MID PENN BANCORP INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the and (Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Operating Activities: | ||
| Net Income | $36,205 | $25,299 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 1,183 | 4,364 |
| Depreciation | 3,666 | 3,645 |
| Amortization of intangibles | 1,313 | 1,289 |
| Net amortization of security discounts/premiums | 305 | 363 |
| Noncash operating lease expense | 1,563 | 1,413 |
| Amortization of finance lease right of use asset | 135 | 134 |
| Earnings on cash surrender value of life insurance | (861) | (824) |
| Mortgage loans originated for sale | (84,379) | (86,451) |
| Proceeds from sales of mortgage loans originated for sale | 82,135 | 85,709 |
| Gain on sale of mortgage loans | (1,820) | (1,053) |
| SBA loans originated for sale | (4,375) | (4,015) |
| Proceeds from sales of SBA loans originated for sale | 4,707 | 3,802 |
| Gain on sale of SBA loans | (332) | (213) |
| Gain on sale of property, plant, and equipment | (10) | (59) |
| Loss/(Gain) on sale or write-down of foreclosed assets | 7 | (144) |
| Accretion of subordinated debt | (460) | (440) |
| Stock compensation expense | 825 | 812 |
| Change in deferred income tax cost/(benefit) | 80 | (1,501) |
| Increase accrued interest receivable | (1,466) | (4,654) |
| Decrease (Increase) in other assets | 1,065 | (621) |
| Increase in accrued interest payable | 4,738 | 10,443 |
| Decrease in operating lease liability | (1,507) | (1,936) |
| Increase in other liabilities | 4,575 | 2,332 |
| Net Cash Provided By Operating Activities | 47,292 | 37,694 |
| Investing Activities: | ||
| Proceeds from the sale of available-for-sale securities | — | 1,751 |
| Proceeds from the maturity or call of available-for-sale securities | 22,050 | 12,782 |
| Purchases of available-for-sale securities | (48,051) | — |
| Proceeds from the maturity or call of held-to-maturity securities | 12,261 | 8,145 |
| Stock dividends of FHLB and other bank stock | 1,136 | 549 |
| Reduction (Purchases) of restricted investment in bank stock | 5,043 | (5,788) |
| Net cash (paid)/received from acquisition | (2,676) | 1,068 |
| Net increase in loans | (178,910) | (319,369) |
| Purchases of bank premises and equipment | (664) | (2,707) |
| Proceeds from the sale of premises and equipment | 152 | 59 |
| Proceeds from the sale of foreclosed assets | 195 | 644 |
| Proceeds from bank-owned life insurance | 2,223 | 774 |
| Gain on bank-owned life insurance | — | (125) |
| Net change in investments in tax credits and other partnerships | (407) | (5,615) |
| Net Cash Used in Investing Activities | (187,648) | (307,832) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)
| Financing Activities: | ||
|---|---|---|
| Net increase in deposits | 360,552 | 320,666 |
| Proceeds from long-term debt | — | 25,000 |
| Common stock dividends paid | (9,953) | (9,666) |
| Proceeds from Employee and Director Stock Purchase Plan stock issuance | 434 | 346 |
| Treasury stock purchased | (323) | (4,580) |
| Net change in finance lease liability | (98) | (69) |
| Net change in short-term borrowings | (127,435) | 36,353 |
| Long-term debt repayment | (35,189) | (30,694) |
| Subordinated debt redemption and trust preferred securities | — | (10,000) |
| Net Cash Provided by Financing Activities | 187,988 | 327,356 |
| Net increase in cash and cash equivalents | 47,632 | 57,218 |
| Cash and cash equivalents, beginning of period | 96,763 | 60,881 |
| Cash and cash equivalents, end of period | $144,395 | $118,099 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Cash paid for interest | $93,142 | $56,707 |
| Cash paid for income taxes | 291 | 4,400 |
| Supplemental Noncash Disclosures: | ||
| Recognition of operating lease right of use assets | $— | $1,336 |
| Recognition of operating lease liabilities | — | 1,336 |
| Loans transferred to foreclosed assets held for sale | 164 | 1,362 |
| Fair value of assets acquired in business combination, excluding cash (1)(2) | $1,547 | $362,070 |
| Goodwill recorded (1)(2) | 1,129 | 12,800 |
| Liabilities assumed in business combination (2) | — | 345,043 |
| Stock issued in business combination (3) | — | 18,095 |
(1) Includes the impact of the Insurance Acquisition on July 31, 2024. See "Note 2 - Business Combinations" to the Consolidated Financial Statement for additional information.
(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.
(3)2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards as a result of the Brunswick Acquisition on May 19, 2023.
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