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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Net Deferred Tax Asset

Significant components of the Corporation’s net deferred tax asset at December 31, 2023 and 2022 are shown below.

(In thousands)			2023						2022
Deferred tax assets:
Allowance for loan losses			$	7,642					$	3,981
Loan fees			1,053						898
Deferred compensation			1,476						1,115
Benefit plans			60						56
Unrealized loss on securities			4,992						5,137
Lease adjustments			74						193
Business combination adjustments			5,669						2,066
Acquired NOL, Section 1231, and charitable contribution carryforwards			3,832						686
Rabbi Trust			593						985
Riverview AMT credits			696						771
Equity Comp			256						—
Riverview subordinated debt fair value adjustment			327						353
Software renewal costs			335						420
Unfunded and loan basis adjustments			635						—
Investments in Flow-through entities			391						—
Other			378						874
			28,409						17,535
Deferred tax liabilities:
Depreciation			(1,397)						(1,175)
Bond accretion			(187)						(97)
Goodwill and intangibles			(1,017)						(362)
Prepaid expenses			(227)						(797)
Business combination adjustments			—						(398)
Benefit plans			(1,199)						(1,049)
Interest Rate Swaps			(236)						—
			(4,263)						(3,878)
Deferred tax asset, net			$	24,146					$	13,657

Provision for Income Taxes

The provision for income taxes consists of the following:

(In thousands)			2023						2022						2021
Current tax provision
Federal			$	7,570					$	10,212					$	6,178
State			1,033						67						70
Total current tax provision			$	8,603					$	10,279					$	6,248
Deferred tax expense (benefit)
Federal			$	(525)					$	2,262					$	484
State			(781)						—						—
Total deferred tax expense (benefit)			(1,306)						2,262						484
Total provision for income taxes			$	7,297					$	12,541					$	6,732

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal income tax provision at the statutory rate of 21% for 2023, 2022 and 2021 to Mid Penn's actual federal income tax provision at its effective rate is as follows:

(In thousands)			2023						2022						2021
Provision at the expected statutory rate			$	9,388					$	14,143					$	7,571
Low income housing partnership tax credits			(1,337)						(929)						(853)
Effect of tax-exempt income			(641)						(614)						(477)
Effect of investment in life insurance			(252)						(203)						(75)
Nondeductible merger and acquisition expense			207						60						364
State income taxes, net of federal tax benefit			199						53						55
Nondeductible interest			108						20						14
Other items			(375)						11						133
Provision for income taxes			$	7,297					$	12,541					$	6,732

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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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-Topic 740
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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.

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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.

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