Exhibit 99.1

PRESS RELEASE

Mid Penn Bancorp, Inc.

2407 Park Drive

Harrisburg, PA 17110

1-866-642-7736

CONTACTS

Rory G. Ritrievi President & Chief Executive Officer Allison S. Johnson Chief Financial Officer

MID PENN BANCORP, INC. REPORTS FOURTH QUARTER EARNINGS

AND DECLARES DIVIDEND

January 25, 2023 – Harrisburg, PA – Mid Penn Bancorp, Inc. (NASDAQ: MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial Services, LLC, today reported net income available to common shareholders ("earnings") for the quarter ended December 31, 2022 of $15.7 million, or $0.99 per common share basic and diluted.

Key Highlights in the Fourth Quarter of 2022

•Earnings increased $238 thousand to $15.7 million, or 1.5%, for the quarter ended December 31, 2022 compared to $15.5 million for the quarter ended September 30, 2022.

•Tax equivalent net interest margin was 3.80% compared to 3.92% in the prior quarter and 3.16% in the fourth quarter of 2021.

•Loans and leases, net ("loans") grew 22.9% (annualized) during the three months ended December 31, 2022 from the third quarter of 2022.

•Return on average assets was 1.42% for the quarter ended December 31, 2022.

•Return on average equity and return on average tangible common equity(1) were 12.33% and 16.61%, respectively, for the fourth quarter of 2022, up from 12.23% and 16.55%, respectively, for the third quarter of 2022.

•Book value per common share increased to $32.24 for the fourth quarter, up from $31.42 in the third quarter, while tangible book value per share(1) increased to $24.59 at December 31, 2022, compared to $23.80, at September 30, 2022.

"It is with great enthusiasm that we deliver these fourth quarter and full year earnings report. For the quarter, we generated net income available to common shareholders of $15.7 million, or $0.99 per common share, which compares favorably to both the $607 thousand, or $0.05 per common share, generated in the fourth quarter of 2021, which was negatively impacted by merger and acquisition charges, and the $15.5 million, or $0.97 per common share, generated in the third quarter of 2022." said Rory G. Ritrievi, President and CEO. "For the year, we generated net income available to common shareholders of $54.8 million, or $3.44 per common share, which compares favorably to the $29.3 million, or $2.71 per common share, for the year ended December 31, 2021. This year’s net income and our earnings per common share are both records for the company. We accomplished this great quarter and this great year through continued successes in: high quality loan growth of 22.9% (annualized) for the quarter and 13.2% for the full year, noninterest income growth of 18.6% for the quarter compared to the fourth quarter of 2021 and 9.9% for the year, and a controlled growth in operating expenses."

"Those successes were accomplished by our incredible employees working together within our customer relationship

(1)Non-GAAP financial measure. Refer to the calculation on the section titled “Reconciliation of Non-GAAP Measures” at the end of this document.

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focused model to deliver the best service in our footprint. The Board is very proud of that employee group for following our strategic plan to a tee and delivering the best annual results our shareholders have seen." said Mr. Ritrievi.

With this successful quarter, the Board is pleased to announce a quarterly cash dividend of $0.20 per share of common stock was declared at its meeting on January 25, 2023, payable on February 20, 2023 to shareholders of record as of February 10, 2023.

Net Interest Income and Average Balance Sheet

For the three months ended December 31, 2022, net interest income was $38.6 million compared to net interest income of $39.4 million for the three months ended September 30, 2022 and $29.4 million for the three months ended December 31, 2021. The tax-equivalentnet interest margin for the three months ended December 31, 2022 was 3.80% compared to 3.92% for the third quarter of 2022 and 3.16% for the fourth quarter of 2021, a 12 basis point(s) ("bp") decrease and a 64 bp increase, respectively, compared to the prior quarter and the same period in 2021. The linked quarter decrease was primarily the result of a 60 bp increase in the rate on interest-bearing liabilities, partially offset by a 32 bp increase in the yield on interest-earning assets.The increase in the rate on interest-bearing liabilities compared to the linked quarter was primarily the result of higher deposit pricing to attract and retain new and existing customers. The increase in the yield on interest-earning assets was primarily driven by the increase of the yield on loans by 25 bp, to 4.98% during the fourth quarter of 2022.

The 108 bp increase in the yield on interest-earning assets compared to the fourth quarter of 2021 was primarily driven by the increase of loan yields of 22 bp and the increase on the yield of taxable investment securities of 98 bp. Additionally, average interest-earning assets increased $346.5 million and average interest-bearing liabilities increased $263.8 million from the fourth quarter of 2021, primarily due to the inclusion of only one month in 2021 in the average balances of the assets and liabilities obtained through the acquisition of Riverview Financial Corporation ("Riverview"), which closed on November 30, 2021. The increase in average interest-earning assets was also impacted by loan growth and re-deployment of cash into investment securities partially offset by a decrease in federal funds sold. The increase in the yield on interest-earning assets was the result of a combination of excess cash being re-deployed into higher yielding investment securities and the increases in the fed fund rate during 2022. The increase in the rate on interest-bearing liabilities was primarily the result of higher deposit pricing to attract and retain new and existing customers.

