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MID PENN BANCORP INC

For the period ended Dec 31, 2023. Filed Mar 28, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 28, 2024

MPB$34.46+0.5%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

For the fiscal year ended December 31, 2023

OR

oTRANSITION 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

(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 DriveHarrisburg, Pennsylvania17110
(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

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yeso No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yeso No x

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 Noo

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 Noo

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yeso Nox

The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates computed by reference to the closing price of the common equity of $22.08 per share, as reported by The NASDAQ Stock Market LLC ("NASDAQ"), on June. 30, 2023, the last business day of the registrant’s most recently completed second quarter was approximately $329.0 million. As of March 1, 2024, the registrant had 16,573,707 shares of common stock outstanding, par value $1.00 per share.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement of the Registrant for the 2024 Annual Meeting of Shareholders are incorporated by reference in Part III.

Auditor Firm ID:49 Auditor Name: RSM US LLP Auditor Location: Philadelphia, PA USA

FORM 10-K

TABLE OF CONTENTS

PAGE
PART I
Item 1 -Business3
Item 1A -Risk Factors15
Item 1B -Unresolved Staff Comments27
Item 1C -Cybersecurity27
Item 2 -Properties29
Item 3 -Legal Proceedings29
Item 4 -Mine Safety Disclosures29
PART II
Item 5 -Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities30
Item 6 -[Reserved]31
Item 7 -Management’s Discussion and Analysis of Financial Condition and Results of Operations32
Item 7A -Quantitative and Qualitative Disclosures About Market Risk53
Item 8 -Financial Statements and Supplementary Data55
Item 9 -Changes In and Disagreements With Accountants on Accounting and Financial Disclosure136
Item 9A -Controls and Procedures136
Item 9B -Other Information137
Item 9C -Disclosure Regarding Foreign Jurisdictions that Prevent Inspections138
PART III
Item 10 -Directors, Executive Officers and Corporate Governance138
Item 11 -Executive Compensation138
Item 12 -Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters139
Item 13 -Certain Relationships and Related Transactions, and Director Independence139
Item 14 -Principal Accounting Fees and Services139
PART IV
Item 15 -Exhibit and Financial Statement Schedules139
Signatures143
EXHIBITS

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
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
DIFFDIC’s Deposit Insurance Fund
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
LGDLoss Given Default
LHFILoans held for investment
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
PCDPurchased Credit Deteriorated
PCLProvision for Credit Losses - Loans
PDProbability of Default
RiverviewRiverview Financial Corporation
Riverview AcquisitionMerger acquisition of Riverview
ROAReturn on Assets
ROEReturn on Equity
SBASmall Business Association
SECSecurities Exchange Commission
SOFRSecured Overnight Financing Rate
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.