UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-13677 MID PENN BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Inc ...

Core Viewpoint - Mid Penn Bancorp, Inc. reported a significant increase in net income for the quarter ended September 30, 2025, reaching $18.3 million, which reflects strong financial performance compared to the previous quarter [1] Financial Performance - Net income available to common shareholders for Q3 2025 was $18.3 million, or $0.80 per basic and $0.79 per diluted common share [1] - This represents a substantial increase from the net income of $4.8 million, or $0.22 per basic and diluted common share, reported for Q2 2025 [1] - The earnings for Q3 2025 exceeded market consensus expectations [1]

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) This section provides an overview of Mid Penn Bancorp's strong third-quarter 2025 earnings, key financial and operational highlights, and the CEO's strategic commentary [Third Quarter 2025 Earnings Overview](index=1&type=section&id=Third%20Quarter%202025%20Earnings%20Overview) Mid Penn Bancorp achieved strong net income in Q3 2025, significantly exceeding analyst expectations and showing substantial growth quarter-over-quarter and year-over-year | Metric | Q3 2025 | Q2 2025 | Q3 2025 Analyst Estimate | | :--- | :--- | :--- | :--- | | Net Income (million USD) | 18.3 | 4.8 | - | | Basic EPS | $0.80 | $0.22 | - | | Diluted EPS | $0.79 | $0.22 | $0.71 | - Net income for Q3 2025 was **$18.3 million**, with basic EPS of **$0.80** and diluted EPS of **$0.79**, surpassing analyst expectations of **$0.71**[3](index=3&type=chunk) - Net income increased by **48.7%** compared to **$12.3 million** (or **$0.74** per share) in Q3 2024[4](index=4&type=chunk) [Key Financial and Operational Highlights](index=1&type=section&id=Key%20Financial%20and%20Operational%20Highlights) Mid Penn Bancorp achieved significant improvements in net interest margin and core efficiency ratio in Q3 2025, alongside strategic acquisitions and a dividend increase, despite slight declines in loan and deposit balances this quarter Q3 2025 Key Financial Metrics | Metric | Q3 2025 | Q2 2025 | Q3 2024 | Change (QoQ) | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income (million USD) | $18.3 | $4.8 | $12.3 | +281.25% | +48.7% | | Diluted EPS | $0.79 | $0.22 | $0.74 | +259.09% | +6.76% | | Net Interest Margin | 3.60% | 3.44% | 3.13% | +16 bps | +47 bps | | Core Efficiency Ratio | 58.80% | 62.56% | 64.89% | -376 bps | -609 bps | | Book Value per Share | $34.56 | $33.85 | $34.48 | +2.10% | +0.23% | | Tangible Book Value per Share | $27.96 | $27.22 | $26.36 | +2.72% | +6.07% | - Loan balances decreased by **$11.8 million** (1.0% annualized) in Q3 2025, but total loans grew **8.5%** year-over-year to **$4.8 billion** as of September 30, 2025; excluding the William Penn acquisition, the organic loan portfolio declined **1.2%**[4](index=4&type=chunk) - Deposits decreased by **$106.9 million** (7.8% annualized) in Q3 2025, primarily due to a planned exit of approximately **$175 million** in brokered certificates of deposit; total deposits grew **13.9%** year-over-year to **$5.3 billion** as of September 30, 2025, with organic deposits increasing **2.8%** excluding the William Penn acquisition[4](index=4&type=chunk) - Mid Penn signed an agreement on September 24, 2025, to acquire 1st Colonial Bancorp, Inc. for approximately **$101 million** in cash and stock, with completion expected in Q1 or Q2 2026[6](index=6&type=chunk) - Mid Penn signed an agreement on September 25, 2025, to acquire Cumberland Advisors, expected to bring approximately **$3.3 billion** in new assets under management to the combined company, with completion anticipated in Q4 2025[6](index=6&type=chunk) - The Board of Directors announced a **10%** increase in the quarterly cash dividend to **$0.22** per share[6](index=6&type=chunk)[11](index=11&type=chunk) [CEO Statement on Performance and Strategy](index=3&type=section&id=CEO%20Statement%20on%20Performance%20and%20Strategy) CEO Rory G. Ritrievi highlighted strong Q3 2025 GAAP earnings driven by net interest margin expansion, flat noninterest expense (excluding M&A costs), and excellent asset quality, while successfully advancing two significant acquisitions and increasing the quarterly dividend by 10% - GAAP earnings per share for Q3 2025 were **$0.80**, exceeding the consensus estimate of **$0.71**[7](index=7&type=chunk) - Net interest margin expanded by **16 bps** to **3.6%** during the quarter, driven by repricing of existing loans, prudent pricing of new loans, accretion from acquired loans, and marginal improvement in deposit funding costs[8](index=8&type=chunk) - Asset quality performed exceptionally well this quarter, with net charge-offs below **$100 thousand** and nonperforming assets slightly decreasing from Q2 2025[9](index=9&type=chunk) - Annualized revenue for Q3 2025 was **$247.2 million**, an increase of **$30 million** or **13.8%** from **$217.2 million** in Q2 2025[9](index=9&type=chunk) - Excluding merger and acquisition costs incurred in Q2 2025, noninterest expense remained largely flat quarter-over-quarter, with the core efficiency ratio decreasing **377 bps** from **62.6%** in Q2 2025 to **58.8%** in Q3 2025[10](index=10&type=chunk) - The Board of Directors announced a **10%** increase in the quarterly dividend to **$0.22** per share[11](index=11&type=chunk) [Detailed Financial Performance](index=4&type=section&id=Detailed%20Financial%20Performance) This section provides an in-depth analysis of Mid Penn Bancorp's financial results, covering net interest income, average balances, asset quality, capital management, noninterest income, noninterest expense, and subsequent events [Net Interest Income Analysis](index=4&type=section&id=Net%20Interest%20Income%20Analysis) Net interest income and net interest margin significantly increased in Q3 2025, driven by higher earning asset yields and improved deposit funding costs, despite a slight year-over-year increase in deposit interest expense Net Interest Income and Net Interest Margin | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Net Interest Income (million USD) | $53.6 | $48.2 | $40.2 | | Tax-Equivalent Net Interest Margin | 3.60% | 3.44% | 3.13% | - Earning asset yield increased to **5.81%** in Q3 2025, up from **5.69%** in Q2 2025, primarily due to increased loan interest income and higher average balances of federal funds sold[13](index=13&type=chunk) - Net interest income for the nine months ended September 30, 2025, increased **25.1%** year-over-year to **$144.3 million**, driven by a **$17.9 million** increase in loan interest income, a **$4.7 million** increase in federal funds sold, and a **$9.7 million** decrease in short-term borrowing interest expense[14](index=14&type=chunk) [Average Balances](index=4&type=section&id=Average%20Balances) Average loan and deposit balances grew in Q3 2025, primarily influenced by the William Penn acquisition, while the average cost of deposits decreased - The William Penn acquisition, completed on April 30, 2025, impacted average balances for the year ended September 30, 2025, adding **$431.4 million** in loans, **$727.7 million** in total assets, **$619.8 million** in deposits, and **$630.2 million** in total liabilities on the