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    Mid Penn Bancorp, Inc. Reports Second Quarter Earnings and Declares 59th Consecutive Quarterly Dividend

    7/23/25 5:31:00 PM ET
    $MPB
    Major Banks
    Finance
    Get the next $MPB alert in real time by email

    Mid Penn Bancorp, Inc. (NASDAQ:MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial Services, LLC, today reported net income available to common shareholders ("earnings") for the quarter ended June 30, 2025, of $4.8 million, or $0.22 per diluted common share, compared to net income of $11.8 million, or $0.71 per diluted common share, for the second quarter of 2024. Net income, excluding non-recurring income and expenses(1) for the second quarter of 2025, was $15.1 million. Adjusted earnings per common share excluding non-recurring income and expenses(1) was $0.70, exceeding the consensus analyst estimate of $0.69 per diluted common share for the second quarter of 2025. Adjustments exclude $8.7 million of after-tax merger-related expenses and $1.6 million of non-recurring compensation expenses.

    Key Highlights of the Second Quarter of 2025:

    • On April 30, 2025, Mid Penn completed the acquisition of William Penn Bancorporation ("William Penn"), which added total assets of $757.3 million, comprised primarily of $431.4 million of loans. Additionally, on May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, which provides business, home and auto insurance throughout central and southeast Pennsylvania.



    • Net income available to common shareholders decreased 59.5% to $4.8 million, or $0.22 per diluted common share, for the second quarter of 2025, compared to net income of $11.8 million, or $0.71 per diluted common share, for the second quarter of 2024. On a non-GAAP basis, net income excluding non-recurring income and expenses(1) for the quarter ended June 30, 2025, increased 33.6% to $15.1 million, or $0.70 per diluted common share, compared to $11.3 million, or $0.68 per diluted common share, for the second quarter of 2024.



    • Net interest margin increased to 3.44% for the quarter ended June 30, 2025, compared to 3.37% for the first quarter of 2025, representing a 7 basis point ("bp") increase compared to the first quarter of 2025. Cost of funds decreased to 2.44% for the quarter ended June 30, 2025, compared to 2.48% for the first quarter of 2025. Despite a higher total interest expense, cost of funds improved during the quarter, primarily due to the growth in average interest-bearing liabilities, driven in part by the addition of lower-cost deposits acquired in the William Penn acquisition. These deposits helped dilute the overall cost of funding, contributing to the improvement. The yield on loans increased to 6.15% for the quarter ended June 30, 2025, compared to 6.05% for the first quarter of 2025. Net interest margin increased to 3.44% for the quarter ended June 30, 2025, compared to 3.12% for the second quarter of 2024, representing a 32 bp increase compared to the same period in 2024.



    • Loan growth for the second quarter of 2025 was $341.7 million, or 30.5% (annualized). Total loans increased $468.3 million, or 10.7%, to $4.8 billion at June 30, 2025, compared to $4.4 billion at June 30, 2024. Excluding the William Penn acquisition loans of $431.4 million, the organic loan portfolio for the quarter ended June 30, 2025 declined $89.6 million or 2.0% from the first quarter of 2025. This decline was primarily driven by elevated payoffs as commercial real estate construction loans stabilized and obtained non-recourse permanent financing.



    • Deposits increased $717.5 million, or 60.8% (annualized), during the second quarter of 2025, compared to an increase of $42.3 million, or 3.7% (annualized), during the first quarter of 2025. This increase was driven by a $397.5 million increase in interest-bearing transaction accounts, a $68.8 million increase in noninterest-bearing accounts, and a $251.2 million increase in time deposits. Total deposits increased $952.7 million or 21.18% to $5.4 billion at June 30, 2025, compared to $4.5 billion at June 30, 2024. Organic deposit growth for the quarter ended June 30, 2025 was $96.2 million or 8.2%, annualized (excluding William Penn acquisition deposits of $621.3 million), from the first quarter of 2025.



    • The core efficiency ratio(1) improved to 62.56% in the second quarter of 2025, compared to 62.79% in the first quarter of 2025, and 63.65% in the second quarter of 2024.



