDLoss Given Default
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 - (percentage changes greater than +/- 150% not considered meaningful)
OBSOff-Balance Sheet
OCIOther Comprehensive Income
OTTIOther-than-temporary impairment
PCDPurchased Credit Deteriorated
PCLProvision for Credit Losses - Loans
PDProbability of Default
PDRPeriodic default rate
RiverviewRiverview Financial Corporation
Riverview AcquisitionMerger acquisition of Riverview
ROAReturn on Assets
ROEReturn on Equity
SBASmall Business Association
SECSecurities Exchange Commission
SOFRSecured Overnight Financing Rate
SRCSmaller Reporting Companies
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)September 30, 2023December 31, 2022
ASSETS
Cash and due from banks$52,509 $53,368 
Interest-bearing balances with other financial institutions12,739 4,405 
Federal funds sold52,851 3,108 
Total cash and cash equivalents118,099 60,881 
Investment securities:
HTM, at amortized cost (fair value $341,006 and $348,505)
401,561 399,494 
AFS, at fair value218,064 237,878 
Equity securities available for sale, at fair value413 430 
Loans held for sale, at fair value4,270 2,475 
Loans, net of unearned interest4,145,657 3,514,119 
Less: ACL - Loans(34,004)(18,957)
Net loans 4,111,653 3,495,162 
Premises and equipment, net38,849 34,471 
Operating lease right of use asset8,693 8,798 
Finance lease right of use asset2,773 2,907 
Cash surrender value of life insurance54,209 50,674 
Restricted investment in bank stocks13,554 8,315 
Accrued interest receivable24,230 18,405 
Deferred income taxes25,509 13,674 
Goodwill129,752 114,231 
Core deposit and other intangibles, net6,970 7,260 
Foreclosed assets held for sale905 43 
Other assets56,459 42,856 
Total Assets$5,215,963 $4,497,954 
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand$804,785 $793,939 
Interest-bearing transaction accounts2,217,885 2,325,847 
Time1,358,946 658,545 
Total Deposits4,381,616 3,778,331 
Short-term borrowings139,000 102,647 
Long-term debt58,992 4,409 
Subordinated debt46,501 56,941 
Operating lease liability9,097 9,725 
Accrued interest payable14,657 2,303 
Other liabilities37,389 31,499 
Total Liabilities4,687,252 3,985,855 
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at September 30, 2023 and 20,000,000 at December 31, 2022; 16,993,069 issued at September 30, 2023 and 16,094,486 at December 31, 2022; 16,580,347 outstanding at September 30, 2023 and 15,886,143 at December 31, 2022
16,993 16,094 
Additional paid-in capital405,341 386,987 
Retained earnings137,199 133,114 
Accumulated other comprehensive loss(21,362)(19,216)
Treasury stock, at cost; 412,722 shares at September 30, 2023 and 208,343 shares at December 31, 2022
(9,460)(4,880)
Total Shareholders’ Equity528,711 512,099 
Total Liabilities and Shareholders' Equity$5,215,963 $4,497,954 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
MID PENN BANCORP, INC.



