MID PENN BANCORP INCMPB

MID PENN BANCORP INC Debt Disclosure

10-KFiled Mar 12, 20262 min read
Long-term Debt
The following table presents a summary of long-term debt as of December 31:
(Dollars in thousands)December 31, 2025December 31, 2024
FHLB fixed rate instruments:
Due February 2026, 4.51%
$20,000 $20,000 
Due August 2026, 4.80%
212 523 
Due February 2027, 6.71%
10 17 
Total FHLB fixed rate instruments20,222 20,540 
Finance lease obligations included in long-term debt2,917 3,063 
Total long-term debt$23,139 $23,603 
Mid Penn prepaid no FHLB fixed rate instruments during the years ended December 31, 2025 and 2024.
As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. As of December 31, 2025, and 2024, the Bank had long-term debt outstanding in the amount of $23.1 million and $23.6 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 $162.5 million and $156.0 million as of December 31, 2025 and 2024, respectively.
During the first quarter of 2019, Mid Penn entered into a lease agreement for one facility under a non-cancelable finance lease, which commenced March 1, 2019 and expires February 28, 2039 and is included in long-term debt on the Consolidated Balance Sheets. See "Note 7 - Leases", for more information related to Mid Penn’s finance lease obligation.
The aggregate principal amounts due on FHLB fixed rate instruments subsequent to December 31, 2025, are as follows:
(In thousands)
2026$20,220 
20272 
$20,222 
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Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2023Mar 28, 2024
2022Mar 16, 2023
2021Mar 15, 2022
2020Mar 15, 2021
2019Mar 13, 2020
2018Mar 19, 2019
2017Mar 13, 2018
2016Mar 23, 2017
2015Mar 17, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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