    • Book value per common share declined to $33.85 as of June 30, 2025, compared to $34.50 as of March 31, 2025, and improved compared to $33.76 as of June 30, 2024. Tangible book value per common share (1) was $27.22 as of June 30, 2025, compared to $27.58 and $25.75 as of March 31, 2025 and June 30, 2024, respectively. The decline in book value primarily reflects the impact of the William Penn acquisition, including the issuance of additional common shares and the addition of acquisition related goodwill and other intangibles.



    • As a result of the foregoing, the Board of Directors declared a cash dividend of $0.20 per common share, payable August 25, 2025, to shareholders of record as of August 8, 2025.

    (1)

    Non-GAAP financial measure. Refer to the calculation in the section titled "Reconciliation of Non-GAAP Measures (Unaudited)" at the end of this document.

    Chair, President and CEO Rory G. Ritrievi provided the following statement:

    "The second quarter of 2025 for Mid Penn was virtually in line with what we expected. While our GAAP earnings were impacted by the completion of the William Penn acquisition within the quarter, excluding those one-time expenses establishes non-GAAP earnings of $0.70 per share, slightly in excess of the consensus estimate of $0.69 per share.

    Organic loan growth for the second quarter was negative by $89.6 million, or 2%, and since year end 2024, it is negative $42 million, or 1%. Throughout the first six months of 2025, we have had significant commercial real estate construction projects that reached completion and/or stabilization and, therefore, were refinanced out of a bank loan that significantly increased our natural principal runoff. At the same time, we have experienced the softest loan demand we have seen in many years. We attribute that soft demand to concerns over tariffs, interest rates, and the overall state of the economy. We are optimistic that loan pipelines will begin to improve through the rest of the year, and fully expect that we will hit the bottom end of our original loan growth target range by the end of the year.

    Organic deposit growth for the second quarter was $96 million, or 2%, and since the start of 2025, is $138 million, or almost 3%. With competition for deposits at an all-time high, I think those six-month growth numbers are solid. As with loan growth, I fully expect that we will reach the mid-point of our original target range on deposit growth by the end of the year.

    Throughout the quarter, we had improvements in net interest margin, cost of deposits, yields on loans, noninterest income and efficiency ratio, along with another solid quarter in asset quality, leading us to the consensus beat, notwithstanding the pullback in loans outstanding.

    We are encouraged by the results for the quarter while successfully completing the William Penn acquisition, and we are cautiously optimistic about what to anticipate for the remainder of 2025.

    It is our pleasure to announce that the Board has authorized its 59th consecutive quarterly dividend, a cash dividend of $0.20 per share of common stock, which was declared at its meeting on July 23, 2025, payable on August 25, 2025, to shareholders of record as of August 8, 2025."

    Net Interest Income

    For the three months ended June 30, 2025, net interest income was $48.2 million, compared to net interest income of $42.5 million for the three months ended March 31, 2025, and $38.8 million for the three months ended June 30, 2024. Interest income for the second quarter of 2025 includes $910 thousand of purchase accounting loan accretion related to the William Penn acquisition. This accretion reflects the recognition of fair value marks on acquired loans, which are accreted into interest income over the expected life of the assets. The tax-equivalent net interest margin for the three months ended June 30, 2025 was 3.44% compared to 3.37% and 3.12% for the first quarter of 2025 and second quarter of 2024, respectively, representing a 7 bp increase from the first quarter of 2025, and a 32 bp increase compared to the same period in 2024.

    The yield on interest-earning assets increased to 5.69% for the quarter ended June 30, 2025, from 5.65% for the three months ended March 31, 2025, and remained flat at 5.69% for the three months ended June 30, 2024. The increase from the first quarter of 2025 was primarily due to an increase in interest income on loans, and an increase in the average balance of Federal Funds Sold.

    For the six months ended June 30, 2025, net interest income increased 20.6% to $90.7 million compared to net interest income of $75.2 million for the same period of 2024. The increase was primarily driven by a $9.7 million increase in interest income on loans, a $2.3 million increase in Fed Funds Sold, partially offset by a $4.5 million increase in interest expense on deposits, and a $7.4 million decrease in the interest paid on short term borrowings, compared to the same period of 2024.