acquisition date[15](index=15&type=chunk) Average Loan and Deposit Balances | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Average Loans (billion USD) | $4.8 | $4.7 | $4.4 | | Average Deposits (billion USD) | $5.5 | $5.2 | $4.6 | | Average Cost of Deposits | 2.37% | 2.39% | 2.77% | - The cost of funds decreased from **2.44%** in Q2 2025 to **2.39%**, primarily benefiting from growth in average noninterest-bearing and interest-bearing demand deposits[18](index=18&type=chunk) [Asset Quality](index=4&type=section&id=Asset%20Quality) Asset quality remained strong in Q3 2025, with a benefit for credit losses and low net charge-offs, despite a slight sequential decrease but year-over-year increase in nonperforming assets Asset Quality Metrics | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :--- | :--- | :--- | :--- | | Benefit for Credit Losses (thousand USD) | $(434.0) | $2,269 | $516 | | Net Charge-offs (thousand USD) | $91 | - | - | | ACL on Loans to Total Loans | 0.77% | 0.78% | 0.80% | | Total Nonperforming Assets (million USD) | $27.3 | $28.0 | $17.7 | | Loans 30+ Days Past Due to Total Loans | 0.68% | 0.58% | 0.61% | - The decrease in the allowance for credit losses was primarily due to a reduction in loan balances resulting from an observed increase in prepayment speeds[19](index=19&type=chunk) - The decrease in total nonperforming assets in Q3 2025 was primarily related to a reduction in nonaccrual commercial real estate loans[22](index=22&type=chunk) [Capital Management](index=5&type=section&id=Capital%20Management) Mid Penn's shareholders' equity grew significantly, and regulatory capital ratios remained strong, exceeding "well-capitalized" thresholds, as the company continued its share repurchase program and declared dividends Shareholders' Equity and Dividends | Metric | Sep. 30, 2025 | Dec. 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Shareholders' Equity (million USD) | $796.3 | $655.0 | +21.6% | | Retained Earnings (million USD) | $205.3 | - | +7.2% (vs Jun 30, 2025) | | Quarterly Dividends (million USD) | $4.6 | - | - | - Both Mid Penn and its bank's regulatory capital ratios exceeded minimum regulatory requirements and met "well-capitalized" levels[24](index=24&type=chunk) - The Board of Directors reauthorized a stock repurchase program, effective through April 30, 2026, permitting the repurchase of up to **$15.0 million** of common stock[25](index=25&type=chunk) - As of September 30, 2025, **70,669** shares of common stock had been repurchased at an average price of **$28.45**, with approximately **$2.9 million** remaining available for repurchase under the plan[25](index=25&type=chunk) [Noninterest Income](index=5&type=section&id=Noninterest%20Income) Noninterest income significantly increased in Q3 2025, primarily driven by gains in mortgage banking, life insurance cash value, and other noninterest income, including recoveries on acquired loans and swap cancellation gains Noninterest Income | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Total Noninterest Income (million USD) | $8.2 | $6.1 | +33.2% | | Mortgage Banking Income Increase (thousand USD) | +$337 | - | - | | Life Insurance Cash Value Earnings Increase (thousand USD) | +$114 | - | - | | Other Noninterest Income Increase (million USD) | +$1.6 | - | - | - The increase in other noninterest income included **$534 thousand** in recoveries on previously acquired loans, **$420 thousand** from the closing of an investment in a reinsurance entity, and **$279 thousand** from a swap cancellation gain[26](index=26&type=chunk) - Total noninterest income for the nine months ended September 30, 2025, was **$19.6 million**, an increase of **19.7%** from **$16.3 million** in the same period of 2024[27](index=27&type=chunk) [Noninterest Expense](index=5&type=section&id=Noninterest%20Expense) Noninterest expense significantly decreased in Q3 2025 due to the absence of large merger and acquisition fees from the prior quarter; however, year-to-date expenses increased due to M&A costs, compensation, software, and operational expenses related to acquisitions and system upgrades Noninterest Expense and Efficiency Ratio | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Total Noninterest Expense (million USD) | $38.0 | $47.8 | -20.54% | | M&A Expenses Decrease (million USD) | -$10.8 | - | - | | Core Efficiency Ratio | 58.8% | 62.6% | -3.8% | | Nine-Month Noninterest Expense (million USD) as of Sep. 30, 2025 | $116.4 | - | +34.3% (vs 2024) | - The primary reasons for the increase in noninterest expense for the nine months were: **$11.4 million** in merger and acquisition expenses; **$10.9 million** in salaries and employee benefits (including equity incentives, retail staff from the William Penn acquisition, and team member retention during system integration); **$2.5 million** in software licensing and utilization costs; and **$1.6 million** in operational expenses[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The improvement in the core efficiency ratio resulted from increased net interest income, higher noninterest income, and reduced noninterest expense[35](index=35&type=chunk) [Subsequent Events](index=6&type=section&id=Subsequent%20Events) Management reviews events occurring after the balance sheet date to determine necessary adjustments or disclosures for consolidated financial statements, noting that financial information in this announcement may change - The period for management's review of subsequent events extends to and includes the date of filing the consolidated financial statements with the U.S. Securities and Exchange Commission (SEC)[36](index=36&type=chunk) - The financial information in this announcement is effective only as of the date of its release, and Mid Penn undertakes no obligation to update this information[36](index=36&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This section provides a cautionary notice regarding forward-looking statements, highlighting various factors that could cause actual results to differ materially from expectations, including interest rate changes, credit losses, regulatory shifts, competition, and M&A-related risks - This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, identifiable by words such as "continue," "expect," "believe," and "anticipate"[37](index=37&type=chunk) - Actual results may differ materially from forward-looking statements due to various factors, including changes in interest rates, spreads on earning assets and liabilities, loan originations, credit losses, market value fluctuations, liquidity sources, and common stock price volatility[37](index=37&type=chunk) - Additional risk factors include legislation affecting the financial services industry, outcomes of regulatory examinations, changes in accounting policies, increased competition, technological developments, and differences in financial results and integration risks from merger and acquisition activities[37](index=37&type=chunk) - Mid Penn undertakes no obligation to publicly revise any forward-looking statements to reflect events or unanticipated events occurring after the date of the statements, unless required by law[37](index=37&type=chunk) [Unaudited Financial Statements and Reconciliations](index=8&type=section&id=Unaudited%20Financial%20Statements%20and%20Reconciliations) This