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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Net Deferred Tax Asset

Significant components of the Corporation’s net deferred tax asset at December 31, 2024 and 2023 are shown below.

(In thousands)			2024						2023
Deferred tax assets:
Allowance for loan losses			$	7,878					$	7,642
Loan fees			769						1,053
Deferred compensation			1,317						1,476
Benefit plans			50						60
Unrealized loss on securities			5,389						4,992
Lease adjustments			87						74
Business combination adjustments			4,659						5,669
Acquired NOL, Section 1231, and charitable contribution carryforwards			3,153						3,832
Rabbi Trust			521						593
Riverview AMT credits			621						696
Equity Comp			249						256
Riverview subordinated debt fair value adjustment			139						327
Software renewal costs			222						335
Unfunded and loan basis adjustments			491						635
Investments in Flow-through entities			517						391
Other			482						378
			26,544						28,409
Deferred tax liabilities:
Depreciation			(1,160)						(1,397)
Bond accretion			(269)						(187)
Goodwill and intangibles			(505)						(1,017)
Prepaid expenses			(74)						(227)
Benefit plans			(1,368)						(1,199)
Interest Rate Swaps			(421)						(236)
			(3,797)						(4,263)
Deferred tax asset, net			$	22,747					$	24,146

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

(In thousands)			2024						2023						2022
Current tax provision
Federal			$	7,118					$	7,570					$	10,212
State			864						1,033						67
Total current tax provision			$	7,982					$	8,603					$	10,279
Deferred tax expense (benefit)
Federal			$	1,998					$	(525)					$	2,262
State			615						(781)						—
Total deferred tax expense (benefit)			2,613						(1,306)						2,262
Total provision for income taxes			$	10,595					$	7,297					$	12,541

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal income tax provision at the statutory rate of 21% for 2024, 2023 and 2022 to Mid Penn's actual federal income tax provision at its effective rate is as follows:

(In thousands)			2024						2023						2022
Provision at the expected statutory rate			$	12,607					$	9,388					$	14,143
Low income housing partnership tax credits			(2,163)						(1,337)						(929)
Effect of tax-exempt income			(804)						(641)						(614)
Effect of investment in life insurance			(770)						(252)						(203)
Nondeductible merger and acquisition expense			48						207						60
State income taxes, net of federal tax benefit			1,169						199						53
Nondeductible interest			150						108						20
Other items			358						(375)						11
Provision for income taxes			$	10,595					$	7,297					$	12,541

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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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