MID PENN BANCORP INC
For the period ended Dec 31, 2024. Filed Mar 13, 2025.
View on SEC.govAbout this filing
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.
FY2024 · Filed Mar 13, 2025
MPB$34.78-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| MID PENN BANCORP, INC. | Consolidated Statements of Cash Flows |
|---|
| (In thousands) | Year EndedDecember 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating Activities: | |||
| Net Income | $49,437 | $37,397 | 54,806 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 1,516 | 3,699 | 4,300 |
| Depreciation | 4,866 | 4,900 | 4,283 |
| Amortization of intangibles | 1,784 | 1,780 | 2,012 |
| Net amortization of security discounts/premiums | 397 | 472 | 729 |
| Noncash operating lease expense | 2,184 | 1,945 | 1,755 |
| Amortization of finance lease right of use asset | 179 | 180 | 180 |
| Earnings on cash surrender value of life insurance | (1,141) | (1,112) | (1,013) |
| Mortgage loans originated for sale | (113,741) | (82,714) | (138,611) |
| Proceeds from sales of mortgage loans originated for sale | 113,008 | 82,687 | 149,257 |
| Gain on sale of mortgage loans | (2,476) | (1,353) | (1,607) |
| SBA loans originated for sale | (4,603) | (11,211) | (5,310) |
| Proceeds from sales of SBA loans originated for sale | 4,951 | 10,640 | 5,571 |
| Gain on sale of SBA loans | (347) | (571) | (262) |
| (Loss)/Gain on sale of property, plant, and equipment | (10) | — | 938 |
| Loss/(Gain) on sale or write-down of foreclosed assets | 80 | (144) | (133) |
| Write-off of bank premises and equipment held for sale | — | — | 705 |
| Accretion of subordinated debt | (613) | (587) | (555) |
| Stock compensation expense | 1,047 | 1,103 | 1,142 |
| Change in deferred income tax cost/(benefit) | 1,516 | (1,551) | 2,262 |
| Fair value adjustment on equity investments | — | — | 70 |
| Increase accrued interest receivable | (1,026) | (6,244) | (7,080) |
| (Increase)/Decrease in other assets | (4,988) | 9,736 | (13,261) |
| (Decrease)/Increase in accrued interest payable | (773) | 10,043 | 510 |
| Decrease in operating lease liability | (2,123) | (2,540) | (3,136) |
| Increase/(Decrease) in other liabilities | 2,264 | (4,214) | 2,439 |
| Net Cash Provided By Operating Activities | 51,388 | 52,341 | 59,991 |
| Investing Activities: | |||
| Proceeds from the sale of available-for-sale securities | — | 1,751 | — |
| Proceeds from the maturity or call of available-for-sale securities | 33,756 | 16,611 | 14,574 |
| Purchases of available-for-sale securities | (72,712) | — | (213,976) |
| Proceeds from the maturity or call of held-to-maturity securities | 16,356 | 10,490 | 14,942 |
| Purchases of held-to-maturity securities | — | — | (85,664) |
| Stock dividends of FHLB and other bank stock | 1,288 | 864 | 289 |
| Reduction (Purchases) of restricted investment in bank stock | 8,019 | (9,317) | 530 |
| Net cash (paid)/received from acquisition | (2,676) | 1,068 | (901) |
| Net increase in loans | (190,658) | (424,939) | (411,800) |
| Purchases of bank premises and equipment | (6,916) | (2,770) | (4,249) |
| Proceeds from the sale of premises and equipment | 163 | — | 220 |
| Proceeds from the sale of foreclosed assets | 359 | 1,256 | 242 |
| Proceeds from bank-owned life insurance | 6,683 | 774 | — |
| Gain on bank-owned life insurance | (2,566) | (125) | — |
| Net change in investments in tax credits and other partnerships | 162 | (4,588) | — |
| Net cash paid on branch sale | — | — | (18,918) |
| Net Cash Used in Investing Activities | (208,742) | (408,925) | (704,711) |
| Financing Activities: | |||
| Net increase/(Decrease) in deposits | 343,715 | 286,498 | (202,607) |
| MID PENN BANCORP, INC. | Consolidated Statements of Cash Flows |
|---|
| Proceeds from long-term debt | — | 25,000 | — |
|---|---|---|---|
| Common stock dividends paid | (13,822) | (12,981) | (12,735) |
| Proceeds from Employee and Director Stock Purchase Plan stock issuance | 561 | 482 | 364 |
| Proceeds from public offering of common stock | 75,956 | — | — |
| Treasury stock purchased | (323) | (4,876) | (2,957) |
| Riverview restricted stock (1) | — | — | 776 |
| Net change in finance lease liability | (134) | (93) | (90) |
| Net change in short-term borrowings | (239,532) | 138,885 | 102,647 |
| Long-term debt repayment | (35,266) | (30,449) | (76,771) |
| Subordinated debt redemption and trust preferred securities | — | (10,000) | (16,778) |
| Net Cash Provided by Financing Activities | 131,155 | 392,466 | (208,151) |
| Net increase/(decrease) in cash and cash equivalents | (26,199) | 35,882 | (852,871) |
| Cash and cash equivalents, beginning of period | 96,763 | 60,881 | 913,752 |
| Cash and cash equivalents, end of period | $70,564 | $96,763 | $60,881 |
| Supplemental Disclosures of Cash Flow Information: | |||
| Cash paid for interest | $130,685 | $77,413 | $17,255 |
| Cash paid for income taxes | 853 | 7,965 | 7,552 |
| Supplemental Noncash Disclosures: | |||
| Recognition of operating lease right of use assets | $930 | $2,100 | $— |
| Recognition of operating lease liabilities | 930 | 2,100 | 1,498 |
| Obsolete Riverview asset write-off | — | — | 705 |
| Loans transferred to foreclosed assets held for sale | 164 | 1,362 | 152 |
| 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 (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)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)Additionally,2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.