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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables illustrate the assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets:

						December 31, 2024
(In thousands)						Level 1						Level 2						Level 3						Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies						$	—					$	21,507					$	—					$	21,507
Mortgage-backed U.S. government agencies						—						202,944						—						202,944
State and political subdivision obligations						—						3,596						—						3,596
Corporate debt securities						—						32,430						—						32,430
Equity securities						428						—						—						428
Loans held for sale						—						7,064						—						7,064
Other assets:
Derivative assets						—						13,708						—						13,708
Other liabilities:
Derivative liabilities						—						11,118						—						11,118

						December 31, 2023
(In thousands)						Level 1						Level 2						Level 3						Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies						$	—					$	35,649					$	—					$	35,649
Mortgage-backed U.S. government agencies						—						152,683						—						152,683
State and political subdivision obligations						—						3,646						—						3,646
Corporate debt securities						—						31,577						—						31,577
Equity securities						438						—						—						438
Loans held for sale						—						3,855						—						3,855
Other assets:
Derivative assets						—						11,944						—						11,944
Other liabilities:
Derivative Liabilities						—						10,484						—						10,484

Schedule of Fair Value Measurements, Nonrecurring

The following table illustrates financial instruments measured at fair value on a nonrecurring basis:

						December 31, 2024
(In thousands)						Level 1						Level 2						Level 3						Total
Individually evaluated loans, net of ACL						$	—					$	—					$	21,171					$	21,171
Foreclosed assets held for sale						—						—						44						44
						December 31, 2023
(In thousands)						Level 1						Level 2						Level 3						Total
Individually evaluated loans, net of ACL						$	—					$	—					$	13,399					$	13,399
Foreclosed assets held for sale						—						—						293						293

The following table presents additional information about the valuation techniques for level 3 assets measured at fair value on a nonrecurring basis.

						December 31, 2024
(In thousands)						Fair Value						Valuation Technique						Significant Unobservable Input						Range of Inputs												Weighted Average
Individually evaluated loans, net of ACL						$	21,171					Appraisal of collateral						Appraisal adjustments						—%			-			100%						5.6%
Foreclosed assets held for sale						44						Appraisal of collateral						Appraisal adjustments						26%			-			26%						26.0%
						December 31, 2023
(In thousands)						Fair Value						Valuation Technique						Significant Unobservable Input						Range of Inputs												Weighted Average
Individually evaluated loans, net of ACL						$	13,399					Appraisal of collateral						Appraisal adjustments						—%			-			100%						5.7%
Foreclosed assets held for sale						293						Appraisal of collateral						Appraisal adjustments						25%			-			94%						64.5%

Schedule of Fair Value, by Balance Sheet Grouping

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn’s financial instruments as of:

						December 31, 2024
												Estimated Fair Value
(In thousands)						Carrying Amount						Level 1						Level 2						Level 3						Total
Financial instruments - assets
Cash and cash equivalents						$	70,564					$	70,564					$	—					$	—					$	70,564
Available-for-sale securities						260,477						—						260,477						—						260,477
Held-to-maturity securities						382,447						—						340,648						—						340,648
Equity securities						428						428						—						—						428
Loans held for sale						7,064						—						7,064						—						7,064
Net loans						4,407,556						—						—						4,430,623						4,430,623
Restricted investment in bank stocks						7,461												7,461						—						7,461
Accrued interest receivable						26,846						26,846						—						—						26,846
Derivative assets						13,708						—						13,708						—						13,708
Financial instruments - liabilities
Deposits						$	4,689,927					$	—					$	4,684,548					$	—					$	4,684,548
Short-term borrowings						2,000						—						2,000						—						2,000
Long-term debt (1)						20,540						—						19,120						—						19,120
Subordinated debt						45,741						—						42,811						—						42,811
Accrued interest payable						13,484						13,484						—						—						13,484
Derivative liabilities						11,118						—						11,118						—						11,118

(1)Long-term debt excludes finance lease obligations.

						December 31, 2023
												Estimated Fair Value
(In thousands)						Carrying Amount						Level 1						Level 2						Level 3						Total
Financial instruments - assets
Cash and cash equivalents						$	96,763					$	96,763					$	—					$	—					$	96,763
Available-for-sale securities						223,555						—						223,555						—						223,555
Held-to-maturity securities						399,128						—						357,521						—						357,521
Equity securities						438						438						—						—						438
Loans held for sale						3,855						—						3,855						—						3,855
Net loans						4,218,605						—						—						4,221,926						4,221,926
Restricted investment in bank stocks						16,768						—						16,768						—						16,768
Accrued interest receivable						25,820						25,820						—						—						25,820
Derivative assets						11,944						—						11,944						—						11,944
Financial instruments - liabilities
Deposits						$	4,346,212					$	—					$	4,337,723					$	—					$	4,337,723
Short-term debt						241,532						—						241,532						—						241,532
Long-term debt (1)						55,806						—						55,081						—						55,081
Subordinated debt						46,354						—						39,515						—						39,515
Accrued interest payable						14,257						14,257						—						—						14,257
Derivative liabilities						10,484						—						10,484						—						10,484

(1)Long-term debt excludes finance lease obligations

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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