section presents unaudited financial statements and reconciliations of non-GAAP measures, providing detailed quarterly data for key financial highlights, consolidated balance sheets, income statements, average balance sheet analysis, and asset quality [Summary Financial Highlights](index=8&type=section&id=Summary%20Financial%20Highlights) This section summarizes key financial metrics in tabular format, including ending and average balances, income statement data, per share data, asset quality ratios, profitability ratios, and capital ratios across multiple quarters | (Dollars in thousands, except per share data) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Ending Balances:** | | | | | | | Investment securities | $781,888 | $769,211 | $634,044 | $643,352 | $642,291 | | Loans, net of unearned income | 4,821,134 | 4,832,898 | 4,491,167 | 4,443,070 | 4,431,704 | | Total assets | 6,267,349 | 6,354,543 | 5,546,026 | 5,470,936 | 5,527,025 | | Total deposits | 5,342,720 | 5,449,664 | 4,732,202 | 4,689,927 | 4,706,764 | | Shareholders' equity | 796,323 | 775,708 | 667,933 | 655,018 | 573,059 | | **Average Balances:** | | | | | | | Investment securities | 782,020 | 652,105 | 639,580 | 633,409 | 610,586 | | Loans, net of unearned income | 4,804,163 | 4,724,638 | 4,459,679 | 4,441,436 | 4,405,969 | | Total assets | 6,385,751 | 6,036,045 | 5,491,763 | 5,481,473 | 5,470,641 | | Total deposits | 5,468,144 | 5,159,754 | 4,681,708 | 4,687,880 | 4,597,686 | | Shareholders' equity | 783,547 | 670,491 | 660,964 | 623,670 | 565,300 | | **Income Statement:** | | | | | | | Net interest income | $53,629 | $48,206 | $42,509 | $41,280 | $40,169 | | (Benefit)/provision for credit losses | (434) | 2,269 | 301 | 333 | 516 | | Noninterest income | 8,183 | 6,143 | 5,239 | 6,149 | 5,178 | | Noninterest expense | 37,982 | 47,798 | 30,642 | 30,913 | 29,959 | | Income before provision for income taxes | 24,264 | 4,282 | 16,805 | 16,183 | 14,872 | | Provision/(benefit) for income taxes | 5,967 | (480) | 3,063 | 2,951 | 2,571 | | Net income available to shareholders | 18,297 | 4,762 | 13,742 | 13,232 | 12,301 | | Net income excluding non-recurring income and expenses | 17,772 | 15,074 | 13,907 | 12,961 | 12,383 | | **Per Share:** | | | | | | | Basic earnings per common share | $0.80 | $0.22 | $0.71 | $0.72 | $0.74 | | Diluted earnings per common share | 0.79 | 0.22 | 0.71 | 0.72 | 0.74 | | Cash dividends declared | 0.22 | 0.20 | 0.20 | 0.20 | 0.20 | | Book value per common share | 34.56 | 33.85 | 34.50 | 33.84 | 34.48 | | Tangible book value per common share | 27.96 | 27.22 | 27.58 | 26.90 | 26.36 | | **Asset Quality:** | | | | | | | Net charge-offs/(recoveries) to average loans | 0.008% | 0.069% | (0.0003%) | 0.037% | 0.031% | | Non-performing loans to total loans | 0.37 | 0.38 | 0.54 | 0.51 | 0.39 | | Non-performing asset to total loans and other real estate | 0.57 | 0.58 | 0.57 | 0.51 | 0.40 | | Non-performing asset to total assets | 0.44 | 0.44 | 0.46 | 0.41 | 0.32 | | ACL on loans to total loans | 0.77 | 0.78 | 0.80 | 0.80 | 0.80 | | ACL on loans to nonperforming loans | 207.92 | 206.49 | 149.05 | 157.07 | 204.61 | | **Profitability:** | | | | | | | Return on average assets | 1.14% | 0.32% | 1.01% | 0.96% | 0.89% | | Return on average equity | 9.26 | 2.85 | 8.43 | 8.44 | 8.66 | | Return on average tangible common equity | 11.95 | 4.05 | 10.84 | 11.07 | 11.69 | | Tax-equivalent net interest margin | 3.60 | 3.44 | 3.37 | 3.21 | 3.13 | | Core Efficiency ratio | 58.80 | 62.56 | 62.79 | 63.94 | 64.89 | | **Capital Ratios:** | | | | | | | Tier 1 Capital (to Average Assets) | 10.4% | 10.6% | 10.2% | 10.0% | 8.4% | | Common Tier 1 Capital (to Risk Weighted Assets) | 13.9 | 12.8 | 12.0 | 12.1 | 10.1 | | Tier 1 Capital (to Risk Weighted Assets) | 13.9 | 12.8 | 12.0 | 12.1 | 10.1 | | Total Capital (to Risk Weighted Assets) | 15.5 | 14.4 | 13.8 | 14.0 | 11.9 | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) This section provides the consolidated balance sheets, detailing assets, liabilities, and shareholders' equity across multiple quarters, reflecting the company's financial position | (In thousands, except share data) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | | | Total cash and cash equivalents | $257,169 | $336,852 | $107,254 | $70,564 | $144,395 | | Investment Securities: | | | | | | | Held to maturity, at amortized cost | 354,094 | 364,029 | 375,115 | 382,447 | 386,618 | | Available for sale, at fair value | 427,352 | 404,745 | 258,493 | 260,477 | 255,227 | | Equity securities available for sale, at fair value | 442 | 437 | 436 | 428 | 446 | | Loans held for sale | 6,085 | 6,101 | 6,851 | 7,064 | 7,919 | | Loans, net of unearned income | 4,821,134 | 4,832,898 | 4,491,167 | 4,443,070 | 4,431,704 | | Less: Allowance for credit losses | (37,337) | (37,615) | (35,838) | (35,514) | (35,562) | | Net loans | 4,783,797 | 4,795,283 | 4,455,329 | 4,407,556 | 4,396,142 | | Premises and equipment, net | 48,491 | 47,732 | 40,328 | 38,806 | 33,765 | | Operating lease right of use asset | 15,700 | 15,026 | 9,402 | 7,699 | 7,390 | | Finance lease right of use asset | 2,413 | 2,458 | 2,503 | 2,548 | 2,593 | | Cash surrender value of life insurance | 95,015 | 94,770 | 51,351 | 51,521 | 53,135 | | Restricted investment in bank stocks | 6,737 | 7,110 | 6,660 | 7,461 | 10,589 | | Accrued interest receivable | 29,705 | 28,546 | 27,263 | 26,846 | 27,286 | | Deferred income taxes | 27,475 | 35,333 | 21,800 | 22,747 | 23,197 | | Goodwill | 136,620 | 135,473 | 128,160 | 128,160 | 128,160 | | Core deposit and other intangibles, net | 15,586 | 16,531 | 5,814 | 6,242 | 6,713 | | Foreclosed assets held for sale | 9,346 | 9,816 | 1,402 | 44 | 281 | | Other assets | 51,322 | 54,301 | 47,865 | 50,326 | 43,169 | | **Total Assets** | **$6,267,349** | **$6,354,543** | **$5,546,026** | **$5,470,936** | **$5,527,025** | | **LIABILITIES & SHAREHOLDERS' EQUITY** | | | | | | | **Deposits:** | | | | | | | Noninterest-bearing demand | $836,374 | $857,072 | $788,316 | $759,169 | $791,980 | | Interest-bearing transaction accounts | 2,858,082 | 2,772,739 | 2,375,205 | 2,319,753 | 2,288,783 | | Time | 1,648,264 | 1,819,853 | 1,568,681 | 1,611,005 | 1,626,001 | | **Total Deposits** | **5,342,720** | **5,449,664** | **4,732,202** | **4,689,927** | **4,706,764** | | Short-term borrowings | — | — | 25,000 | 2,000 | 114,097 | | Long-term debt | 23,258 | 23,374 | 23,489 | 23,603 | 23,716 | | Subordinated debt and trust preferred securities | 37,149 | 37,303 | 45,587 | 45,741 | 45,894 | | Operating lease liability | 15,973 | 15,342 | 9,765 | 8,092 | 7,778 | | Accrued interest payable | 16,460 | 13,421 | 12,900 | 13,484 | 18,995 | | Other liabilities | 35,466 | 39,731 | 29,150 | 33,071 | 36,722 | | **Total Liabilities** | **5,471,026** | **5,578,835** | **4,878,093** | **4,815,918** | **4,953,966** | | **Shareholders' Equity:** | | | | | | | Common stock, par value $1.00 per share; 40.0 million shares authorized | 23,551 | 23,419 | 19,803 | 19,797 | 17,061 | | Additional paid-in capital | 588,405 | 584,291 | 480,866 | 480,491 | 406,922 | | Retained earnings | 205,320 | 191,574 | 191,469 | 181,597 | 172,234 | | Accumulated other comprehensive loss | (8,907) | (11,756) | (14,163) | (16,825) | (13,116) | | Treasury stock | (12,046) | (11,820) | (10,042) | (10,042) | (10,042) | | **Total