For the year ended December 31, 2022, net interest income was $147.8 million, a $39.3 million, or 36.2%, increase compared to net interest income of $108.6 million for the year ended December 31, 2021. The year-over-year increase in net interest income was positively impacted by the Riverview acquisition in the fourth quarter of 2021, the deployment of fed funds into higher yielding investment securities in the first half of 2022, interest and fees from core loan growth and lower cost of deposits in the year ended December 31, 2022, when compared to the same period in 2021. The tax-equivalentnet interest margin for the year ended December 31, 2022 was 3.59%, a 29 bp increase compared to 3.30% for the year ended December 31, 2021. The increase was primarily the result of a $828.1 million increase in the average balance of interest-earning assets and an increase in the yield of total interest-earning assets of 28 bp, partially offset by a $601.4 million increase in average interest-bearing liabilities and the reduction of Paycheck Protection Program ("PPP") fees recognized during 2022 compared to the same period in 2021.

The three months ended December 31, 2022 included the recognition of $29 thousand of PPP loan processing fees compared to $4.4 million of PPP loan processing fees recognized during the three months ended December 31, 2021. The year ended December 31, 2022 included the recognition of $3.8 million of PPP loan processing fees, a decrease of $18.2 million compared to $22.0 million of PPP loan processing fees recognized during the year ended 2021. These PPP fees are recognized as interest income over the term of the respective loan, or sooner if the loans are forgiven by the U.S. Small Business Administration ("SBA"), or the borrower otherwise pays down principal prior to the loan’s stated maturity. As of December 31, 2022, $43 thousand of PPP fees remained.

Total average assets were $4.4 billion for the fourth quarter of 2022, reflecting an increase of $41.4 million, or 1.0%, and $437.1 million, or 11.1% compared to total average assets of $4.3 billion and $3.9 billion for the third quarter of 2022 and the fourth quarter of 2021, respectively.Total average assets were $4.5 billion for the year ended 2022, reflecting an increase of $948.9 million, or 27.0%, compared to total average assets of $3.5 billion for the year ended 2021. The increase in total average assets for the year ended December 31, 2022 compared to the year ended December 31, 2021 was primarily attributable to the Riverview acquisition, effective November 30, 2021.

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Total average loans were $3.4 billion for the fourth quarter of 2022, reflecting an increase of $157.7 million, or 4.9%, compared to total average loans of $3.2 billion in the third quarter of 2022, and an increase of $800.2 million, or 30.8%, compared to total average loans of $2.6 billion for the fourth quarter of 2021. Total average loans were $3.2 billion for the year ended 2022, reflecting an increase of $678.2 million, or 26.7%, compared to total average loans for the year ended 2021. The year-over-year growth is largely attributable to the Riverview acquisition.

Total average deposits were $3.7 billion for the fourth quarter of 2022, reflecting an increase of $629 thousand compared to total average deposits in the third quarter of 2022, and an increase of $359.2 million, or 10.7%, compared to total average deposits of $3.4 billion for the fourth quarter of 2021. The average cost of deposits was 0.74% for the fourth quarter of 2022, representing a 44 bp increase from the third quarter of 2022 and the fourth quarter of 2021. Total average deposits were $3.8 billion for the year ended December 31, 2022, reflecting an increase of $937.0 million, or 32.5%, compared to total average deposits of $2.9 billion for the same period of 2021. The year-over-year growth in average deposits was positively impacted by the Riverview acquisition and significant increases in noninterest-bearing, interest-bearing, and money market deposits, primarily due to both expanded cash management and commercial deposit account relationships, and new deposits established as a result of Mid Penn’s PPP loan funding activities.

Asset Quality

The provision for loan and lease losses was $525 thousand for the three months ended December 31, 2022, a decrease of $1.0 million compared to the provision for loan and lease losses of $1.6 million for the three months ended September 30, 2022 and an increase of $155 thousand compared to the provision for loan and lease losses of $370 thousand for the three months ended December 31, 2021. The provision for loan and lease losses was $4.3 million for the year ended December 31, 2022, an increase of $1.4 million compared to the $2.9 million provision for loan and lease losses for the year ended December 31, 2021. This reduction in the provision for the fourth quarter was primarily due to an improvement in credit quality, driven by positive risk rate migration in large portfolios. The increase in the provision for loan and lease losses for the year ended December 31, 2022 was primarily the result of one commercial relationship that was downgraded from substandard accrual to substandard non-accrual during the second quarter of 2022 and the growth in total loans during 2022.

Total nonperforming assets were $8.6 million at December 31, 2022, compared to nonperforming assets of $10.0 million at December 31, 2021. The decrease in nonperforming assets since December 31, 2021 was primarily the result of the successful workout of two non-accrual home equity loans amongst one relationship totaling $2.3 million during the first quarter of 2022. The nonperforming assets included acquired impaired loans assumed in the Riverview acquisition totaling $2.9 million and $3.3 million as of December 31, 2022 and 2021, respectively.

The allowance for loan and lease losses as a percentage of total loans, including PPP loans, was 0.54% at December 31, 2022, compared to 0.56% at September 30, 2022 and 0.47% at December 31, 2021.

