Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis

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

	March 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies	$	—	$	35,490	$	—	$	35,490
Mortgage-backed U.S. government agencies	—		146,765		—		146,765
State and political subdivision obligations	—		3,633		—		3,633
Corporate debt securities	—		31,744		—		31,744
Equity securities	431		—		—		431
Loans held for sale	—		4,581		—		4,581
Other assets:
Derivative assets	—		14,543		—		14,543
Total	$	431	$	236,756	$	—	$	237,187

	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
Total	$	438	$	239,354	$	—	$	239,792

Fair Value Measurements, Nonrecurring

The following table illustrates Level 3 financial instruments measured at fair value on a nonrecurring basis:

(In thousands)	March 31, 2024		December 31, 2023
Individually evaluated loans, net of ACL	$	9,272	$	13,399
Foreclosed assets held for sale	5,110		293

Fair Value, by Balance Sheet Grouping

The following tables summarize the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn's financial instruments as of the periods presented:

	March 31, 2024
	Carrying Amount		Estimated Fair Value
(In thousands)			Level 1		Level 2		Level 3		Total
Financial instruments - assets
Cash and cash equivalents	$	68,085	$	68,085	$	—	$	—	$	68,085
Available-for-sale investment securities	217,632		—		217,632		—		217,632
Held-to-maturity investment securities	396,998		—		351,204		—		351,204
Equity securities	431		431		—		—		431
Loans held for sale	4,581		—		4,581		—		4,581
Net loans	4,283,925		—		—		4,285,266		4,285,266
Restricted investment in bank stocks	17,446		17,446		—		—		17,446
Accrued interest receivable	26,975		26,975		—		—		26,975
Derivative assets	14,543		—		14,543		—		14,543
Financial instruments - liabilities
Deposits	$	4,379,105	$	—	$	4,368,088	$	—	$	4,368,088
Short-term borrowings	271,849		—		271,849		—		271,849
Long-term debt (1)	20,768		—		20,768		—		20,768
Subordinated debt	46,201		—		40,332		—		40,332
Accrued interest payable	16,330		16,330		—		—		16,330
Derivative liabilities	11,315		—		11,315		—		11,315

(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 investment securities	223,555		—		223,555		—		223,555
Held-to-maturity investment 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.