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Subsequent Events | 3 Months Ended
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Mar. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events | (15) Subsequent Events Underwritten Public Offering On April 29, 2021, Mid Penn issued a press release on a Form 8-K announcing the commencement of an underwritten public offering of $65,000,000 of the Corporation’s common stock (the “Offering”), priced at 2,600,000 shares of common stock at $25.00 per share, through Piper Sandler & Co., as representative of the underwriters (the “Underwriters”). Mid Penn also granted the Underwriters a 30-day option to purchase up to an additional 15 percent of the offered amount of common stock, equal to 390,000 shares, from the Corporation. On May 4, 2021, Mid Penn announced on a Form 8-K that it had completed its underwritten public offering of 2,990,000 shares of common stock at a price of $25.00 per share, before underwriting discounts, including 390,000 additional shares of common stock upon the exercise in full by the underwriters of their option to purchase additional shares. The aggregate gross proceeds of the offering were $74.75 million. The net proceeds of the offering after deducting the underwriting discount and other estimated offering expenses are expected to be approximately $70.2 million. Mid Penn intends to use the net proceeds of the offering to increase its capital structure, to fund future organic growth and for working capital and other general corporate purposes. The Corporation may also use a portion of the net proceeds for future acquisitions, although the Corporation has no present commitments or agreements to do so. Extension of Treasury Stock Repurchase Program On April 28, 2021, the Board of Directors of the Corporation approved the renewal of its treasury stock repurchase program, which was announced on March 19, 2020. The repurchase plan, which authorized the repurchase of up to $15,000,000 of which $13,077,000 remains available, of Mid Penn’s common stock in the open market or privately negotiated transactions, has been extended through March 19, 2022. The repurchase plan may be modified, suspended or terminated at any time, in the Corporation’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors the Corporation deems appropriate. The repurchase program does not obligate the Corporation to repurchase any shares.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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