Capital

Shareholders’ equity increased $22.0 million, or 4.49%, from $490.1 million as of December 31, 2021 to $512.1 million as of December 31, 2022. Mid Penn declared $12.7 million in dividends during 2022 and repurchased $3.0 million of common stock through its treasury stock repurchase program. Regulatory capital ratios for both Mid Penn and its banking subsidiary indicate regulatory capital levels in excess of the regulatory minimums and the levels necessary for the Bank to be considered "well capitalized" at both December 31, 2022 and December 31, 2021.

Noninterest Income

For the three months ended December 31, 2022, noninterest income totaled $6.7 million, an increase of $751 thousand, or 12.6%, compared to noninterest income of $6.0 million for the third quarter of 2022, primarily a result of increases in other income, which included a branch sale. For the three months ended December 31, 2022, noninterest income increased $1.1 million, or 18.6%, compared to noninterest income of $5.7 million for the fourth quarter of 2021, primarily driven by increases of $2.3 million in other income, $307 thousand in income from fiduciary and wealth management activities and $265 thousand in ATM debit card interchange income, partially offset by a decrease of $1.7 million in mortgage banking income. The increase in income from fiduciary activities was attributable to favorable growth in trust assets under management and increased sales of retail investment products, as a result of successful business development efforts by Mid Penn’s trust and wealth management team. ATM debit card interchange income and service charges on deposits

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increased primarily as a result of a higher volume of transactional deposit accounts, including deposit accounts assumed in the Riverview acquisition. The decrease in mortgage banking income was the result of increasing mortgage interest rates slowing mortgage loan originations and secondary-market loan sales and gains during 2022.

For the year ended December 31, 2022, noninterest income totaled $23.7 million, an increase of $2.1 million, or 9.9%, compared to noninterest income of $21.5 million for the year ended December 31, 2021, primarily driven by increases of $4.2 million in other income, $2.6 million in income from fiduciary activities, $1.7 million in ATM debit card interchange income and $1.1 million in service charges on deposits. The increase in other income was primarily the result of higher insurance commissions, letter of credit fees, a gain on sale of a branch office and income from the early termination of a lease in 2022 compared to the year ended December 31, 2021. The increases in fiduciary activities was a result of increased activity in the wealth management area and the Riverview acquisition. ATM debit card interchange income and service charges on deposits increased primarily as a result of a higher volume of transactional deposit accounts, including deposit accounts assumed in the Riverview acquisition. These favorable variances were partially offset by a decrease in mortgage banking income of $8.7 million for the year ended December 31, 2022 compared to the same period of 2021. Mortgage banking income decreased as interest rates increased in response to the increase in the fed funds rate during 2022. As a result of the corresponding mortgage rate increases and an increase in property values driven by supply shortfalls and high liquidity levels among buyers, the mortgage loan refinancing market has slowed, and purchase money mortgage originations have slowed relative to the lending volumes seen in the past several years.

Noninterest Expense

Noninterest expense totaled $25.5 million, an increase of $753 thousand, or 3.0%, for the three months ended December 31, 2022, compared to noninterest expense of $24.7 million for the third quarter of 2022. The increase was primarily the result of a $843 thousand increase in charitable contributions qualifying for state tax credits, which typically occur more frequently towards the end of the year, a $372 thousand increase in legal and professional fees and $294 thousand of merger and acquisition expenses recorded in the fourth quarter of 2022.

Compared to the fourth quarter of 2021, noninterest expense in the fourth quarter of 2022 decreased $8.6 million, or 25.3%, from $34.1 million to $25.5 million as a result of merger and acquisition and post-acquisition restructuring expenses totaling $12.2 million. This decrease in noninterest expense was partially offset by increases in operating expenses from the Riverview acquisition. The most significant increases were $1.6 million in salaries and benefits, $631 thousand in other expenses, $400 thousand in occupancy and $385 thousand in equipment expense. In addition, legal and professional fees were $512 thousand higher in the fourth quarter of 2022 compared to the fourth quarter in 2021.

For the year ended December 31, 2022, noninterest expense totaled $99.8 million, an increase of $8.7 million, or 9.6%, compared to noninterest expense of $91.1 million for the year ended December 31, 2021, primarily as the result of higher expenses attributable to the Riverview acquisition, most significantly increases of $10.9 million in salaries and benefits and $4.7 million in other expenses. The increase in expense was partially offset by $623 thousand in merger and acquisition and post-acquisition restructuring expenses for the year ended December 31, 2022 compared to $12.9 million for the year ended 2021.

The efficiency ratio(1) was 54.59% in the fourth quarter of 2022, compared to 53.46% in the third quarter of 2022, and 61.34% in the fourth quarter of 2021. The change in the efficiency ratio during the fourth quarter 2022 compared to the third quarter of 2022 was the result of lower net interest income and higher noninterest expenses, partially offset by higher noninterest income. The improvement in the efficiency ratio during the fourth quarter 2022 compared to the fourth quarter of 2021 was the result of higher net interest income, partially offset by higher noninterest expenses, excluding the merger and acquisition expense.

