Mid Penn Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mid Penn Bancorp Inc. filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

MID PENN BANCORP INC (MPB) filed a Annual Report (10-K) with the SEC on March 28, 2024. The filing covers the fiscal year ending December 31, 2023. Mid Penn Bancorp Inc. is classified under Standard Industrial Classification Code 6022 (Commercial Banks). The company's principal business address is 2407 Park Drive, Harrisburg, PA 17110. The filing includes data related to Fiduciary and Trust, Debit Card, Deposit Accounts, Mortgage Banking, and Mortgage Hedging activities. The report details financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking MID PENN BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Mid Penn Bancorp's financial health, operational segments, and strategic initiatives for the fiscal year 2023, crucial for investors assessing its performance and future outlook. The detailed segment information, including mortgage banking and fiduciary services, allows stakeholders to understand the revenue drivers and potential risks within specific business lines.

Risk Assessment

Risk Level: medium — MID PENN BANCORP INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains a wealth of information, it does not highlight any immediate, severe risks beyond those typically associated with the banking industry, such as market or operational risks, which are generally considered medium-level for a company of this size and type.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Mid Penn Bancorp's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-28 — Filing Date (Date the report was filed)
• 6022 — SIC Code (Commercial Banks)

Key Players & Entities

• MID PENN BANCORP INC (company) — Filer name
• MPB (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-28 (date) — Filing date
• PA (location) — State of incorporation and business address
• 6022 (industry_code) — Standard Industrial Classification for Commercial Banks

FAQ

Industry Context

Mid Penn Bancorp operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Mid Penn Bancorp is subject to regulations from various federal and state agencies, including the Federal Reserve and state banking authorities, overseeing its operations and financial stability.

What Investors Should Do

1. Review the detailed financial statements for the fiscal years 2021-2023 to understand revenue trends and profitability.
2. Analyze the segment information, particularly for Mortgage Banking and Fiduciary and Trust, to assess performance drivers.
3. Examine any disclosed risk factors to understand potential challenges and their impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share MPB The NASDAQ Stoc
• $22.08 — e closing price of the common equity of $22.08 per share, as reported by The NASDAQ St
• $5.3 billion — d Penn had total consolidated assets of $5.3 billion with total deposits of $4.3 billion and
• $4.3 billion — of $5.3 billion with total deposits of $4.3 billion and total shareholders' equity of $542.
• $542.4 million — llion and total shareholders' equity of $542.4 million. The holding company and its nonbank su
• $69 thousand — munities by personally giving more than $69 thousand to charitable organizations within Mid
• $22.3 million — rities, or unrealized loss, amounted to $22.3 million as of December 31, 2023. On an after-ta
• $2.0 million — other comprehensive loss component, of $2.0 million. As of December 31, 2023, there was no

Filing Documents

• mpb-20231231.htm (10-K) — 4666KB
• mpb-20231231xexx31.htm (EX-3.1) — 100KB
• mpb-20231231xexx1021.htm (EX-10.21) — 3KB
• mpb-20231231xexx21.htm (EX-21) — 4KB
• mpb-20231231xexx23.htm (EX-23) — 3KB
• mpb-20231231xexx311.htm (EX-31.1) — 10KB
• mpb-20231231xexx312.htm (EX-31.2) — 10KB
• mpb-20231231xexx32.htm (EX-32) — 7KB
• mpb-20231231xexx971.htm (EX-97.1) — 23KB
• mpb-20231231_g1.jpg (GRAPHIC) — 103KB
• mpb-20231231xexx1021001.jpg (GRAPHIC) — 197KB
• mpb-20231231xexx1021002.jpg (GRAPHIC) — 247KB
• mpb-20231231xexx1021003.jpg (GRAPHIC) — 231KB
• mpb-20231231xexx1021004.jpg (GRAPHIC) — 259KB
• mpb-20231231xexx1021005.jpg (GRAPHIC) — 231KB
• mpb-20231231xexx1021006.jpg (GRAPHIC) — 243KB
• mpb-20231231xexx1021007.jpg (GRAPHIC) — 155KB
• mpb-20231231xexx1021008.jpg (GRAPHIC) — 162KB
• 0000879635-24-000049.txt (&nbsp;) — 27070KB
• mpb-20231231.xsd (EX-101.SCH) — 125KB
• mpb-20231231_cal.xml (EX-101.CAL) — 262KB
• mpb-20231231_def.xml (EX-101.DEF) — 782KB
• mpb-20231231_lab.xml (EX-101.LAB) — 1449KB
• mpb-20231231_pre.xml (EX-101.PRE) — 1125KB
• mpb-20231231_htm.xml (XML) — 5223KB