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
(In thousands, except per share data)2023202220232022
INTEREST INCOME
Loans, including fees $58,792 $38,484 $156,751 $107,764 
Investment securities:  
Taxable4,106 3,382 11,942 8,168 
Tax-exempt382 392 1,162 1,107 
Other interest-bearing balances86 12 222 33 
Federal funds sold51 736 145 1,786 
Total Interest Income63,417 43,006 170,222 118,858 
INTEREST EXPENSE  
Deposits23,559 2,836 53,487 7,149 
Short-term borrowings1,584 — 4,581 — 
Long-term and subordinated debt794 761 2,181 2,453 
Total Interest Expense25,937 3,597 60,249 9,602 
Net Interest Income37,480 39,409 109,973 109,256 
  Provision for credit losses - loans 1,427 1,550 3,074 3,775 
Net Interest Income After Provision for Credit Losses - Loans36,053 37,859 106,899 105,481 
NONINTEREST INCOME  
Fiduciary and wealth management1,296 1,729 3,736 3,986 
ATM debit card interchange986 1,078 3,040 3,263 
Service charges on deposits509 483 1,458 1,617 
Mortgage banking 382 536 1,053 1,370 
Mortgage hedging67 217 215 1,321 
Net gain on sales of SBA loans85 152 213 262 
Earnings from cash surrender value of life insurance278 250 824 758 
Other 1,743 1,518 4,352 4,366 
Total Noninterest Income5,346 5,963 14,891 16,943 
NONINTEREST EXPENSE  
Salaries and employee benefits15,259 13,583 44,130 39,167 
Software licensing and utilization2,085 1,804 6,101 5,731 
Occupancy, net1,761 1,634 5,397 5,088 
Equipment1,292 1,121 3,791 3,244 
Shares tax808 920 2,458 2,626 
Legal and professional fees890 528 2,292 1,861 
ATM/card processing641 518 1,666 1,605 
Intangible amortization484 514 1,289 1,516 
FDIC Assessment1,746 254 2,770 1,351 
Loss on sale of foreclosed assets, net(18)(57)(144)(88)
Merger and acquisition 352 — 5,568 — 
Post-acquisition restructuring — — 2,952 329 
Other 4,589 3,896 13,218 11,945 
Total Noninterest Expense29,889 24,715 91,488 74,375 
INCOME BEFORE PROVISION FOR INCOME TAXES11,510 19,107 30,302 48,049 
Provision for income taxes2,274 3,626 5,003 8,962 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$9,236 $15,481 $25,299 $39,087 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.56 $0.97 $1.56 $2.45 
Diluted Earnings Per Common Share$0.56 $0.97 $1.56 $2.45 
Weighted-average basic shares outstanding16,571,825 15,877,592 16,233,006 15,922,945 
Weighted-average diluted shares outstanding16,594,999 15,887,871 16,264,722 15,945,274 
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 (UNAUDITED)
Three Months Ended September 30,Nine Months Ended
September 30,
(In Thousands)2023202220232022
Net income$9,236 $15,481 $25,299 $39,087 
Other comprehensive loss:
Unrealized losses arising during the period on available for sale securities, net of income tax benefit of $1,173, $2,492, $1,514, and $5,162 respectively. (1)
(4,410)(9,376)(5,694)(19,418)
Unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges, net of income tax (cost) of ($228), $0, ($948), and $0, respectively. (1)
859 — 3,568 — 
Change in defined benefit plans, net of income tax benefit (cost) of $2, ($4), $2, and ($37), respectively (1), (2)
(6)11 (8)138 
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax benefit of $0, $2, $3, and $2, respectively (1), (3)
— (6)(12)(8)
Total other comprehensive loss(3,557)(9,371)(2,146)(19,288)
Total comprehensive income$5,679 $6,110 $23,153 $19,799 
(1)The income tax impacts of the components of other comprehensive income are calculated using a 21% statutory tax rate.
(2)The change in defined benefit plans consists primarily of unrecognized actuarial (losses) gains 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.
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)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 
Net income— — — 4,836 — — 4,836 
Total other comprehensive loss, net of taxes— — — — (431)— (431)
Common stock cash dividends declared, $0.20 per share
— — — (3,182)— — (3,182)
Common stock issued to Brunswick shareholders (2)
849,510 850 17,245 — — 18,095 
Repurchased stock — — — — — (4,580)(4,580)
Employee Stock Purchase Plan2,258 2 48 — — — 50 
Director Stock Purchase Plan2,511 3 53 — — — 56 
Restricted stock activity 27,667 27 224 — — — 251 
Balance, June 30, 202316,980,300 $16,980 $404,902 $131,271 $(17,805)$(9,460)$525,888 
Net income— — — 9,236 — — 9,236 
Total other comprehensive loss, net of taxes— — — — (3,557)— (3,557)
Common stock cash dividends declared, $0.20 per share
— — — (3,308)— — (3,308)
Repurchased stock— — — — — — — 
Employee Stock Purchase Plan4,833 5 90 — — — 95 
Director Stock Purchase Plan2,263 2 43 — — — 45 
Restricted stock activity5,673 6 306 — — — 312 
Balance, September 30, 202316,993,069 $16,993 $405,341 $137,199 $(21,362)$(9,460)$528,711 
(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.
(2) Shares issued on May 19, 2023 as a result of the Brunswick Acquisition. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) (CONTINUED)
Common StockAdditional
Paid-in
Capital		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss) 		Treasury
Stock 		Total
Shareholders'
Equity
(In thousands, except per share data)SharesAmount
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 
Net income— — — 12,252 — — 12,252 
Total other comprehensive loss, net of taxes— — — — (4,813)— (4,813)
Common stock cash dividends declared, $0.20 per share
— — — (3,193)— — (3,193)
Repurchased stock — — — — — (2,957)(2,957)
Employee Stock Purchase Plan1,899 2 49 — — — 51 
Director Stock Purchase Plan1,589 2 41 — — — 43 