    Average Balances

    Average balances were significantly impacted by the William Penn acquisition given that the acquisition closed on April 30, 2025. Day one increases in loans, total assets, deposits, and total liabilities were $431.4 million, $757.3 million, $621.3 million, and $635.0 million, respectively.

    Average loans increased $265.0 million to $4.7 billion for the quarter ended June 30, 2025, compared to $4.5 billion for the quarter ended March 31, 2025, and increased $371.3 million compared to $4.4 billion for the quarter ended June 30, 2024.

    Average deposits were $5.2 billion for the second quarter of 2025, reflecting an increase of $478.0 million, or 10.2%, compared to total average deposits of $4.7 billion in the first quarter of 2025, and an increase of $708.1 million, or 15.9%, compared to total average deposits of $4.5 billion for the second quarter of 2024, primarily due to the William Penn acquisition and organic growth. The average cost of deposits was 2.41% for the second quarter of 2025, representing a 2 bp decrease and an 18 bp decrease from the first quarter of 2025 and the second quarter of 2024, respectively.

    Cost of funds decreased to 2.44%, compared to 2.48% for the first quarter of 2025. Despite a higher total interest expense, cost of funds declined during the quarter, primarily due to the growth in average interest-bearing liabilities, driven in part by the addition of lower-cost deposits acquired in the William Penn acquisition. These deposits helped dilute the overall cost of funding, contributing to the decline.

    Asset Quality

    The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was $2.3 million for the three months ended June 30, 2025, an increase of $2.0 million compared to the provision for credit losses of $301 thousand for the three months ended March 31, 2025, and a $665 thousand increase compared to the provision for credit losses of $1.6 million for the three months ended June 30, 2024. The increase in provision was primarily driven by a $2.3 million reserve established for non-PCD (Purchased Credit Deteriorated) loans acquired in the William Penn acquisition, offset by an $866 thousand decrease in reserve required for individually analyzed loans. Net charge offs for the three months ended June 30, 2025, were $811 thousand or less than 0.02% of total average loans.

    The provision for credit losses on loans was $2.6 million for the six months ended June 30, 2025, an increase of $1.4 million compared to the provision for credit losses of $1.2 million for the six months ended June 30, 2024. This increase for the six months ended June 30, 2025 was primarily due to a $2.3 million reserve on non-PCD loans acquired through the William Penn acquisition. The provision for credit losses on off-balance sheet credit exposures was $23 thousand and $3 thousand for the three and six months ended June 30, 2025, respectively. The increase was primarily driven by new participations in construction loans originated in the second quarter.

    Allowance for credit losses - loans was 0.78%, 0.80%, and 0.81% of loans, net of unearned income at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

    Total nonperforming assets were $28.0 million at June 30, 2025, compared to nonperforming assets of $25.4 million and $10.4 million at March 31, 2025 and June 30, 2024, respectively. The increase during the second quarter of 2025 primarily related to $2.6 million of non-accrual loans acquired from William Penn, partially offset by reductions to other non-accrual loans. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.58% at June 30, 2025, compared to 0.50% and 0.57% as of March 31, 2025 and June 30, 2024, respectively.

    Capital

    Shareholders' equity increased $120.7 million, or 18.4%, from $655.0 million as of December 31, 2024, to $775.7 million as of June 30, 2025. Retained earnings increased $105 thousand, or 0.1%, from $191.5 million as of March 31, 2025 to $191.6 million as of June 30, 2025. The increase was primarily due to the William Penn acquisition. Regulatory capital ratios for both Mid Penn and the Bank indicate regulatory capital levels in excess of both the regulatory minimums and the levels necessary for the Bank to be considered "well capitalized" at June 30, 2025. Additionally, Mid Penn declared $4.7 million in dividends during the second quarter of 2025.

    On April 23, 2025, Mid Penn's Board of Directors reauthorized its treasury stock repurchase program ("The Program") effective through April 30, 2026. The Program authorizes the repurchase of up to $15.0 million of Mid Penn's outstanding common stock. During the three months ended June 30, 2025, Mid Penn repurchased 48,064 shares of common stock at an average price of $28.36. No shares were repurchased in the first quarter for 2025. As of June 30, 2025, Mid Penn repurchased a total of 488,786 shares of common stock at an average price of $23.33 per share under the Program. The Program had approximately $3.6 million remaining available for repurchase as of June 30, 2025.