Shareholders' Equity** | **796,323** | **775,708** | **667,933** | **655,018** | **573,059** | | **Total Liabilities and Shareholders' Equity** | **$6,267,349** | **$6,354,543** | **$5,546,026** | **$5,470,936** | **$5,527,025** | [Consolidated Statements of Income](index=13&type=section&id=Consolidated%20Statements%20of%20Income) This section presents the consolidated statements of income, listing interest income, interest expense, net interest income, provision for credit losses, noninterest income, noninterest expense, and net income available to common shareholders across multiple quarters | (Dollars in thousands, except per share data) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **INTEREST INCOME** | | | | | | | Loans, including fees | $76,262 | $72,469 | $66,537 | $68,110 | $68,080 | | Investment securities: Taxable | 6,614 | 4,637 | 4,460 | 4,223 | 4,136 | | Investment securities: Tax-exempt | 331 | 344 | 348 | 358 | 359 | | Other interest-bearing balances | 196 | 142 | 138 | 154 | 223 | | Federal funds sold | 3,463 | 2,428 | 261 | 467 | 1,043 | | **Total Interest Income** | **86,866** | **80,020** | **71,744** | **73,312** | **73,841** | | **INTEREST EXPENSE** | | | | | | | Deposits | 32,631 | 30,981 | 28,264 | 30,836 | 30,689 | | Short-term borrowings | — | 86 | 290 | 509 | 2,296 | | Long-term and subordinated debt | 606 | 747 | 681 | 687 | 687 | | **Total Interest Expense** | **33,237** | **31,814** | **29,235** | **32,032** | **33,672** | | **Net Interest Income** | **53,629** | **48,206** | **42,509** | **41,280** | **40,169** | | Net (benefit)/provision for credit losses | (434) | 2,269 | 301 | 333 | 516 | | **Net Interest Income After Provision for Credit Losses** | **54,063** | **45,937** | **42,208** | **40,947** | **39,653** | | **NONINTEREST INCOME** | | | | | | | Fiduciary and wealth management | 1,340 | 1,406 | 1,140 | 1,215 | 1,204 | | ATM debit card interchange | 1,019 | 958 | 919 | 971 | 962 | | Service charges on deposits | 647 | 652 | 562 | 579 | 549 | | Mortgage banking | 1,013 | 676 | 591 | 656 | 768 | | Mortgage hedging | 50 | (7) | (9) | 11 | (1) | | Net gain on sales of SBA loans | — | 63 | 57 | 15 | 151 | | Earnings from cash surrender value of life insurance | 605 | 491 | 274 | 280 | 276 | | Other | 3,509 | 1,904 | 1,705 | 2,422 | 1,269 | | **Total Noninterest Income** | **8,183** | **6,143** | **5,239** | **6,149** | **5,178** | | **NONINTEREST EXPENSE** | | | | | | | Salaries and employee benefits | 20,941 | 20,753 | 16,309 | 16,947 | 16,156 | | Software licensing and utilization | 3,310 | 3,272 | 2,574 | 2,606 | 2,366 | | Occupancy, net | 2,642 | 2,365 | 2,274 | 1,913 | 1,815 | | Equipment | 1,248 | 1,248 | 1,094 | 1,213 | 1,206 | | Shares tax | 1,006 | 606 | 919 | 405 | 824 | | Legal and professional fees | 1,070 | 993 | 826 | 1,006 | 1,613 | | ATM/card processing | 557 | 621 | 733 | 634 | 606 | | Intangible amortization | 944 | 744 | 428 | 471 | 460 | | FDIC Assessment | 422 | 994 | 990 | 843 | 1,150 | | Loss/(gain) on sale or write-down of foreclosed assets, net | 471 | — | (28) | 73 | (35) | | Merger and acquisition | 233 | 11,011 | 314 | 436 | 109 | | Other | 5,138 | 5,191 | 4,209 | 4,366 | 3,689 | | **Total Noninterest Expense** | **37,982** | **47,798** | **30,642** | **30,913** | **29,959** | | **INCOME BEFORE PROVISION FOR INCOME TAXES** | **24,264** | **4,282** | **16,805** | **16,183** | **14,872** | | Provision/(benefit) for income taxes | 5,967 | (480) | 3,063 | 2,951 | 2,571 | | **NET INCOME AVAILABLE TO COMMON SHAREHOLDERS** | **$18,297** | **$4,762** | **$13,742** | **$13,232** | **$12,301** | | **PER COMMON SHARE DATA:** | | | | | | | Basic Earnings Per Common Share | $0.80 | $0.22 | $0.71 | $0.72 | $0.74 | | Diluted Earnings Per Common Share | 0.79 | 0.22 | 0.71 | 0.72 | 0.74 | | Cash Dividends Declared | 0.22 | 0.20 | 0.20 | 0.20 | 0.20 | [Average Balance Sheet and Net Interest Income Analysis](index=16&type=section&id=Average%20Balance%20Sheet%20and%20Net%20Interest%20Income%20Analysis) This section provides a detailed analysis of the average balance sheet and net interest income, presenting average balances, interest income/expense, and yields/rates for earning assets and interest-bearing liabilities, along with net interest spread and net interest margin across multiple quarters | | September 30, 2025 | | | June 30, 2025 | | | September 30, 2024 | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | Average Balance (thousand USD) | Interest (thousand USD) | Yield/Rate | Average Balance (thousand USD) | Interest (thousand USD) | Yield/Rate | Average Balance (thousand USD) | Interest (thousand USD) | Yield/Rate | | **ASSETS:** | | | | | | | | | | | Interest Bearing Balances | $26,950 | $196 | 2.89% | $23,271 | $142 | 2.45% | $25,123 | $223 | 3.53% | | Investment Securities: Taxable | 716,356 | 6,502 | 3.60 | 584,919 | 4,570 | 3.13 | 537,257 | 3,682 | 2.73 | | Investment Securities: Tax-Exempt | 65,664 | 331 | 2.00 | 67,186 | 344 | 2.05 | 73,329 | 359 | 1.95 | | Total Securities | 782,020 | 6,833 | 3.47 | 652,105 | 4,914 | 3.02 | 610,586 | 4,041 | 2.63 | | Federal Funds Sold | 310,525 | 3,463 | 4.42 | 236,037 | 2,428 | 4.13 | 75,683 | 1,043 | 5.48 | | Loans, Net of Unearned Income | 4,804,163 | 76,262 | 6.30 | 4,724,638 | 72,469 | 6.15 | 4,405,969 | 68,080 | 6.15 | | Restricted Investment in Bank Stocks | 7,143 | 112 | 6.22 | 6,945 | 67 | 3.87 | 13,252 | 454 | 13.63 | | **Total Earning Assets** | **5,930,801** | **86,866** | **5.81** | **5,642,996** | **80,020** | **5.69** | **5,130,613** | **73,841** | **5.73** | | Cash and Due from Banks | 49,582 | | | 50,376 | | | 44,052 | | | | Other Assets | 405,368 | | | 342,673 | | | 295,976 | | | | **Total Assets** | **$6,385,751** | | | **$6,036,045** | | | **$5,470,641** | | | | **LIABILITIES & SHAREHOLDERS' EQUITY:** | | | | | | | | | | | Interest-bearing Demand | $1,268,802 | $5,736 | 1.79% | $1,123,130 | $4,954 | 1.77% | $1,066,878 | $5,291 | 1.97% | | Money Market | 1,237,556 | 9,046 | 2.90 | 1,179,756 | 8,350 | 2.84 | 921,054 | 7,060 | 3.05 | | Savings | 333,545 | 64 | 0.08 | 307,634 | 70 | 0.09 | 272,186 | 63 | 0.09 | | Time | 1,775,539 | 17,785 | 3.97 | 1,735,427 | 17,607 | 4.07 | 1,561,633 | 18,275 | 4.66 | | **Total Interest-bearing Deposits** | **4,615,442** | **32,631** | **2.80** | **4,345,947** | **30,981** | **2.86** | **3,821,751** | **30,689** | **3.19** | | Short term borrowings | 1 | — | 0.00 | 7,418 | 86 | 4.65 | 169,754 | 2,296 | 5.38 | | Long-term debt | 23,302 | 264 | 4.49 | 23,417 | 252 | 4.32 | 23,757 | 264 | 4.42 | | Subordinated debt and trust preferred securities | 37,224 | 342 | 3.65 | 45,264 | 495 | 4.39 | 45,969 | 423 | 3.66 | | **Total Interest-bearing Liabilities** | **4,675,969** | **33,237** | **2.82** | **4,422,046** | **31,814** | **2.89** | **4,061,231** | **33,672** | **3.30** | | Noninterest-bearing Demand | 852,702 | | | 813,807 | | | 775,935 | | | | Other Liabilities | 73,533 | | | 129,701 | | | 68,175 | | | | Shareholders' Equity | 783,547 | | | 670,491 | | | 565,300 | | | | **Total Liabilities & Shareholders' Equity** | **$6,385,751** | | | **$6,036,045** | | | **$5,470,641** | | | | **Net Interest Income** | | **$53,629** | | | **$48,206** | | | **$40,169** | | | Taxable Equivalent Adjustment | | 245 | | | 245 | | | 252 | | | **Net Interest Income (taxable equivalent basis)** | | **$53,874** | | | **$48,451** | | | **$40,421** | | | Total Yield on Earning Assets | | | 5.81% | | | 5.69% | | | 5.73% | | Cost of funds | | | 2.39% | | | 2.44% | | | 2.77% | | Rate on Supporting Liabilities | | | 2.82 | | | 2.89 | | | 3.30 | | Average Interest Spread | | | 2.99 | | | 2.80 | | | 2.43 | | Tax-Equivalent Net Interest Margin | | | 3.60 | | | 3.44 | | | 3.13 | [Allowance for Credit Losses and Asset Quality](index=18&type=section&id=Allowance%20for%20Credit%20Losses%20and%20Asset%20Quality) This section details the allowance for credit losses on loans and nonperforming assets, including charge-offs, recoveries, and various asset quality ratios across multiple quarters | (Dollars in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Allowance for Credit Losses on Loans:** | | | | | | | Beginning balance | $37,615 | $35,838 | $35,514 | $35,562 | $35,288 | | Purchase credit deteriorated loans | — | 343 | — | — | — | | Loans Charged off: Commercial real estate | — | (691) | — | — | — | | Loans Charged off: Commercial and industrial | (91) | (203) | — | (407) | (356) | | Loans Charged off: Consumer | (40) | (15) | (15) | (18) | (8) | | **Total loans charged off** | **(131)** | **(909)** | **(15)** | **(425)** | **(364)** | | Recoveries of loans previously charged off: Commercial real estate | 9 | 1 | 1 | 2 | — | | Recoveries of loans previously charged off: Commercial and industrial | — | 3 | 6 | 1 | — | | Recoveries of loans previously charged off: Residential mortgage | 3 | 83 | 2 | 7 | 2 | | Recoveries of loans previously charged off: Consumer | 28 | 11 | 9 | 7 | 15 | | **Total recoveries** | **40** | **98** | **18** | **17** | **17** | | Balance before provision | 37,524 | 35,370 | 35,517 | 35,154 | 34,941 | | (Benefit)/provision for credit losses - loans | (187) | 2,245 | 321 | 360 | 621 | | **Balance, end of quarter** | **$37,337** | **$37,615** | **$35,838** | **$35,514** | **$35,562** | | **Nonperforming Assets** | | | | | | | Total nonaccrual loans | $17,957 | $18,216 | $24,045 | $22,610 | $17,380 | | Foreclosed real estate | 9,346 | 9,816 | 1,402 | 44 | 281 | | **Total nonperforming assets** | **27,303** | **28,032** | **25,447** | **22,654** | **17,661** | | Accruing loans 90 days or more past due | 160 | — | 3 | — | 1 | | **Total risk elements** | **$27,463** | **$28,032** | **$25,450** | **$22,654** | **$17,662** | [Reconciliation of Non-GAAP Measures](index=19&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures, including tangible book value per share, adjusted earnings per share excluding non-recurring items, return on average tangible common equity, and core efficiency ratio, along with the rationale for their use - Non-GAAP financial measures are used by management to analyze Mid Penn's performance and are considered important to investors focusing on book value per share excluding changes in intangible assets[51](index=51&type=chunk) - These non-GAAP disclosures have limitations as analytical tools and should not be considered a substitute for GAAP financial measures, nor should they be considered in isolation or as a substitute for an analysis of Mid Penn's results of operations and financial condition as reported under GAAP[51](index=51&type=chunk) - Management believes this non-GAAP supplemental information is helpful in understanding Mid Penn's ongoing operating performance[51](index=51&type=chunk) [Tangible Book Value Per Common Share](index=19&type=section&id=Tangible%20Book%20Value%20Per%20Common%20Share) This sub-section presents the calculation of tangible book value per common share, adjusting shareholders' equity for goodwill and other intangible assets | (Dollars in thousands, except per share data) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Shareholders' Equity | $796,323 | $775,708 | $667,933 | $655,018 | $573,059 | | Less: Goodwill | 136,620 | 135,473 | 128,160 | 128,160 | 128,160 | | Less: Core Deposit and Other Intangibles | 15,586 | 16,531 | 5,814 | 6,242 | 6,713 | | **Tangible Equity** | **$644,117** | **$623,704** | **$533,959** | **$520,616** | **$438,186** | | Common Shares Outstanding | 23,039,223 | 22,915,194 | 19,362,094 | 19,355,797 | 16,620,174 | | **Tangible Book Value per Share** | **$27.96** | **$27.22** | **$27.58** | **$26.90** | **$26.36** | [Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses](index=20&type=section&id=Adjusted%20Earnings%20Per%20Common%20Share%20Excluding%20Non-Recurring%20Income%20and%20Expenses) This sub-section provides the reconciliation for adjusted earnings per common share, excluding specific non-recurring income and expense items to present a clearer view of core operational performance | (Dollars in thousands, except per share data) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Available to Common Shareholders | $18,297 | $4,762 | $13,742 | $13,232 | $12,301 | | Less: BOLI Death Benefit Income | 71 | 1 | 83 | 615 | 4 | | Less: Recoveries on loans previously acquired in business combinations | 534 | — | — | — | — | | Less: Swap cancellation gain | 279 | — | — | — | — | | Less: Gain on the closing of an investment of a reinsurance entity acquired from another institution | 420 | — | — | — | — | | Plus: Merger and Acquisition Expenses | 233 | 11,011 | 314 | 436 | 109 | | Plus: Compensation expense for accelerated vesting of stock options and restricted stock awards | 753 | 2,043 | — | — | — | | Less: Tax Effect of Non-Recurring Expenses | 207 | 2,741 | 66 | 92 | 23 | | **Net Income Excluding Non-Recurring Income and Expenses** | **$17,772** | **$15,074** | **$13,907** | **$12,961** | **$12,383** | | Weighted Average Shares Outstanding | 23,005,504 | 21,566,617 | 19,355,867 | 18,338,224 | 16,612,657 | | **Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses** | **$0.77** | **$0.70** | **$0.72** | **$0.71** | **$0.75** | [Return on Average Tangible Common Equity](index=20&type=section&id=Return%20on%20Average%20Tangible%20Common%20Equity) This sub-section details the calculation of return on average tangible common equity, adjusting net income and average shareholders' equity for intangible assets | (Dollars in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income available to common shareholders | $18,297 | $4,762 | $13,742 | $13,232 | $12,301 | | Plus: Intangible amortization, net of tax | 746 | 588 | 338 | 372 | 363 | | | **19,043** | **5,350** | **14,080** | **13,604** | **12,664** | | Average shareholders' equity | 783,547 | 670,491 | 660,964 | 623,670 | 565,300 | | Less: Average goodwill | 135,486 | 130,824 | 128,160 | 128,160 | 127,773 | | Less: Average core deposit and other intangibles | 16,003 | 9,824 | 6,023 | 6,468 | 6,424 | | **Average tangible shareholders' equity** | **$632,058** | **$529,843** | **$526,781** | **$489,042** | **$431,103** | | **Return on average tangible common equity** | **11.95%** | **4.05%** | **10.84%** | **11.07%** | **11.69%** | [Core Efficiency Ratio](index=21&type=section&id=Core%20Efficiency%20Ratio) This sub-section outlines the calculation of the core efficiency ratio, adjusting noninterest expense and total revenue for non-recurring items to reflect operational efficiency | (Dollars in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Noninterest expense | $37,982 | $47,798 | $30,642 | $30,913 | $29,959 | | Less: Merger and acquisition expenses | 233 | 11,011 | 314 | 436 | 109 | | Less: Compensation expense for accelerated vesting of stock options and restricted stock awards | 753 | 2,043 | — | — | — | | Less: Intangible amortization | 944 | 744 | 428 | 471 | 460 | | Less: Loss/(gain) on sale or write-down of foreclosed assets, net | 471 | — | (28) | 73 | (35) | | **Efficiency ratio numerator** | **35,581** | **34,000** | **29,928** | **29,933** | **29,425** | | Net interest income | 53,629 | 48,206 | 42,509 | 41,280 | 40,169 | | Noninterest income | 8,183 | 6,143 | 5,239 | 6,149 | 5,178 | | Less: BOLI Death Benefit | 71 | 1 | 83 | 615 | 4 | | Less: Recoveries on loans previously acquired in business combinations | 534 | — | — | — | — | | Less: Swap cancellation gain | 279 | — | — | — | — | | Less: Gain on the closing of an investment of a reinsurance entity acquired from another institution | 420 | — | — | — | — | | **Efficiency ratio denominator** | **$60,508** | **$54,348** | **$47,665** | **$46,814** | **$45,343** | | **Core efficiency ratio** | **58.80%** | **62.56%** | **62.79%** | **63.94%** | **64.89%** |

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-13677 MID PENN BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorpor ...

Exhibit 99.1 PRESS RELEASE Mid Penn Bancorp, Inc. 2407 Park Drive Harrisburg, PA 17110 1-866-642-7736 CONTACTS Rory G. Ritrievi Chair, President & Chief Executive Officer Justin T. Webb Chief Financial Officer MID PENN BANCORP, INC. REPORTS SECOND QUARTER EARNINGS AND DECLARES 59TH CONSECUTIVE QUARTERLY DIVIDEND July 23, 2025 – 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 availa ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201%20%E2%80%93%20Financial%20Statements) This section presents Mid Penn Bancorp's unaudited consolidated financial statements for Q1 2025 and 2024, covering balance sheets, income, comprehensive income, equity, and cash flows [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $5.55 billion from $5.47 billion at December 31, 2024, primarily driven by a $47.8 million increase in net loans Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$5,546,026** | **$5,470,936** | | Net loans | $4,455,329 | $4,407,556 | | Total cash and cash equivalents | $107,254 | $70,564 | | **Total Liabilities** | **$4,878,093** | **$4,815,918** | | Total Deposits | $4,732,202 | $4,689,927 | | **Total Shareholders' Equity** | **$667,933** | **$655,018** | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2025, net income available to common shareholders was $13.7 million, an increase from $12.1 million in the same period of 2024 Q1 2025 vs. Q1 2024 Income Statement Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total Interest Income | $71,744 | $68,191 | | Total Interest Expense | $29,235 | $31,735 | | **Net Interest Income** | **$42,509** | **$36,456** | | Net provision/(benefit) for credit losses | $301 | $(937) | | Total Noninterest Income | $5,239 | $5,837 | | Total Noninterest Expense | $30,642 | $28,520 | | **Net Income Available to Common Shareholders** | **$13,742** | **$12,133** | | **Diluted Earnings Per Common Share** | **$0.71** | **$0.73** | [Consolidated Statements of Comprehensive Income](index=11&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2025 was $16.4 million, a significant increase from $11.8 million in Q1 2024, primarily due to a positive shift in other comprehensive income from a loss to a gain Q1 2025 vs. Q1 2024 Comprehensive Income (Unaudited) | (In Thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income | $13,742 | $12,133 | | Total other comprehensive income/(loss) | $2,662 | $(310) | | **Total comprehensive income** | **$16,404** | **$11,823** | [Consolidated Statements of Changes in Shareholders' Equity](index=12&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased from $655.0 million to $667.9 million in Q1 2025, driven by net income and other comprehensive income, partially offset by dividends - Key drivers of the **$12.9 million** increase in shareholders' equity during Q1 2025 were net income of **$13.7 million** and total other comprehensive income of **$2.7 million**, which were partially offset by cash dividends of **$3.9 million**[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $36.7 million in Q1 2025, with net cash provided by operating and financing activities offsetting cash used in investing activities Q1 2025 vs. Q1 2024 Cash Flow Summary (Unaudited) | (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash Provided By Operating Activities | $11,529 | $12,409 | | Net Cash Used in Investing Activities | $(36,293) | $(65,746) | | Net Cash Provided by Financing Activities | $61,454 | $24,659 | | **Net increase/(decrease) in cash and cash equivalents** | **$36,690** | **$(28,678)** | [Notes to Consolidated Financial Statements (Unaudited)](index=16&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section provides detailed disclosures supporting the consolidated financial statements, covering accounting policies, business combinations, investment securities, loans, deposits, derivatives, debt, and regulatory capital - On April 30, 2025, subsequent to the balance sheet date, Mid Penn completed its acquisition of William Penn Bancorporation[32](index=32&type=chunk) - The preparation of financial statements requires management to make material estimates, particularly for the allowance for credit losses, fair value of financial instruments, and valuation of goodwill[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=45&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, including net income, net interest margin, loan and deposit growth, asset quality, and changes in noninterest income and expenses, along with financial condition, liquidity, and capital adequacy Q1 2025 Performance Highlights | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income (in thousands) | $13,742 | $12,133 | | Diluted EPS | $0.71 | $0.73 | | Return on average assets (annualized) | 1.01% | 0.92% | | Net interest margin (FTE) | 3.37% | 2.97% | - Total loans grew by **$48.1 million** (1.1%) during Q1 2025, primarily in commercial real estate and commercial & industrial loans[193](index=193&type=chunk) - Total deposits increased by **$42.3 million** (0.9%) during Q1 2025, driven by growth in interest-bearing transaction and non-interest bearing accounts[193](index=193&type=chunk) - Non-performing assets increased to **$25.4 million** at March 31, 2025, from **$22.7 million** at December 31, 2024, mainly due to the addition of three commercial loans to nonaccrual status[195](index=195&type=chunk) [Results of Operations](index=49&type=section&id=MD%26A%20-%20Results%20of%20Operations) In Q1 2025, net interest income rose to $42.5 million with a 3.37% net interest margin, while noninterest income decreased and noninterest expense increased due to higher salary and software costs Net Interest Income Analysis (Q1 2025 vs Q1 2024) | (In thousands) | Increase (Decrease) due to Volume | Increase (Decrease) due to Rate | Net Change | | :--- | :--- | :--- | :--- | | **Total Interest Income** | **$2,432** | **$1,121** | **$3,553** | | **Total Interest Expense** | **$(1,273)** | **$(1,227)** | **$(2,500)** | | **Net Interest Income** | **$3,705** | **$2,348** | **$6,053** | - Noninterest