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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Mid Penn manages its exposure to certain interest rate risks through the use of derivatives; however, none are entered into for speculative purposes. In 2025, Mid Penn entered into outstanding derivative contracts designated as hedges. Mid Penn’s free-standing derivative financial instruments are required to be carried at their fair value on the Consolidated Balance Sheets. Loan-level Interest Rate Swaps Mid Penn enters into loan-level interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. Mid Penn simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of the offsetting customer and dealer counterparty swap agreements is that the customer pays a fixed rate of interest and Mid Penn receives a floating rate. Mid Penn’s loan-level interest rate swaps are considered derivatives but are not accounted for using hedge accounting. Information related to loan level swaps is set forth in the following table:
|  |  | June 30, 2025 |  | December 31, 2024
|  |  |  |  | (Dollars in thousands)
Interest rate swaps on loans with customers |  |  |  |  |  |  |
Notional amount |  |  |  |  | $ | 244,223 |  |  | $ | 217,150 |
Weighted average remaining term (years) |  |  |  |  | 4.65 |  | 5.11
Receive fixed rate (weighted average) |  |  |  |  | 4.92 | % |  | 4.68 | %
Pay variable rate (weighted average) |  |  |  |  | 6.67 | % |  | 6.64 | %
Estimated fair value (1) |  |  |  |  | $ | 9,934 |  |  | $ | 11,118 |
|  |  |  |  | June 30, 2025 |  | December 31, 2024
|  |  |  |  | (Dollars in thousands)
Interest rate swaps on loans with correspondents |  |  |  |  |  |  |
Notional amount |  |  |  |  | $ | 244,223 |  |  | $ | 217,150 |
Weighted average remaining term (years) |  |  |  |  | 4.65 |  | 5.11
Receive variable rate (weighted average) |  |  |  |  | 6.67 | % |  | 6.64 | %
Pay fixed rate (weighted average) |  |  |  |  | 4.92 | % |  | 4.68 | %
Estimated fair value (2) |  |  |  |  | $ | 9,934 |  |  | $ | 11,118 |
(1) The net amount of the estimated fair value is disclosed in Other Liabilities on the Consolidated Balance Sheet. (2) The net amount of the estimated fair value is disclosed in Other Assets on the Consolidated Balance Sheet. Cash Flow Hedges of Interest Rate Risk Mid Penn’s objectives in using interest rate derivatives are to reduce volatility in net interest income and to manage its exposure to interest rate movements. To accomplish this objective, Mid Penn primarily uses interest rate swaps as part of its interest rate risk management strategy. Information related to cash flow hedges is set forth in the following table:
|  |  | June 30, 2025 |  | December 31, 2024
|  |  |  |  | (Dollars in thousands)
Cash flow hedges |  |  |  |  |  |  |
Notional amount |  |  |  |  | $ | 295,000 |  |  | $ | 295,000 |
Weighted average remaining term (years) |  |  |  |  | 1.17 |  | 1.55
Pay fixed rate (weighted average) |  |  |  |  | 3.10 | % |  | 3.64 | %
Receive variable rate (weighted average) |  |  |  |  | 3.80 | % |  | 4.10 | %
Estimated fair value (1) |  |  |  |  | $ | 481 |  |  | $ | 2,590 |
(1) Estimated fair value, net of accrued interest receivable, is disclosed in Other Assets on the Consolidated Balance Sheet. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are made on Mid Penn’s variable-rate liabilities. During the next twelve months, Mid Penn estimates that an additional $633 thousand will be reclassified as a decrease to interest expense.

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