    Noninterest Income

    For the three months ended June 30, 2025, noninterest income totaled $6.1 million, an increase of $904 thousand, or 17.3%, compared to noninterest income of $5.2 million for the first quarter of 2025. The increase is primarily due to a $266 thousand increase in fiduciary and wealth management, a $217 thousand increase in earnings from the cash surrender value of life insurance as a result of policies assumed during the William Penn acquisition, and a $199 thousand increase in other noninterest income. The William Penn acquisition provides an opportunity for continued expansion into the Philadelphia markets, enabling the development of new wealth management and insurance customer relationships, which will help strengthen noninterest income.

    For the six months ended June 30, 2025, noninterest income totaled $11.4 million, an increase of $216 thousand, or 1.9%, compared to noninterest income of $11.2 million for the six months ended June 30, 2024. The increase in noninterest income is primarily driven by a $285 thousand increase in fiduciary and wealth management, a $215 thousand increase in mortgage banking income, and a $180 thousand increase in earnings from the cash surrender value of life insurance as a result of policies assumed during the William Penn acquisition, offset by a $512 thousand decrease in other miscellaneous noninterest income, driven by a $1.9 million decrease in Bank-owned life insurance benefits received, partially offset by a $568 thousand increase in loan level swap fees.

    Noninterest Expense

    For the three months ended June 30, 2025, noninterest expense totaled $47.8 million, an increase of $17.2 million, or 55.99%, compared to noninterest expense of $30.6 million in the first quarter of 2025.

    Merger and acquisition expenses increased $10.7 million, which includes $10.5 million of merger related expenses related to the William Penn acquisition and $164 thousand related to the Charis Insurance Group acquisition.

    Salaries and benefits increased $4.4 million for the three months ended June 30, 2025 compared to the first quarter of 2025. The increase is attributable to (i) equity-based compensation expense for stock options and restricted stock awards totaling $2.0 million that were recognized during the second quarter of 2025. (Future expected compensation expense related to these awards is approximately $753 thousand for the third quarter of 2025 and $2.2 million over the remaining vesting periods); (ii) the retail staff additions at the twelve retail locations added through the William Penn acquisition; and (iii) the retention of various William Penn team members through the completion of systems integration, which occurred on June 20, 2025.

    Software licensing and utilization costs increased $698 thousand compared to the first quarter of 2025. The increase reflects additional costs to (i) license the additional William Penn branches; and (ii) upgrades to internal systems, including network storage, cybersecurity, and data security enhancements in response to the Bank's larger size and increased IT complexity.

    For the six months ended June 30, 2025, noninterest expense totaled $78.4 million, an increase of $21.7 million, or 38.2%, compared to noninterest expense of $56.7 million for the six months ended June 30, 2024.

    Merger and acquisition expenses increased $11.3 million for the six months ended June 30, 2025, which includes $11.2 million of merger related expenses related to the William Penn acquisition and $164 thousand related to the Charis Insurance Group acquisition.

    Salaries and benefits increased $6.1 million for the six months ended June 30, 2025, compared to the same period in 2024, largely driven by the same Q2 items noted above, including $2.0 million in equity compensation, staff additions from the William Penn acquisition, and retention of key personnel through integration.

    Software licensing and utilization costs increased $1.5 million for the six months ended June 30, 2025, compared to the same period in 2024, reflecting the same Q2 drivers noted above. These include the onboarding of newly acquired William Penn branches, investments in IT infrastructure and cybersecurity.

    Occupancy expenses increased $796 thousand for the six months ended June 30, 2025, compared to the same period in 2024. The increase was driven by the facility operating costs of the additional retail locations added through the William Penn acquisition.

    The core efficiency ratio(1) was 62.6% in the second quarter of 2025, compared to 62.8% in the first quarter of 2025 and 63.7% in the second quarter of 2024. The change in the core efficiency ratio during the second quarter of 2025 compared to the first quarter of 2025 was the result of higher net interest income and higher noninterest income, partially offset by higher noninterest expense. Mid Penn continues to evaluate levels of noninterest expense for opportunities to reduce operating costs throughout the organization.