income decreased by **10.2%** YoY, mainly due to a **$1.4 million** decrease in Bank-owned life insurance benefits, partially offset by increases in loan level swap fees and mortgage banking income[210](index=210&type=chunk) - Noninterest expense increased by **7.4%** YoY, driven by higher salaries and employee benefits (+$847k), software licensing (+$454k), and merger and acquisition expenses (+$314k)[212](index=212&type=chunk) [Financial Condition](index=54&type=section&id=MD%26A%20-%20Financial%20Condition) Total assets grew to $5.5 billion, driven by loan growth, while deposits increased, and the company maintained strong asset quality, liquidity, and regulatory capital ratios exceeding 'well-capitalized' minimums Loan Portfolio Composition (March 31, 2025) | Loan Category | Balance (in thousands) | % of Total | | :--- | :--- | :--- | | Commercial Real Estate | $2,563,022 | 57.0% | | Commercial and industrial | $720,695 | 16.0% | | Construction | $409,211 | 9.1% | | Residential mortgage | $791,422 | 17.7% | | Consumer | $6,817 | 0.2% | | **Total Loans** | **$4,491,167** | **100.0%** | Credit Quality Metrics (in thousands) | Metric | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Non-performing assets | $25,447 | $22,654 | | ACL-loans to total loans | 0.80% | 0.80% | | ACL-loans to non-performing loans | 149.05% | 157.07% | Regulatory Capital Ratios (March 31, 2025) | Ratio | Mid Penn | Minimum for Adequacy (with buffer) | | :--- | :--- | :--- | | Total Risk-Based Capital | 13.85% | 10.50% | | Tier I Risk-Based Capital | 12.04% | 8.50% | | Common Equity Tier I | 12.04% | 7.00% | | Tier I Leverage Capital | 10.16% | 4.00% | [Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages interest rate risk through an asset-liability model, projecting a 3.3% increase in net interest income for a 100 basis point rate rise and a 3.3% decrease for a 100 basis point rate fall, all within policy limits Net Interest Income Sensitivity Analysis (as of March 31, 2025) | Change in Basis Points | % Change in Net Interest Income | Policy Risk Limit | | :--- | :--- | :--- | | +400 | 12.5% | ≥ -25% | | +200 | 6.4% | ≥ -15% | | +100 | 3.3% | ≥ -10% | | -100 | (3.3)% | ≥ -10% | | -200 | (6.7)% | ≥ -15% | | -400 | (14.1)% | ≥ -25% | [Controls and Procedures](index=64&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 2025 - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2025[262](index=262&type=chunk) - No material changes were made to internal controls over financial reporting during the quarter ended March 31, 2025[263](index=263&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=65&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) Management does not anticipate that the ultimate liability from ongoing legal proceedings will be material to the company's consolidated financial position - Management does not expect pending or threatened legal matters to have a material impact on the company's consolidated financial position[265](index=265&type=chunk) [Risk Factors](index=65&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) No material changes to existing risk factors, but a new factor addresses potential impacts of current U.S. administration policies on financial regulations, trade, and taxes - A new risk factor was added concerning the potential impact of the current U.S. administration's policies on financial regulations, trade, and taxes, which could create uncertainties and affect business operations[268](index=268&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company had no unregistered sales of equity securities and made no share repurchases under its $15.0 million program during Q1 2025, with $5.0 million remaining available - No shares were repurchased in the three months ended March 31, 2025[173](index=173&type=chunk)[270](index=270&type=chunk) - The stock repurchase program was renewed through April 30, 2026, with approximately **$5.0 million** remaining available for repurchase as of March 31, 2025[173](index=173&type=chunk)[270](index=270&type=chunk) [Defaults upon Senior Securities](index=67&type=section&id=Item%203%20%E2%80%93%20Defaults%20upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[272](index=272&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=Item%204%20%E2%80%93%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[272](index=272&type=chunk) [Other Information](index=67&type=section&id=Item%205%20%E2%80%93%20Other%20Information) No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements during Q1 2025 - No directors or executive officers adopted or terminated a Rule 10b5-1 trading plan during Q1 2025[272](index=272&type=chunk) [Exhibits](index=68&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and Inline XBRL documents - Exhibits filed include Sarbanes-Oxley Act certifications (31.1, 31.2, 32) and Inline XBRL data files (101 series)[275](index=275&type=chunk)

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Mid Penn Bancorp reported strong Q1 2025 results, driven by net interest margin expansion, improved efficiency, and moderate growth Q1 2025 Key Performance Indicators | Metric | Q1 2025 | Q1 2024 | Change | Q4 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Common) ($) | $13.7 million | $12.1 million | +13.3% | $13.2 million | | Diluted EPS ($) | $0.71 | $0.73 | -2.7% | $0.72 | | Core Earnings (Non-GAAP) ($) | $13.9 million | $10.7 million | +30.3% | $13.0 million | | Net Interest Margin (%) | 3.37% | 2.97% | +40 bps | 3.21% | | Loan Growth (Annualized) (%) | 4.4% | N/A | N/A | N/A | | Deposit Growth (Annualized) (%) | 3.7% | N/A | N/A | -1.4% | | Core Efficiency Ratio (%) | 62.79% | 68.80% | -601 bps | 63.90% | - The Board of Directors declared a cash dividend of **$0.20** per common share, payable on May 26, 2025, to shareholders of record as of May 8, 2025, marking the **58th consecutive quarterly dividend**[5](index=5&type=chunk)[11](index=11&type=chunk) Book Value Per Share Growth | Metric | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Book Value per Common Share ($) | $34.50 | $33.84 | $33.26 | | Tangible Book Value per Common Share ($) | $27.58 | $26.90 | $25.23 | [Management Commentary](index=4&type=section&id=Management%20Commentary) CEO Rory G. Ritrievi attributed strong Q1 performance to net interest margin expansion, effective expense management, and moderate organic growth - Net interest margin expansion was achieved through a decrease in deposit costs, resulting from repricing initiatives started in Q4 2024 and continued through Q1 2025[8](index=8&type=chunk) - The company achieved respectable annualized organic growth rates of **4.4%** in loans and **3.7%** in deposits, despite what management described as a 'cautious' sentiment from borrowers and depositors[9](index=9&type=chunk) - The planned merger with William Penn Bank has received all regulatory and shareholder approvals and is expected to close in the middle of the second quarter of 2025[10](index=10&type=chunk) [Financial Performance Analysis](index=5&type=section&id=Financial%20Performance%20Analysis) Q1 2025 financial performance was marked by significant net interest income growth, margin expansion, stable asset quality, and strong capital levels [Net Interest Income and Margin](index=5&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income