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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Net Deferred Tax Asset

Significant components of the Corporation’s net deferred tax asset at December 31, 2022 and 2021 are shown below.

(In thousands)			2022						2021
Deferred tax assets:
Allowance for loan losses			$	3,981					$	3,065
Loan fees			898						1,409
Deferred compensation			1,115						2,661
Benefit plans			56						98
Unrealized loss on securities			5,137						63
Lease adjustments			193						485
Business combination adjustments			2,066						4,067
Acquired NOL, Section 1231, and charitable contribution carryforwards			686						745
Rabbi Trust			985						—
Riverview AMT credits			771						777
Riverview subordinated debt fair value adjustment			353						—
Software renewal costs			420						525
Other			892						513
			17,553						14,408
Deferred tax liabilities:
Depreciation			(1,175)						(843)
Bond accretion			(97)						(39)
Goodwill and intangibles			(362)						(364)
Prepaid expenses			(797)						(706)
Business combination adjustments			(398)						(547)
Benefit plans			(1,049)						(1,130)
			(3,878)						(3,629)
Deferred tax asset, net			$	13,675					$	10,779

Provision for Income Taxes

The provision for income taxes consists of the following:

(In thousands)			2022						2021						2020
Current tax provision
Federal			$	10,212					$	6,178					$	6,340
State			67						70						157
Total current tax provision			$	10,279					$	6,248					$	6,497
Deferred tax expense (benefit)
Federal			$	2,262					$	484					$	(1,367)
State			—						—						—
Total deferred tax expense (benefit)			2,262						484						(1,367)
Total provision for income taxes			$	12,541					$	6,732					$	5,130

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal income tax provision at the statutory rate of 21% for 2022, 2021 and 2020 to Mid Penn's actual federal income tax provision at its effective rate is as follows:

(In thousands)			2022						2021						2020
Provision at the expected statutory rate			$	14,143					$	7,571					$	6,581
Low income housing partnership tax credits			(929)						(853)						(861)
Effect of tax-exempt income			(614)						(477)						(499)
Effect of investment in life insurance			(203)						(75)						(63)
Nondeductible merger and acquisition expense			60						364						—
State income taxes, net of federal tax benefit			53						55						124
Nondeductible interest			20						14						26
Other items			11						133						(178)
Provision for income taxes			$	12,541					$	6,732					$	5,130

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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