Merger & Acquisition Activity

On November 30, 2021, Mid Penn announced the successful completion of the merger acquisition of Riverview. The acquisition of Riverview impacted periods presented within this release. For more information regarding this transaction, please see Mid Penn’s Annual Report on Form 10-K for the year ended December 31, 2021.

On December 20, 2022, Mid Penn announced its entry into an agreement and plan of merger with Brunswick Bancorp ("Brunswick"). The acquisition will result in a meaningful expansion for Mid Penn into the attractive central New Jersey

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market. Mid Penn will acquire Brunswick in a combination cash and stock transaction valued at approximately $53.9 million (based on Mid Penn's closing stock price of $30.95 for the trading day ending December 19, 2022).

Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.

(1)Non-GAAP financial measure. Refer to the calculation on the section titled “Reconciliation of Non-GAAP Measures” at the end of this document.

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SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; the length and extent of the COVID-19 pandemic; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; the success and timing of PPP loan repayment and forgiveness; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank’s future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Mid Penn and Brunswick; the outcome of any legal proceedings that may be instituted against Mid Penn or Brunswick; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Mid Penn and Brunswick do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Mid Penn and Brunswick successfully; the dilution caused by Mid Penn’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Mid Penn and Brunswick.

For a more detailed description of these and other factors which would affect our results, please see Mid Penn’s filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn assumes no obligation for updating any such forward-looking statements at any time, except as required by law.

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SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):

(Dollars in thousands, except per share data)	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
Ending Balances:
Investment securities	$	637,802		$	644,766		$	618,184		$	508,658		$	392,619
Net loans and leases	3,495,162			3,303,977			3,163,157			3,106,384			3,089,799
Total assets	4,486,257			4,333,903			4,310,163			4,667,174			4,689,425
Total deposits	3,778,331			3,729,596			3,702,587			3,989,037			4,002,016
Shareholders' equity	512,099			499,105			495,835			494,161			490,076
Average Balances:
Investment securities	640,792			626,447			580,406			462,648			286,134
Net loans	3,395,308			3,237,587			3,129,334			3,103,469			2,319,544
Total assets	4,381,213			4,339,783			4,465,906			4,696,894			3,579,649
Total deposits	3,727,287			3,726,658			3,837,135			3,999,074			3,007,955
Shareholders' equity	505,769			502,082			495,681			494,019			403,010
Income Statement:	Three Months Ended
	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
Net interest income	$	38,577		$	39,409		$	35,433		$	34,414		$	29,372
Provision for loan and lease losses	525			1,550			1,725			500			370
Noninterest income	6,714			5,963			5,230			5,750			5,660
Noninterest expense	25,468			24,715			23,915			25,745			34,072
Income before provision for income taxes	19,298			19,107			15,023			13,919			590
Provision for income taxes	3,579			3,626			2,771			2,565			(17)
Net income available to shareholders	15,719			15,481			12,252			11,354			607
Net income excluding non-recurring expenses (1)	15,951			15,481			12,252			11,614			10,266
Per Share:
Basic earnings per common share	$	0.99		$	0.97		$	0.77		$	0.71		$	0.05
Diluted earnings per common share	$	0.99		$	0.97		$	0.77		$	0.71		$	0.05
Cash dividends declared	$	0.20		$	0.20		$	0.20		$	0.20		$	0.20
Book value per common share	$	32.24		$	31.42		$	31.23		$	30.96		$	30.71
Tangible book value per common share (1)	$	24.59		$	23.80		$	23.57		$	23.31		$	22.99
Asset Quality:
Net charge-offs (recoveries) to average loans (annualized)	0.006		%	-0.007		%	-0.001		%	-0.007		%	0.001		%
Non-performing loans to total loans	0.25		%	0.23		%	0.25		%	0.25		%	0.32		%
Non-performing asset to total loans and other real estate	0.25		%	0.23		%	0.25		%	0.26		%	0.32		%
Non-performing asset to total assets	0.21		%	0.18		%	0.19		%	0.18		%	0.22		%
ALLL to total loans	0.54		%	0.56		%	0.53		%	0.49		%	0.47		%
ALLL to nonperforming loans	220.82		%	242.23		%	211.66		%	190.84		%	146.23		%
Profitability:
Return on average assets	1.42		%	1.42		%	1.10		%	0.98		%	0.06		%
Return on average equity	12.33		%	12.23		%	9.91		%	9.32		%	0.61		%
Return on average tangible common equity (1)	16.61		%	16.55		%	13.59		%	12.82		%	1.26		%
Net interest margin	3.80		%	3.92		%	3.45		%	3.21		%	3.16		%
Efficiency ratio (1)	54.59		%	53.46		%	57.57		%	62.12		%	61.34		%
Capital Ratios:
Tier 1 Capital (to Average Assets) (2)	10.7		%	9.6		%	9.0		%	8.4		%	8.1		%
Common Tier 1 Capital (to Risk Weighted Assets) (2)	12.5		%	11.4		%	11.5		%	11.7		%	11.7		%
Tier 1 Capital (to Risk Weighted Assets) (2)	12.5		%	11.7		%	11.8		%	12.0		%	12.0		%
Total Capital (to Risk Weighted Assets) (2)	14.5		%	13.8		%	14.1		%	14.4		%	14.6		%

(1)Non-GAAP financial measure. Refer to the calculation on the section titled “Reconciliation of Non-GAAP Measures” at the end of this document.