Business

Business 3 Item 1A -

Risk Factors

Risk Factors 15 Item 1B - Unresolved Staff Comments 27 I tem 1C - C ybersecurity 27 Item 2 -

Properties

Properties 29 Item 3 -

Legal Proceedings

Legal Proceedings 29 Item 4 - Mine Safety Disclosures 29 PART II Item 5 - Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 30 Item 6 - [Reserved] 31 Item 7 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8 -

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9 - Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 136 Item 9A -

Controls and Procedures

Controls and Procedures 136 Item 9B - Other Information 137 Item 9C - Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 138 PART III Item 10 - Directors, Executive Officers and Corporate Governance 138 Item 11 -

Executive Compensation

Executive Compensation 138 Item 12 -

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 139 Item 13 - Certain Relationships and Related Transactions, and Director Independence 139 Item 14 - Principal Accounting Fees and Services 139 PART IV Item 15 - Exhibit and Financial Statement Schedules 139 Item 16 - Form 10-K Summary 142

Signatures

Signatures 143 EXHIBITS 2 MID PENN BANCORP, INC. GLOSSARY OF DEFINED ACRONYMS AND TERMS 2014 Plan 2014 Restricted Stock Plan 2022 Annual Report Corporation's Annual Report on Form 10-K for the year ended December 31, 2022 2023 Plan 2023 Stock Incentive Plan ACL Allowance for Credit Losses AFS Available for Sale AOCI Accumulated Other Comprehensive Income ASC Accounting Standards Codification ASU Accounting Standards Update the Bank Mid Penn Bank Bank Merger Merger of Brunswick Bank with and into Mid Penn Bank BOLI Bank Owned Life Insurance bp or bps basis point(s) Brunswick Brunswick Bancorp Brunswick Acquisition Merger acquisition of Brunswick Brunswick Bank Brunswick Bank & Trust Company CECL Current Expected Credit Losses DCF Discounted Cash Flow DIF FDIC's Deposit Insurance Fund DRIP Dividend Reinvestment Plan FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FHLB Federal Home Loan Bank of Pittsburgh FICO the Financing Corporation FOMC Federal Open Market Committee FTE Fully taxable-equivalent HFS Held for Sale HTM Held to Maturity LGD Loss Given Default LHFI Loans held for investment LIHTC Low-Income Housing Tax Credits Loans Loans, net of unearned interest Management Discussion Management's Discussion and Analysis of Financial Condition and Results of Operations Merger Merger of Brunswick with and into Mid Penn Merger Agreement Agreement and Plan of Merger between Mid Penn and Brunswick Mid Penn or the Corporation Mid Penn Bancorp, Inc. N/M Not meaningful - (percentage changes greater than +/- 150% not considered meaningful) OBS Off-Balance Sheet OCI Other Comprehensive Income PCD Purchased Credit Deteriorated PCL Provision for Credit Losses - Loans PD Probability of Default Riverview Riverview Financial Corporation Riverview Acquisition Merger acquisition of Riverview ROA Return on Assets ROE Return on Equity SBA Small Business Association SEC Securities Exchange Commi

BUSINESS

ITEM 1. BUSINESS The disclosures set forth in this Item are qualified by the section captioned "Special Cautionary Notice Regarding Forward-Looking Statements" contained in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and other cautionary statements set forth elsewhere in this report. Mid Penn Bancorp, Inc. Mid Penn Bancorp, Inc. is a financial holding company incorporated in August 1991 in the Commonwealth of Pennsylvania. Mid Penn Bancorp, Inc. and its wholly owned bank and nonbank subsidiaries are collectively referred to herein as "Mid Penn" or the "Corporation." On December 31, 1991, Mid Penn acquired, as part of the holding company formation, all of the outstanding common stock of Mid Penn Bank, and the Bank became a wholly-owned subsidiary of Mid Penn. During the year ended December 31, 2020, Mid Penn established three nonbank subsidiaries, including MPB Financial Services, LLC, under which two additional nonbank subsidiaries have been established: (i) MPB Wealth Management, LLC, created to expand the wealth management function and services of the Corporation, and (ii) MPB Risk Services, LLC, created to fulfill the insurance needs of both existing and potential customers of the Corporation. During the year ended December 31, 2021, Mid Penn formed MPB Launchpad Fund I, LLC to hold certain financial holding company eligible investments. As of December 31, 2023, the accounts and activities of these nonbank subsidiaries were not material to warrant separate disclosure or segment reporting. Mid Penn's primary business is to supervise and coordinate the business of the Bank and its nonbank subsidiaries, and to provide them with the capital and resources to fulfill their respective missions. Mid Penn's consolidated financial condition and results of operations consist almost entirely of that of the Bank, which is managed as a single business segment. At December 31, 2023, Mid Penn had total consolidated

View Full Filing

View this 10-K filing on SEC EDGAR