Restricted stock activity 17,200 18 273 — — — 291 
Balance, June 30, 202216,080,057 $16,081 $386,128 $108,265 $(9,759)$(4,880)$495,835 
Net income— — — 15,481 — — 15,481 
Total other comprehensive loss, net of taxes— — — — (9,371)— (9,371)
Common stock cash dividends declared, $0.20 per share
— — — (3,174)— — (3,174)
Employee Stock Purchase Plan 1,486 1 53 — — — 54 
Director Stock Purchase Plan 1,927 2 41 — — — 43 
Restricted stock activity 7,227 7 230 — — — 237 
Balance, September 30, 202216,090,697 16,091 386,452 120,572 (19,130)(4,880)499,105 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 30,
(In thousands)20232022
Operating Activities:
Net Income$25,299 $39,087 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses - loans3,074 3,775 
Depreciation3,645 3,056 
Amortization of intangibles1,289 1,516 
Net amortization of security discounts/premiums363 530 
Noncash operating lease expense1,413 1,255 
Amortization of finance lease right of use asset134 135 
Earnings on cash surrender value of life insurance(824)(758)
Mortgage loans originated for sale(86,451)(116,966)
Proceeds from sales of mortgage loans originated for sale85,709 123,853 
Gain on sale of mortgage loans(1,053)(1,370)
SBA loans originated for sale(4,015)(5,310)
Proceeds from sales of SBA loans originated for sale3,802 5,571 
Gain on sale of SBA loans(213)(262)
Gain on sale of property, plant, and equipment(59)(97)
Gain on sale or write-down of foreclosed assets(144)(88)
Loss on sale of bank premises and equipment held for sale— (114)
Write-off of bank premises and equipment held for sale— 705 
Accretion of subordinated debt(440)(417)
Stock compensation expense812 696 
Change in deferred income tax benefit(1,501)(23)
Increase accrued interest receivable(4,654)(4,533)
Increase in other assets(621)(712)
Increase (decrease) in accrued interest payable10,443 50 
Decrease in operating lease liability (1,936)(1,654)
Increase (decrease) in other liabilities2,332 (6,321)
Net Cash Provided By Operating Activities36,404 41,604 
Investing Activities:
Proceeds from the sale of available-for-sale securities1,751 — 
Proceeds from the maturity or call of available-for-sale securities12,782 9,910 
Purchases of available-for-sale securities— (213,974)
Proceeds from the maturity or call of held-to-maturity securities8,145 12,401 
Purchases of held-to-maturity securities— (85,664)
Stock dividends of FHLB and other bank stock549 — 
(Purchases) reduction of restricted investment in bank stock(5,788)4,539 
Net cash received from acquisition1,068 — 
Net increase in loans (318,079)(218,061)
Purchases of bank premises and equipment(2,707)(3,734)
Proceeds from the sale of premises and equipment59 1,912 
Proceeds from the sale of foreclosed assets644 148 
Proceeds from bank-owned life insurance774 — 
Gain on bank-owned life insurance(125)— 
Net change in investments in tax credits and other partnerships(5,615)— 
Net Cash Used In Investing Activities(306,542)(492,523)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
Financing Activities:
Net increase (decrease) in deposits320,666 (272,420)
Proceeds from long-term debt25,000 — 
Common stock dividends paid(9,666)(9,558)
Proceeds from Employee and Director Stock Purchase Plan stock issuance346 273 
Treasury stock purchased(4,580)(2,957)
Riverview restricted stock (1)
— 776 
Net change in finance lease liability(69)(67)
Net change in short-term borrowings36,353 — 
Long-term debt repayment(30,694)(76,702)
Subordinated debt redemption and trust preferred securities(10,000)(7,500)
Net Cash Provided by (Used In) Financing Activities327,356 (368,155)
Net increase (decrease) in cash and cash equivalents57,218 (819,074)
Cash and cash equivalents, beginning of period60,881 913,752 
Cash and cash equivalents, end of period$118,099 $94,678 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$56,707 $9,552 
Cash paid for income taxes4,400 3,500 
Supplemental Noncash Disclosures:
Recognition of operating lease right of use assets$1,336 $552 
Recognition of operating lease liabilities1,336 552 
Obsolete Riverview asset write-off— 705 
Loans transferred to foreclosed assets held for sale1,362 109 
Held-to-maturity securities purchased, not settled— — 
  Fair value of assets acquired in business combination, excluding cash (2)
$370,919 $— 
Goodwill recorded (2)
15,521 — 
Liabilities assumed in business combination (2)
346,288 — 
Stock issued in business combination (2)
18,095 — 
(1) Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
(2) Includes the impact of the Brunswick Acquisition on May 19, 2023. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.
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
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 four nonbank subsidiaries, MPB Financial Services, LLC, which includes MPB Wealth Management, LLC and MPB Risk Services, LLC, and MPB Launchpad Fund I, LLC. As of September 30, 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 September 30, 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 2022 Annual Report.
Mid Penn has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 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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All other significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the 2022 Annual Report. Those significant accounting policies are unchanged at September 30, 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.
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 our financial statements.

