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v3.19.3

Subordinated Debt (Narrative) (Details) - Subordinated Debt [Member] - USD ($) |  |  | 1 Months Ended | 9 Months Ended |
--- | --- | --- | --- | --- | ---
Dec. 19, 2017 | Dec. 09, 2015 | Jul. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2018
Subordinated Notes Due 2025 [Member] |  |  |  |  |
Subordinated debt issuance |  | $ 7,500,000 |  |  |
Debt instrument, maturity date |  |  |  | Dec. 09, 2025 |
Debt instrument term |  |  |  | 2015 Notes bear interest at a rate of 5.15% per year for the first five years and then float at the Wall Street Journal’s Prime Rate plus 0.50%, provided that the interest rate applicable to the outstanding principal balance will at no time be less than 4.0%. |
Debt instrument, interest rate, effective percentage |  | 5.15% |  |  |
Debt instrument, payment terms |  |  |  | Interest is payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on January 1, 2016. |
Debt instrument, redemption, description |  |  |  | The 2015 Notes will mature on December 9, 2025 and are redeemable in whole or in part, without premium or penalty, at any time on or after December 9, 2020, and prior to December 9, 2025. Additionally, Mid Penn may redeem the 2015 Notes in whole at any time, or in part from time to time, upon at least 30 days’ notice if: (i) a change or prospective change in law occurs that could prevent Mid Penn from deducting interest payable on the 2015 Notes for U.S. federal income tax purposes; (ii) an event occurs that precludes the 2015 Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) Mid Penn becomes required to register as an investment company under the Investment Company Act of 1940, as amended, in each case at 100% of the principal amount of the 2015 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption. |
Unamortized debt issuance cost |  |  |  | $ 119,000 | $ 143,000
Subordinated Notes Due 2025 [Member] | WSJ Prime Rate [Member] |  |  |  |  |
Debt instrument, basis spread on variable rate |  | 0.50% |  |  |
Subordinated Notes Due 2025 [Member] | Maximum [Member] | WSJ Prime Rate [Member] |  |  |  |  |
Debt instrument, interest rate, effective percentage |  | 4.00% |  |  |
Subordinated Notes Due 2025 [Member] | First Priority Financial Corp. [Member] |  |  |  |  |
Subordinated debt acquired |  |  | $ 9,500,000 |  |
Subordinated debt fair value premium |  |  | 247,000 |  |
Debt instrument, issuance date |  |  |  | Nov. 13, 2015 |
Subordinated debt issuance |  |  | $ 9,500,000 |  |
Debt instrument, maturity date |  |  |  | Nov. 30, 2025 |
Debt instrument, interest rate, effective percentage |  |  | 7.00% |  |
Debt instrument non-callable period |  |  | 5 years |  |
Debt instrument term |  |  |  | The Notes are non-callable for an initial period of five years and include provisions for redemption pricing between 101.5% and 100.5% of the liquidation value if called after five years but prior to the stated maturity date |
Subordinated Notes Due 2025 [Member] | First Priority Financial Corp. [Member] | Maximum [Member] |  |  |  |  |
Debt instrument redemption price percentage |  |  | 101.50% |  |
Subordinated Notes Due 2025 [Member] | First Priority Financial Corp. [Member] | Minimum [Member] |  |  |  |  |
Debt instrument redemption price percentage |  |  | 100.50% |  |
Subordinated Notes Due 2028 [Member] |  |  |  |  |
Subordinated debt issuance | $ 10,000,000 |  |  |  |
Debt instrument, maturity date |  |  |  | Jan. 01, 2028 |
Debt instrument term |  |  |  | The 2017 Notes bear interest at a rate of 5.25% per year for the first five years and then float at the Wall Street Journal’s Prime Rate plus 0.50%, provided that the interest rate applicable to the outstanding principal balance will at no times be less than 5.0%. |
Debt instrument, interest rate, effective percentage | 5.25% |  |  |  |
Debt instrument, payment terms |  |  |  | Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2018, for the first five years after issuance and will be payable quarterly in arrears thereafter on January 15, April 15, July 15, and October 15. |
Debt instrument, redemption, description |  |  |  | The 2017 Notes will mature on January 1, 2028 and are redeemable in whole or in part, without premium or penalty, at any time on or after December 21, 2022, and prior to January 1, 2028. Additionally, Mid Penn may redeem the 2017 Notes in whole at any time, or in part from time to time, upon at least 30 days’ notice if: (i) a change or prospective change in law occurs that could prevent Mid Penn from deducting interest payable on the 2017 Notes for U.S. federal income tax purposes; (ii) an event occurs that precludes the 2017 Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) Mid Penn becomes required to register as an investment company under the Investment Company Act of 1940, as amended. In the event of a redemption described in the previous sentence, Mid Penn will redeem the 2017 Notes at 100% of the principal amount of the 2017 Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption. |
Unamortized debt issuance cost |  |  |  | $ 119,000 | $ 143,000
Subordinated Notes Due 2028 [Member] | WSJ Prime Rate [Member] |  |  |  |  |
Debt instrument, basis spread on variable rate | 0.50% |  |  |  |
Subordinated Notes Due 2028 [Member] | Maximum [Member] | WSJ Prime Rate [Member] |  |  |  |  |
Debt instrument, interest rate, effective percentage | 5.00% |  |  |  |

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