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$34.78-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| MID PENN BANCORP, INC. | Consolidated Statements of Cash Flows |
|---|
| (In thousands) | Year EndedDecember 31, | ||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating Activities: | |||
| Net Income | $37,397 | $54,806 | 29,319 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses - loans | 3,295 | 4,300 | 2,945 |
| Depreciation | 4,900 | 4,283 | 3,316 |
| Amortization of intangibles | 1,780 | 2,012 | 1,180 |
| Net amortization of security discounts/premiums | 472 | 729 | 636 |
| Noncash operating lease expense | 1,945 | 1,755 | 1,698 |
| Amortization of finance lease right of use asset | 180 | 180 | 180 |
| Loss (gain) on sales of investment securities | — | — | (79) |
| Earnings on cash surrender value of life insurance | (1,112) | (1,013) | (358) |
| Mortgage loans originated for sale | (82,714) | (138,611) | (316,849) |
| Proceeds from sales of mortgage loans originated for sale | 82,687 | 149,257 | 341,155 |
| Gain on sale of mortgage loans | (1,353) | (1,607) | (10,314) |
| SBA loans originated for sale | (11,211) | (5,310) | (10,890) |
| Proceeds from sales of SBA loans originated for sale | 10,640 | 5,571 | 11,859 |
| Gain on sale of SBA loans | (571) | (262) | (969) |
| Gain (Loss) on sale of property, plant, and equipment | — | 938 | (105) |
| Gain on sale or write-down of foreclosed assets | (144) | (133) | (25) |
| Write-off of bank premises and equipment held for sale | — | 705 | — |
| Accretion of subordinated debt | (587) | (555) | — |
| Stock compensation expense | 1,103 | 1,142 | 696 |
| Change in deferred income tax benefit | (1,551) | 2,262 | 484 |
| Fair value adjustment on equity investments | — | 70 | — |
| Increase accrued interest receivable | (6,244) | (7,080) | 3,562 |
| Decrease (Increase) in other assets | 9,736 | (13,261) | (4,321) |
| Increase (decrease) in accrued interest payable | 10,043 | 510 | (655) |
| Decrease in operating lease liability | (2,540) | (3,136) | (1,781) |
| (Decrease) Increase in other liabilities | (4,214) | 2,439 | 15,215 |
| Net Cash Provided By Operating Activities | 51,937 | 59,991 | 65,899 |
| Investing Activities: | |||
| Proceeds from the sale of available-for-sale securities | 1,751 | — | 5,178 |
| Proceeds from the maturity or call of available-for-sale securities | 16,611 | 14,574 | 2,856 |
| Purchases of available-for-sale securities | — | (213,976) | (65,192) |
| Proceeds from the maturity or call of held-to-maturity securities | 10,490 | 14,942 | 42,416 |
| Purchases of held-to-maturity securities | — | (85,664) | (243,987) |
| Stock dividends of FHLB and other bank stock | 864 | 289 | 345 |
| (Purchases) reduction of restricted investment in bank stock | (9,317) | 530 | 324 |
| Net cash received from acquisition | 1,068 | (901) | 315,287 |
| Net increase in loans | (424,535) | (411,800) | 115,367 |
| Purchases of bank premises and equipment | (2,770) | (4,249) | (3,497) |
| Proceeds from the sale of premises and equipment | — | 220 | 62 |
| Proceeds from the sale of foreclosed assets | 1,256 | 242 | 212 |
| Proceeds from bank-owned life insurance | 774 | — | — |
| Gain on bank-owned life insurance | (125) | — | — |
| Net change in investments in tax credits and other partnerships | (4,588) | — | — |
| Net cash paid on branch sale | — | (18,918) | — |
| Net Cash (Used In) Provided by Investing Activities | (408,521) | (704,711) | 169,371 |
| Financing Activities: | |||
| Net increase (decrease) in deposits | 286,498 | (202,607) | 446,045 |
| MID PENN BANCORP, INC. | Consolidated Statements of Cash Flows |
|---|
| Proceeds from long-term debt | 25,000 | — | — |
|---|---|---|---|
| Common stock dividends paid | (12,981) | (12,735) | (8,872) |
| Proceeds from Employee and Director Stock Purchase Plan stock issuance | 482 | 364 | 307 |
| Proceeds from follow-on common stock public offering (3) | — | — | 70,238 |
| Treasury stock purchased | (4,876) | (2,957) | (128) |
| Riverview restricted stock (1) | — | 776 | — |
| Net change in finance lease liability | (93) | (90) | (87) |
| Net change in short-term borrowings | 138,885 | 102,647 | (125,617) |
| Long-term debt repayment | (30,449) | (76,771) | (258) |
| Subordinated debt redemption and trust preferred securities | (10,000) | (16,778) | (6,870) |
| Net Cash Provided by (Used In) Financing Activities | 392,466 | (208,151) | 374,758 |
| Net increase (decrease) in cash and cash equivalents | 35,882 | (852,871) | 610,028 |
| Cash and cash equivalents, beginning of period | 60,881 | 913,752 | 303,724 |
| Cash and cash equivalents, end of period | $96,763 | $60,881 | $913,752 |
| Supplemental Disclosures of Cash Flow Information: | |||
| Cash paid for interest | $77,413 | $17,255 | $14,970 |
| Cash paid for income taxes | 7,965 | 7,552 | 6,950 |
| Supplemental Noncash Disclosures: | |||
| Recognition of operating lease right of use assets | $2,100 | $— | $1,944 |
| Recognition of operating lease liabilities | 2,100 | 1,498 | 1,944 |
| Obsolete Riverview asset write-off | — | 705 | — |
| Loans transferred to foreclosed assets held for sale | 1,362 | 152 | 53 |
| Common Stock issued to Riverview Shareholders | — | — | 4,520 |
| Carrying value of assets sold in branch sale | — | 2,159 | — |
| Liabilities assigned in branch sale | — | 21,076 | — |
| Fair value of assets acquired in business combination, excluding cash (2) | 362,070 | — | 905,847 |
| Goodwill recorded (2) | 12,800 | — | 50,995 |
| Liabilities assumed in business combination (2) | 345,043 | — | 1,129,937 |
| 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)This disclosure includes the impact of the Brunswick Acquisition on May 19, 2023. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.
(3)Shares issued in offering were net of expenses of $4.6 million.
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