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 March 31, 2026

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)

Pennsylvania	25-1666413
(State or Other Jurisdiction of<br><br>Incorporation or Organization)	(I.R.S. Employer<br><br>Identification Number)
2407 Park Drive<br><br>Harrisburg, Pennsylvania	17110
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code 1.866.642.7736

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value per share	MPB	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    x    No    o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    x    No    o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated Filer	x	Emerging Growth Company	o
Non-accelerated Filer	o	Smaller Reporting Company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    o    No    x

As of April 30, 2026, the registrant had 25,344,942 shares of common stock outstanding, par value $1.00 per share.

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FORM 10-Q

TABLE OF CONTENTS

PART 1 – FINANCIAL INFORMATION
Item 1 – Financial Statements	4
Consolidated Balance Sheets as ofMarch 31, 2026andDecember 31, 2025(Unaudited)	4
Consolidated Statements of Income for theThreeMonths EndedMarch 31, 2026and2025(Unaudited)	5
Consolidated Statements of Comprehensive Income for theThreeMonths EndedMarch 31, 2026and2025(Unaudited)	6
Consolidated Statements of Changes in Shareholders’ Equity for theThreeMonths EndedMarch 31, 2026and2025(Unaudited)	7
Consolidated Statements of Cash Flows for theThree Months EndedMarch 31, 2026and2025(Unaudited)	8
Notes to Consolidated Financial Statements (Unaudited)	10
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3 – Quantitative and Qualitative Disclosures about Market Risk	63
Item 4 – Controls and Procedures	64
PART II – OTHER INFORMATION	65
Item 1 – Legal Proceedings	65
Item 1A – Risk Factors	65
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3 – Defaults upon Senior Securities	67
Item 4 – Mine Safety Disclosures	67
Item 5 – Other Information	67
Item 6 – Exhibits	68
Signatures	69

Unless the context otherwise requires, the terms "Mid Penn", "Corporation" "we", "us", and "our" refer to Mid Penn Bancorp, Inc. and its consolidated wholly-owned banking subsidiary and nonbank subsidiaries.

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GLOSSARY OF DEFINED ACRONYMS AND TERMS

1st Colonial	1st Colonial Bancorp, Inc.
2023 Plan	2023 Stock Incentive Plan
ACL	Allowance for Credit Losses
AFS	Available-for-Sale
AOCI	Accumulated Other Comprehensive Income/(Loss)
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
the Bank	Mid Penn Bank
BOLI	Bank-Owned Life Insurance
bp or bps	basis point(s)
CD	Certificate of Deposit
CECL	Current Expected Credit Losses as defined by FASB ASC Topic 326
CRE	Commercial Real Estate
Cumberland Advisors Acquisition	The merger of Cumberland Advisors with and into a newly formed acquisition subsidiary of Mid Penn
DCF	Discounted Cash Flow
DIF	FDIC’s Deposit Insurance Fund
DRIP	Dividend Reinvestment Plan
EPS	Earnings per share
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank of Pittsburgh
FICO	Fair Isaac Corporation credit scoring model
FOMC	Federal Open Market Committee
FTE	Fully taxable-equivalent
HELOC	Home Equity Line of Credit
HFS	Held-for-Sale
HTM	Held-to-Maturity
GAAP	Accounting Principles Generally Accepted in the United States of America
GDP	Gross domestic product
LGD	Loss Given Default
LHFI	Loans held-for-investment
Loans	Loans, net of unearned income
Management Discussion	Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")
Mid Penn or the Corporation	Mid Penn Bancorp, Inc.
NASDAQ	Major stock exchange where the Corporation's shares are traded
OBS	Off-Balance Sheet
OCI	Other Comprehensive Income
OREO	Other Real Estate Owned
PCD	Purchased Credit Deteriorated
PCL	Provision for Credit Losses - Loans
PD	Probability of Default
PSL	Purchased seasoned loans
Riverview	Riverview Financial Corporation
Riverview Acquisition	Merger acquisition of Riverview
SBA	Small Business Administration
SEC	Securities Exchange Commission
SOFR	Secured Overnight Financing Rate
William Penn	William Penn Bancorporation

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MID PENN BANCORP, INC.

PART 1 – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except per share data)	March 31, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	60,967	$	46,695
Interest-bearing balances with other financial institutions	19,383		29,178
Federal funds sold	60,840		23,045
Total Cash and cash equivalents	141,190		98,918
Investment securities:
HTM, at amortized cost (fair value $314,398 and $321,702, respectively)	340,957		347,285
AFS, at fair value (amortized cost $496,791 and $426,512, respectively)	484,130		416,314
Equity securities, at fair value	5,412		5,446
Loans held-for-sale, at fair value	16,554		3,668
Loans, net of unearned income	5,509,940		4,862,838
Less: ACL - Loans	(41,105)		(36,091)
Net loans	5,468,835		4,826,747
Premises and equipment, net	49,611		48,742
Operating lease right-of-use asset	16,803		15,169
Finance lease right-of-use asset	2,323		2,368
Cash surrender value of life insurance	116,474		95,351
Restricted investment in bank stocks	10,081		7,576
Accrued interest receivable	32,958		29,640
Deferred income taxes	23,798		21,416
Goodwill	157,121		136,620
Core deposit and other intangibles, net	33,013		14,657
Foreclosed assets held-for-sale	8,420		7,806
Other assets	57,129		56,173
Total Assets	$	6,964,809	$	6,133,896
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	933,497	$	834,013
Interest-bearing transaction accounts	3,357,497		2,829,175
Time	1,679,973		1,551,475
Total Deposits	5,970,967		5,214,663
Short-term borrowings	31,500		20,833
Long-term debt	3,021		23,139
Operating lease liability	17,186		15,405
Accrued interest payable	12,195		10,942
Other liabilities	42,535		34,856
Total Liabilities	6,077,404		5,319,838
Shareholders' Equity:
Common stock, par value $1.00 per share; 40,000,000 shares authorized at March 31, 2026 and December 31, 2025; 25,816,654 issued as of March 31, 2026 and 23,567,094 as of December 31, 2025; 25,296,763 outstanding as of March 31, 2026 and 23,047,203 as of December 31, 2025.	25,817		23,567
Additional paid-in capital	659,883		589,421
Retained earnings	222,154		219,685
Accumulated other comprehensive loss	(8,157)		(6,323)
Treasury stock, at cost; 519,891 shares as of March 31, 2026 and December 31, 2025.	(12,292)		(12,292)
Total Shareholders’ Equity	887,405		814,058
Total Liabilities and Shareholders' Equity	$	6,964,809	$	6,133,896

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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MID PENN BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended March 31,
(Dollars in thousands, except per share data)		2026		2025
INTEREST INCOME
Loans, including fees		$	76,798	$	66,537
Investment securities:
Taxable		6,501		4,460
Tax-exempt		297		348
Other interest-bearing balances		110		138
Federal funds sold		220		261
Total Interest Income		83,926		71,744
INTEREST EXPENSE
Deposits		27,848		28,264
Short-term borrowings		702		290
Long-term and subordinated debt		126		681
Total Interest Expense		28,676		29,235
Net Interest Income		55,250		42,509
Provision for credit losses - loans		1,648		321
Benefit for credit losses - credit commitments		(54)		(20)
Net provision for credit losses		1,594		301
Net Interest Income After Provision for Credit Losses		53,656		42,208
NONINTEREST INCOME
Fiduciary and wealth management		3,661		1,140
ATM debit card interchange		1,035		919
Service charges on deposits		636		562
Mortgage banking		314		591
Mortgage hedging		81		(9)
Net gain on sales of SBA loans		163		57
Earnings from cash surrender value of life insurance		705		274
Other		3,009		1,705
Total Noninterest Income		9,604		5,239
NONINTEREST EXPENSE
Salaries and employee benefits		23,346		16,309
Software licensing and utilization		3,598		2,574
Occupancy, net		3,253		2,274
Equipment		1,553		1,094
Shares tax		964		919
Legal and professional fees		1,688		826
ATM/card processing		757		733
Intangible amortization		1,300		428
FDIC Assessment		800		990
Loss/(gain) on sale of foreclosed assets, net		491		(28)
Merger and acquisition		7,723		314
Other		6,486		4,209
Total Noninterest Expense		51,959		30,642
INCOME BEFORE PROVISION FOR INCOME TAXES		11,301		16,805
Provision for income taxes		2,595		3,063
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS		$	8,706	$	13,742
PER COMMON SHARE DATA:
Basic Earnings Per Common Share		$	0.36	$	0.71
Diluted Earnings Per Common Share		$	0.36	$	0.71
Weighted-average basic shares outstanding		23,949,008		19,355,867
Weighted-average diluted shares outstanding		24,314,139		19,416,265

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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MID PENN BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended March 31,
(In thousands)		2026		2025
Net income		$	8,706	$	13,742
Other comprehensive income:
Unrealized (losses)/gains arising during the period on available for sale securities, net of income tax.		(1,946)		3,656
Unrealized holding gains/(losses) arising during the period on interest rate derivatives used in cash flow hedges, net of income tax.		129		(984)
Change in defined benefit plans, net of income tax.(1)		31		16
Reclassification adjustment for settlement gains and activity related to benefit plans, net of income tax.(2)		(48)		(26)
Total other comprehensive (loss)/income		(1,834)		2,662
Total comprehensive income		$	6,872	$	16,404

(1)The change in defined benefit plans consists primarily of unrecognized actuarial gains on defined benefit plans during the period.

(2)The reclassification adjustment for benefit plans includes settlement gains, amortization of prior service costs, and amortization of net gain or loss. Amounts are included in other income on the Consolidated Statements of Income within total noninterest income.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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MID PENN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

	Common Stock			Additional<br>Paid-in<br>Capital		Retained <br>Earnings		Accumulated <br>Other <br>Comprehensive <br>(Loss) Income		Treasury <br>Stock		Total <br>Shareholders'<br>Equity
(Dollars in thousands, except per share data)	Shares	Amount
Balance, January 1, 2026	23,567,094	$	23,567	$	589,421	$	219,685	$	(6,323)	$	(12,292)	$	814,058
Net income	—	—		—		8,706		—		—		8,706
Total other comprehensive income	—	—		—		—		(1,834)		—		(1,834)
Common stock cash dividends declared, $0.22 per share	—	—		—		(6,237)		—		—		(6,237)
Common stock issued in business combinations (1)	2,238,085	2,238		69,615		—		—		—		71,853
Stock options exercised	—	—		132		—		—		—		132
Repurchased stock	—	—		—		—		—		—		—
Employee Stock Purchase Plan	5,352	5		161		—		—		—		166
Director Stock Purchase Plan	855	1		27		—		—		—		28
Restricted stock activity	5,268	6		527		—		—		—		533
Balance, March 31, 2026	25,816,654	$	25,817	$	659,883	$	222,154	$	(8,157)	$	(12,292)	$	887,405

(1)    Shares issued on January 1, 2026 and February 27, 2026 as a result of the Cumberland Advisors and 1st Colonial acquisitions. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.

	Common Stock			Additional<br>Paid-in<br>Capital		Retained <br>Earnings		Accumulated <br>Other <br>Comprehensive <br>Income (Loss)		Treasury <br>Stock		Total <br>Shareholders'<br>Equity
(Dollars in thousands, except per share data)	Shares	Amount
Balance, January 1, 2025	19,796,519	$	19,797	$	480,491	$	181,597	$	(16,825)	$	(10,042)	$	655,018
Net income	—	—		—		13,742		—		—		13,742
Total other comprehensive loss	—	—		—		—		2,662		—		2,662
Common stock cash dividends declared, $0.20 per share	—	—		—		(3,870)		—		—		(3,870)
Repurchased stock	—	—		—		—		—		—		—
Employee Stock Purchase Plan	5,311	5		132		—		—		—		137
Director Stock Purchase Plan	986	1		25		—		—		—		26
Restricted stock activity	—	—		218		—		—		—		218
Balance, March 31, 2025	19,802,816	$	19,803	$	480,866	$	191,469	$	(14,163)	$	(10,042)	$	667,933

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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MID PENN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
(In thousands)	2026		2025
Operating Activities:
Net Income	$	8,706	$	13,742
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,594		301
Depreciation	1,493		1,133
Amortization of intangibles	1,300		428
Net amortization of security discounts/premiums	229		70
Noncash operating lease expense	795		619
Amortization of finance lease right-of-use asset	45		45
Earnings on cash surrender value of life insurance	(705)		(274)
Mortgage loans originated for sale	(21,039)		(20,566)
Proceeds from sales of mortgage loans originated for sale	8,467		21,370
Gain on sale of mortgage loans	(314)		(591)
SBA loans originated for sale	(2,783)		(728)
Proceeds from sales of SBA loans originated for sale	2,948		785
Gain on sale of SBA loans	(163)		(57)
Loss/(gain) on sale or write-down of foreclosed assets	491		(28)
Discount on subordinated debt	—		(154)
Accretion of loan fair value marks	2,441		989
Restricted stock compensation expense	533		218
Stock option expense	132		—
Deferred income tax expense	1,309		206
Increase/(decrease) in accrued interest receivable	740		(417)
Increase in other assets	867		822
Increase/(decrease) in accrued interest payable	1,125		(584)
Increase/(decrease) in operating lease liability	1,700		(649)
Increase/(decrease) in other liabilities	4,544		(4,162)
Net Cash Provided By Operating Activities	14,455		12,518
Investing Activities:
Proceeds from the maturity or call of available-for-sale securities	28,265		6,609
Purchases of available-for-sale securities	(98,899)		—
Proceeds from the maturity or call of held-to-maturity securities	6,342		7,265
Redemption of restricted investment in bank stock	13,023		7,693
Purchases of restricted investment in bank stock	(15,528)		(6,892)
Net cash received from acquisitions	162,808		—
Net increase in loans	(65,628)		(50,465)
Purchases of bank premises and equipment	(1,425)		(2,720)
Proceeds from the sale of premises and equipment	—		65
Proceeds from the sale of foreclosed assets	168		72
Proceeds from bank-owned life insurance	2,022		527
Earnings on bank-owned life insurance	—		(83)
Net change in investments in tax credits and other partnerships	2,770		647
Net Cash Provided by (Used in) Investing Activities	33,918		(37,282)

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MID PENN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)

Financing Activities:
Net increase in deposits	9,393		42,275
Common stock dividends paid	(6,237)		(3,870)
Proceeds from Employee and Director Stock Purchase Plan stock issuance	194		163
Net change in finance lease liability	(37)		(36)
Proceeds from short-term borrowings	453,300		25,000
Repayment of short-term borrowings	(442,633)		(2,000)
Long-term debt repayment	(20,081)		(78)
Net Cash (Used in)/Provided by Financing Activities	(6,101)		61,454
Net increase in cash and cash equivalents	42,272		36,690
Cash and cash equivalents, beginning of period	98,918		70,564
Cash and cash equivalents, end of period	$	141,190	$	107,254
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	27,424	$	29,819
Cash paid for income taxes	—		185
Supplemental Noncash Disclosures:
Recognition of operating lease right-of-use assets	$	81	$	2,322
Recognition of operating lease liabilities	81		2,322
Loans transferred to foreclosed assets held-for-sale	1,273		1,402
Common Stock issued to Cumberland Advisors and 1st Colonial Shareholders	2,238		—
Fair value of assets acquired in business combination, excluding cash (1)	$	756,794	$	—
Goodwill recorded (1)	20,391		—
Fair value of liabilities assumed in business combination (1)	753,509		—
Fair value of shares issued in business combination (1)	71,853		—

(1)     Includes the impact of the 1st Colonial acquisition on February 27, 2026 and the Cumberland Advisors acquisition on January 1, 2026. See "Note 2 - Business Combinations" to the Consolidated Financial Statements for more information.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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MID PENN BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 - Summary of Significant Accounting Policies

Nature of Operations

Mid Penn Bancorp, Inc. ("Mid Penn" or the "Corporation"), through operations conducted by Mid Penn Bank (the "Bank") and its nonbank subsidiaries, engages in a full-service commercial banking and trust business, making available to the community a wide range of financial services, including, but not limited to, mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development loans, loans to non-profit entities and local government loans, and various types of time and demand deposits including but not limited to, checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and Individual Retirement Accounts ("IRA"). In addition, the Bank provides a full range of trust and wealth management services through its Trust Department. Deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") to the extent provided by law.

Mid Penn also fulfills the insurance needs of both existing and potential customers through MPB Risk Services, LLC, doing business as MPB Insurance and Risk Management.

The financial services are provided to individuals, partnerships, non-profit organizations, and corporations through its retail banking offices located throughout Pennsylvania, with a minor portion in New Jersey.

Basis of Presentation

For all periods presented, the accompanying Consolidated Financial Statements include the accounts of Mid Penn Bancorp, Inc., its wholly-owned subsidiary, Mid Penn Bank, and five wholly-owned nonbank subsidiaries, MPB Realty, LLC, MPB Financial Services, LLC, which includes Cumberland Advisors, LLC and MPB Risk Services, LLC, and MPB Launchpad Fund I, LLC. As of March 31, 2026, the accounts and activities of these nonbank subsidiaries were not material to warrant separate disclosure or segment reporting. As a result, Mid Penn has only one reportable segment for financial reporting purposes. All intercompany accounts and transactions have been eliminated in consolidation.

Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Mid Penn believes the information presented is not misleading, and the disclosures are adequate. In the opinion of management, all adjustments necessary for fair presentation of the periods presented have been reflected in the accompanying consolidated financial statements. All such adjustments are of a normal, recurring nature. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2025 Annual Report.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Material estimates subject to significant change include the allowance for credit losses, expected cash flows on acquired loans, business combination fair value computations, and the valuation of goodwill and other intangible assets.

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MID PENN BANCORP, INC.

Recent Accounting Pronouncements

Accounting Standards Adopted in 2026

ASU 2025-08 - The FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans

The amendments in this ASU apply to all entities subject to the guidance in Topic 326, including public business entities, private companies, and not-for-profit entities. The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this ASU should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance.