rose to $42.5 million in Q1 2025, with NIM expanding to 3.37% due to lower deposit costs Net Interest Income & Margin Trend | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Net Interest Income ($M) | $42.5M | $41.3M | $36.5M | | Net Interest Margin (Tax-Equiv.) (%) | 3.37% | 3.21% | 2.97% | - The cost of funds decreased to **2.48%** in Q1 2025 from **2.66%** in Q4 2024, attributed to lower interest paid on deposit accounts after the Bank reduced rates[4](index=4&type=chunk)[16](index=16&type=chunk) [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheet%20Analysis) Total loans grew to $4.5 billion and deposits to $4.7 billion as of March 31, 2025, reflecting restrained growth Loan and Deposit Balances (Ending) | Balance Sheet Item | Mar 31, 2025 | Mar 31, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Loans ($) | $4.5 billion | $4.3 billion | +4.0% | | Total Deposits ($) | $4.7 billion | $4.4 billion | +8.06% | - Q1 2025 deposit growth of **$42.3 million** was driven by a **$55.5 million** increase in interest-bearing transaction accounts and a **$29.1 million** increase in noninterest-bearing accounts, offset by a **$42.3 million** decrease in time deposits[4](index=4&type=chunk) [Asset Quality](index=5&type=section&id=Asset%20Quality) Asset quality remained stable with minimal provision for credit losses, though nonperforming assets increased to $25.4 million Asset Quality Metrics | Metric | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Total Nonperforming Assets ($) | $25.4M | $22.7M | $15.5M | | Allowance for Credit Losses / Loans (%) | 0.80% | 0.80% | 0.78% | | Provision for Credit Losses ($) | $301K | $333K | ($937K) Benefit | - The increase in nonperforming assets during Q1 2025 was mainly due to the addition of three commercial loans with a combined balance of **$7.0 million**[20](index=20&type=chunk) [Capital Position](index=6&type=section&id=Capital%20Position) Shareholders' equity increased to $667.9 million, strengthening capital and exceeding 'well capitalized' regulatory minimums - Shareholders' equity increased by **2.0%** to **$667.9 million** as of March 31, 2025, from **$655.0 million** at year-end 2024[22](index=22&type=chunk) - The stock repurchase program was reauthorized through April 30, 2026, with **$5.0 million** remaining available[23](index=23&type=chunk) - Regulatory capital ratios remain in excess of levels required to be considered 'well capitalized'[22](index=22&type=chunk) [Noninterest Income & Expense](index=6&type=section&id=Noninterest%20Income%20%26%20Expense) Noninterest income decreased to $5.2 million, noninterest expense increased, but the core efficiency ratio improved to 62.8% Noninterest Income & Expense Summary | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Noninterest Income ($) | $5.2M | $6.1M | $5.8M | | Noninterest Expense ($) | $30.6M | $30.9M | $28.5M | | Core Efficiency Ratio (%) | 62.8% | 63.9% | 68.8% | - The YoY decrease in noninterest income was mainly driven by a **$731 thousand** decrease in other miscellaneous income, which included a **$1.4 million** decrease in BOLI benefits[25](index=25&type=chunk) - The YoY increase in noninterest expense was primarily due to higher costs for salaries and benefits (**+$847k**), software licensing (**+$454k**), and merger/acquisition expenses (**+$314k**)[27](index=27&type=chunk) [Subsequent Events](index=7&type=section&id=Subsequent%20Events) Shareholders of Mid Penn and William Penn Bancorporation approved Mid Penn's acquisition of William Penn on April 2, 2025 - On April 2, 2025, shareholders of both Mid Penn and William Penn Bancorporation approved the proposed acquisition of William Penn by Mid Penn[30](index=30&type=chunk) [Financial Statements and Schedules](index=9&type=section&id=Financial%20Statements%20and%20Schedules) This section presents unaudited consolidated financial statements and supporting schedules for Q1 2025 [Summary Financial Highlights](index=9&type=section&id=Summary%20Financial%20Highlights) This summary presents key financial data for Q1 2025, including total assets, loans, and deposits Key Balances as of March 31, 2025 | Item | Amount (in thousands) ($) | | :--- | :--- | | Total Assets | $5,546,026 | | Loans, net | $4,491,167 | | Total Deposits | $4,732,202 | | Shareholders' Equity | $667,933 | [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet as of March 31, 2025, shows total assets of $5.55 billion, with deposits as the primary funding source - Compared to December 31, 2024, total assets increased from **$5.47 billion** to **$5.55 billion**, and total deposits increased from **$4.69 billion** to **$4.73 billion**[40](index=40&type=chunk) [Consolidated Statements of Income](index=15&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2025, net interest income was $42.5 million, resulting in net income available to common shareholders of $13.7 million Q1 2025 Income Statement Summary (in thousands) | Line Item | Q1 2025 ($) | | :--- | :--- | | Net Interest Income | $42,509 | | Provision for Credit Losses | $301 | | Noninterest Income | $5,239 | | Noninterest Expense | $30,642 | | **Net Income** | **$13,742** | [Allowance for Credit Losses and Asset Quality](index=19&type=section&id=Allowance%20for%20Credit%20Losses%20and%20Asset%20Quality) The allowance for credit losses on loans was $35.8 million, with total nonperforming assets at $25.4 million - The allowance for credit losses on loans began Q1 2025 at **$35.5 million** and ended at **$35.8 million** after a **$321 thousand** provision and net recoveries of **$3 thousand**[46](index=46&type=chunk) [Reconciliation of Non-GAAP Measures](index=20&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP financial measures like Tangible Book Value per Share and Adjusted EPS to their GAAP counterparts Key Non-GAAP Metrics (Q1 2025) | Non-GAAP Metric | Q1 2025 Value | | :--- | :--- | | Tangible Book Value per Share ($) | $27.58 | | Adjusted EPS ($) | $0.72 | | Return on Average Tangible Common Equity (%) | 10.84% | | Core Efficiency Ratio (%) | 62.79% | - Adjusted earnings for Q1 2025 of **$13.9 million** were calculated by taking GAAP net income of **$13.7 million**, adding back **$314 thousand** in merger expenses (net of tax), and subtracting **$83 thousand** in BOLI death benefit income[49](index=49&type=chunk)

Mid Penn Bancorp (MPB) came out with quarterly earnings of $0.71 per share, missing the Zacks Consensus Estimate of $0.74 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.05%. A quarter ago, it was expected that this company would post earnings of $0.73 per share when it actually produced earnings of $0.75, delivering a surprise of 2.74%.Over the last four quarters, the company h ...

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D investment increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Topic 4: Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [10]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [11]. - Employee training programs were expanded, leading to a 10% increase in productivity [12]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a recycling program that has successfully diverted 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [17]. - Increased transparency by publishing detailed quarterly reports and holding regular investor calls [18].