(2)Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual.

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CONSOLIDATED BALANCE SHEETS (Unaudited):

(In thousands, except share data)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021
ASSETS
Cash and due from banks	$	53,368	$	76,018	$	64,440	$	54,961	$	41,100
Interest-bearing balances with other financial institutions	4,405		4,520		4,909		3,187		146,031
Federal funds sold	3,108		14,140		167,437		700,283		726,621
Total cash and cash equivalents	60,881		94,678		236,786		758,431		913,752
Investment Securities:
Held to maturity, at amortized cost	399,494		402,142		399,032		363,145		329,257
Available for sale, at fair value	237,878		242,195		218,698		145,039		62,862
Equity securities available for sale, at fair value	430		428		454		474		500
Loans held for sale	2,475		5,997		9,574		7,474		11,514
Loans and leases, net of unearned interest	3,514,119		3,322,457		3,180,033		3,121,531		3,104,396
Less: Allowance for loan and lease losses	(18,957)		(18,480)		(16,876)		(15,147)		(14,597)
Net loans and leases	3,495,162		3,303,977		3,163,157		3,106,384		3,089,799
Premises and equipment, net	34,471		33,854		33,732		33,612		33,232
Bank premises and equipment held for sale	1,306		2,262		2,574		3,098		3,907
Operating lease right of use asset	8,798		8,352		8,326		8,751		9,055
Finance lease right of use asset	2,907		2,952		2,997		3,042		3,087
Cash surrender value of life insurance	50,674		50,419		50,169		49,907		49,661
Restricted investment in bank stocks	8,315		4,595		4,234		7,637		9,134
Accrued interest receivable	18,405		15,861		12,902		11,584		11,328
Deferred income taxes	13,674		16,093		13,780		11,974		10,779
Goodwill	114,231		113,871		113,835		113,835		113,835
Core deposit and other intangibles, net	7,260		7,215		7,729		8,250		9,436
Foreclosed assets held for sale	43		49		69		125		—
Other assets	29,853		28,963		32,115		34,412		28,287
Total Assets	$	4,486,257	$	4,333,903	$	4,310,163	$	4,667,174	$	4,689,425
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	793,939	$	863,037	$	850,180	$	866,965	$	850,438
Interest-bearing transaction accounts	2,325,847		2,414,272		2,377,260		2,568,918		2,524,921
Time	658,545		452,287		475,147		553,154		626,657
Total Deposits	3,778,331		3,729,596		3,702,587		3,989,037		4,002,016
Short-term borrowings	102,647		—		—		—		—
Long-term debt	4,409		4,501		4,592		74,681		81,270
Subordinated debt and trust preferred securities	56,941		66,357		73,995		74,134		73,645
Operating lease liability	9,725		10,261		10,324		10,923		11,363
Accrued interest payable	2,303		1,841		1,542		2,067		1,791
Other liabilities	19,802		22,242		21,288		22,171		29,264
Total Liabilities	3,974,158		3,834,798		3,814,328		4,173,013		4,199,349
Shareholders' Equity:
Common stock, par value $1.00 per share; 20.0 million shares authorized	16,094		16,091		16,081		16,059		16,056
Additional paid-in capital	386,987		386,452		386,128		385,765		384,742
Retained earnings	133,114		120,572		108,265		99,206		91,043
Accumulated other comprehensive (loss) income	(19,216)		(19,130)		(9,759)		(4,946)		158
Treasury stock	(4,880)		(4,880)		(4,880)		(1,923)		(1,923)
Total Shareholders’ Equity	512,099		499,105		495,835		494,161		490,076
Total Liabilities and Shareholders' Equity	$	4,486,257	$	4,333,903	$	4,310,163	$	4,667,174	$	4,689,425

8

CONSOLIDATED STATEMENTS OF INCOME (Unaudited):