Effective January 1, 2026, the Corporation adopted ASU 2025-08. Adoption resulted in the recognition of an initial allowance for credit losses on applicable purchased loans, including purchased seasoned loans ("PSL loans"), and will affect the accounting for future loan acquisitions. The impact of adoption is reflected in the ACL rollforward in "Note 4 - Loans and Allowance for Credit Losses". The adoption did not result in a cumulative-effect adjustment to beginning retained earnings.

Accounting Standards Pending Adoption

ASU 2024-03: The FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The amendments in the ASU improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is not expected to have a significant impact on the Corporation's financial statements.

ASU 2025-01 - The FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

The amendments in the ASU clarify the effective date of ASU 2024-03 which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in the ASU are effective for the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2025-01 is not expected to have a significant impact on the Corporation's financial statements.

ASU 2025-09 - The FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

The amendments in this ASU refine hedge accounting guidance to better align accounting with risk management strategies. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods therein. Early adoption is permitted. ASU 2025-09 is not expected to have a significant impact on the Corporation's financial statements.

Management does not expect the adoption of any other recently issued accounting standards to have a material impact on the Corporation's consolidated financial statements.

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MID PENN BANCORP, INC.

Note 2 - Business Combinations

Cumberland Advisors, Inc. Acquisition

On January 1, 2026, Mid Penn completed its acquisition of Cumberland Advisors, Inc., a registered investment advisory firm, for total consideration of $5.5 million. As a result of the acquisition, Mid Penn paid holders of Cumberland Advisors, Inc. common stock $1.6 million in cash and issued 127,009 shares of Mid Penn common stock.

As of March 31, 2026, Cumberland had approximately $2.8 billion in assets under management. In connection with the acquisition, Cumberland was merged into a newly formed Mid Penn acquisition subsidiary and now operates as Cumberland Advisors, LLC.

Mid Penn recognized goodwill of $5.1 million, and a customer list intangible of $2.1 million as a result of the acquisition.

Mid Penn incurred merger-related expenses related to the Cumberland Advisors acquisition of $544 thousand for the three months ended March 31, 2026, which is included in noninterest expense in the Consolidated Statements of Income.

1st Colonial Bancorp, Inc. Acquisition

On February 27, 2026, Mid Penn completed its acquisition of 1st Colonial Bancorp, Inc., through the merger of 1st Colonial with and into Mid Penn. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations.

In connection with the merger, Mid Penn issued 2,111,076 shares of Mid Penn common stock and paid holders of 1st Colonial common stock approximately $37.5 million in cash. Each share of Mid Penn common stock outstanding prior to the merger remained outstanding and unaffected by the merger.

Mid Penn recognized goodwill of $15.3 million, and a core deposit intangible asset of $17.3 million as a result of this acquisition. This is calculated as the excess of consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired. Goodwill is primarily comprised of expected synergies, the assembled workforce, and expanded market presence. Goodwill is not deductible for income tax purposes.

Mid Penn incurred merger-related expenses related to 1st Colonial acquisition of $7.2 million for the three months ended March 31, 2026, which are included in noninterest expense in the Consolidated Statements of Income.

Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. Mid Penn considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, FICO scores and other qualitative factors that indicate deterioration in credit quality since origination. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ACL on the date of acquisition using the same methodology as other loans and leases held-for-investment.

As part of the 1st Colonial acquisition, Mid Penn acquired PSL and PCD loans of $599.4 million and $7.4 million, respectively. The day 1 allowance recorded at acquisition was $4.4 million, including $977 thousand related to PCD loans. The related fair value adjustment reflected both expected credit losses recognized at acquisition and other loan valuation factors, including interest rate risk and liquidity considerations.

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The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date:

(In thousands)
Assets acquired:
Cash and cash equivalents	$	89,568
Federal funds sold	17
Investment securities	114,405
Loans held for sale	4,031
Loans	581,823
Core deposit intangible	17,322
Premises and equipment	860
Operating lease right-of-use asset	1,513
Cash surrender value of life insurance	22,440
Deferred income taxes	2,647
Accrued interest receivable	4,058
Other assets	3,816
Total assets acquired	$	842,500
Liabilities assumed:
Deposits:
Noninterest-bearing demand	$	84,208
Interest-bearing demand	451,441
Money market	9,202
Savings	109,200
Time	92,860
Operating lease liability	1,513
Accrued interest payable	128
Other liabilities	3,114
Total liabilities assumed	$	751,666
Consideration transferred	$	106,120
Cash paid in lieu of fractional shares	$	2
Cash consideration for common stock	37,489
Purchase price assigned to stock options settled for cash	716
Fair value of common stock issued	67,913
Total	$	106,120
Reconciliation to consideration transferred:
Total assets acquired	$	842,500
Total liabilities assumed	751,666
Net assets acquired	90,834
Goodwill	15,286
Consideration transferred	$	106,120

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The fair values of assets acquired and liabilities assumed are based on preliminary estimates and, as permitted under GAAP, Mid Penn has up to twelve months following the date of the merger to finalize the fair values of the acquired assets and assumed liabilities related to the merger. During this measurement period, Mid Penn may record subsequent adjustments to goodwill for provisional amounts recorded at the merger date, with provisional merger-related tax adjustments.

From the acquisition date of February 27, 2026 through March 31, 2026, 1st Colonial contributed approximately $2.5 million of total revenue and $1.3 million of net income to Mid Penn's consolidated results for the three months ended March 31, 2026.

The following supplemental pro forma information presents selected financial results for the three months ended March 31, 2026 and 2025 as if the merger of 1st Colonial was effective as of January 1, 2025. The supplemental unaudited pro forma financial information included in the table below is based on various estimates and is presented for informational purposes only and does not indicate the results of operations of the combined company that would have been achieved for the periods presented had the transaction been completed as of the date indicated or that may be achieved in the future.

(In thousands)		Three Months Ended March 31,
	2026			2025
Net interest income after provision for credit losses - loans		$	58,066		$	48,624
Noninterest income		10,021			6,117
Noninterest expense		58,097			35,865
Net income		$	7,975		$	15,400

William Penn Acquisition

On April 30, 2025, Mid Penn completed its acquisition of 100% of the outstanding shares of William Penn through the merger of William Penn with and into Mid Penn.

This transaction included the acquisition of 12 branches, further expanding Mid Penn's presence in the Philadelphia region and surrounding counties in Pennsylvania and New Jersey.

Mid Penn recognized total goodwill of $6.9 million, and a core deposit intangible asset of $9.0 million as a result of this acquisition. This is calculated as the excess of consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired. Goodwill is primarily comprised of expected synergies and an assembled workforce. Goodwill is not deductible for income tax purposes.

The purchase accounting for the transaction was finalized as of December 31, 2025, and no material measurement adjustments were recorded during the three months ended March 31, 2026.

Charis Insurance Group, Inc. Acquisition

On May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, Inc. (Charis Insurance Group), which provides business, home and auto insurance throughout central and southern Pennsylvania, for a cash purchase price of $4.0 million.

Mid Penn recognized total goodwill of $1.6 million, which is calculated as the excess of consideration exchanged and liabilities assumed compared to the fair value of identifiable assets acquired.

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Note 3 - Investment Securities

AFS Securities

As of March 31, 2026, the fair value of AFS securities totaled $484.1 million. As of March 31, 2026, no securities were identified that violated credit loss triggers; therefore, no discounted cash flow analysis was required. As of March 31, 2026, the Corporation recorded no allowance for credit losses on any available-for-sale debt securities.

Accrued interest receivable is excluded from the estimate of credit losses for AFS securities. As of March 31, 2026, accrued interest receivable totaled $3.1 million for AFS securities, and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.

HTM Securities

As of March 31, 2026, Mid Penn’s HTM securities totaled $341.0 million. The Corporation primarily held highly rated HTM securities, including taxable and tax-exempt securities issued mainly by the U.S government, state governments, and political subdivisions. As of March 31, 2026, the majority of Mid Penn's HTM securities were rated investment grade, generally A1/BBB by Moody's and/or Standard & Poor's ratings services. Credit ratings of HTM securities, which are a key factor in estimating expected credit losses, are reviewed on a quarterly basis. Management has the intent and ability to hold these securities to maturity.

As of March 31, 2026, there were no HTM securities that were past due 30 days or more as to principal or interest payments. Additionally, Mid Penn had no HTM securities classified as nonaccrual as of March 31, 2026. As of March 31, 2026, the Corporation recorded no allowance for credit losses on any held-to-maturity debt securities.

Accrued interest receivable is excluded from the estimate of credit losses for HTM securities. As of March 31, 2026, accrued interest receivable totaled $1.9 million for HTM securities and was reported in accrued interest receivable on the accompanying Consolidated Balance Sheet.

The following tables set forth the amortized cost and estimated fair value of investment securities for the periods presented:

	March 31, 2026
(In thousands)	Amortized<br>Cost		Gross <br>Unrealized <br>Gains		Gross Unrealized<br>Losses		Estimated <br>Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies	$	17,266	$	—	$	404	$	16,862
Mortgage-backed U.S. government agencies	386,477		2,236		12,492		376,221
State and political subdivision obligations	51,406		—		552		50,854
Corporate debt securities	41,642		377		1,826		40,193
Total available-for-sale debt securities	496,791		2,613		15,274		484,130
Held-to-maturity
U.S. Treasury and U.S. government agencies	$	231,015	$	—	$	17,042	$	213,973
Mortgage-backed U.S. government agencies	31,214		3		3,665		27,552
State and political subdivision obligations	63,281		2		4,619		58,664
Corporate debt securities	15,447		3		1,241		14,209
Total held-to-maturity debt securities	340,957		8		26,567		314,398
Total	$	837,748	$	2,621	$	41,841	$	798,528

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	December 31, 2025
(In thousands)	Amortized<br>Cost		Gross <br>Unrealized <br>Gains		Gross Unrealized<br>Losses		Estimated <br>Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies	$	19,446	$	—	$	380	$	19,066
Mortgage-backed U.S. government agencies	361,109		3,788		11,500		353,397
State and political subdivision obligations	4,319		—		485		3,834
Corporate debt securities	41,638		249		1,870		40,017
Total available-for-sale debt securities	$	426,512	$	4,037	$	14,235	$	416,314
Held-to-maturity
U.S. Treasury and U.S. government agencies	$	231,980	$	—	$	16,566	$	215,414
Mortgage-backed U.S. government agencies	32,418		4		3,747		28,675
State and political subdivision obligations	67,441		12		4,043		63,410
Corporate debt securities	15,446		—		1,243		14,203
Total held-to-maturity debt securities	347,285		16		25,599		321,702
Total	$	773,797	$	4,053	$	39,834	$	738,016

Estimated fair values of debt securities are based on quoted market prices, where applicable. If quoted market prices are not available, fair values are based on quoted market prices of instruments of a similar type, credit quality and structure, adjusted for differences between the quoted instruments and the instruments being valued. See "Note 8 - Fair Value Measurement," for additional information.

Investment securities having a fair value of $541.8 million as of March 31, 2026 and $544.7 million as of December 31, 2025 were pledged primarily to secure public deposits, some Trust department deposit accounts, and certain other borrowings. In accordance with legal provisions for alternatives other than pledging of investments, Mid Penn also obtains letters of credit from the FHLB to secure certain public deposits. These FHLB letter of credit commitments totaled $406.5 million as of March 31, 2026 and $162.5 million as of December 31, 2025.

The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:

(Dollars in thousands)	Less Than 12 Months					12 Months or More					Total
March 31, 2026	Number<br>of<br>Securities	Estimated<br>Fair<br>Value		Gross<br>Unrealized<br>Losses		Number<br>of<br>Securities	Estimated<br>Fair<br>Value		Gross<br>Unrealized<br>Losses		Number<br>of<br>Securities	Estimated<br>Fair<br>Value		Gross<br>Unrealized<br>Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies	—	$	—	$	—	9	$	16,862	$	404	9	$	16,862	$	404
Mortgage-backed U.S. government agencies	45	280,082		1,023		84	96,139		11,469		129	376,221		12,492
State and political subdivision obligations	—	—		—		8	50,854		552		8	50,854		552
Corporate debt securities	8	18,765		4		14	21,428		1,822		22	40,193		1,826
Total available-for-sale debt securities	53	$	298,847	$	1,027	115	$	185,283	$	14,247	168	$	484,130	$	15,274
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies	3	5,759		55		133	208,214		16,987		136	213,973		17,042
Mortgage-backed U.S. government agencies	5	1,004		3		58	26,548		3,662		63	27,552		3,665
State and political subdivision obligations	47	55,344		48		119	3,320		4,571		166	58,664		4,619
Corporate debt securities	3	3,400		100		9	10,809		1,141		12	14,209		1,241
Total held-to-maturity debt securities	58	65,507		206		319	248,891		26,361		377	314,398		26,567
Total	111	$	364,354	$	1,233	434	$	434,174	$	40,608	545	$	798,528	$	41,841

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(Dollars in thousands)	Less Than 12 Months					12 Months or More					Total
December 31, 2025	Number<br>of<br>Securities	Estimated<br>Fair<br>Value		Gross<br>Unrealized<br>Losses		Number<br>of<br>Securities	Estimated<br>Fair<br>Value		Gross<br>Unrealized<br>Losses		Number<br>of<br>Securities	Estimated<br>Fair<br>Value		Gross<br>Unrealized<br>Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies	—	$	—	$	—	10	$	19,066	$	380	10	$	19,066	$	380
Mortgage-backed U.S. government agencies	27	208,676		141		91	144,721		11,359		118	353,397		11,500
State and political subdivision obligations	1	24		—		8	3,810		485		9	3,834		485
Corporate debt securities	8	18,573		64		14	21,444		1,806		22	40,017		1,870
Total available-for-sale securities	36	227,273		205		123	189,041		14,030		159	416,314		14,235
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies	—	$	—	$	—	137	$	215,414	$	16,566	137	$	215,414	$	16,566
Mortgage-backed U.S. government agencies	4	423		—		60	28,252		3,747		64	28,675		3,747
State and political subdivision obligations	12	4,401		2		139	59,009		4,041		151	63,410		4,043
Corporate debt securities	3	3,368		128		9	10,835		1,115		12	14,203		1,243
Total held-to-maturity securities	19	8,192		130		345	313,510		25,469		364	321,702		25,599
Total	55	$	235,465	$	335	468	$	502,551	$	39,499	523	$	738,016	$	39,834

As of March 31, 2026 and December 31, 2025, the majority of the unrealized losses on securities in an unrealized loss position were attributable to U.S. Treasury and U.S. government agencies, and mortgage-backed U.S. government agencies.

The Corporation evaluates debt securities for credit losses in accordance with ASC 326. Mid Penn had no securities considered by management to be credit related losses as of March 31, 2026 and December 31, 2025, and did not record any securities losses in the respective periods ended on these dates. Mid Penn does not consider the securities with unrealized losses on the respective dates to be credit related losses as the unrealized losses were deemed to be temporary changes in value related to market movements in interest yields at various periods similar to the maturity dates of holdings in the investment portfolio, and not reflective of an erosion of credit quality.

There were no gross realized gains on the sale of AFS securities as of March 31, 2026 and December 31, 2025, respectively.

The table below illustrates the contractual maturity of debt investment securities at amortized cost and estimated fair value. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.

(In thousands)	Available-for-sale				Held-to-maturity
March 31, 2026	Amortized<br>Cost		Fair<br>Value		Amortized<br>Cost		Fair<br>Value
Due in 1 year or less	$	57,495	$	57,383	$	28,834	$	28,572
Due after 1 year but within 5 years	14,392		14,199		157,135		147,941
Due after 5 years but within 10 years	37,583		35,670		114,622		102,527
Due after 10 years	844		657		9,152		7,806
	110,314		107,909		309,743		286,846
Mortgage-backed securities	386,477		376,221		31,214		27,552
	$	496,791	$	484,130	$	340,957	$	314,398

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Note 4 - Loans and Allowance for Credit Losses - Loans

Loans, net of unearned income, are summarized as follows by portfolio segment:

(In thousands)	March 31, 2026		December 31, 2025
Commercial real estate
CRE Nonowner Occupied	$	1,448,637	$	1,364,040
CRE Owner Occupied	839,938		718,864
Multifamily	449,417		419,267
Farmland	237,735		227,816
Total Commercial real estate	2,975,727		2,729,987
Commercial and industrial	724,927		720,031
Construction
Residential Construction	87,910		85,299
Other Construction	365,429		310,390
Total Construction	453,339		395,689
Residential mortgage
1-4 Family 1st Lien	591,385		417,421
1-4 Family Rental	465,317		410,965
HELOC and Junior Liens	290,858		178,116
Total Residential Mortgage	1,347,560		1,006,502
Consumer	8,387		10,629
Total loans	$	5,509,940	$	4,862,838

Total loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs. Net deferred loan fees were $2.9 million and $2.8 million as of March 31, 2026 and December 31, 2025, respectively.

Accrued interest receivable is not included in the amortized cost basis of Mid Penn's loans. Accrued interest receivable for loans totaled $27.5 million and $25.7 million as of March 31, 2026 and December 31, 2025, respectively, with no related ACL and was reported in other assets on the accompanying Consolidated Balance Sheet.