    William Penn Acquisition

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

    Each share of William Penn common stock issued and outstanding as of April 30, 2025, was converted into 0.426 shares of Mid Penn common stock. As a result of the acquisition, Mid Penn issued approximately 3,506,795 shares of Mid Penn common stock, plus up to an additional 538,447 shares of Mid Penn common stock issuable upon the exercise of former William Penn stock options, for a purchase price of $103.2 million. Mid Penn also recorded Goodwill of $6.2 million, and a core deposit intangible asset of $245 thousand as a result of this acquisition.

    Charis Insurance Group Acquisition

    On May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, which provides business, home and auto insurance throughout central and southern Pennsylvania, for a purchase price of $4.0 million at closing. Mid Penn recorded Goodwill of $1.6 million, as a result of this acquisition.

    The assets and liabilities assumed in these transactions were recorded at their estimated fair values as of the respective date of acquisition and may be adjusted for up to one year subsequent to legal closing.

    (1)

     

    Non-GAAP financial measure. Refer to the calculation in the section titled "Reconciliation of Non-GAAP Measures (Unaudited)" at the end of this document. Non-GAAP financial measure.

    Subsequent Events

    Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company's consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.

    SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

    This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn's portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank's future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn's initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the possibility that the anticipated benefits of a transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of a transaction; the ability to complete the integration of Mid Penn and its target successfully; the dilution caused by Mid Penn's issuance of additional shares of its capital stock in connection with a transaction; and other factors that may affect the future results of Mid Penn.

    For a more detailed description of these and other factors which would affect our results, please see Mid Penn's filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.

    SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):

    (Dollars in thousands, except per share data)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

    Ending Balances:

     

     

     

     

     

     

     

     

     

    Investment securities

    $

    769,211

     

     

    $

    634,044

     

     

    $

    643,352

     

     

    $

    642,291

     

     

    $

    601,683

     

    Loans, net of unearned income

     

    4,832,898

     

     

     

    4,491,167

     

     

     

    4,443,070

     

     

     

    4,431,704

     

     

     

    4,364,561

     

    Total assets

     

    6,354,543

     

     

     

    5,546,026

     

     

     

    5,470,936

     

     

     

    5,527,025

     

     

     

    5,391,749

     

    Total deposits

     

    5,449,664

     

     

     

    4,732,202

     

     

     

    4,689,927

     

     

     

    4,706,764

     

     

     

    4,497,011

     

    Shareholders' equity

     

    775,708

     

     

     

    667,933

     

     

     

    655,018

     

     

     

    573,059

     

     

     

    559,686

     

    Average Balances:

     

     

     

     

     

     

     

     

     

    Investment securities

     

    652,105

     

     

     

    639,580

     

     

     

    633,409

     

     

     

    610,586

     

     

     

    608,173

     

    Loans, net of unearned income

     

    4,724,638

     

     

     

    4,459,679

     

     

     

    4,441,436

     

     

     

    4,405,969

     

     

     

    4,353,360

     

    Total assets

     

    6,036,045

     

     

     

    5,491,763

     

     

     

    5,481,473

     

     

     

    5,470,641

     

     

     

    5,378,897

     

    Total deposits

     

    5,159,754

     

     

     

    4,681,708

     

     

     

    4,687,880

     

     

     

    4,597,686

     

     

     

    4,451,678

     

    Shareholders' equity

     

    670,491

     

     

     

    660,964

     

     

     

    623,670

     

     

     

    565,300

     

     

     

    553,675

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

    Income Statement:

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

    Net interest income

    $

    48,206

     

     

    $

    42,509

     

     

    $

    41,280

     

     

    $

    40,169

     

     

    $

    38,766

     

    Provision for credit losses (4)

     

    2,269

     

     

     

    301

     

     

     

    333

     

     

     

    516

     

     

     

    1,604

     

    Noninterest income

     

    6,143

     

     

     

    5,239

     

     

     

    6,149

     

     

     

    5,178

     

     

     

    5,329

     

    Noninterest expense

     