	Three Months Ended										Year Ended
(Dollars in thousands, except per share data)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Dec. 31, 2022		Dec. 31, 2021
INTEREST INCOME
Loans including fees, and lease	$	42,492	$	38,484	$	34,264	$	35,016	$	31,021	$	150,256	$	118,776
Investment securities:
Taxable	3,784		3,382		2,833		1,953		1,044		11,952		2,602
Tax-exempt	390		392		379		336		288		1,497		1,122
Interest on other interest-bearing balances	36		12		8		13		8		69		13
Interest on federal funds sold	40		736		736		314		324		1,826		809
Total Interest Income	46,742		43,006		38,220		37,632		32,685		165,600		123,322
INTEREST EXPENSE
Deposits	6,995		2,836		2,019		2,294		2,536		14,144		11,327
Short-term borrowings	441		—		—		—		—		441		539
Long-term and subordinated debt	729		761		768		924		777		3,182		2,888
Total Interest Expense	8,165		3,597		2,787		3,218		3,313		17,767		14,754
Net Interest Income	38,577		39,409		35,433		34,414		29,372		147,833		108,568
PROVISION FOR LOAN AND LEASE LOSSES	525		1,550		1,725		500		370		4,300		2,945
Net Interest Income After Provision for Loan and Lease Losses	38,052		37,859		33,708		33,914		29,002		143,533		105,623
NONINTEREST INCOME
Fiduciary and wealth management	1,085		1,729		1,205		1,052		778		5,071		2,494
ATM debit card interchange	1,099		1,078		1,128		1,057		834		4,362		2,688
Service charges on deposits	461		483		450		684		439		2,078		991
Mortgage banking	237		536		305		529		1,932		1,607		10,314
Mortgage hedging	150		217		538		566		42		1,471		64
Net gain (loss) on sales of SBA loans	—		152		119		(9)		409		262		969
Earnings from cash surrender value of life insurance	255		250		262		246		135		1,013		358
Net gain on sales of investment securities	—		—		—		—		—		—		79
Other	3,427		1,518		1,223		1,625		1,091		7,793		3,576
Total Noninterest Income	6,714		5,963		5,230		5,750		5,660		23,657		21,533
NONINTEREST EXPENSE
Salaries and employee benefits	13,434		13,583		12,340		13,244		11,838		52,601		41,711
Software licensing and utilization	1,793		1,804		1,821		2,106		1,839		7,524		6,332
Occupancy, net	1,812		1,634		1,655		1,799		1,412		6,900		5,527
Equipment	1,249		1,121		1,112		1,011		864		4,493		3,101
Shares tax	160		920		480		920		(222)		2,786		800
Legal and professional fees	900		528		694		639		388		2,761		1,979
ATM/card processing	534		518		571		517		357		2,139		1,053
Intangible amortization	496		514		521		481		357		2,012		1,180
FDIC Assessment	243		254		506		591		524		1,594		1,888
Charitable contributions qualifying for State tax credits	843		—		125		65		797		1,033		1,432
Mortgage banking profit-sharing	—		—		33		145		566		178		2,571
(Gain) loss on sale or write-down of foreclosed assets, net	(45)		(57)		(15)		(16)		1		(133)		(25)
Merger and acquisition	294		—		—		—		2,347		294		3,067
Post-acquisition restructuring	—		—		—		329		9,880		329		9,880
Other	3,755		3,896		4,072		3,914		3,124		15,332		10,609
Total Noninterest Expense	25,468		24,715		23,915		25,745		34,072		99,843		91,105
INCOME BEFORE PROVISION FOR INCOME TAXES	19,298		19,107		15,023		13,919		590		67,347		36,051
Provision for income taxes	3,579		3,626		2,771		2,565		(17)		12,541		6,732
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	15,719	$	15,481	$	12,252	$	11,354	$	607	$	54,806	$	29,319
PER COMMON SHARE DATA:
Basic and Diluted Earnings Per Common Share	$	0.99	$	0.97	$	0.77	$	0.71	$	0.05	$	3.44	$	2.71
Cash Dividends Declared	$	0.20	$	0.20	$	0.20	$	0.20	$	0.20	$	0.80	$	0.79

9

CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	For the Three Months Ended
	December 31, 2022						September 30, 2022						December 31, 2021
(Dollars in thousands)	Average Balance		Interest (1)		Yield/ Rate		Average Balance		Interest (1)		Yield/ Rate		Average Balance		Interest (1)		Yield/ Rate
ASSETS:
Interest Bearing Balances	$	4,671	$	36	3.06	%	$	5,583	$	12	0.85	%	$	58,015	$	8	0.05	%
Investment Securities:
Taxable	561,119		3,733		2.64		546,439		3,369		2.45		223,546		938		1.66
Tax-Exempt	79,673		494		2.46		80,008		496		2.46		62,588		365		2.31
Total Securities	640,792		4,227		2.62		626,447		3,865		2.45		286,134		1,303		1.81
Federal Funds Sold	4,749		40		3.34		131,089		736		2.23		758,165		324		0.17
Loans and Leases, Net	3,395,308		42,585		4.98		3,237,587		38,573		4.73		2,595,090		31,108		4.76
Restricted Investment in Bank Stocks	6,694		51		3.02		4,322		13		1.19		8,328		106		5.05
Total Earning Assets	4,052,214		46,939		4.60		4,005,028		43,199		4.28		3,705,732		32,849		3.52
Cash and Due from Banks	67,284						69,751						45,385
Other Assets	261,715						265,004						192,969
Total Assets	$	4,381,213					$	4,339,783					$	3,944,086
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand	$	1,057,649	$	2,051	0.77	%	$	1,072,496	$	873	0.32	%	$	855,060	$	548	0.25	%
Money Market	965,866		2,996		1.23		994,446		1,097		0.44		976,601		696		0.28
Savings	335,928		49		0.06		352,024		43		0.05		264,547		55		0.08
Time	527,708		1,899		1.43		464,273		823		0.70		511,953		1,236		0.96
Total Interest-bearing Deposits	2,887,151		6,995		0.96		2,883,239		2,836		0.39		2,608,161		2,535		0.39
Short term borrowings	47,262		441		3.70		—		—		—		—		—		—
Long-term debt	4,441		46		4.11		4,537		47		4.11		76,990		209		1.08
Subordinated debt and trust preferred securities	64,673		683		4.19		69,523		714		4.07		54,615		569		4.13
Total Interest-bearing Liabilities	3,003,527		8,165		1.08		2,957,299		3,597		0.48		2,739,766		3,313		0.48
Noninterest-bearing Demand	840,136						843,419						759,897
Other Liabilities	31,781						36,983						46,659
Shareholders' Equity	505,769						502,082						397,764
Total Liabilities & Shareholders' Equity	$	4,381,213					$	4,339,783					$	3,944,086
Net Interest Income (taxable equivalent basis)			$	38,774					$	39,602					$	29,536
Taxable Equivalent Adjustment			(197)						(193)						(164)
Net Interest Income			$	38,577					$	39,409					$	29,372
Total Yield on Earning Assets					4.60	%					4.28	%					3.52	%
Rate on Supporting Liabilities					1.08						0.48						0.48
Average Interest Spread					3.52						3.80						3.04
Net Interest Margin					3.80						3.92						3.16