Past Due and Nonaccrual Loans

The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The classes of the loan portfolio summarized by the past due status as of March 31, 2026 and December 31, 2025, are summarized as follows:

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(In thousands)	30-59<br>Days Past<br>Due		60-89<br>Days Past<br>Due		Greater<br>than 90<br>Days		Total Past<br>Due		Current		Total Loans		Loans<br>Receivable <br>> 90 Days and<br>Accruing
March 31, 2026
Commercial real estate
CRE Nonowner Occupied	$	2,926	$	—	$	3,604	$	6,530	$	1,442,107	$	1,448,637	$	—
CRE Owner Occupied	3,201		1,379		2,804		7,384		832,554		839,938		—
Multifamily	1,071		196		348		1,615		447,802		449,417		—
Farmland	2,056		384		46		2,486		235,249		237,735		—
Total Commercial real estate	9,254		1,959		6,802		18,015		2,957,712		2,975,727		—
Commercial and industrial	830		1,860		11,225		13,915		711,012		724,927		—
Construction
Residential Construction	—		—		—		—		87,910		87,910		—
Other Construction	582		—		—		582		364,847		365,429		—
Total Construction	582		—		—		582		452,757		453,339		—
Residential mortgage
1-4 Family 1st Lien	2,368		84		299		2,751		588,634		591,385		—
1-4 Family Rental	168		—		884		1,052		464,265		465,317		—
HELOC and Junior Liens	464		298		1,540		2,302		288,556		290,858		—
Total Residential Mortgage	3,000		382		2,723		6,105		1,341,455		1,347,560		—
Consumer	69		15		—		84		8,303		8,387		—
Total	$	13,735	$	4,216	$	20,750	$	38,701	$	5,471,239	$	5,509,940	$	—
(In thousands)	30-59<br>Days Past<br>Due		60-89<br>Days Past<br>Due		Greater<br>than 90<br>Days		Total Past<br>Due		Current		Total Loans		Loans<br>Receivable <br>> 90 Days and<br>Accruing
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
December 31, 2025
Commercial real estate
CRE Nonowner Occupied	$	278	$	—	$	5,144	$	5,422	$	1,358,618	$	1,364,040	$	—
CRE Owner Occupied	2,022		58		901		2,981		715,883		718,864		—
Multifamily	—		196		—		196		419,071		419,267		—
Farmland	—		1,581		46		1,627		226,189		227,816		—
Total Commercial real estate	2,300		1,835		6,091		10,226		2,719,761		2,729,987		—
Commercial and industrial	3,740		1,006		6,804		11,550		708,481		720,031		—
Construction
Residential Construction	—		—		—		—		85,299		85,299		—
Other Construction	230		—		—		230		310,160		310,390		—
Total Construction	230		—		—		230		395,459		395,689		—
Residential mortgage
1-4 Family 1st Lien	4,192		165		484		4,841		412,580		417,421		—
1-4 Family Rental	812		1,054		1,047		2,913		408,052		410,965		—
HELOC and Junior Liens	1,474		486		1,815		3,775		174,341		178,116		—
Total Residential Mortgage	6,478		1,705		3,346		11,529		994,973		1,006,502		—
Consumer	7		14		—		21		10,608		10,629		—
Total	$	12,755	$	4,560	$	16,241	$	33,556	$	4,829,282	$	4,862,838	$	—

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Loans are placed on nonaccrual status when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due. There were no loans greater than 90 days past due and still accruing as of March 31, 2026 and December 31, 2025.

Nonaccrual loans by loan portfolio class, including loans acquired with credit deterioration, as of March 31, 2026 and December 31, 2025 are summarized as follows:

	March 31, 2026						December 31, 2025
(In thousands)	With a Related Allowance		Without a Related Allowance		Total		With a Related Allowance		Without a Related Allowance		Total
Commercial real estate
CRE Nonowner Occupied	3,026		2,271		5,297		2,873		2,271		5,144
CRE Owner Occupied	2,521		1,854		4,375		509		2,043		2,552
Multifamily	—		472		472		—		131		131
Farmland	—		46		46		—		46		46
Total Commercial real estate	5,547		4,643		10,190		3,382		4,491		7,873
Commercial and industrial	11,839		785		12,624		10,519		398		10,917
Residential mortgage
1-4 Family 1st Lien	2,331		1,528		3,859		24		1,188		1,212
1-4 Family Rental	—		928		928		146		949		1,095
HELOC and Junior Liens	386		1,641		2,027		—		1,840		1,840
Total Residential Mortgage	$	2,717	$	4,097	$	6,814	$	170	$	3,977	$	4,147
Consumer	—		13		13		—		14		14
Total loans	$	20,103	$	9,538	$	29,641	$	14,071	$	8,880	$	22,951

The amount of interest income recognized on nonaccrual loans was approximately $94 thousand and $127 thousand during the three months ended March 31, 2026 and 2025, respectively.

Credit Quality Indicators

Mid Penn categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. On a minimum of a quarterly basis, Mid Penn analyzes loans individually to classify the loans as to their credit risk. The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal.

PASS - This type of classification consists of 6 subcategories:

Nominal Risk / Pass - This loan classification is a credit extension of the highest quality.

Moderate Risk / Pass - This type of classification has strong financial ratios, substantial debt capacity, and low leverage with a very favorable comparison to industry peers or better than average improving trends.

Good Acceptable Risk / Pass - This type of classification is a reasonable credit risk having financial ratios on par with its peers and demonstrates slightly improving trends over time; the Borrower lists good quality assets with relatively low leverage and ample debt capacity.

Average Acceptable Risk / Pass - This type of classification has financial ratios and assets that are of above average quality; however, the leverage is worse than average compared to industry standards; the Borrower should have a good repayment history and possess consistent earnings with some growth.

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Marginally Acceptable Risk / Pass - This type of classification has financial ratios consistent with industry averages, assets of average quality with ascertainable values, acceptable leverage, moderate capital assets and an acceptable reliance on trade debt; however, the Borrower demonstrates marginally adequate earnings, cash flow and debt service plus positive trends.

Weak/Monitor Risk (Watch list) / Pass - This type of classification has financial ratios that are slightly below standard industry averages and assets are below average quality with unstable values; fixed assets could be near or at the end of their useful life and liabilities may not match the asset structure.

SPECIAL MENTION - These credits have developing weaknesses deserving extra attention from the lender and lending management. They are currently protected, but potentially weak. The weakness may be cash flow, leverage, liquidity, management, industry or other factors which may, if not checked or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date.

SUBSTANDARD - These credit extensions also have well-defined weaknesses, which are inadequately protected by the current worth and debt service capacity of the Borrower, or the collateral pledged, if any. The repayment of principal and interest as originally intended can be jeopardized by defined weaknesses related to adverse financial, managerial, economic, market or political conditions.

DOUBTFUL - These credits have definite weaknesses inherent in Substandard loans with added characteristics that are severe enough to make further collection in full highly questionable and improbable based on the current trends.

LOSS. These loans are considered uncollectible and no longer a viable asset of the Bank. They lack an identifiable source of repayment based on an inability to generate sufficient cash flow to service their debt. All trends are negative and the damage to the financial condition of the Borrower cannot be reversed now or in the near future.

The following table presents risk ratings by loan portfolio segment and origination year, which is the year of origination or renewal:

	March 31, 2026
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized <br>Cost Basis
(In thousands)	2026		2025		2024		2023		2022		Prior				Total
CRE Nonowner Occupied
Pass	$	61,992	$	168,620	$	101,100	$	185,355	$	374,328	$	528,571	$	16,664		$	1,436,630
Special mention	—		—		306		—		—		340		—			646
Substandard or lower	—		—		—		1,692		—		9,669		—			11,361
Total CRE Nonowner Occupied	61,992		168,620		101,406		187,047		374,328		538,580		16,664			1,448,637
Gross charge-offs	—		—		—		(499)		—		—		—			(499)
Net charge-offs	—		—		—		(499)		—		—		—			(499)
CRE Owner Occupied
Pass	58,613		127,926		67,578		111,087		118,262		322,699		18,250			824,415
Special mention	—		—		—		908		2,446		6,129		—			9,483
Substandard or lower	—		—		—		—		1,915		4,125		—			6,040
Total CRE Owner Occupied	58,613		127,926		67,578		111,995		122,623		332,953		18,250			839,938
Current period recoveries	—		—		93		—		—		—		—			93
Net charge-offs	—		—		93		—		—		—		—			93
Multifamily
Pass	7,501		38,177		20,361		64,314		161,880		151,860		4,475			448,568
Special mention	—		—		—		—		—		377		—			377
Substandard or lower	—		—		348		—		—		124		—			472
Total Multifamily	7,501		38,177		20,709		64,314		161,880		152,361		4,475			449,417
Farmland

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MID PENN BANCORP, INC.

Pass	17,158		28,577		22,535		23,057		50,182		77,623		15,002		234,134
Special mention	—		—		—		424		—		—		—		424
Substandard or lower	—		—		—		384		—		2,673		120		3,177
Total Farmland	17,158		28,577		22,535		23,865		50,182		80,296		15,122		237,735
Commercial and industrial
Pass	42,542		96,787		88,635		60,888		56,476		137,463		213,106		695,897
Special mention	—		—		—		153		442		3,855		—		4,450
Substandard or lower	—		—		555		15,843		635		3,780		3,767		24,580
Total Commercial and industrial	42,542		96,787		89,190		76,884		57,553		145,098		216,873		724,927
Residential Construction
Pass	11,594		39,937		3,211		15,893		779		—		16,496		87,910
Total Residential Construction	11,594		39,937		3,211		15,893		779		—		16,496		87,910
Other Construction
Pass	6,832		95,970		82,049		82,156		42,699		20,014		32,770		362,490
Special mention	—		—		—		—		2,939		—		—		2,939
Substandard or lower	—		—		—		—		—		—		—		—
Total Other Construction	6,832		95,970		82,049		82,156		45,638		20,014		32,770		365,429
1-4 Family 1st Lien
Performing	40,254		26,594		36,200		96,608		108,208		276,702		1,719		586,285
Nonperforming	—		—		1,643		281		143		3,033		—		5,100
Total 1-4 Family 1st Lien	40,254		26,594		37,843		96,889		108,351		279,735		1,719		591,385
Current period recoveries	—		—		—		—		—		2		—		2
Net recoveries	—		—		—		—		—		2		—		2
1-4 Family Rental
Performing	14,243		51,190		25,410		47,086		106,431		212,345		4,597		461,302
Nonperforming	—		—		—		—		—		4,015		—		4,015
Total 1-4 Family Rental	14,243		51,190		25,410		47,086		106,431		216,360		4,597		465,317
Gross charge-offs	—		—		—		—		—		(13)		—		(13)
Net charge-offs	—		—		—		—		—		(13)		—		(13)
HELOC and Junior Liens
Performing	3,159		32,808		26,715		34,342		20,310		52,599		117,167		287,100
Nonperforming	—		—		1,140		89		145		1,383		1,001		3,758
Total HELOC and Junior Liens	3,159		32,808		27,855		34,431		20,455		53,982		118,168		290,858
Consumer
Performing	1,457		997		1,178		773		651		1,121		2,184		8,361
Nonperforming	—		—		—		26		—		—		—		26
Total Consumer	1,457		997		1,178		799		651		1,121		2,184		8,387
Gross charge-offs	—		—		—		—		—		(641)		—		(641)
Current period recoveries	—		—		—		—		—		9		—		9
Net charge-offs	—		—		—		—		—		(632)		—		(632)
Total
Pass	$	206,232	$	595,994	$	385,469	$	542,750	$	804,606	$	1,238,230	$	316,763	$	4,090,044
Special mention	—		—		306		1,485		5,827		10,701		—		18,319
Substandard or lower	—		—		903		17,919		2,550		20,371		3,887		45,630
Performing	59,113		111,589		89,503		178,809		235,600		542,767		125,667		1,343,048
Nonperforming	—		—		2,783		396		288		8,431		1,001		12,899
Total	$	265,345	$	707,583	$	478,964	$	741,359	$	1,048,871	$	1,820,500	$	447,318	$	5,509,940

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	December 31, 2025
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized <br>Cost Basis
(In thousands)	2025		2024		2023		2022		2021		Prior				Total
CRE Nonowner Occupied
Pass	$	156,421	$	98,728	$	188,873	$	358,610	$	156,310	$	375,646	$	16,109		$	1,350,697
Special mention	—		—		1,698		—		—		90		—			1,788
Substandard or lower	—		—		1,540		—		—		10,015		—			11,555
Total CRE Nonowner Occupied	156,421		98,728		192,111		358,610		156,310		385,751		16,109			1,364,040
Gross charge-offs	—		—		—		(691)		—		(394)		—			(1,085)
Current period recoveries	—		—		—		301		—		4		—			305
Net recoveries	—		—		—		(390)		—		(390)		—			(780)
CRE Owner Occupied
Pass	119,632		65,978		97,419		105,690		64,478		239,464		16,370			709,031
Special mention	—		—		922		1,576		172		2,939		—			5,609
Substandard or lower	—		181		—		1,888		177		1,978		—			4,224
Total CRE Owner Occupied	119,632		66,159		98,341		109,154		64,827		244,381		16,370			718,864
Gross charge-offs	—		(346)		—		—		—		—		—			(346)
Net recoveries	—		(346)		—		—		—		—		—			(346)
Multifamily
Pass	37,788		4,816		62,305		156,236		68,254		86,424		3,271			419,094
Special mention	—		—		—		—		—		42		—			42
Substandard or lower	—		—		—		—		—		131		—			131
Total Multifamily	37,788		4,816		62,305		156,236		68,254		86,597		3,271			419,267
Farmland
Pass	29,858		23,228		24,273		51,055		36,651		44,326		15,255			224,646
Special mention	—		—		428		—		—		—		—			428
Substandard or lower	—		—		397		—		2,299		46		—			2,742
Total Farmland	29,858		23,228		25,098		51,055		38,950		44,372		15,255			227,816
Commercial and industrial
Pass	96,562		89,541		70,773		64,532		41,663		90,534		240,497			694,102
Special mention	—		—		—		87		—		1,495		—			1,582
Substandard or lower	—		115		15,663		500		1,249		1,299		5,521			24,347
Total Commercial and industrial	96,562		89,656		86,436		65,119		42,912		93,328		246,018			720,031
Gross charge-offs	—		—		—		—		—		(294)		—			(294)
Current period recoveries	—		—		1		—		—		8		—			9
Net charge-offs	—		—		1		—		—		(286)		—			(285)
Residential construction
Pass	29,399		27,382		17,469		351		—		—		10,698			85,299
Total Residential construction	29,399		27,382		17,469		351		—		—		10,698			85,299
Other construction
Pass	64,396		79,617		74,890		42,758		7,790		12,387		28,552			310,390
Total Other construction	64,396		79,617		74,890		42,758		7,790		12,387		28,552			310,390
1-4 Family 1st Lien
Performing	57,120		28,810		59,920		49,052		38,466		179,375		1,489			414,232
Nonperforming	—		—		100		48		—		3,041		—			3,189
Total 1-4 Family 1st Lien	57,120		28,810		60,020		49,100		38,466		182,416		1,489			417,421

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Current period recoveries	—		—		—		—		—		90		—		90
Net recoveries	—		—		—		—		—		90		—		90
1-4 Family Rental
Performing	46,766		22,067		45,885		99,841		59,781		131,001		2,154		407,495
Nonperforming	—		—		292		—		1,572		1,606		—		3,470
Total 1-4 Family Rental	46,766		22,067		46,177		99,841		61,353		132,607		2,154		410,965
HELOC and Junior Liens
Performing	8,403		5,050		17,397		8,447		4,815		14,180		115,728		174,020
Nonperforming	—		1,151		93		152		—		1,699		1,001		4,096
Total HELOC and Junior Liens	8,403		6,201		17,490		8,599		4,815		15,879		116,729		178,116
Consumer
Performing	5,143		1,169		829		276		265		702		2,216		10,600
Nonperforming	—		—		29		—		—		—		—		29
Total Consumer	5,143		1,169		858		276		265		702		2,216		10,629
Gross charge-offs	—		—		—		—		—		(98)		—		(98)
Current period recoveries	—		—		—		—		—		55		—		55
Net charge-offs	—		—		—		—		—		(43)		—		(43)
Total
Pass	$	534,056	$	389,290	$	536,002	$	779,232	$	375,146	$	848,781	$	330,752	$	3,793,259
Special mention	—		—		3,048		1,663		172		4,566		—		9,449
Substandard or lower	—		296		17,600		2,388		3,725		13,469		5,521		42,999
Performing	117,432		57,096		124,031		157,616		103,327		325,258		121,587		1,006,347
Nonperforming	—		1,151		514		200		1,572		6,346		1,001		10,784
Total	$	651,488	$	447,833	$	681,195	$	941,099	$	483,942	$	1,198,420	$	458,861	$	4,862,838

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MID PENN BANCORP, INC.

Mid Penn had no loans classified as "doubtful" as of March 31, 2026 and December 31, 2025. There was $160 thousand and $567 thousand in mortgage loans for which formal foreclosure proceedings were in process at March 31, 2026 and December 31, 2025, respectively.

Collateral-Dependent Loans

A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, Mid Penn elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, Mid Penn records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate, including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Total collateral-dependent loans as of March 31, 2026 were $29.6 million.

Allowance for Credit Losses

Mid Penn’s ACL - loans methodology follows guidance within FASB ASC Subtopic 326-20. The ACL - loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the loan portfolio is continuously monitored by management and is reflected within the ACL - loans. The ACL - loans is an estimate of expected losses inherent within Mid Penn’s existing loan portfolio. The ACL - loans is adjusted through the PCL and reduced by the charge off of loan amounts, net of recoveries.

The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and credit loss expense.

Mid Penn estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Mid Penn uses a third-party software application to calculate the quantitative portion of the ACL using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Mid Penn as a whole, as well as specific loans. Factors considered include the following: lending process, concentrations of credit, and peer group divergence. The quantitative and qualitative portions of the allowance are added together to determine the total ACL, which reflects management’s expectations of future conditions based on reasonable and supportable forecasts.

The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the ACL for the collective component, loans are segregated into loan pools based on loan purpose codes and similar risk characteristics.

The commercial real estate and residential mortgage loan portfolio segments include loans for both commercial and residential properties that are secured by real estate. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and, if applicable, guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral, availability of permanent financing, maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. The borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance, in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered when applicable. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing.

