MID PENN BANCORP INC, DEF 14A filed on 3/27/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name MID PENN BANCORP, INC.
Entity Central Index Key 0000879635
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
The following table sets forth information concerning the compensation of our principal executive officer (“PEO”) and other named executive officers (“NEOs”) for each of the fiscal years ended December 31, 2025, 2024, 2023, 2022, and 2021 and our financial performance for each such fiscal year, as computed in accordance with SEC rules, followed by a table reconciling the compensation disclosed in the Summary Compensation Table (“SCT”), and the compensation required to be disclosed as CAP:
 
 
 
    
 
      
 
      
 
      
 
    
Value of initial fixed $100
investment based on:
      
 
      
 
  
Year 
(1)
  
Summary
Compensation
Table total for
PEO
(1)

($)
    
Compensation
actually paid
to PEO
($)
    
Average
summary
compensation
table total for
non-PEO

named
executive
officers 
(2)

($)
    
Average
compensation
actually paid
to
non-PEO

named
executive
officers
($)
    
Total
shareholder
return
($)
    
Peer group
total
shareholder
return 
(3)

($)
    
Net Income
    
Return on
average
tangible
common
equity
  
2025
     2,209,726       2,264,227       903,481       911,023       110.65       106.59       56,248,159       10.01 % 
2024
     1,241,097       1,339,544       524,318       536,074       122.74       116.68       49,437,348       11.60 % 
2023
     1,702,023       1,514,837       627,155       579,068       83.97       102.18       37,397,102       10.37 % 
2022
     1,330,999       1,340,988       419,119       403,929       97.07       93.41       54,805,501       14.54 % 
2021
     1,148,556       1,270,146       426,716       436,724       149.57       149.67       29,319,501       11.68 % 
 
(1)
 
The PEO in 2025, 2024, 2023, 2022, and 2021 was Rory G. Ritrievi.
 
(2)
 
The
non-PEO
NEOs were Messrs. Webb and Micklewright and Mss. Hall and Dickinson for 2025, Messrs. Micklewright, Webb, Paese and Space for 2024, Messrs. Micklewright, Webb, Paese and Ms. Allison Johnson for 2023, Messrs. Micklewright, Webb, Holt and Paese and Ms. Johnson for 2022, Messrs. Micklewright, Webb, Peduzzi, and Holt, and Ms. Joan Dickinson for 2021.
 
(3)
 
The peer group used in 2025 are the peers identified by our compensation consultants, Meridian Compensation Partners, disclosed in the section titled “Compensation Consultant’s Role in Determining Compensation.” The peer group used for 2025 included the addition of ten banks and the removal of nine banks. The changes to the peer group were primarily driven by changes in peer bank asset size, with banks added or removed to create a peer group more similar in asset size to the Corporation. Peer Group Total Shareholder Return for 2024, 2023, 2022, and 2021 for the former peer group, Newcleus Compensation Partners, was $111.87, $101.78, $97.00, $140.17, and $74.23, respectively.
       
Company Selected Measure Name Return on average tangible common equity        
Named Executive Officers, Footnote
(2)
 
The
non-PEO
NEOs were Messrs. Webb and Micklewright and Mss. Hall and Dickinson for 2025, Messrs. Micklewright, Webb, Paese and Space for 2024, Messrs. Micklewright, Webb, Paese and Ms. Allison Johnson for 2023, Messrs. Micklewright, Webb, Holt and Paese and Ms. Johnson for 2022, Messrs. Micklewright, Webb, Peduzzi, and Holt, and Ms. Joan Dickinson for 2021.
       
Peer Group Issuers, Footnote
(3)
 
The peer group used in 2025 are the peers identified by our compensation consultants, Meridian Compensation Partners, disclosed in the section titled “Compensation Consultant’s Role in Determining Compensation.” The peer group used for 2025 included the addition of ten banks and the removal of nine banks. The changes to the peer group were primarily driven by changes in peer bank asset size, with banks added or removed to create a peer group more similar in asset size to the Corporation. Peer Group Total Shareholder Return for 2024, 2023, 2022, and 2021 for the former peer group, Newcleus Compensation Partners, was $111.87, $101.78, $97.00, $140.17, and $74.23, respectively.
       
PEO Total Compensation Amount $ 2,209,726 $ 1,241,097 $ 1,702,023 $ 1,330,999 $ 1,148,556
PEO Actually Paid Compensation Amount $ 2,264,227 1,339,544 1,514,837 1,340,988 1,270,146
Adjustment To PEO Compensation, Footnote
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.
 