(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowance.

10

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	For the Year Ended
	December 31, 2022						December 31, 2021
(Dollars in thousands)	Average Balance		Interest (1)		Yield/ Rate		Average Balance		Interest (1)		Yield/ Rate
ASSETS:
Interest Bearing Balances	$	26,633	$	69	0.26	%	$	15,916	$	13	0.08	%
Investment Securities:
Taxable	500,156		11,663		2.33		124,692		2,257		1.81
Tax-Exempt	78,039		1,895		2.43		57,361		1,420		2.48
Total Securities	578,195		13,558		2.34		182,053		3,677		2.02
Federal Funds Sold	311,989		1,826		0.59		567,647		809		0.14
Loans and Leases, Net	3,217,282		150,636		4.68		2,539,074		119,082		4.69
Restricted Investment in Bank Stocks	6,045		289		4.78		7,351		345		4.69
Total Interest-earning Assets	4,140,144		166,378		4.02		3,312,041		123,926		3.74
Cash and Due from Banks	63,608						38,517
Other Assets	265,691						169,946
Total Assets	$	4,469,443					$	3,520,504
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand	$	1,051,605	$	3,847	0.37	%	$	688,595	$	2,330	0.34	%
Money Market	1,040,762		5,277		0.51		842,107		3,157		0.37
Savings	355,229		193		0.05		218,546		237		0.11
Time	524,944		4,827		0.92		451,277		5,603		1.24
Total Interest-bearing Deposits	2,972,540		14,144		0.48		2,200,525		11,327		0.51
Short-term borrowings	11,914		441		—		153,850		539		0.35
Long-term debt	23,344		352		1.51		75,483		821		1.09
Subordinated debt and trust preferred securities	70,583		2,830		4.01		47,116		2,067		4.39
Total Interest-bearing Liabilities	3,078,381		17,767		0.58		2,476,974		14,754		0.60
Noninterest-bearing Demand	848,991						684,022
Other Liabilities	43,133						30,433
Shareholders' Equity	498,938						329,075
Total Liabilities & Shareholders' Equity	$	4,469,443					$	3,520,504
Net Interest Income (taxable-equivalent basis)			$	148,611					$	109,172
Taxable Equivalent Adjustment			(778)						(604)
Net Interest Income			$	147,833					$	108,568
Total Yield on Earning Assets					4.02	%					3.74	%
Rate on Supporting Liabilities					0.58						0.60
Average Interest Spread					3.44						3.15
Net Interest Margin					3.59						3.30

(1)Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowance.

11

ALLOWANCE FOR LOAN AND LEASE LOSSES AND ASSET QUALITY (Unaudited):

(Dollars in thousands)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021
Allowance for Loan and Lease Losses:
Beginning balance	$	18,480	$	16,876	$	15,147	$	14,597	$	14,233
Loans Charged off
Commercial and industrial	—		(1)		—		—		(7)
Commercial real estate	(7)		—		—		—		(1)
Commercial real estate - construction	—		—		—		—		—
Residential mortgage	(23)		(2)		—		—		—
Home equity	—		(1)		—		—		—
Consumer	(20)		(11)		(9)		(57)		(19)
Total loans charged off	(50)		(15)		(9)		(57)		(27)
Recoveries of loans previously charged off
Commercial and industrial	—		—		—		13		10
Commercial real estate	—		63		—		65		1
Commercial real estate - construction	—		—		—		24		7
Residential mortgage	—		—		2		—		—
Home equity	—		—		1		1		—
Consumer	2		6		10		4		3
Total recoveries	2		69		13		107		21
Balance before provision	18,432		16,930		15,151		14,647		14,227
Provision for loan and lease losses	525		1,550		1,725		500		370
Balance, end of quarter	$	18,957	$	18,480	$	16,876	$	15,147	$	14,597
Nonperforming Assets
Nonaccrual loans	$	8,195	$	7,233	$	7,551	$	7,507	$	9,547
Accruing trouble debt restructured loans	390		396		422		430		435
Total nonperforming loans	8,585		7,629		7,973		7,937		9,982
Foreclosed real estate	43		49		69		125		—
Total nonperforming assets	8,628		7,678		8,042		8,062		9,982
Accruing loans 90 days or more past due	654		633		—		133		515
Total risk elements	$	9,282	$	8,311	$	8,042	$	8,195	$	10,497