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The commercial and industrial loan portfolio segment includes commercial loans made to many types of businesses for various purposes, such as short-term working capital loans that are usually secured by accounts receivable and inventory, equipment and fixed asset purchases that are secured by those assets, and term financing for those within Mid Penn’s geographic markets. Mid Penn’s credit underwriting process for commercial and industrial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information, and evaluation of underlying collateral to support the credit.

The consumer loan portfolio segment is comprised of loans which are underwritten after evaluating a borrower’s capacity, credit and collateral. Several factors are considered when assessing a borrower’s capacity, including the borrower’s employment, income, current debt, assets and level of equity in the property. Credit is assessed using a credit report that provides credit scores and the borrower’s current and past information about their credit history. Loan-to-value and debt-to-income ratios, loan amount and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends, such as conditions that negatively affect housing prices and demand and levels of unemployment.

Mid Penn utilizes a DCF method to estimate the quantitative portion of the allowance for credit losses for its loan pools. The DCF is based off of historical losses, including peer data, which is correlated to national unemployment and GDP.

The PD and LGD measures are used in conjunction with prepayment data as inputs into the DCF model to calculate the cash flows at the individual loan level. Contractual cash flows based on loan terms are adjusted for PD, LGD and prepayments to derive loss cash flows. These expected cash flows are discounted using the loan’s effective interest rate to estimate the quantitative allowance for credit losses. The prepayment studies are updated quarterly by a third-party for each applicable pool.

Mid Penn determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the loans held-for-investment (LHFI) portfolio extend beyond this forecast period, Mid Penn uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans.

Qualitative factors used in the ACL methodology include the following:

•Changes in lending policies, procedures, and underwriting standards

•Changes in portfolio composition and concentrations of credit

•Peer group trends and divergence

The ACL for individual loans, such as non-accrual and PCD, that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or the "as is" value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on a regular basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Mid Penn’s Real Estate Administration Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of the expected credit loss is charged off.

Mid Penn may also purchase loans or acquire loans through a business combination. At the purchase or acquisition date, loans are evaluated to determine whether there has been more than insignificant credit deterioration since origination. Loans that have experienced more than insignificant credit deterioration since origination are referred to as PCD loans. In its evaluation of whether a loan has experienced more than insignificant deterioration in credit quality since origination, Mid Penn takes into consideration loan grades, past due and nonaccrual status. Mid Penn may also consider external credit rating agency ratings for borrowers and for non-commercial loans, FICO score or band, probability of default levels, and

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number of times past due. At the purchase or acquisition date, the amortized cost basis of PCD loans is equal to the purchase price and an initial estimate of credit losses. The initial recognition of expected credit losses on PCD loans has no impact on net income. When the initial measurement of expected credit losses on PCD loans is calculated on a pooled loan basis, the expected credit losses are allocated to each loan within the pool. Any difference between the initial amortized cost basis and the unpaid principal balance of the loan represents a noncredit discount or premium, which is accreted (or amortized) into interest income over the life of the loan. Subsequent changes to the ACL on PCD loans are recorded through the PCL. For purchased loans that are not deemed to have experienced more than insignificant credit deterioration since origination and are therefore not deemed PCD, any discounts or premiums included in the purchase price are accreted (or amortized) over the contractual life of the individual loan.

Effective January 1, 2026, the Corporation adopted ASU 2025-08 for applicable purchased seasoned loans ("PSL loans"), under which an initial allowance for credit losses is recognized at acquisition and incorporated into the initial amortized cost basis of the loans, rather than recognized through a Day 1 provision expense. The impact of adoption is reflected in the ACL rollforward in this Note and is further discussed in "Note 1 - Summary of Significant Accounting Policies".

Loans are charged off against the ACL, with any subsequent recoveries credited back to the ACL account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off.

The following tables present the activity in the ACL - loans by portfolio segment for the three months ended March 31, 2026 and the three months ended March 31, 2025:

(In thousands)	Balance as of <br>December 31, 2025	Initial ACL - PCD Loans	Initial ACL - PSL Loans	Charge-offs	Recoveries	Net Loans (Charged off) Recovered	(Benefit)/Provision for Credit Losses (1)	Balance as of March 31, 2026
Commercial Real Estate
CRE Nonowner Occupied	9,917	—	269	(499)	—	(499)	520	10,207
CRE Owner Occupied	6,095	183	552	—	93	93	1,351	8,274
Multifamily	1,443	—	87	—	—	—	12	1,542
Farmland	2,118	—	1	—	—	—	35	2,154
Commercial and industrial	9,259	547	599	—	—	—	(549)	9,856
Construction
Residential Construction	477	—	54	—	—	—	(100)	431
Other Construction	1,464	—	76	—	—	—	136	1,676
Residential Mortgage
1-4 Family 1st Lien	2,434	92	1,304	—	2	2	(137)	3,695
1-4 Family Rental	2,295	—	157	(13)	—	(13)	(268)	2,171
HELOC and Junior Liens	559	155	337	—	—	—	(4)	1,047
Consumer	30	—	2	(641)	9	(632)	652	52
Total	36,091	977	3,438	(1,153)	104	(1,049)	1,648	41,105

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(In thousands)	Balance as of <br>December 31, 2024		Charge-offs		Recoveries		Net Loans Recovered (Charged off)		Provision/(Benefit) for Credit Losses		Balance as of March 31, 2025
Commercial Real Estate
CRE Nonowner Occupied	$	11,047	$	—	$	1	$	1	$	(668)	$	10,380
CRE Owner Occupied	5,243		—		—		—		479		5,722
Multifamily	3,432		—		—		—		(108)		3,324
Farmland	1,932		—		—		—		143		2,075
Commercial and industrial	7,122		—		6		6		736		7,864
Construction
Residential Construction	931		—		—		—		(101)		830
Other Construction	2,131		—		—		—		(232)		1,899
Residential Mortgage
1-4 Family 1st Lien	1,503		—		2		2		77		1,582
1-4 Family Rental	1,756		—		—		—		(16)		1,740
HELOC and Junior Liens	392		—		—		—		12		404
Consumer	25		(15)		9		(6)		(1)		18
Total	$	35,514	$	(15)	$	18	$	3	$	321	$	35,838

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The following table presents the ACL for loans and the amortized cost basis of loans as of March 31, 2026 and December 31, 2025:

(In thousands)	ACL - Loans						Loans
March 31, 2026	Collectively Evaluated for Credit Loss		Individually Evaluated for Credit Loss		Total ACL - Loans		Collectively Evaluated for Credit Loss		Individually Evaluated for Credit Loss		Total Loans
Commercial real estate
CRE Nonowner Occupied	$	9,879	$	328	$	10,207	$	1,443,340	$	5,297	$	1,448,637
CRE Owner Occupied	8,016		258		8,274		835,563		4,375		839,938
Multifamily	1,542		—		1,542		448,945		472		449,417
Farmland	2,154		—		2,154		237,689		46		237,735
Commercial and industrial	7,890		1,966		9,856		712,303		12,624		724,927
Construction
Residential Construction	431				431		87,910		—		87,910
Other Construction	1,676				1,676		365,429		—		365,429
Residential mortgage
1-4 Family 1st Lien	3,603		92		3,695		587,526		3,859		591,385
1-4 Family Rental	2,171		—		2,171		464,389		928		465,317
HELOC and Junior Liens	896		151		1,047		288,831		2,027		290,858
Consumer	52		—		52		8,374		13		8,387
Total	$	38,310	$	2,795	$	41,105	$	5,480,299	$	29,641	$	5,509,940
(In thousands)	ACL - Loans						Loans
---	---	---	---	---	---	---	---	---	---	---	---	---
December 31, 2025	Collectively Evaluated for Credit Loss		Individually Evaluated for Credit Loss		Total ACL - Loans		Collectively Evaluated for Credit Loss		Individually Evaluated for Credit Loss		Total Loans
Commercial real estate
CRE Nonowner Occupied	$	9,374	$	543	$	9,917	$	1,358,896	$	5,144	$	1,364,040
CRE Owner Occupied	6,020		75		6,095		716,312		2,552		718,864
Multifamily	1,443		—		1,443		419,136		131		419,267
Farmland	2,118		—		2,118		227,770		46		227,816
Commercial and industrial	7,835		1,424		9,259		709,114		10,917		720,031
Construction
Residential Construction	477		—		477		85,299		—		85,299
Other Construction	1,464		—		1,464		310,390		—		310,390
Residential mortgage
1-4 Family 1st Lien	2,434		—		2,434		416,209		1,212		417,421
1-4 Family Rental	2,289		6		2,295		409,870		1,095		410,965
HELOC and Junior Liens	559		—		559		176,276		1,840		178,116
Consumer	30		—		30		10,615		14		10,629
Total	$	34,043	$	2,048	$	36,091	$	4,839,887	$	22,951	$	4,862,838

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MID PENN BANCORP, INC.

Modifications to Borrowers Experiencing Financial Difficulty

From time to time, we may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications may result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension, or a combination thereof, among other things.

Information related to loans modified for the three months ended March 31, 2026, whereby the borrower was experiencing financial difficulty at the time of modification, is set forth in the following table:

(Dollars in thousands)	Interest Only		Term Extension		Combination:<br>Interest Only and <br>Term Extension		Total		% of Total Class of Financing Receivable
Three months ended March 31, 2026
Commercial and industrial	—		87		—		87		0.01	%
Total	$	—	$	87	$	—	$	87

There were no loan modifications to borrowers experiencing financial difficulty for the three months ended March 31, 2025.

The financial effects of the loan modifications reduced the monthly payment amounts for the borrower and the term extensions in the table above added a weighted-average of 2.0 years to the life of the loans, which also reduced the monthly payment amounts for the borrowers.

As of March 31, 2026, there were no defaults on loans modified to borrowers experiencing financial difficulty within the twelve months following modification.

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Note 5 - Deposits

Deposits consisted of the following as of March 31, 2026 and December 31, 2025:

(Dollars in thousands)	March 31, 2026		% of Total Deposits		December 31, 2025		% of Total Deposits
Noninterest-bearing demand deposits	$	933,497	15.6	%	$	834,013	16.0	%
Interest-bearing demand deposits	1,664,412		27.9	%	1,278,940		24.5	%
Money market	1,253,751		21.0	%	1,226,171		23.5	%
Savings	439,334		7.4	%	324,064		6.2	%
Total demand and savings	4,290,994		71.9	%	3,663,188		70.2	%
Time	1,679,973		28.1	%	1,551,475		29.8	%
Total deposits	$	5,970,967	100.0	%	$	5,214,663	100.0	%

The scheduled maturities of time deposits as of March 31, 2026 were as follows:

	Time Deposits
(In thousands)	Less than 250,000	250,000 or more
Maturing in 2026
Maturing in 2027	200,201	41,279
Maturing in 2028	35,019	5,147
Maturing in 2029	14,080	889
Maturing in 2030	6,521	686
Maturing thereafter	5,965	1,168

All values are in US Dollars.

Mid Penn had $132.7 million of brokered certificates of deposits as of March 31, 2026 and $97.5 million as of December 31, 2025. As of March 31, 2026 and December 31, 2025, Mid Penn had $112.7 million and $83.2 million, respectively, of Certificate of Deposit Account Registry ("CDAR") deposits.

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MID PENN BANCORP, INC.

Note 6 - Derivative Financial Instruments

Mid Penn manages its exposure to certain interest rate risks through the use of derivative financial instruments; however, none are entered into for speculative purposes. During the three months ended March 31, 2026, Mid Penn had outstanding derivative contracts designated as hedges. Mid Penn’s free-standing derivative financial instruments are required to be carried at their fair value on the Consolidated Balance Sheets.

Loan-level Interest Rate Swaps

Mid Penn enters into loan-level interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. Mid Penn simultaneously enters into loan-level interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of the offsetting customer and dealer counterparty swap agreements is that the customer pays a fixed rate of interest, while Mid Penn receives a floating rate. Mid Penn’s loan-level interest rate swaps are considered derivatives but are not accounted for using hedge accounting. These transactions are structured as back-to-back arrangements with offsetting terms; however, the Corporation remains exposed to credit risk associated with both the customer and dealer counterparties.

Information related to loan-level interest rate swaps is set forth in the following table:

(Dollars in thousands)	March 31, 2026	December 31, 2025
Loan-level interest rate swaps on loans with customers
Notional amount		$	332,451		$	287,251
Weighted-average remaining term (years)		4.47			4.16
Receive fixed rate (weighted-average)		5.34		%	5.13		%
Pay variable rate (weighted-average)		5.98		%	6.08		%
Estimated fair value (1)		$	7,820		$	8,796
(Dollars in thousands)		March 31, 2026			December 31, 2025
Loan-level interest rate swaps on loans with correspondents
Notional amount		$	332,451		$	287,251
Weighted-average remaining term (years)		4.47			4.16
Receive variable rate (weighted-average)		5.98		%	6.08		%
Pay fixed rate (weighted-average)		5.34		%	5.13		%
Estimated fair value (2)		$	7,820		$	8,796

(1) The net amount of the estimated fair value is disclosed in Other Liabilities on the Consolidated Balance Sheet.

(2) The net amount of the estimated fair value is disclosed in Other Assets on the Consolidated Balance Sheet.

Cash Flow Hedges of Interest Rate Risk

Mid Penn’s objectives in using interest rate derivatives are to reduce volatility in net interest income and to manage its exposure to interest rate movements. To accomplish this objective, Mid Penn primarily uses interest rate swaps as part of its interest rate risk management strategy. During the three months ended March 31, 2026, Mid Penn had interest rate swaps designated as cash flow hedges to hedge the cash flows associated with existing brokered CDs.

Information related to cash flow hedges is set forth in the following table:

(Dollars in thousands)	March 31, 2026	December 31, 2025
Cash flow hedges
Notional amount		$	75,000		$	75,000
Weighted-average remaining term (years)		0.59			0.84
Pay fixed rate (weighted-average)		3.81		%	3.81		%
Receive variable rate (weighted average)		3.67		%	3.52		%
Estimated fair value (1)		$	348		$	211

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MID PENN BANCORP, INC.

(1) Estimated fair value, net of accrued interest receivable, is disclosed in Other Assets on the Consolidated Balance Sheet.

For derivatives designated and qualifying as cash flow hedges of interest rate risk, the unrealized gain or loss is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are made on Mid Penn’s variable-rate liabilities. During the next twelve months, Mid Penn estimates that an additional $59 thousand will be reclassified to interest expense.

Note 7 - Accumulated Other Comprehensive Loss (Income)

The components of accumulated other comprehensive loss (income), net of taxes, are as follows:

(In thousands)	Unrealized Loss on<br>Securities		Unrealized <br>Holding Losses on <br>Interest Rate <br>Derivatives used in <br>Cash Flow Hedges		Defined Benefit<br>Plans		Total
Balance as of December 31, 2025	$	(6,971)	$	(191)	$	839	$	(6,323)
OCI before reclassifications	(1,946)		129		31		(1,786)
Amounts reclassified from AOCI	—		—		(48)		(48)
Balance as of March 31, 2026	$	(8,917)	$	(62)	$	822	(8,157)
Balance as of December 31, 2024	$	(18,889)	$	1,485	$	579	$	(16,825)
OCI before reclassifications	3,656		(984)		16		2,688
Amounts reclassified from AOCI	—		—		(26)		(26)
Balance as of March 31, 2025	$	(15,233)	$	501	$	569	$	(14,163)

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MID PENN BANCORP, INC.

Note 8 - Fair Value Measurement

Mid Penn uses estimates of fair value in applying various accounting standards to its consolidated financial statements on either a recurring or non-recurring basis. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. Mid Penn groups its assets and liabilities measured at fair value in three hierarchy levels, based on the observability and transparency of the inputs. The fair value hierarchy is as follows:

Level 1 - Inputs that represent quoted prices for identical instruments in active markets.

Level 2 - Inputs that represent quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

There were no transfers of assets between fair value Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2026 or the year ended December 31, 2025.

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

	March 31, 2026
(In thousands)	Level 1		Level 2		Level 3		Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies	$	—	$	16,862	$	—	$	16,862
Mortgage-backed U.S. government agencies	—		376,221		—		376,221
State and political subdivision obligations	—		50,854		—		50,854
Corporate debt securities	—		40,193		—		40,193
Equity securities	5,412		—		—		5,412
Loans held-for-sale	—		16,554		—		16,554
Other assets:
Derivative assets	—		8,168		—		8,168
Other liabilities:
Derivative liabilities	—		7,820				7,820				December 31, 2025
---	---	---	---	---	---	---	---	---
(In thousands)	Level 1		Level 2		Level 3		Total
Available-for-sale securities:
U.S. Treasury and U.S. government agencies	$	—	$	19,066	$	—	$	19,066
Mortgage-backed U.S. government agencies	—		353,397		—		353,397
State and political subdivision obligations	—		3,834		—		3,834
Corporate debt securities	—		40,017		—		40,017
Equity securities	5,446		—		—		5,446
Loans held-for-sale	—		3,668		—		3,668
Other assets:
Derivative assets	—		9,007		—		9,007
Other liabilities:
Derivative liabilities	—		8,796		—		8,796

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MID PENN BANCORP, INC.

The valuation methodologies and assumptions used to estimate the fair value for the items in the preceding tables are as follows:

Available-for-sale investment securities - The fair value of equity and debt securities classified as available-for-sale is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2). Matrix pricing is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather, relying on the securities’ relationship to other benchmark quoted prices.

Equity securities - The fair value of equity securities with readily determinable fair values is recorded on the Consolidated Balance Sheet, with realized and unrealized gains and losses reported in other expense on the Consolidated Statements of Income. These securities consist primarily of publicly traded equity securities and are classified within Level 1 in the fair value hierarchy.

Loans held-for-sale - This category includes mortgage loans held-for-sale that are measured at fair value on a recurring basis. Fair values as of March 31, 2026 were measured as the price that secondary market investors were offering for loans with similar characteristics.

