MID PENN BANCORP INC
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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FY2023 · Filed Mar 28, 2024
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Item 9B. -Other Information
During the fourth quarter of 2023, Management made adjustments to certain balance sheet line items associated with Mid Penn's acquisition of Brunswick Bancorp. The following table summarizes the impact of the corrections made to the Business Combination disclosure for the periods ended June 30, 2023 and September 30, 2023. All adjustments have been corrected and are appropriately reflected in the Form 10-K for December 31, 2023.
| As reported · As revised · As reported · As revised | ||||||
|---|---|---|---|---|---|---|
| (In thousands) | June 30, 2023 | Adjustments | June 30, 2023 | September 30, 2023 | Adjustments | September 30, 2023 |
| Assets acquired: | ||||||
| Investment securities | $2,174 | $249 | $2,423 | $1,825 | $598 | $2,423 |
| Premises and equipment, net | 5,315 | (747) | 4,568 | 5,315 | (747) | 4,568 |
| Deferred income taxes | 6,792 | (399) | 6,393 | 6,792 | (399) | 6,393 |
| Goodwill | 15,172 | (2,372) | 12,800 | 15,521 | (2,721) | 12,800 |
| Other assets | 3,860 | 2,024 | 5,884 | 3,860 | 2,024 | 5,884 |
| Total Assets Acquired | 391,948 | (1,245) | 390,703 | 391,948 | (1,245) | 390,703 |
| Liabilities assumed: | ||||||
| Deposits: | ||||||
| Noninterest-bearing demand | 68,545 | (7,657) | 60,888 | 62,123 | (1,235) | 60,888 |
| Interest-bearing transaction accounts | 5,345 | 6,422 | 11,767 | 11,767 | — | 11,767 |
| Time Deposits | 147,164 | (1) | 147,163 | 147,164 | (1) | 147,163 |
| Long-Term Debt | 60,137 | (1) | 60,136 | 60,137 | (1) | 60,136 |
| Other liabilities | 1,621 | (8) | 1,613 | 1,621 | (8) | 1,613 |
| Total Liabilities assumed | 346,288 | (1,245) | 345,043 | 346,288 | (1,245) | 345,043 |
The following table summarizes the impact of the adjustments on the Company's Balance Sheets for the periods ended June 30, 2023 and September 30, 2023.
| As reported · As revised · As reported · As revised | ||||||
|---|---|---|---|---|---|---|
| (In thousands) | June 30, 2023 | Adjustments | June 30, 2023 | September 30, 2023 | Adjustments | September 30, 2023 |
| Assets: | ||||||
| Investment securities | $228,774 | $249 | $229,023 | $218,064 | $598 | $218,662 |
| Premises and equipment, net | 39,230 | (747) | 38,483 | 38,849 | (747) | 38,102 |
| Deferred income taxes | 24,309 | (399) | 23,910 | 25,509 | (399) | 25,110 |
| Goodwill | 129,403 | (2,372) | 127,031 | 129,752 | (2,721) | 127,031 |
| Other assets | 53,710 | 2,024 | 55,734 | 56,459 | 2,024 | 58,483 |
| Total Assets | 5,088,813 | (1,245) | 5,087,568 | 5,215,963 | (1,245) | 5,214,718 |
| Liabilities: | ||||||
| Deposits: | ||||||
| Noninterest-bearing demand | 830,479 | (7,657) | 822,822 | 804,785 | (1,235) | 803,550 |
| Interest-bearing transaction accounts | 2,180,312 | 6,422 | 2,186,734 | 2,217,885 | — | 2,217,885 |
| Time Deposits | 1,275,895 | (1) | 1,275,894 | 1,358,946 | (1) | 1,358,945 |
| Long Term Debt | 58,982 | (1) | 58,981 | 58,992 | (1) | 58,991 |
| Other liabilities | 37,158 | (8) | 37,150 | 37,389 | (8) | 37,381 |
| Total Liabilities | 4,562,925 | (1,245) | 4,561,680 | 4,687,252 | (1,245) | 4,686,007 |
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