PPP Summary

(Dollars in thousands)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021
PPP loans, net of deferred fees	$	2,600	$	2,800	$	4,966	$	34,124	$	111,286
PPP Fees recognized	$	29	$	99	$	652	$	2,989	$	4,426

12

RECONCILIATION OF NON-GAAP MEASURES (Unaudited)

Explanatory note: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Mid Penn’s management uses these non-GAAP financial measures in their analysis of Mid Penn’s performance. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is book value. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing tangible book value. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances or non-deductible portions of the non-GAAP adjustments. Non-PPP core banking loans are meaningful to investors as they are indicative of portfolio loans and related growth from traditional bank activities and excludes short-term or nonrecurring loans from special programs like the PPP. Core earnings per common share excludes from income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, net of income taxes. For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. The efficiency ratio is often used by management to measure its noninterest expense as a percentage of its revenue. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Mid Penn’s results and financial condition as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding Mid Penn’s ongoing operating results. This supplemental presentation should not be construed as an inference that Mid Penn’s future results will be unaffected by similar adjustments to be determined in accordance with GAAP. The reconciliation of the non-GAAP to comparable GAAP financial measures can be found in the tables below.

Tangible Book Value Per Share

(Dollars in thousands, except per share data)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021
Shareholders' Equity	$	512,099	$	499,105	$	495,835	$	494,161	$	490,076
Less: Goodwill	114,231		113,871		113,835		113,835		113,835
Less: Core Deposit and Other Intangibles	7,260		7,215		7,729		8,250		9,436
Tangible Equity	$	390,608	$	378,019	$	374,271	$	372,076	$	366,805
Common Shares Outstanding	15,886,143		15,882,853		15,878,193		15,960,916		15,957,830
Tangible Book Value per Share	$	24.59	$	23.80	$	23.57	$	23.31	$	22.99

Non-PPP Core Banking Loans

(Dollars in thousands)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021
Loans and leases, net of unearned interest	$	3,514,119	$	3,322,457	$	3,180,033	$	3,121,531	$	3,104,396
Less: PPP loans, net of deferred fees	2,600		2,800		4,966		34,124		111,286
Non-PPP core banking loans	$	3,511,519	$	3,319,657	$	3,175,067	$	3,087,407	$	2,993,110

13

Core Earnings Per Common Share Excluding Non-Recurring Expenses

	Three Months Ended
(Dollars in thousands, except per share data)	Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021
Net Income Available to Common Shareholders	$	15,719	$	15,481	$	12,252	$	11,354	$	607
Plus: Merger and Acquisition Expenses	294		—		—		329		12,227
Less: Tax Effect of Merger and Acquisition Expenses	62		—		—		69		2,568
Net Income Excluding Non-Recurring Expenses	$	15,951	$	15,481	$	12,252	$	11,614	$	10,266
Weighted Average Shares Outstanding	15,883,003		15,877,592		15,934,083		15,957,864		13,005,895
Core Earnings Per Common Share Excluding Non-Recurring Expenses	$	0.99	$	0.97	$	0.77	$	0.73	$	0.79

Return on Average Tangible Common Equity

	Three Months Ended
(Dollars in thousands)	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
Net income available to common shareholders	$	15,719		$	15,481		$	12,252		$	11,354		$	607
Plus: Intangible amortization, net of tax	392			406			412			380			282
	$	16,111		$	15,887		$	12,664		$	11,734		$	889
Average shareholders' equity	$	505,769		$	502,082		$	495,681		$	494,019		$	403,010
Less: Average goodwill	113,879			113,835			113,835			113,835			113,835
Less: Average core deposit and other intangibles	6,966			7,465			7,983			8,950			9,436
Average tangible shareholders' equity	$	384,924		$	380,782		$	373,863		$	371,234		$	279,739
Return on average tangible common equity	16.61		%	16.55		%	13.59		%	12.82		%	1.26		%

Efficiency Ratio

	Three Months Ended
(Dollars in thousands)	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
Noninterest expense	$	25,468		$	24,715		$	23,915		$	25,745		$	34,072
Less: Merger and acquisition expenses	294			—			—			329			12,227
Less: Intangible amortization	496			514			521			481			357
Less: (Gain) loss on sale or write-down of foreclosed assets, net	(45)			(57)			(15)			(16)			1
Efficiency ratio numerator	$	24,723		$	24,258		$	23,409		$	24,951		$	21,487
Net interest income	38,577			39,409			35,433			34,414			29,372
Noninterest income	6,714			5,963			5,230			5,750			5,660
Efficiency ratio denominator	$	45,291		$	45,372		$	40,663		$	40,164		$	35,032
Efficiency ratio	54.59		%	53.46		%	57.57		%	62.12		%	61.34		%

14