Derivative instruments - Interest rate swaps are measured by alternative pricing sources with reasonable levels of price transparency in markets that are not active. Based on the complex nature of interest rate swap agreements, the markets these instruments trade in are not as active or liquid as those for more mature Level 1 markets. These markets do, however, have comparable, observable inputs in which an alternative pricing source values these assets in order to arrive at a fair market value. These characteristics classify interest rate swap agreements as Level 2.

Mortgage banking derivatives - represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors and the fair value of interest rate swaps. The fair values of Mid Penn’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. These characteristics classify mortgage banking derivatives as Level 3.

Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis. These instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, upon acquisition or when there is evidence of impairment).

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

	March 31, 2026
(In thousands)	Level 1		Level 2		Level 3		Total
Individually evaluated loans, net of ACL	$	—	$	—	$	26,846	$	26,846
Foreclosed assets held-for-sale	—		—		8,420		8,420
	December 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Individually evaluated loans, net of ACL	$	—	$	—	$	20,903	$	20,903
Foreclosed assets held-for-sale	—		—		7,806		7,806

Net loans - This category consists of loans that were individually evaluated for credit losses, net of the related ACL, and have been classified as Level 3 assets. All of Mid Penn’s individually evaluated loans for 2026 and 2025, whether reporting

a specific allowance allocation or not, are considered collateral-dependent. Mid Penn utilized Level 3 inputs such as independent appraisals of the underlying collateral, which generally includes Level 3 inputs which are not observable. Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses.

Foreclosed assets held-for-sale - Values are based on appraisals that consider the sales prices of property in the proximate vicinity.

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The following table presents additional information about the valuation techniques for level 3 assets measured at fair value on a nonrecurring basis:

	March 31, 2026
(Dollars in thousands)	Fair Value		Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average
Individually evaluated loans, net of ACL	$	26,846	Appraisal of collateral	Appraisal adjustments	8%	-	100%	52.1%
Foreclosed assets held-for-sale	8,420		Appraisal of collateral	Appraisal adjustments	18%	-	100%	42.6%
	December 31, 2025
(Dollars in thousands)	Fair Value		Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average
Individually evaluated loans, net of ACL	$	20,903	Appraisal of collateral	Appraisal adjustments	8%	-	100%	44.9%
Foreclosed assets held-for-sale	7,806		Appraisal of collateral	Appraisal adjustments	23%	-	100%	39.8%

The following tables present 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, 2026
	Carrying<br>Amount			Estimated Fair Value
(In thousands)			Level 1			Level 2			Level 3			Total
Financial instruments - assets
Cash and cash equivalents	$	141,190		$	141,190		$	—		$	—		$	141,190
Available-for-sale securities	484,130			—			484,130			—			484,130
Held-to-maturity securities	340,957			—			314,398			—			314,398
Equity securities	5,412			5,412			—			—			5,412
Loans held-for-sale	16,554			—			16,554			—			16,554
Net loans	5,468,835			—			—			5,508,561			5,508,561
Restricted investment in bank stocks	10,081						10,081			—			10,081
Accrued interest receivable	32,958			32,958			—			—			32,958
Derivative assets	8,168			—			8,168			—			8,168
Financial instruments - liabilities
Deposits	$	5,970,967		$	—		$	5,973,274		$	—		$	5,973,274
Short-term borrowings	31,500			—			31,500			—			31,500
Long-term debt (1)	141			—			127			—			127
Accrued interest payable	12,195			12,195			—			—			12,195
Derivative liabilities	7,865			—			7,865			—			7,865

(1)Long-term debt excludes finance lease obligations.

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	December 31, 2025
			Estimated Fair Value
(In thousands)	Carrying<br>Amount		Level 1		Level 2		Level 3		Total
Financial instruments - assets
Cash and cash equivalents	$	98,918	$	98,918	$	—	$	—	$	98,918
Available-for-sale securities	416,314		—		416,314		—		416,314
Held-to-maturity securities	347,285		—		321,702		—		321,702
Equity securities	5,446		5,446		—		—		5,446
Loans held-for-sale	3,668		—		3,668		—		3,668
Net loans	4,826,747		—		—		4,866,731		4,866,731
Restricted investment in bank stocks	7,576				7,576		—		7,576
Accrued interest receivable	29,640		29,640		—		—		29,640
Derivative assets	9,007		—		9,007		—		9,007
Financial instruments - liabilities
Deposits	$	5,214,663	$	—	$	5,218,656	$	—	$	5,218,656
Short-term borrowings	20,833		—		20,833		—		20,833
Long-term debt (1)	20,222		—		20,223		—		20,223
Subordinated debt	—		—		—		—		—
Accrued interest payable	10,942		10,942		—		—		10,942
Derivative liabilities	8,796		—		8,796		—		8,796

(1)Long-term debt excludes finance lease obligations.

The Bank’s outstanding and unfunded credit commitments and financial standby letters of credit were deemed to have no significant fair value as of March 31, 2026 and December 31, 2025.

Note 9 - Commitments and Contingencies

Guarantees and commitments to extend credit

Mid Penn is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a customer unless there is a violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Mid Penn evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit and financial guarantees written are conditional commitments to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Mid Penn had $65.1 million and $66.5 million of standby letters of credit outstanding as of March 31, 2026 and December 31, 2025, respectively. Mid Penn does not anticipate any losses resulting from these transactions. The amount of the liability as of March 31, 2026 and December 31, 2025 for payment under standby letters of credit issued was not considered material.

Mid Penn is required to estimate expected credit losses for OBS credit exposures which are not unconditionally cancellable. Mid Penn maintains a separate ACL on credit-related OBS commitments, including unfunded loan commitments and letters of credit, which is included in other liabilities on the accompanying Consolidated Balance Sheets.

The ACL - OBS is adjusted as a provision for OBS commitments in provision for credit losses. The estimate includes consideration of the likelihood that funding will occur, an estimate of exposure at default that is derived from utilization rate assumptions using a non-modeled approach, and PD and LGD estimates derived from the same models and approaches used for Mid Penn's other loan portfolio segments described in "Note 4 - Loans and Allowance for Credit Losses - Loans" above, as these unfunded commitments share similar risk characteristics with these loan portfolio segments.

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The ACL - OBS was $3.1 million and $2.9 million as of March 31, 2026 and December 31, 2025, respectively. A benefit for credit losses related to credit commitments of $54 thousand and $20 thousand was recorded for the three months ended March 31, 2026 and March 31, 2025, respectively.

The following table presents the activity in the ACL - OBS by segment for the three months ended March 31, 2026:

(In thousands)	Balance as of <br>December 31, 2025		Initial ACL Recorded On Acquired Commitments (1)		(Benefit)/Provision for Credit Loss		Balance as of March 31, 2026
1-4 Family Rental	$	12	$	—	$	(1)	$	11
C&I	1,457		83		(2)		1,538
CRE NonOwner Occupied	134		—		(10)		124
CRE Owner Occupied	93		—		20		113
Consumer	3		—		—		3
Farmland	97		—		(1)		96
HELOC & Junior Liens	130		64		5		199
Multifamily	12		—		—		12
Other Construction & Land	742		33		(15)		760
Residential Construction	229		40		(50)		219
Residential First Liens	4		—		—		4
	$	2,913	$	220	$	(54)	$	3,079

(1)    Includes commitments on loans acquired in the 1st Colonial acquisition on February 27, 2026. These commitments are included in the allowance for off-balance sheet credit exposures as of March 31, 2026.

(In thousands)	Balance as of <br>December 31, 2024		(Benefit)/Provision for Credit Loss		Balance as of <br>March 31, 2025
1-4 Family Rental	$	16	$	(3)	$	13
C&I	1,165		157		1,322
CRE NonOwner Occupied	132		(23)		109
CRE Owner Occupied	98		7		105
Consumer	3		—		3
Farmland	92		20		112
HELOC & Junior Liens	92		3		95
Multifamily	27		(5)		22
Other Construction & Land	792		(132)		660
Residential Construction	516		(45)		471
Residential First Liens	6		1		7
	$	2,939	$	(20)	$	2,919

Litigation

Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties.

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While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.

Note 10 - Debt

Short-term FHLB and Correspondent Bank Borrowings

Total short-term borrowings were $31.5 million and $20.8 million as of March 31, 2026 and December 31, 2025, respectively. Short-term borrowings generally consist of federal funds purchased and advances from the FHLB with an original maturity of less than one year. Federal funds purchased from correspondent banks mature in one business day and are repriced daily based on the federal funds rate. Advances from the FHLB are collateralized by the Bank’s investment in FHLB common stock and by a blanket lien on selected loan receivables comprised principally of real estate secured loans. As of March 31, 2026, the amount of loans pledged totaled $2.7 billion. As of March 31, 2026, the Bank's unused short-term borrowing capacity with the FHLB totaled $1.5 billion (equal to $1.9 billion of maximum borrowing capacity, less the aggregate amount of FHLB letters of credit securing public funds deposits, and other FHLB advances and obligations outstanding) upon satisfaction of any stock purchase requirements of the FHLB.

The Bank also maintained unused overnight lines of credit with other correspondent banks totaling $35.0 million as of March 31, 2026. No draws have been made on these lines of credit as of March 31, 2026 and December 31, 2025, respectively.

Long-term Debt

The following table presents a summary of long-term debt as of March 31, 2026 and December 31, 2025:

(Dollars in thousands)	March 31, 2026		December 31, 2025
FHLB fixed rate instruments:
Due February 2026, 4.51%	$	—	$	20,000
Due August 2026, 4.80%	133		212
Due February 2027, 6.71%	8		10
Total FHLB fixed rate instruments	141		20,222
Finance lease obligations included in long-term debt	2,880		2,917
Total long-term debt	$	3,021	$	23,139

As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. As of March 31, 2026 and December 31, 2025, the Bank had long-term debt outstanding in the amount of $3.0 million and $23.1 million, respectively, consisting of FHLB fixed rate instruments, and a finance lease liability.

The FHLB fixed rate instruments are secured under the terms of a blanket collateral agreement with the FHLB consisting of FHLB stock and qualifying Mid Penn loan receivables, principally real estate secured loans. Mid Penn also obtains letters of credit from the FHLB to secure certain public fund deposits of municipalities and school district customers, which are used as a legally allowable alternative to investment in securities. These FHLB letter of credit commitments totaled $406.5 million and $162.5 million as of March 31, 2026 and December 31, 2025, respectively.

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Note 11 - Subordinated Debt

Subordinated Debt Assumed November 2021 with the Riverview Acquisition

On November 30, 2021, Mid Penn completed its acquisition of Riverview and assumed $25.0 million of Subordinated Notes (the "Riverview Notes"). In accordance with purchase accounting principles, the Riverview Notes were recorded at fair value, including a premium of $2.3 million. The notes were treated as Tier 2 capital for regulatory reporting purposes.

The Riverview Notes were issued by Riverview on October 6, 2020 in a private placement to certain qualified institutional buyers and accredited institutional investors. The Riverview Notes had a maturity date of October 15, 2030 and initially bore interest at a fixed rate of 5.75% per annum before converting to a floating rate prior to redemption. The Riverview Notes were redeemable beginning October 15, 2025, and Mid Penn redeemed all of the Riverview Notes on such date.

Subordinated Debt Issued December 2020

On December 22, 2020, Mid Penn issued $12.2 million of subordinated notes due December 2030 (the "December 2020 Notes") in a private placement to accredited investors. The December 2020 Notes were treated as Tier 2 capital for regulatory capital purposes.

The December 2020 Notes initially bore interest at a fixed rate of 4.5% per annum before converting to a floating rate prior to redemption. The December 2020 Notes became redeemable beginning December 31, 2025, and Mid Penn redeemed all of the December 2020 Notes on such date.

Subordinated Debt Issued March 2020

On March 20, 2020, Mid Penn issued $15.0 million of subordinated notes due March 2030 (the "March 2020 Notes") in a private placement to accredited investors. The March 2020 Notes were treated as Tier 2 capital for regulatory capital purposes.

The March 2020 Notes initially bore interest at a fixed rate of 4.0% per annum before converting to a floating rate prior to redemption. The March 2020 Notes became redeemable on March 30, 2025 and Mid Penn redeemed all of the March 2020 Notes in full on June 30, 2025.

Outstanding Balance

As of March 31, 2026, the Corporation had no subordinated debt outstanding.

Note 12 - Common Stock and Equity Incentive Plans

Treasury Stock Repurchase Program

Mid Penn adopted a treasury stock repurchase program ("Program") initially effective March 19, 2020. On April 21, 2026, the Board of Directors renewed the Program through April 30, 2027 and approved an increase in repurchase authorization permitting the repurchase of up to an additional $50.0 million of Mid Penn’s outstanding common stock. Under the Program, Mid Penn conducts repurchases of its common stock through open market transactions (which may be by means of a trading plan adopted under SEC Rule 10b5-1) or in privately negotiated transactions. Repurchases under the Program are made at the discretion of management and are subject to market conditions and other factors. There is no guarantee as to the exact number of shares that Mid Penn may repurchase. The Program is able to be modified, suspended or terminated at any time, at Mid Penn’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors Mid Penn deems appropriate. The Program does not obligate Mid Penn to repurchase any shares.

No shares were repurchased in the three months ended March 31, 2026. As of March 31, 2026, Mid Penn had repurchased an aggregate total of 519,891 shares of common stock at an average price of $23.65 per share under the Program.

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Dividend Reinvestment Plan

The amended and restated Dividend Reinvestment Plan of Mid Penn Bancorp, Inc. allows holders of the Corporation's common shares to purchase additional shares of the Corporation's common stock, par value $1.00 per share. Under the plan, participants may have cash dividends on all of their shares automatically reinvested, and each participating shareholder may also make optional cash contributions to purchase additional shares.

As of March 31, 2026, participants in the plan held 496,255 shares of the Corporation's common stock.

Equity Incentive Plans

The Corporation recognizes stock-based compensation expense for equity awards based on the grant-date fair value of the awards. Compensation expense is recognized on a straight-line basis over the requisite service period and is included in salaries and benefits expense in the Consolidated Statements of Income.

On May 9, 2023, shareholders approved the 2023 Stock Incentive Plan, which authorizes Mid Penn to grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, deferred stock units and performance shares. The 2023 Plan was established for employees and directors of Mid Penn and the Bank, selected by the Compensation Committee of the Board of Directors, to incentivize the further success of the Corporation, and replaced the 2014 Restricted Stock Plan. The aggregate number of shares of common stock available for issuance under the Plans is 550,000 shares.

As of March 31, 2026, a total of 314,804 restricted shares were granted under the Plans, of which 110,845 shares were unvested. The Plan's shares granted and vested resulted in $689 thousand and $239 thousand in stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively.

Stock-based compensation expense relating to restricted stock is calculated using grant date fair value and is recognized on a straight-line basis over the vesting periods of the awards. Restricted shares granted to employees vest in equal amounts on the anniversary of the grant date over the vesting period and the expense is a component of salaries and benefits expense on the Consolidated Statement of Income. The employee grant vesting period is determined by the terms of each respective grant, with vesting periods generally between one and four years. Restricted shares granted to directors have a twelve-month vesting period, and the expense is a component of directors’ fees and benefits within the other expense line item on the Consolidated Statement of Income.

Equity Awards Assumed from William Penn Acquisition

In connection with the acquisition of William Penn on April 30, 2025, the Corporation issued 3,506,795 shares of common stock as purchase consideration and assumed outstanding equity awards of William Penn, resulting in the issuance of 538,447 stock options and 215,386 restricted stock units "RSUs" of which 129,776 stock options and 53,822 restricted stock units remained unvested as of March 31, 2026.

Compensation expense for stock options was $131 thousand for the three months ended March 31, 2026. As of March 31, 2026, unrecognized compensation expense related to unvested options was $645 thousand. Compensation expense for restricted stock awards was $183 thousand for the three months ended March 31, 2026. As of March 31, 2026, unrecognized compensation cost related to unvested restricted stock was $894 thousand.

The assumed awards are subject to the original vesting terms and conditions included in the William Penn stock-based compensation plan.

Stock Appreciation Rights Issued in Connection with the Cumberland Advisors Acquisition

Stock appreciation rights issued in the acquisition of Cumberland Advisors are being accounted for as post-combination compensation expense and will be recognized over the applicable service period. The stock appreciation rights have a maximum aggregate value of $1.2 million to be exercisable between the first and third anniversary of the closing date of the transaction.

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Note 13 - Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding plus the effect of potentially dilutive common shares, which include stock options and unvested restricted stock awards, using the treasury stock method.

The following data sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended March 31,
(In thousands, except per share data)	2026		2025
Net income available to common shareholders	$	8,706	$	13,742
Weighted-average common shares outstanding - basic	23,949,008		19,355,867
Dilutive effect of stock-based compensation	365,131		60,398
Weighted-average common shares outstanding - diluted	24,314,139		19,416,265
Basic earnings per common share	$	0.36	$	0.71
Diluted earnings per common share	0.36		0.71

Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. There were no anti-dilutive stock options excluded from diluted earnings per share for the three months ended March 31, 2026 or March 31, 2025. Dilutive common stock equivalents included assumed equity awards acquired in the William Penn acquisition.

As part of the acquisition of William Penn on April 30, 2025, the Company issued 3,506,795 shares of common stock as purchase consideration, and assumed outstanding equity awards of William Penn, consisting of 538,447 stock options and 215,386 restricted stock units (RSUs).

As part of the acquisition of Cumberland Advisors on January 1, 2026, Mid Penn issued 127,009 shares of common stock as purchase consideration.

As part of the acquisition of 1st Colonial on February 27, 2026, Mid Penn issued 2,111,076 shares of common stock as purchase consideration. These shares contributed to the increase in weighted-average shares outstanding for the quarter ended March 31, 2026.