    47,798

     

     

     

    30,642

     

     

     

    30,913

     

     

     

    29,959

     

     

     

    28,224

     

    Income before provision for income taxes

     

    4,282

     

     

     

    16,805

     

     

     

    16,183

     

     

     

    14,872

     

     

     

    14,267

     

    (Benefit)/Provision for income taxes

     

    (480

    )

     

     

    3,063

     

     

     

    2,951

     

     

     

    2,571

     

     

     

    2,496

     

    Net income available to shareholders

     

    4,762

     

     

     

    13,742

     

     

     

    13,232

     

     

     

    12,301

     

     

     

    11,771

     

    Net income excluding non-recurring income and expenses (1)

     

    15,074

     

     

     

    13,907

     

     

     

    12,961

     

     

     

    12,383

     

     

     

    11,284

     

     

     

     

     

     

     

     

     

     

     

    Per Share:

     

     

     

     

     

     

     

     

     

    Basic earnings per common share

    $

    0.22

     

     

    $

    0.71

     

     

    $

    0.72

     

     

    $

    0.74

     

     

    $

    0.71

     

    Diluted earnings per common share

     

    0.22

     

     

     

    0.71

     

     

     

    0.72

     

     

     

    0.74

     

     

     

    0.71

     

    Cash dividends declared

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

    Book value per common share

     

    33.85

     

     

     

    34.50

     

     

     

    33.84

     

     

     

    34.48

     

     

     

    33.76

     

    Tangible book value per common share (1)

     

    27.22

     

     

     

    27.58

     

     

     

    26.90

     

     

     

    26.36

     

     

     

    25.75

     

     

     

     

     

     

     

     

     

     

     

    Asset Quality:

     

     

     

     

     

     

     

     

     

    Net charge-offs/(recoveries) to average loans (3)

     

    0.069

    %

     

     

    (0.0003

    %)

     

     

    0.037

    %

     

     

    0.031

    %

     

     

    0.002

    %

    Non-performing loans to total loans

     

    0.38

     

     

     

    0.54

     

     

     

    0.51

     

     

     

    0.39

     

     

     

    0.23

     

    Non-performing asset to total loans and other real estate

     

    0.58

     

     

     

    0.57

     

     

     

    0.51

     

     

     

    0.40

     

     

     

    0.24

     

    Non-performing asset to total assets

     

    0.44

     

     

     

    0.46

     

     

     

    0.41

     

     

     

    0.32

     

     

     

    0.19

     

    ACL on loans to total loans

     

    0.78

     

     

     

    0.80

     

     

     

    0.80

     

     

     

    0.80

     

     

     

    0.81

     

    ACL on loans to nonperforming loans

     

    206.49

     

     

     

    149.05

     

     

     

    157.07

     

     

     

    204.61

     

     

     

    352.92

     

     

     

     

     

     

     

     

     

     

     

    Profitability:

     

     

     

     

     

     

     

     

     

    Return on average assets (3)

     

    0.32

    %

     

     

    1.01

    %

     

     

    0.96

    %

     

     

    0.89

    %

     

     

    0.88

    %

    Return on average equity (3)

     

    2.85

     

     

     

    8.43

     

     

     

    8.44

     

     

     

    8.66

     

     

     

    8.55

     

    Return on average tangible common equity (1) (3)

     

    4.05

     

     

     

    10.84

     

     

     

    11.07

     

     

     

    11.69

     

     

     

    11.57

     

    Tax-equivalent net interest margin

     

    3.44

     

     

     

    3.37

     

     

     

    3.21

     

     

     

    3.13

     

     

     

    3.12

     

    Core Efficiency ratio (1)

     

    62.56

     

     

     

    62.79

     

     

     

    63.94

     

     

     

    64.89

     

     

     

    63.65

     

     

     

     

     

     

     

     

     

     

     

    Capital Ratios:

     

     

     

     

     

     

     

     

     

    Tier 1 Capital (to Average Assets) (2)

     

    10.6

    %

     

     

    10.2

    %

     

     

    10.0

    %

     

     

    8.4

    %

     

     

    8.4

    %

    Common Tier 1 Capital (to Risk Weighted Assets) (2)