Note 2 - Business Combination
Brunswick Acquisition
On May 19, 2023, Mid Penn completed its acquisition of Brunswick through the merger of Brunswick with and into Mid Penn with Mid Penn being the surviving corporation. In connection with this acquisition, Brunswick Bank, a wholly-owned subsidiary of Brunswick, merged with and into Mid Penn Bank, a wholly-owned subsidiary of Mid Penn.

This transaction included the acquisition of 5 branches and extended Mid Penn’s footprint into Middlesex and Monmouth counties in central New Jersey. Mid Penn issued 849,510 shares of its common stock as well as a net cash payment to Brunswick shareholders of $27.6 million, for total consideration of $45.7 million for all outstanding stock and the cancellation of stock options of Brunswick.
Mid Penn has recognized total goodwill of $15.5 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. The fair value of the consideration exchanged related to Mid Penn’s common stock was calculated based upon the closing market price of Mid Penn’s common stock as of May 19, 2023. None of the goodwill recognized is expected to be deductible for income tax purposes.

Mid Penn incurred expenses related to the Brunswick Acquisition of $352 thousand for the three months ended September 30, 2023 and $8.5 million for the nine months ended September 30, 2023, which are included in noninterest expense in the Consolidated Statements of Income.

Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. Mid Penn considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, FICO scores and other qualitative factors that indicate deterioration in credit quality since origination. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ACL on the date of acquisition using the same methodology as other loans and leases held-for-investment. As part of the Brunswick Acquisition, Mid Penn acquired PCD loans and leases of $18.7 million. Mid Penn established an ACL at acquisition of $355 thousand with a corresponding gross-up to the amortized cost of the PCD loans and leases. The non-credit discount on the PCD loans and leases was $2.1 million and the
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Day 1 fair value was $16.6 million. The initial provision expense for non-PCD loans associated with the Brunswick Acquisition was $2.0 million.

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 sold7,604 
Investment securities1,825 
Loans324,471 
Goodwill15,521 
Core deposit intangible999 
Premises and equipment5,315 
Cash surrender value of life insurance3,361 
Deferred income taxes6,792 
Accrued interest receivable1,171 
Other assets3,860 
Total assets acquired391,948 
Liabilities assumed:
Deposits:
Noninterest-bearing demand62,123 
Interest-bearing demand11,767 
Money Market47,362 
Savings14,203 
Time147,164 
Long-term debt60,137 
Accrued interest payable1,911 
Other liabilities1,621 
Total liabilities assumed346,288 
Consideration paid$45,660 
Cash paid$27,565 
Fair value of common stock issued18,095 

Management has completed its evaluation of fair values of all assets and liabilities shown in the table above and all amounts are considered final. Measurement period adjustments for the three months ending September 30, 2023 were $349 thousand related to securities paydowns received after the acquisition date that relate to the period before the acquisition date, as well as a $6.4 million reclass between noninterest-bearing demand and interest-bearings demand deposits.
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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 ASC 326, 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
•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
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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 September 30, 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 September 30, 2023, accrued interest receivable totaled $1.0 million for AFS securities and was reported in accrued interest receivable 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.
At September 30, 2023, Mid Penn’s HTM securities totaled $401.6 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 September 30, 2023.
Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. At September 30, 2023, accrued interest receivable totaled $2.4 million for HTM securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.
At September 30, 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 September 30, 2023.
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The amortized cost and estimated fair value of investment securities for the periods presented:
September 30, 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$36,609 $— $1,878 $34,731 
Mortgage-backed U.S. government agencies