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Note 14 - Segment Reporting

Mid Penn operates as a single reportable segment, providing a broad range of banking and financial services to individuals, businesses, and institutional clients. These services include commercial and consumer lending, deposit products, wealth management, insurance, and treasury management solutions. The Chief Executive Officer and the Chief Financial Officer together act as Mid Penn Chief Operating Decision Makers ("CODM"). The CODM regularly evaluates financial performance and allocates resources on a consolidated basis.

The following table presents financial information reviewed by the CODM in assessing performance and allocating resources:

(In thousands)	March 31, 2026		March 31, 2025
Net interest income	$	55,250	$	42,509
Provision for credit losses	1,594		301
Noninterest income	9,604		5,239
Noninterest expense	51,959		30,642
Provision for Income taxes	2,595		3,063
Net income	8,706		13,742
Total assets	$	6,964,809	$	5,546,026

Other Segment Information

Revenue Composition: Mid Penn generates revenue primarily from net interest income and non-interest income, including fees from deposit accounts, wealth management, insurance, and treasury services.

Capital Allocation & Performance Metrics: The CODM assesses performance based on key financial metrics, including net interest margin, return on average assets ("ROA"), return on average equity ("ROE") and core efficiency ratio.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management Discussion relates to the Corporation, a financial holding company incorporated in the Commonwealth of Pennsylvania, and its wholly-owned subsidiaries, and should be read in conjunction with the consolidated financial statements and other financial information presented in this report and our Annual Report on Form 10-K for the year ended December 31, 2025.

Caution About Forward-Looking Statements

Forward-looking statements involve risks, uncertainties and assumptions. Although Mid Penn generally does not make forward-looking statements unless Mid Penn’s management believes its management has a reasonable basis for doing so, Mid Penn cannot guarantee the accuracy of any forward-looking statements. Actual results may differ materially from those expressed in any forward-looking statements due to a number of uncertainties and risks, including the risks described in this Quarterly Report on Form 10-Q, the 2025 Annual Report, and other unforeseen risks. You should not put undue reliance on any forward-looking statements. These statements speak only as of the date of this Quarterly Report on Form 10-Q, even if subsequently made available by us on Mid Penn’s website or otherwise, and Mid Penn undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Certain of the matters discussed in this document or in documents incorporated by reference herein, including matters discussed under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” or words or phrases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements.

The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward-looking statements:

•Mid Penn’s ability to efficiently integrate recent acquisitions into its business and operations, which may take longer than anticipated or be more costly than anticipated or result in unanticipated disruptions to existing operations;

•the possibility that anticipated benefits of recent acquisitions, including cost savings and other synergies, may take longer to be realized or may not fully be achieved, and that attrition in client, partner or other relationships may be greater than expected;

•the effects of future economic conditions on Mid Penn, the Bank, our nonbank subsidiaries, and our markets and customers;

•governmental monetary and fiscal policies, as well as legislative and regulatory changes;

•future actions or inactions of the United States government, including a failure to increase the government debt limit or a prolonged shutdown of the federal government;

•business or economic disruptions arising from public health events or other external disruptions;

•the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, the value of investment securities, and interest rate protection agreements;

•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;

•an increase in the Pennsylvania Bank Shares Tax to which the Bank’s capital stock is currently subject, or imposition of any additional taxes on the capital stock of Mid Penn or the Bank;

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•impacts of the capital and liquidity requirements imposed by bank regulatory agencies;

•the effect of changes in accounting policies and practices, including the adoption or interpretation of new accounting standards, as may be adopted by regulatory agencies, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, the SEC, and other accounting and reporting rule making authorities;

•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;

•changes in technology;

•our ability to successfully expand our franchise, including through acquisitions or establishing new offices at favorable prices;

•potential goodwill impairment charges, or future impairment charges and fluctuations in the fair values of reporting units or of assets in the event projected financial results are not achieved within expected time frames;

•our ability to attract and retain qualified management and personnel;

•results of regulatory examination and supervision processes;

•the failure of assumptions underlying the establishment of reserves for loan and lease losses, the assessment of potential impairment of investment securities, and estimations of values of collateral and various financial assets and liabilities;

•our ability to maintain compliance with the listing rules of The NASDAQ Stock Market;

•our ability to maintain the value and image of our brand and protect our intellectual property rights;

•volatility in the securities markets;

•disruptions due to flooding, severe weather, or other natural disasters or acts of God;

•acts of war, terrorism, or global military conflict;

•supply chain disruption;

•the risk factors described in Item 1A of the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent filings with the SEC.

The above list of factors that may affect future performance is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with this understanding of inherent uncertainty.

Overview

Mid Penn is a financial holding company incorporated in August 1991 in the Commonwealth of Pennsylvania.

Mid Penn generates the majority of its revenues through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the net interest margin, which is calculated on a fully taxable-equivalent basis ("FTE") as net interest income as a percentage of average interest-earning assets. Mid Penn also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans, investments and properties. Offsetting these revenue sources are provisions for credit losses, non-interest expenses and income taxes.

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The following table presents a summary of Mid Penn's earnings and selected performance ratios:

	Three Months Ended March 31,
(Dollars in thousands)	2026			2025
Net Income	$	8,706		$	13,742
Diluted EPS	$	0.36		$	0.71
Dividends declared	$	0.22		$	0.20
Return on average assets (2)	0.55		%	1.01		%
Return on average equity (2)	4.18		%	8.43		%
Net interest margin (1)(2)	3.80		%	3.37		%
Nonperforming assets to total assets	0.55		%	0.46		%
Net charge-offs/(recoveries) to average loans (annualized)	0.084		%	(0.0003)		%

(1) Presented on a FTE basis using a 21% Federal tax rate and statutory interest expense disallowances. See also the "Net Interest Income" section.

(2) Annualized ratios

On February 27, 2026, Mid Penn completed the acquisition of 1st Colonial Bancorp, Inc. ("1st Colonial"), which added total assets of $842.5 million, comprised primarily of $597.5 million of loans. Additionally, on January 1, 2026, Mid Penn completed the acquisition of Cumberland Advisors, Inc. ("Cumberland Advisors"), a registered investment advisory firm, which had approximately $3.2 billion in assets under management, further expanding the Company's wealth management capabilities and fee-based revenue.

On April 30, 2025, Mid Penn completed the William Penn acquisition, which added total assets of $726.5 million, including $405.3 million of loans. This transaction included the acquisition of 12 branches, further expanding Mid Penn's presence in the Philadelphia region and surrounding counties in Pennsylvania and New Jersey. Mid Penn issued 3,506,795 shares of Mid Penn common stock as consideration for the $103.2 million purchase price. The Corporation also granted replacement awards for 538,447 stock options, with a fair value of $3.1 million to continuing employees of William Penn.

Summary of Financial Results

•Net Income Per Share - Mid Penn’s net income available to common shareholders ("earnings") for the three months ended March 31, 2026 was $8.7 million, or $0.36 per basic and diluted common share, compared to earnings of $13.7 million, or $0.71 per both basic and diluted common share for the three months ended March 31, 2025.

•Net Interest Income

◦Net Interest Margin - For the first quarter of 2026, Mid Penn’s net interest margin was 3.80% versus 3.37% for the same period of 2025. The yield on interest-earning assets for the first quarter of 2026 increased 10 basis points from the same period of 2025. The rate on interest-bearing liabilities decreased 43 basis points from the same period of 2025. The increase, compared to the first quarter of 2025, was driven by higher loan and investment securities yields and a reduction in the cost of funds.

◦Loan Growth - Total loans, net of unearned income, as of March 31, 2026 were $5.5 billion compared to $4.9 billion as of December 31, 2025, an increase of $647.1 million, or 13.3%. The growth was primarily driven by the acquisition of 1st Colonial, which contributed to an increase in residential mortgages of $341.1 million, an increase in commercial real estate loans of $245.7 million, an increase in construction loans of $57.7 million, and an increase in commercial and industrial loans of $4.9 million.

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◦Deposit Growth - Total deposits increased $756.3 million, or 14.5%, from $5.2 billion at December 31, 2025, to $6.0 billion at March 31, 2026. The growth was primarily driven by the acquisition of 1st Colonial, which contributed to an increase of $528.3 million in interest-bearing transaction accounts, an increase of $128.5 million in time deposits, and a $99.5 million increase in non-interest bearing accounts.

•Asset Quality - ACL as of March 31, 2026 was $41.1 million, or 0.75% of total loans, as compared to $36.1 million, or 0.74% of total loans as of December 31, 2025. This increase includes the initial allowance recorded for 1st Colonial loans of $4.4 million.

◦Net Charge-offs/Recoveries - Mid Penn had net loan charge-offs of $1.0 million and net recoveries of $3 thousand for the three months ended March 31, 2026 and 2025, respectively.

◦Non-performing assets - Total non-performing assets were $38.1 million at March 31, 2026, an increase compared to non-performing assets of $30.8 million at December 31, 2025. The increase during the first quarter of 2026 is primarily related to the addition of $7.4 million of nonaccrual loans from the 1st Colonial acquisition. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.70% at March 31, 2026, compared to 0.69% as of December 31, 2025.

◦Provision/Benefit for credit losses - loans - The provision for credit losses - loans was $1.6 million for the three months ended March 31, 2026 compared to a provision of $321 thousand for the same period of 2025. The benefit for credit losses on off-balance sheet credit exposures was $54 thousand for the three months ended March 31, 2026, compared to a benefit of $20 thousand for the same period of 2025. The increase in provision for the three months ended March 31, 2026, was primarily driven by qualitative adjustments to the CRE owner-occupied portfolio, reflecting growth within that segment, offset by decreases due to higher prepayment speeds and a favorable economic forecast.

•Noninterest Income - Noninterest income totaled $9.6 million for the three months ended March 31, 2026 compared to $5.2 million for the same period of 2025. The increase is primarily driven by a $2.5 million increase in fiduciary and wealth management income, a $431 thousand increase in earnings from the cash surrender value of life insurance, a $1.3 million increase in other noninterest income, including a $558 thousand increase in death benefits received, and a $458 thousand increase in insurance commissions.

•Noninterest Expense - Noninterest expense totaled $52.0 million for the three months ended March 31, 2026, an increase of $21.3 million, or 69.6%, compared to noninterest expense of $30.6 million for the same period of 2025.

Merger and acquisition expenses increased $7.4 million to $7.7 million for the three months ended March 31, 2026, driven by $7.2 million related to the 1st Colonial acquisition, $544 thousand related to the Cumberland Advisors acquisition, compared to $314 thousand in the same period of 2025.

Salaries and benefits increased $7.0 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase is attributable to (i) the retail staff additions at the twelve retail locations added through the William Penn acquisition and three retail locations added through the 1st Colonial acquisition; (ii) the retention of various William Penn and 1st Colonial team members through the completion of systems integrations; and (iii) the addition of staff members from the Cumberland Advisors acquisition.

Software licensing and utilization costs increased $1.0 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects additional costs to (i) license the additional William Penn and 1st Colonial branches; and (ii) upgrade internal systems, including network storage, cybersecurity, and data security enhancements in response to the Bank's larger size and increased IT complexity.

Occupancy expenses increased $979 thousand for the three months ended March 31, 2026, compared to the same period in 2025. The increase was driven by the facility operating costs of the additional retail locations added through the William Penn, 1st Colonial, and Cumberland Advisors acquisitions.

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•Liquidity - Current liquidity, including cash equivalents and borrowing capacity totaled $1.5 billion, compared to $1.7 billion at December 31, 2025, representing 144.8% of uninsured and uncollateralized deposits and approximately 25.0% of total deposits.

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Critical Accounting Estimates

The 2025 Annual Report on Form 10-K includes a summary of critical accounting estimates that Mid Penn considers to be most important to the presentation of its financial condition and results of operations. These estimates require management’s most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.

Management of the Corporation considers the accounting judgments relating to the allowance for credit losses, business combinations, and goodwill impairment to be the accounting area that requires the most subjective and complex judgments. Changes in key assumptions, including economic conditions and other inputs used in these estimates, could have a material impact on the Corporation's results of operations and financial condition.

There have been no material changes to Mid Penn's critical accounting estimates as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025.

Results of Operations

Net Interest Income

Net interest income, Mid Penn's primary source of earnings, represents the difference between interest income received on loans, investments, and overnight funds, and interest expense paid on deposits and short- and long-term borrowings. Net interest income is affected by changes in interest rates and changes in average balances (volume) in the various interest-sensitive assets and liabilities. Interest and average rates in the table below are presented on a fully taxable-equivalent basis ("FTE"). Tax-equivalent adjustments were calculated using a statutory corporate tax rate of 21% for the three months ended March 31, 2026 and 2025.

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The following table includes average balances, amounts, and yields of interest income and rates of expense, interest rate spread, and net interest margin for the periods presented:

	Average Balances, Income and Interest Rates
	For the Three Months Ended
	March 31, 2026						March 31, 2025
(Dollars in thousands)	Average Balance		Interest		Yield/<br><br>Rate (2)		Average Balance		Interest		Yield/<br><br>Rate (2)
ASSETS:
Interest Bearing Balances	$	19,647	$	110	2.27	%	$	20,794	$	138	2.69	%
Investment Securities:
Taxable	715,209		6,486		3.68	%	569,800		4,309		3.07	%
Tax-exempt	68,559		297		1.76	%	69,780		348		2.02	%
Total Investment Securities	783,768		6,783		3.51	%	639,580		4,657		2.95	%
Federal funds sold	16,994		220		5.25	%	23,754		261		4.46	%
Loans, net of unearned income	5,083,240		76,798		6.13	%	4,459,679		66,537		6.05	%
Restricted investment in bank stocks	10,864		15		0.56	%	7,101		151		8.62	%
Total Interest-earning Assets	5,914,513		83,926		5.75	%	5,150,908		71,744		5.65	%
Cash and Due from Banks	55,545						39,916
Other Assets	422,953						300,939
Total Assets	$	6,393,011					$	5,491,763
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand	$	1,382,567	$	5,417	1.59	%	$	1,051,325	$	4,681	1.81	%
Money market	1,216,581		7,470		2.49	%	1,027,355		6,941		2.74	%
Savings	363,593		300		0.33	%	260,965		54		0.08	%
Time	1,579,915		14,661		3.76	%	1,589,083		16,588		4.23	%
Total Interest-bearing Deposits	4,542,656		27,848		2.49	%	3,928,728		28,264		2.92	%
Short-term borrowings	71,111		702		4.00	%	24,892		290		4.72	%
Long-term debt	11,733		126		4.36	%	23,533		257		4.43	%
Subordinated debt	—		—		—	%	45,662		424		3.77	%
Total Interest-bearing Liabilities	4,625,500		28,676		2.51	%	4,022,815		29,235		2.95	%
Noninterest-bearing Demand	850,936						752,980
Other Liabilities	71,022						55,004
Shareholders' Equity	845,553						660,964
Total Liabilities & Shareholders' Equity	$	6,393,011					$	5,491,763
Net Interest Income			$	55,250					$	42,509
Taxable Equivalent Adjustment (1)			236						242
Net Interest Income (taxable-equivalent basis)			$	55,486					$	42,751
Total Yield on Earning Assets					5.75	%					5.65	%
Rate on Supporting Liabilities					2.51	%					2.95	%
Average Interest Spread					3.24	%					2.70	%
Net Interest Margin (1)					3.80	%					3.37	%

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

(2)Annualized ratios

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The following table summarizes the changes in interest income and interest expense resulting from changes in average balances, volume, and changes in rates for the three months ended March 31, 2026 in comparison to the same period in 2025:

	Three months ended <br>March 31, 2026 vs. March 31, 2025
	Increase (decrease)
(In thousands)	Volume		Rate		Net
INTEREST INCOME:
Interest Bearing Balances	$	(8)	$	(20)	$	(28)
Investment Securities:
Taxable	1,100		1,077		2,177
Tax-exempt	(6)		(45)		(51)
Total Investment Securities	1,094		1,032		2,126
Federal funds sold	(74)		33		(41)
Loans	9,303		958		10,261
Restricted investment in bank stocks	80		(216)		(136)
Total Interest Income	10,395		1,787		12,182
INTEREST EXPENSE:
Interest-Bearing Deposits:
Interest-bearing demand	1,475		(739)		736
Money market	1,278		(749)		529
Savings	21		225		246
Time	(96)		(1,831)		(1,927)
Total Interest-Bearing Deposits	2,678		(3,094)		(416)
Short-term borrowings	538		(126)		412
Long-term debt	(129)		(2)		(131)
Subordinated debt	(424)		—		(424)
Total Interest Expense	2,663		(3,222)		(559)
NET INTEREST INCOME	$	7,732	$	5,009	$	12,741

For the three months ended March 31, 2026, net interest income was $55.3 million compared to net interest income of $42.5 million for the three months ended March 31, 2025. The tax-equivalent net interest margin for the three months ended March 31, 2026 was 3.80% compared to 3.37% for the first quarter of 2025, representing a 43 bp increase compared to the same period in 2025.

The yield on interest-earning assets increased to 5.75% for the quarter ended March 31, 2026, from 5.65% for the quarter ended March 31, 2025. These increases were due to assets continuing to reprice at higher rates during 2025 and the first quarter of 2026, continued discipline on new loan pricing, and an increase in Fed funds sold.

Average investment securities increased $144.2 million and the yield on those investment securities increased 56 bps during the first quarter of 2026 compared to the first quarter of 2025, increasing interest income due to volume by $1.1 million, and increasing interest income due to rates by $1.0 million. Average loans increased $623.6 million, and the yield on those loans increased 8 bps, contributing $9.3 million and $958 thousand, respectively, to the increase in interest income.

Interest expense decreased $559 thousand during the first quarter of 2026 compared to the first quarter of 2025. The rate of interest-bearing liabilities decreased from 2.95% for the first quarter of 2025 to 2.51% for the first quarter of 2026. The

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MID PENN BANCORP, INC.

decrease in the rate was primarily a result of a decrease in short-term borrowings, a decrease in long term debt, and a decrease in time deposits. Mid Penn continued to offer higher rates over the comparable period to both retain and attract deposits.

