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v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value on a Recurring Basis | The following tables illustrate the assets measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets.
|  | September 30, 2023
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale securities: |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | — |  |  | $ | 34,731 |  |  | $ | — |  |  | $ | 34,731 |
Mortgage-backed U.S. government agencies |  | — |  |  | 148,644 |  |  | — |  |  | 148,644 |
State and political subdivision obligations |  | — |  |  | 3,312 |  |  | — |  |  | 3,312 |
Corporate debt securities |  | — |  |  | 31,377 |  |  | — |  |  | 31,377 |
Equity securities |  | 413 |  |  | — |  |  | — |  |  | 413 |
Loans held for sale |  | — |  |  | 4,270 |  |  | — |  |  | 4,270 |
Other assets: |  |  |  |  |  |  |  |
Derivative assets |  | — |  |  | 18,608 |  |  | — |  |  | 18,608 |
Total |  | $ | 413 |  |  | $ | 240,942 |  |  | $ | — |  |  | $ | 241,355 |
|  | December 31, 2022
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale securities: |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | — |  |  | $ | 34,914 |  |  | $ | — |  |  | $ | 34,914 |
Mortgage-backed U.S. government agencies |  | — |  |  | 166,915 |  |  | — |  |  | 166,915 |
State and political subdivision obligations |  | — |  |  | 3,539 |  |  | — |  |  | 3,539 |
Corporate debt securities |  | — |  |  | 32,510 |  |  | — |  |  | 32,510 |
Equity securities |  | 430 |  |  | — |  |  | — |  |  | 430 |
Loans held for sale |  | — |  |  | 2,475 |  |  | — |  |  | 2,475 |
Other assets: |  |  |  |  |  |  |  |
Derivative assets |  | — |  |  | 11,703 |  |  | — |  |  | 11,703 |
Total |  | $ | 430 |  |  | $ | 252,056 |  |  | $ | — |  |  | $ | 252,486 |
Fair Value Measurements, Nonrecurring | The following table illustrates Level 3 financial instruments measured at fair value on a nonrecurring basis:
(In thousands) |  | September 30, 2023 |  | December 31, 2022
Individually evaluated loans, net of ACL |  | $ | 12,371 |  |  | $ | 4,022 |
Foreclosed assets held for sale |  | 905 |  |  | 43 |
Fair Value, by Balance Sheet Grouping | The following tables summarize the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn's financial instruments as of the periods presented:
|  | September 30, 2023
|  | Carrying Amount |  | Estimated Fair Value
(In thousands) |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial instruments - assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 118,099 |  |  | $ | 118,099 |  |  | $ | — |  |  | $ | — |  |  | $ | 118,099 |
Available-for-sale investment securities |  | 218,064 |  |  | — |  |  | 218,064 |  |  | — |  |  | 218,064 |
Held-to-maturity investment securities |  | 401,561 |  |  | — |  |  | 341,006 |  |  | — |  |  | 341,006 |
Equity securities |  | 413 |  |  | 413 |  |  | — |  |  | — |  |  | 413 |
Loans held for sale |  | 4,270 |  |  | — |  |  | 4,270 |  |  | — |  |  | 4,270 |
Net loans |  | 4,111,653 |  |  | — |  |  | — |  |  | 3,930,893 |  |  | 3,930,893 |
Restricted investment in bank stocks |  | 13,554 |  |  | 13,554 |  |  | — |  |  | — |  |  | 13,554 |
Accrued interest receivable |  | 24,230 |  |  | 24,230 |  |  | — |  |  | — |  |  | 24,230 |
Derivative assets |  | 18,608 |  |  | — |  |  | 18,608 |  |  | — |  |  | 18,608 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 4,381,616 |  |  | $ | — |  |  | $ | 3,902,627 |  |  | $ | — |  |  | $ | 3,902,627 |
Short-term borrowings |  | 139,000 |  |  | — |  |  | 139,000 |  |  | — |  |  | 139,000 |
Long-term debt (1) |  | 55,771 |  |  | — |  |  | 54,047 |  |  | — |  |  | 54,047 |
Subordinated debt |  | 46,501 |  |  | — |  |  | 38,669 |  |  | — |  |  | 38,669 |
Accrued interest payable |  | 14,657 |  |  | 14,657 |  |  | — |  |  | — |  |  | 14,657 |
Derivative liabilities |  | 14,080 |  |  | — |  |  | 14,080 |  |  | — |  |  | 14,080 |
(1)Long-term debt excludes finance lease obligations.
|  | December 31, 2022
|  |  |  | Estimated Fair Value
(In thousands) |  | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial instruments - assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 60,881 |  |  | $ | 60,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,881 |
Available-for-sale investment securities |  | 237,878 |  |  | — |  |  | 237,878 |  |  | — |  |  | 237,878 |
Held-to-maturity investment securities |  | 399,494 |  |  | — |  |  | 348,505 |  |  | — |  |  | 348,505 |
Equity securities |  | 430 |  |  | 430 |  |  | — |  |  | — |  |  | 430 |
Loans held for sale |  | 2,475 |  |  | — |  |  | 2,475 |  |  | — |  |  | 2,475 |
Net loans |  | 3,495,162 |  |  | — |  |  | — |  |  | 3,439,948 |  |  | 3,439,948 |
Restricted investment in bank stocks |  | 8,315 |  |  | 8,315 |  |  | — |  |  | — |  |  | 8,315 |
Accrued interest receivable |  | 18,405 |  |  | 18,405 |  |  | — |  |  | — |  |  | 18,405 |
Derivative assets |  | 11,703 |  |  | — |  |  | 11,703 |  |  | — |  |  | 11,703 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 3,778,331 |  |  | $ | — |  |  | $ | 3,761,260 |  |  | $ | — |  |  | $ | 3,761,260 |
Short-term debt |  | 102,647 |  |  | — |  |  | 102,647 |  |  | — |  |  | 102,647 |
Long-term debt (1) |  | 1,119 |  |  | — |  |  | 1,069 |  |  | — |  |  | 1,069 |
Subordinated debt |  | 56,941 |  |  | — |  |  | 55,917 |  |  | — |  |  | 55,917 |
Accrued interest payable |  | 2,303 |  |  | 2,303 |  |  | — |  |  | — |  |  | 2,303 |
Derivative liabilities |  | 11,737 |  |  | — |  |  | 11,737 |  |  | — |  |  | 11,737 |
(1)Long-term debt excludes finance lease obligations.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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