 
 
   
PEO
  
Year
   
2025
     
2024
     
2023
     
2022
     
2021
  
Summary Compensation Table Total Compensation
      2,209,726      $ 1,241,097      $ 1,702,023      $ 1,330,999      $ 1,148,556  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
      310,200        287,852        400,003        225,006        200,004  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
      364,702        386,299        212,817        234,995        321,594  
Compensation Actually Paid
      2,264,227        1,339,544        1,514,837        1,340,988        1,270,146  
 
 
 
   
Non-PEO
Named Executive Officers
  
Year
   
2025
     
2024
     
2023
    
2022
(1)
     
2021
  
Summary Compensation Table Total Compensation
    $ 903,481      $ 524,318      $ 627,155     $ 419,119      $ 426,716  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
      93,060        41,760        34,503       51,826        17,475  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
      100,602        53,516        (13,584 )      36,636        27,483  
Compensation Actually Paid
      911,023        536,074        579,068       403,929        436,724  
 
(1)
 
The CAP for 2022 was materially impacted by the fact that Mr. Holt and Ms. Johnson each served as Chief Financial Officer for a partial year.
       
Non-PEO NEO Average Total Compensation Amount $ 903,481 524,318 627,155 419,119 426,716
Non-PEO NEO Average Compensation Actually Paid Amount $ 911,023 536,074 579,068 403,929 436,724
Adjustment to Non-PEO NEO Compensation Footnote
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.
 
 
 
   
PEO
  
Year
   
2025
     
2024
     
2023
     
2022
     
2021
  
Summary Compensation Table Total Compensation
      2,209,726      $ 1,241,097      $ 1,702,023      $ 1,330,999      $ 1,148,556  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
      310,200        287,852        400,003        225,006        200,004  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
      364,702        386,299        212,817        234,995        321,594  
Compensation Actually Paid
      2,264,227        1,339,544        1,514,837        1,340,988        1,270,146  
 
 
 
   
Non-PEO
Named Executive Officers
  
Year
   
2025
     
2024
     
2023
    
2022
(1)
     
2021
  
Summary Compensation Table Total Compensation
    $ 903,481      $ 524,318      $ 627,155     $ 419,119      $ 426,716  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
      93,060        41,760        34,503       51,826        17,475  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
      100,602        53,516        (13,584 )      36,636        27,483  
Compensation Actually Paid
      911,023        536,074        579,068       403,929        436,724  
 
(1)
 
The CAP for 2022 was materially impacted by the fact that Mr. Holt and Ms. Johnson each served as Chief Financial Officer for a partial year.
       
Compensation Actually Paid vs. Total Shareholder Return
The following graph illustrates the relationship between compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and the Corporation’s total shareholder return and that of our peer group:
 
 
LOGO
       
Compensation Actually Paid vs. Net Income
The following graph illustrates the relationship between the compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and net income, as well as the Corporation’s net income:
 
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
The following graph illustrates the relationship between the compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and net income, as well as the Corporation’s return on average tangible common equity:
 
 
LOGO
       
Total Shareholder Return Vs Peer Group
The following graph illustrates the relationship between compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and the Corporation’s total shareholder return and that of our peer group:
 
 
LOGO
       
Tabular List, Table
Tabular List of Performance Measures
The following table presents an unranked list of financial performance measures the Compensation Committee considers to be most important in determining the compensation of the Corporation’s named executive officers. As described in greater detail in the section titled “Compensation Discussion & Analysis” beginning on page 26 above, the Corporation’s objective in designing its compensation program is to align executive compensation with the Corporation’s long-term growth and sustained earnings objectives of the Corporation’s shareholders, while attracting, retaining and motivating highly-qualified executives, and balancing both the risks and rewards of the program. Because the Corporation’s compensation program generally seeks to incentivize long-term performance, the Compensation Committee does not specifically seek to align the Corporation’s performance measures with Compensation Actually Paid (as defined by SEC rules) for a particular year.
Performance Metrics
Net Interest Margin
Return on Average Assets
Return on Average Tangible Common Equity
Efficiency Ratio
Earnings per Share
Tangible Book Value Growth
Total Shareholder Return
 
        
Total Shareholder Return Amount $ 110.65 122.74 83.97 97.07 149.57
Peer Group Total Shareholder Return Amount 106.59 116.68 102.18 93.41 149.67
Net Income (Loss) $ 56,248,159 $ 49,437,348 $ 37,397,102 $ 54,805,501 $ 29,319,501
Company Selected Measure Amount 0.1001 0.116 0.1037 0.1454 0.1168
PEO Name Rory G. Ritrievi        
Measure:: 1          
Pay vs Performance Disclosure          
Name Net Interest Margin        
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on Average Assets        
Measure:: 3          
Pay vs Performance Disclosure          
Name Return on Average Tangible Common Equity        
Measure:: 4          
Pay vs Performance Disclosure          
Name Efficiency Ratio        
Measure:: 5          
Pay vs Performance Disclosure          
Name Earnings per Share        
Measure:: 6          
Pay vs Performance Disclosure          
Name Tangible Book Value Growth        
Measure:: 7          
Pay vs Performance Disclosure          
Name Total Shareholder Return        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (310,200) $ (287,852) $ (400,003) $ (225,006) $ (200,004)
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 364,702 386,299 212,817 234,995 321,594
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (93,060) (41,760) (34,503) (51,826) (17,475)
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 100,602 $ 53,516 $ (13,584) $ 36,636 $ 27,483
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true