Although the effective interest rate impact on interest-earning assets and funding sources can be reasonably estimated at current interest rate levels, the interest-bearing product and pricing options selected by customers, and the future mix of the loan, investment, and deposit products in the Bank's portfolios, may significantly change the estimates used in Mid Penn’s asset and liability management and related interest rate risk simulation models. In addition, our net interest income may be impacted by further interest rate actions of the Federal Reserve’s FOMC.

Provision for Credit Losses - Loans

The provision for credit losses on loans was $1.6 million for the three months ended March 31, 2026 compared to a provision of $321 thousand for the three months ended March 31, 2025. The increase in provision was primarily attributable to qualitative adjustments to several segments of the portfolio, offset by reductions due to a favorable economic forecast.

Noninterest Income

For the three months ended March 31, 2026, noninterest income totaled $9.6 million, a increase of $4.4 million, or 83.3%, compared to noninterest income of $5.2 million for the three months ended March 31, 2025. The increase was largely driven by a $2.5 million increase in fiduciary and wealth management income, a $431 thousand increase in earnings from the cash surrender value of life insurance, a $1.3 million increase in other noninterest income, including a $558 thousand increase in death benefits received, and a $458 thousand increase in insurance commissions.

The following table and explanations that follow provide additional analysis of noninterest income:

	Three Months Ended March 31,
(Dollars in thousands)	2026		2025		Variance	% Variance
Fiduciary and wealth management	$	3,661	$	1,140		221.1	%
ATM debit card interchange	1,035		919		116	12.6
Service charges on deposits	636		562		74	13.2
Mortgage banking	314		591		(277)	(46.9)
Mortgage hedging	81		(9)		90	N/M
Net gain on sales of SBA loans	163		57		106	186.0
Earnings from cash surrender value of life insurance	705		274		431	157.3
Other	3,009		1,705		1,304	76.5
Total	$	9,604	$	5,239		83.3	%

All values are in US Dollars.

Noninterest Expense

For the three months ended March 31, 2026, noninterest expense totaled $52.0 million, an increase of $21.3 million, or 69.6%, compared to noninterest expense of $30.6 million for the same period in 2025. The increase was primarily driven by a $7.4 million increase in merger and acquisition expenses, a $7.0 million increase in salaries and employee benefits, a $1.0 million increase in software licensing, a $979 thousand increase in occupancy expenses, an $872 thousand increase in intangible amortization, an $862 thousand increase in legal and professional fees, and a $2.3 million increase in other noninterest expense, primarily driven by a $1.5 million increase related to a change in methodology for LIHTC amortization, and a $665 thousand in legal settlements.

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The following table and explanations that follow provide additional analysis of noninterest expense:

	Three Months Ended March 31,
(Dollars in thousands)	2026		2025		Variance	% Variance
Salaries and employee benefits	$	23,346	$	16,309		43.1	%
Software licensing and utilization	3,598		2,574		1,024	39.8
Occupancy expense, net	3,253		2,274		979	43.1
Equipment expense	1,553		1,094		459	42.0
Shares tax	964		919		45	4.9
Legal and professional fees	1,688		826		862	104.4
ATM/card processing	757		733		24	3.3
Intangible amortization	1,300		428		872	203.7
FDIC Assessment	800		990		(190)	(19.2)
Loss/(gain) on sale of foreclosed assets, net	491		(28)		519	N/M
Merger and acquisition expense	7,723		314		7,409	2359.6
Other expenses	6,486		4,209		2,277	54.1
Total Noninterest Expense	$	51,959	$	30,642		69.6	%

All values are in US Dollars.

Income Taxes

The provision for income taxes was $2.6 million for the three months ended March 31, 2026 compared to $3.1 million for the same period in 2025. The provision for income taxes for the three months ended March 31, 2026 reflects a combined Federal and State effective tax rate of 23.0% for the three months ended March 31, 2026, compared to 18.2%, for the three months ended March 31, 2025.

Generally, Mid Penn’s effective tax rate is below the federal statutory rate due to earnings on tax-exempt loans, investments, and earnings from the cash surrender value of life insurance, as well as the impact of federal income tax credits, including those awarded from Mid Penn’s low-income housing investments. The effective tax rate for the current period was higher than the federal statutory rate primarily due to the impact of state income taxes. This increase was driven by changes in the Corporation's state apportionment resulting from the acquisition of 1st Colonial, resulting in a higher proportion of income subject to higher state tax rates. The realization of Mid Penn’s deferred tax assets is dependent on future earnings. Mid Penn currently anticipates that future earnings will be adequate to fully realize the currently recorded deferred tax assets.

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that may affect the Company in future periods, including provisions related to business deductions and tax depreciation. These changes did not have a material impact on the Corporation’s federal income tax expense or liability for the three months ended March 31, 2026.

Financial Condition

Mid Penn’s total assets were $7.0 billion as of March 31, 2026, reflecting an increase of $830.9 million, or 13.5%, compared to total assets of $6.1 billion as of December 31, 2025. The increase was primarily driven by an increase in loans as a result of the 1st Colonial acquisition, an increase in available for sale investment securities, and an increase in Fed Funds Sold.

Investment Securities

Mid Penn’s investment portfolio is utilized primarily to support overall liquidity and interest rate risk management, to provide collateral supporting pledging requirements for public funds on deposit, and to generate additional interest income within reasonable risk parameters. The carrying value of total investment securities as of March 31, 2026 were $825.1 million compared to $763.6 million as of December 31, 2025. Mid Penn does not anticipate growth in the investment portfolio beyond levels necessary to support pledging requirements.

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The following table presents the expected maturities of the investment portfolio and the weighted-average yields (calculated based on historical cost):

	Maturing
(Dollars in thousands)	One Year<br>and Less				After One Year<br>thru Five Years				After Five Years<br>Thru Ten Years				After Ten<br>Years				Total
As of March 31, 2026	Amount		Weighted-Average Yield		Amount		Weighted-Average Yield		Amount		Weighted-Average Yield		Amount		Weighted-Average Yield		Amount		Weighted-Average Yield
Available-for-sale securities, at fair value:
U.S. Treasury and U.S. government agencies	$	7,338	1.62	%	$	5,369	2.89	%	$	4,155	3.10	%	$	—	—	%	$	16,862	2.40	%
Mortgage-backed U.S. government agencies	—		—		—		—		7,653		3.03		368,568		4.60		376,221		4.57
State and political subdivision obligations	—		—		—		—		50,196		2.50		658		2.23		50,854		2.45
Corporate debt securities	2,930		2.25		8,831		7.12		28,432		5.39		—		—		40,193		5.54
	$	10,268	1.80	%	$	14,200	5.50	%	$	90,436	4.54	%	$	369,226	4.59	%	$	484,130	4.55	%
Held-to-maturity securities, at amortized cost:
U.S. Treasury and U.S. government agencies	$	21,498	1.66	%	$	117,477	1.86	%	$	92,040	2.20	%	$	—	—	%	$	231,015	1.98	%
Mortgage-backed U.S. government agencies	63		3.00		1,671		2.90		3,220		2.75		26,260		1.95		31,214		2.09
State and political subdivision obligations	5,335		3.39		34,211		2.30		14,583		2.37		9,152		2.75		63,281		2.87
Corporate debt securities	2,000		2.25		5,447		3.60		8,000		3.40		—		—		15,447		3.32
	$	28,896	2.87	%	$	158,806	2.02	%	$	117,843	2.32	%	$	35,412	2.16	%	$	340,957	2.29	%

Loans, net of unearned income

Total loans, net of unearned income, as of March 31, 2026 were $5.5 billion compared to $4.9 billion as of December 31, 2025. The growth of $647.1 million, or 13.3%, since December 31, 2025 was primarily driven by the acquisition of 1st Colonial, which contributed to an increase in residential mortgages of $341.1 million, an increase in commercial real estate loans of $245.7 million, an increase in construction loans of $57.7 million, and an increase in commercial and industrial loans of $4.9 million.

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	March 31, 2026				December 31, 2025				Change in Balance
(Dollars in thousands)	Balance		% of Total Loans		Balance		% of Total Loans			%
Commercial real estate
CRE Nonowner Occupied	$	1,448,637	26.3	%	$	1,364,040	28.1	%		6.2	%
CRE Owner Occupied	839,938		15.2		718,864		14.7		121,074	16.8
Multifamily	449,417		8.2		419,267		8.6		30,150	7.2
Farmland	237,735		4.3		227,816		4.7		9,919	4.4
Total Commercial Real Estate	2,975,727		54.0		2,729,987		56.1		245,740	9.0
Commercial and industrial	724,927		13.2		720,031		14.8		4,896	0.7
Construction
Residential Construction	87,910		1.6		85,299		1.8		2,611	3.1
Other Construction	365,429		6.6		310,390		6.3		55,039	17.7
Total Construction	453,339		8.2		395,689		8.1		57,650	14.6
Residential Mortgage
1-4 Family 1st Lien	591,385		10.7		417,421		8.6		173,964	41.7
1-4 Family Rental	465,317		8.4		410,965		8.5		54,352	13.2
HELOC and Junior Liens	290,858		5.3		178,116		3.7		112,742	63.3
Total Residential Mortgage	1,347,560		24.4		1,006,502		20.8		341,058	33.9
Consumer	8,387		0.2		10,629		0.2		(2,242)	(21.1)
	$	5,509,940	100.0	%	$	4,862,838	100.0	%		13.3	%

All values are in US Dollars.

The majority of the Bank's loan portfolio is to businesses and individuals located within the Bank's primary market area, which consists principally of central and southeastern Pennsylvania, along with select counties in New Jersey. Commercial real estate, construction, and land development loans are collateralized mainly by mortgages on the income-producing real estate or land involved. Commercial, industrial, and agricultural loans are primarily made to business entities and may be secured by business assets, including commercial real estate, or may be unsecured. Residential real estate loans are secured by liens on the residential property. Consumer loans include installment loans, lines of credit and home equity loans. The Bank has no significant concentration of credit to any one borrower. The Bank’s highest concentration of credit by loan type is in commercial real estate.

Credit risk is managed through portfolio diversification, underwriting policies and procedures, and loan monitoring practices. Lenders are provided with detailed underwriting policies for all types of credit risks accepted by the Bank and must obtain appropriate internal approvals for credit extensions. The Bank also maintains strict documentation requirements and robust credit quality assurance practices to identify credit portfolio weaknesses as early as possible, so any exposures that are discovered might be mitigated or potential losses reduced. Most of the Bank's loans are secured by real estate, and the value of this collateral is dependent on and subject to change based on real estate market conditions within its market area.

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The following table presents the commercial real estate portfolio by property type along with the weighted-average loan to value:

(Dollars in thousands)	March 31, 2026						December 31, 2025
Commercial Real Estate	Balance		% of portfolio		Weighted-Average LTV (2)		Balance		% of portfolio		Weighted-Average LTV (2)
Owner Occupied (1)	$	839,938	28.2	%	N/A		$	718,864	26.3	%	N/A
Farmland (1)	237,735		8.0		N/A		227,816		8.3		N/A
Multifamily	449,417		15.2		58.4		419,267		15.5		53.3
Non Owner Occupied
Retail	425,231		14.3		50.7		429,095		15.7		50.4
Office	322,368		10.8		62.0		289,650		10.6		61.4
Industrial	190,389		6.4		47.2		177,822		6.5		48.0
Hospitality	168,278		5.7		47.1		158,667		5.8		47.1
Flex	54,200		1.8		44.4		46,432		1.7		47.2
Mobile Home Park	19,213		0.6		54.4		18,763		0.7		56.4
Health Care	12,473		0.4		52.8		11,870		0.4		52.8
Other Property Types	256,485		8.6		55.9		231,741		8.5		54.7
Total Commercial Real Estate	$	2,975,727	100.0	%	54.2	%	$	2,729,987	100.0	%	52.9	%

(1) LTV not available for Owner Occupied and Farmland properties.

(2) Weighted average Loan to Value is calculated based on estimated current market values of the properties.

Maturity distribution by contractual maturity date and rate sensitivity information related to the loan portfolio is reflected in the table below:

(In thousands)
As of March 31, 2026	One Year<br>and Less		One to<br>Five Years		Five to<br>Fifteen Years		Over<br>Fifteen Years		Total
Commercial real estate
CRE Nonowner Occupied	$	179,506	$	475,303	$	469,179	$	324,649	$	1,448,637
CRE Owner Occupied	35,739		163,881		343,347		296,971		839,938
Multifamily	88,244		140,070		114,139		106,964		449,417
Farmland	1,285		10,975		67,559		157,916		237,735
Total Commercial real estate	304,774		790,229		994,224		886,500		2,975,727
Commercial and industrial	42,587		277,261		162,264		242,815		724,927
Construction
Residential Construction	52,755		31,219		1,856		2,080		87,910
Other Construction	153,960		145,264		49,191		17,014		365,429
Total Construction	206,715		176,483		51,047		19,094		453,339
Residential mortgage
1-4 Family 1st Lien	9,844		28,061		104,219		449,261		591,385
1-4 Family Rental	55,213		52,167		158,208		199,729		465,317
HELOC and Junior Liens	6,899		17,027		47,442		219,490		290,858
Total Residential Mortgage	71,956		97,255		309,869		868,480		1,347,560
Consumer	1,920		1,565		1,939		2,963		8,387
Total loans held in portfolio	$	627,952	$	1,342,793	$	1,519,343	$	2,019,852	$	5,509,940

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Fixed interest rates:
Commercial real estate
CRE Nonowner Occupied	$	130,870	$	187,723	$	56,556	$	11,677	$	386,826
CRE Owner Occupied	27,623		109,875		25,697		3,115		166,310
Multifamily	44,738		65,465		7,644		—		117,847
Farmland	389		8,070		5,043		—		13,502
Total Commercial real estate	203,620		371,133		94,940		14,792		684,485
Commercial and industrial	21,681		172,561		24,498		9,384		228,124
Construction
Residential Construction	3,577		11,340		583		2,006		17,506
Other Construction	14,117		20,745		512		1,757		37,131
Total Construction	17,694		32,085		1,095		3,763		54,637
Residential mortgage
1-4 Family 1st Lien	7,436		17,936		80,299		326,523		432,194
1-4 Family Rental	21,412		38,376		16,231		10,686		86,705
HELOC and Junior Liens	1,089		9,178		35,660		2,614		48,541
Total Residential Mortgage	29,937		65,490		132,190		339,823		567,440
Consumer	1,274		1,517		1,807		952		5,550
Total fixed interest rates	$	274,206	$	642,786	$	254,530	$	368,714	$	1,540,236
Floating interest rates:
Commercial real estate
CRE Nonowner Occupied	$	48,636	$	287,580	$	412,623	$	312,972	$	1,061,811
CRE Owner Occupied	8,116		54,006		317,650		293,856		673,628
Multifamily	43,506		74,605		106,495		106,964		331,570
Farmland	896		2,905		62,516		157,916		224,233
Total Commercial real estate	101,154		419,096		899,284		871,708		2,291,242
Commercial and industrial	20,906		104,700		137,766		233,431		496,803
Construction
Residential Construction	49,178		19,879		1,273		74		70,404
Other Construction	139,843		124,519		48,679		15,257		328,298
Total Construction	189,021		144,398		49,952		15,331		398,702
Residential mortgage
1-4 Family 1st Lien	2,408		10,125		23,920		122,738		159,191
1-4 Family Rental	33,801		13,791		141,977		189,043		378,612
HELOC and Junior Liens	5,810		7,849		11,782		216,876		242,317
Total Residential Mortgage	42,019		31,765		177,679		528,657		780,120
Consumer	646		48		132		2,011		2,837
Total floating interest rates	353,746		700,007		1,264,813		1,651,138		3,969,704
Total fixed and floating interest rates	$	627,952	$	1,342,793	$	1,519,343	$	2,019,852	$	5,509,940

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Credit Quality, Credit Risk, and Allowance for Credit Losses

Mid Penn’s ACL methodology for loans is based upon guidance within FASB ASC Subtopic 326-20, "Financial Instruments – Credit Losses – Measured at Amortized Cost," as well as regulatory guidance from the FDIC, the Bank's primary federal regulator. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the loan portfolio is continuously monitored by management and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within Mid Penn’s existing loan portfolio. The ACL is adjusted through the provision for credit losses and reduced by the charge off of loan amounts, net of recoveries.

The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Mid Penn’s loan portfolio segments. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense.

For a complete description of Mid Penn’s ACL-loans methodology and the quantitative and qualitative factors included in the calculation, please see "Note 4 – Loans and Allowance for Credit Losses – Loans" included in Part I. Item 1. – Financial Statements of this report.

Changes in the ACL-loans are summarized as follows:

	Three Months Ended<br>March 31,
(Dollars in thousands)	2026			2025
Balance, beginning of period	$	36,091		$	35,514
Purchased credit deteriorated loans	977			—
Purchased seasoned loans	3,438			—
Loans charged off during period	(1,153)			(15)
Recoveries of loans previously charged off	104			18
Net (charge-offs)/recoveries	(1,049)			3
(Benefit)/provision for credit losses - loans (1)	1,648			321
Balance, end of period	$	41,105		$	35,838
Ratio of net charge-offs/(recoveries) to average loans outstanding (annualized)	0.084		%	(0.0003)		%
Ratio of ACL - loans to net loans at end of period	0.75		%	0.80		%

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The following table presents the change in nonperforming asset categories as of March 31, 2026, December 31, 2025, and March 31, 2025.

(Dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
Nonperforming Assets:
Total nonaccrual loans	$	29,641		$	22,951		$	24,045
Foreclosed real estate	8,420			7,806			1,402
Total nonperforming assets	38,061			30,757			25,447
Accruing loans 90 days or more past due	—			—			3
Total risk elements	$	38,061		$	30,757		$	25,450
Nonaccrual loans as a percentage of total loans outstanding	0.54		%	0.47		%	0.54		%
Nonperforming assets as a percentage of total loans outstanding and foreclosed real estate	0.69		%	0.63		%	0.57		%
Ratio of ACL-loans to nonperforming loans	138.68		%	157.25		%	149.05		%

Total nonperforming assets were $38.1 million at March 31, 2026, an increase compared to nonperforming assets of $30.8 million at December 31, 2025. The increase during the first quarter of 2026 is primarily driven by the addition of $7.4 million of nonaccrual loans from the 1st Colonial acquisition in the first quarter of 2026. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.70% at March 31, 2026, compared to 0.69% and 0.50% as of December 31, 2025 and March 31, 2025.

Goodwill

Mid Penn evaluates goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that impairment may be present. Significant negative industry or economic trends, as well as changes in the Corporation's stock price, could represent potential indicators of impairment. Management considered relevant factors, including overall market conditions, and trends in the Corporation's stock price, and concluded that no triggering events had occurred as of March 31, 2026. Management will continue to monitor these factors in future periods. Mid Penn's annual impairment test is scheduled to be conducted as of October 31, 2026.

Deposits

Total deposits increased $756.3 million, or 14.5%, from $5.2 billion on December 31, 2025, to $6.0 billion at March 31, 2026. The growth was primarily driven by the acquisition of 1st Colonial deposits of $747.1 million. These deposits contributed to a $528.3 million increase in interest bearing accounts, $128.5 million increase in time deposits, and a $99.5 million increase in noninterest bearing accounts.

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Average balances and average interest rates applicable to deposits by major classification:

	March 31, 2026				December 31, 2025				Change
(Dollars in thousands)	Balance		Rate		Balance		Rate			%
Noninterest-bearing demand deposits	$	850,936	0.00	%	$	816,429	0.00	%		4.23	%
Interest-bearing demand deposits	1,382,567		1.59		1,179,007		1.77		203,560	17.27
Money market	1,216,581		2.49		1,176,166		2.79		40,415	3.44
Savings	363,593		0.33		306,431		0.08		57,162	18.65
Time	1,579,915		3.76		1,674,557		4.05		(94,642)	(5.65)
	$	5,393,592	2.09	%	$	5,152,590	2.36	%		4.68	%

All values are in US Dollars.

As of March 31, 2026, uninsured deposits were approximately $1.0 billion, or 17.3% of total deposits, compared to $1.0 billion, or 19.2% of total deposits, as of December 31, 2025. The maturities of the uninsured time deposits as of March 31, 2026 were as follows:

(In thousands)	2026
Three months or less	$	163,843
Over three months to six months	137,142
Over six months to twelve months	98,231
Over twelve months	16,216
	$	415,432

Borrowings

Total short-term borrowings increased $10.7 million, or 51.2%, from December 31, 2025 to March 31, 2026. The increase in short-term borrowings was driven by our objective to maintain a strong level of unencumbered liquid assets, ensuring the availability of high-quality liquidity to meet potential near-term obligations. Total long-term borrowings were $3.0 million at March 31, 2026, a decrease of $20.1 million from December 31, 2025.

Liquidity

Mid Penn’s objective is to maintain adequate liquidity to meet funding needs at a reasonable cost and to provide contingency plans to meet unanticipated funding needs or a loss of funding sources, while minimizing interest rate risk. Adequate liquidity provides resources for credit needs of borrowers, for depositor withdrawals, and for funding corporate operations. Sources of liquidity are as follows:

•a growing core deposit base;

•proceeds from the sale or maturity of investment securities;

•payments received on loans and mortgage-backed securities;

•overnight correspondent bank borrowings on various credit lines; and

•borrowing capacity available from the FHLB and the Federal Reserve Discount Window available to Mid Penn.

Mid Penn believes its core deposits are generally stable even in periods of changing interest rates. Liquidity is measured and monitored daily, allowing management to better understand and react to balance sheet trends. These measurements indicate that liquidity generally remains stable and exceeds our minimum defined levels of adequacy. Other than the trends of continued competitive pressures and volatile interest rates, and the uncertain impact of the current inflationary environment, there are no known demands, commitments, events, or uncertainties that will result in, or that are reasonably likely to result in, liquidity increasing or decreasing in any material way.

On at least a quarterly basis, a comprehensive liquidity analysis is reviewed by the Asset Liability Committee and Board of Directors. The analysis provides a summary of the current liquidity measurements, projections, and future liquidity positions given various levels of liquidity stress. Management also maintains a detailed Contingency Funding Plan

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MID PENN BANCORP, INC.

designed to respond to overall stress in the financial condition of the banking industry or a prospective liquidity problem specific to Mid Penn.

The Consolidated Statements of Cash Flows provide additional information. Mid Penn’s operating activities during the three months ended March 31, 2026 provided $14.5 million of cash, mainly due to net income. Cash provided in investing activities during the three months ended March 31, 2026 was $33.9 million, mainly the result of the Cumberland Advisors and 1st Colonial acquisitions. Cash used by financing activities during the three months ended March 31, 2026 totaled $6.1 million, primarily the result of the repayment of long-term borrowings.

Regulatory Capital

Mid Penn and the Bank are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory, and possibly additional discretionary, actions by the regulators that if, undertaken, could have a direct material effect on Mid Penn's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory account practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Minimum regulatory capital requirements established by Basel III rules require Mid Penn and the Bank to:

•Meet a minimum Common Equity Tier I capital ratio of 4.5% of risk-weighted assets;

•Meet a minimum Tier I capital ratio of 6.0% of risk-weighted assets;

•Meet a minimum Total capital ratio of 8.0% of risk-weighted assets;

•Meet a minimum Tier I leverage capital ratio of 4.0% of average assets;

•Maintain a "capital conservation buffer" of 2.5% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonuses; and

•Comply with the definition of capital to improve the ability of regulatory capital instruments to absorb losses.

The Basel III Rules use a standardized approach for risk weightings that expands the risk-weighting for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures and resulting in higher risk weightings for a variety of asset categories.

Banks are evaluated for capital adequacy by regulatory supervisory agencies based on the ratio of capital to risk-weighted assets and total assets. The minimum capital to risk-weighted assets requirements, including the capital conservation buffers, which became effective for Mid Penn and the Bank on January 1, 2016, are illustrated below.

Mid Penn maintained the following regulatory capital ratios in comparison to regulatory requirements:

	March 31, 2026		December 31, 2025		Regulatory Minimum for Capital Adequacy
Total Risk-Based Capital (to Risk-Weighted Assets)	13.58	%	14.32	%	10.50	%
Tier I Risk-Based Capital (to Risk-Weighted Assets)	12.82		13.55		8.50
Common Equity Tier I (to Risk-Weighted Assets)	12.82		13.55		7.00
Tier I Leverage Capital (to Average Assets)	11.40		11.02		4.00

As of March 31, 2026 and December 31, 2025, regulatory capital ratios for both Mid Penn and the Bank met the definition of a "well-capitalized" institution under the regulatory framework for prompt corrective action and exceeded the minimum capital requirements under Basel III. However, future changes in regulations could increase capital requirements and may have an adverse effect on capital resources.

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Shareholders' Equity

Shareholders' equity is evaluated in relation to total assets and the risk associated with those assets, and the desire to collectively maintain and enhance shareholders’ value, and satisfactorily address regulatory capital requirements. Accordingly, capital management practices have been, and will continue to be, of paramount importance to Mid Penn.

Shareholders’ equity increased by $73.3 million, or 9.0%, from $814.1 million as of December 31, 2025 to $887.4 million as of March 31, 2026, reflecting common stock issued in connection with the 1st Colonial and Cumberland Advisors acquisitions totaling $69.6 million and earnings of $8.7 million, partially offset by dividends paid of $6.2 million.

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ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a financial institution, Mid Penn’s primary source of market risk is interest rate risk. Interest rate risk is the exposure to fluctuations in Mid Penn’s future earnings, earnings at risk, resulting from changes in interest rates. This exposure or sensitivity is a function of the repricing characteristics of Mid Penn's portfolio of assets and liabilities. Each asset and liability reprices either at maturity or during the life of the instrument. Interest rate sensitivity is measured as the difference between the volume of assets and liabilities that are subject to repricing in a future period of time.

The principal purpose of asset-liability management is to maximize current and future net interest income within acceptable levels of interest rate risk while satisfying liquidity and capital requirements. Net interest income is increased by increasing the net interest margin and by volume growth. Thus, the goal of interest rate risk management is to maintain a balance between risk and reward such that net interest income is maximized while risk is maintained at an acceptable level.

Mid Penn utilizes an asset-liability management model to measure the impact of interest rate movements on its interest rate sensitivity position. Mid Penn’s management also reviews the traditional maturity gap analysis regularly. Mid Penn does not always attempt to achieve an exact match between interest sensitive assets and liabilities because it believes that an actively managed amount of interest rate risk is inherent and appropriate in the management of Mid Penn’s profitability.

Modeling techniques and simulation analysis involve assumptions and estimates that inherently cannot be measured with complete precision. Key assumptions in the analyses include maturity and repricing characteristics of assets and liabilities, prepayments on amortizing assets, non-maturing deposit sensitivity, and loan and deposit pricing. These assumptions are inherently uncertain due to the timing, magnitude and frequency of rate changes and changes in market conditions and management strategies, among other factors. However, the analyses are useful in quantifying risk and provide a relative gauge of Mid Penn’s interest rate risk position over time.

Management reviews interest rate risk on a quarterly basis. This analysis includes earnings scenarios whereby interest rates are increased by 100, 200, 300 and 400 bps or decreased by 100, 200, 300, and 400 bps. These scenarios, detailed in the table below, indicate that Mid Penn would experience enhanced net interest income over a one-year time frame due to upward interest rate changes, while a reduction in interest rates would result in a decline in net interest income over a one-year time frame; however, actual results could vary significantly from the calculations prepared by management. At March 31, 2026, all interest rate risk levels according to the model were within the tolerance limits of the Board-approved policy.

Change in<br>Basis Points		% Change in Net Interest Income	Policy<br>Risk Limit
	March 31, 2026
400		9.7%		≥ -25%
300		7.3%		≥ -20%
200		4.9%		≥ -15%
100		2.4%		≥ -10%
(100)		(2.7)%		≥ -10%
(200)		(5.3)%		≥ -15%
(300)		(7.3)%		≥ -20%
(400)		(8.4)%		≥ -25%

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MID PENN BANCORP, INC.

ITEM 4 – CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Mid Penn maintains controls and procedures designed to ensure that information required to be disclosed in the reports that Mid Penn files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures as of March 31, 2026, Mid Penn’s management, with the participation of the Principal Executive Officer and Principal Financial Officer, concluded that the disclosure controls and procedures were effective as of such date.

Changes in Internal Controls

Except for changes in connection with the ongoing integration of 1st Colonial Bancorp, Inc., there were no changes in Mid Penn’s internal control over financial reporting during the three months ended March 31, 2026, that have materially affected, or are reasonable likely to materially affect, Mid Penn’s internal control over financial reporting.

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MID PENN BANCORP, INC.

PART II – OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

Mid Penn and its subsidiaries are subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to Mid Penn’s consolidated financial position. On at least a quarterly basis, Mid Penn assesses its liabilities and contingencies in connection with such matters. For those matters where it is probable that Mid Penn will incur losses and the amounts of the losses can be reasonably estimated, Mid Penn records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to Mid Penn and involves elements of judgment and significant uncertainties. While Mid Penn does not believe that the outcome of pending or threatened litigation or other matters will be material to Mid Penn’s consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause Mid Penn to incur additional expenses, which could be significant, and possibly material, to Mid Penn’s results of operations in any future period.

In addition, management does not know of any material proceedings contemplated by governmental authorities against Mid Penn or any of its properties.

ITEM 1A – RISK FACTORS

Management has reviewed the risk factors that were previously disclosed in the 2025 Annual Report and subsequent reports filed with the SEC to determine if there were material changes applicable to the three months ended March 31, 2026. Aside from the following risk factor, there have been no material changes to the risk factors that were previously disclosed in the 2025 Annual Report.

Geopolitical instability and armed conflicts may adversely impact our business, financial condition, and results of operations.

Geopolitical instability, including armed conflicts and tensions in various regions of the world, may contribute to volatility in financial markets and broader economic uncertainty. Escalation of such conflicts could disrupt energy and commodity markets, increase inflationary pressures, and affect interest rate conditions.

These conditions may adversely affect the economies in which we operate and our customers' financial condition, which could impact their ability to repay loans, reduce demand for credit, and negatively affect collateral values, resulting in increased credit losses within our loan portfolio.

Geopolitical developments may also lead to additional economic sanctions, trade restrictions, or other regulatory requirements, increasing compliance costs and operational complexity. Such developments may also increase risks associated with cyber threats, fraud, or disruptions involving critical infrastructure or third-party service providers.

In addition, heightened uncertainty may affect assumptions and estimates used in evaluating allowance for credit losses, including qualitative factors, and could contribute to increased provision expense. The extent and duration of these conditions and their impact on our business, financial condition, and results of operations remain uncertain.

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ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(1)As reported on a Form 8-K filed on January 5, 2026, Mid Penn completed its acquisition of Cumberland Advisors, Inc. on January 1, 2026. In connection with the transaction, each share of Cumberland Advisors common stock was converted into the right to receive, at the election of the holder, either 17.79 shares of common stock, par value $1.00 per share, of Mid Penn or $539.22 for each share of Cumberland Advisors common stock they owned (subject to adjustment and proration as provided in the acquisition agreement). Mid Penn issued to former shareholders of Cumberland Advisors approximately 127,009 shares of Mid Penn common stock having a total value of approximately $2.3 million, and stock appreciation rights (“SARs”) having a maximum (capped) aggregate value of $1,200,000. The SARs are exercisable between the first and third anniversary of the closing date of the transaction. The shares of Mid Penn common stock and SARs were issued in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.

(2)None.

Mid Penn adopted a treasury stock repurchase program ("Program") effective March 19, 2020. Subsequent to March 31, 2026, on April 21, 2026, the Board of Directors renewed the Program through April 30, 2027 and approved an increase in repurchase authorization permitting the repurchase of up to an additional $50.0 million of Mid Penn’s outstanding common stock. The Program permits repurchases of its common stock through open market transactions (including pursuant to trading plans adopted under SEC Rule 10b5-1) or privately negotiated transactions.

Repurchases under the Program are made at the discretion of management and are subject to market conditions and other factors. There is no guarantee as to the exact number of shares that Mid Penn may repurchase. The Program is able to be modified, suspended or terminated at any time, at Mid Penn’s discretion, based upon a number of factors, including liquidity, market conditions, the availability of alternative investment opportunities and other factors Mid Penn deems appropriate. The Program does not obligate Mid Penn to repurchase any shares.

During the three months ended March 31, 2026, Mid Penn did not repurchase any shares of common stock. As of March 31, 2026, Mid Penn repurchased an aggregate total of 519,891 shares of common stock under the Program.

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ITEM 3 – DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4 – MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5 – OTHER INFORMATION

During the three months ended March 31, 2026, none of Mid Penn’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Mid Penn’s common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(c) of Regulation S-K.

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MID PENN BANCORP, INC.

ITEM 6 – EXHIBITS

2.1	Completion of Acquisition, dated as of February 27, 2026, by and between Mid Penn Bancorp, Inc. and 1st Colonial Bancorp, Inc. (Incorporated by reference to Registrant's Current Report on Form 8-K filed on March 2, 2026.)
3.1	The Registrant’s Articles of Incorporation. (Incorporated by reference to Exhibit 3.1 to Registrant's Quarterly Report on form 10-Q with the SEC on May 9, 2023.)
3.2	The Registrant’s By-laws. (Incorporated by reference to Exhibit 3.1 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 28, 2024.)
31.1	Certification of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a) as added by Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a) as added by Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101).

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MID PENN BANCORP, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Mid Penn Bancorp, Inc.<br><br>(Registrant)
By:	/s/ Rory G. Ritrievi
	Rory G. Ritrievi<br>President and CEO<br>(Principal Executive Officer)
Date:	May 7, 2026
By:	/s/ Justin T. Webb
	Justin T. Webb<br><br>Chief Financial Officer<br><br>(Principal Financial Officer)
Date:	May 7, 2026

69

Document

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO EXCHANGE ACT RULES

13A-14(A)/15D-14(A) AS ADDED BY SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Rory G. Ritrievi, certify that:

1.I have reviewed this report on Form 10-Q of Mid Penn Bancorp, Inc.

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)Significant deficiencies and material weaknesses, if any, in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ Rory G. Ritrievi
	Rory G. Ritrievi
	Chair, President and CEO
Date:	May 7, 2026

Document

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO EXCHANGE ACT RULES

13A-14(A)/15D-14(A) AS ADDED BY SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Justin T. Webb, certify that:

1.I have reviewed this report on Form 10-Q of Mid Penn Bancorp, Inc.

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)Significant deficiencies and material weaknesses, if any, in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ Justin T. Webb
	Justin T. Webb
	Chief Financial Officer
Date:	May 7, 2026

Document

EXHIBIT 32

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADDED BY SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Mid Penn Bancorp, Inc. (the “Corporation”) on Form 10-Q for the period ending March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rory G. Ritrievi, President and CEO, and I, Justin T. Webb, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as added pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

2.To my knowledge, the information contained in the Report fairly presents, in all material respects the financial condition and results of operations of Mid Penn Bancorp, Inc. as of the dates and for the periods expressed in the Report.

By:	/s/ Rory G. Ritrievi
	Rory G. Ritrievi
	Chair, President and CEO
Date:	May 7, 2026
By:	/s/ Justin T. Webb
	Justin T. Webb
	Chief Financial Officer
Date:	May 7, 2026