     

    12.0

     

     

     

    12.0

     

     

     

    12.1

     

     

     

    10.1

     

     

     

    9.9

     

    Tier 1 Capital (to Risk Weighted Assets) (2)

     

    12.0

     

     

     

    12.0

     

     

     

    12.1

     

     

     

    10.1

     

     

     

    9.9

     

    Total Capital (to Risk Weighted Assets) (2)

     

    13.3

     

     

     

    13.8

     

     

     

    14.0

     

     

     

    11.9

     

     

     

    11.8

     

    (1)

    Non-GAAP financial measure. Refer to the calculation in the section titled "Reconciliation of Non-GAAP Measures (Unaudited)" at the end of this document.

    (2)

    Regulatory capital ratios as of June 30, 2025 are preliminary and prior periods are actual.

    (3)

    Annualized ratio

    (4)

    Includes $2.3 million related to non-PCD loans acquired in the William Penn transaction

    CONSOLIDATED BALANCE SHEETS (Unaudited):

    (In thousands, except share data)

    Jun. 30, 2025

     

    Mar. 31, 2025

     

    Dec. 31, 2024

     

    Sep. 30, 2024

     

    Jun. 30, 2024

    ASSETS

     

     

     

     

     

     

     

     

     

    Cash and due from banks

    $

    52,671

     

     

    $

    47,688

     

     

    $

    37,002

     

     

    $

    57,518

     

     

    $

    36,948

     

    Interest-bearing balances with other financial institutions

     

    22,828

     

     

     

    16,880

     

     

     

    14,490

     

     

     

    19,323

     

     

     

    25,585

     

    Federal funds sold

     

    261,353

     

     

     

    42,686

     

     

     

    19,072

     

     

     

    67,554

     

     

     

    43,193

     

    Total cash and cash equivalents

     

    336,852

     

     

     

    107,254

     

     

     

    70,564

     

     

     

    144,395

     

     

     

    105,726

     

    Investment Securities:

     

     

     

     

     

     

     

     

     

    Held to maturity, at amortized cost

     

    364,029

     

     

     

    375,115

     

     

     

    382,447

     

     

     

    386,618

     

     

     

    393,320

     

    Available for sale, at fair value

     

    404,745

     

     

     

    258,493

     

     

     

    260,477

     

     

     

    255,227

     

     

     

    207,936

     

    Equity securities available for sale, at fair value

     

    437

     

     

     

    436

     

     

     

    428

     

     

     

    446

     

     

     

    427

     

    Loans held for sale

     

    6,101

     

     

     

    6,851

     

     

     

    7,064

     

     

     

    7,919

     

     

     

    8,420

     

    Loans, net of unearned income

     

    4,832,898

     

     

     

    4,491,167

     

     

     

    4,443,070

     

     

     

    4,431,704

     

     

     

    4,364,561

     

    Less: Allowance for credit losses (1)

     

    (37,615

    )

     

     

    (35,838

    )

     

     

    (35,514

    )

     

     

    (35,562

    )

     

     

    (35,288

    )

    Net loans

     

    4,795,283

     

     

     

    4,455,329

     

     

     

    4,407,556

     

     

     

    4,396,142

     

     

     

    4,329,273

     

     

     

     

     

     

     

     

     

     

     

    Premises and equipment, net

     

    47,732

     

     

     

    40,328

     

     

     

    38,806

     

     

     

    33,765

     

     

     

    34,344

     

    Operating lease right of use asset

     

    15,026

     

     

     

    9,402

     

     

     

    7,699

     

     

     

    7,390

     

     

     

    7,925

     

    Finance lease right of use asset

     

    2,458

     

     

     

    2,503

     

     

     

    2,548

     

     

     

    2,593

     

     

     

    2,638

     

    Cash surrender value of life insurance

     

    94,770

     

     

     

    51,351

     

     

     

    51,521

     

     

     

    53,135

     

     

     

    53,298

     

    Restricted investment in bank stocks

     

    7,110

     

     

     

    6,660

     

     

     

    7,461

     

     

     

    10,589

     

     

     

    13,930

     

    Accrued interest receivable

     

    28,546

     

     

     

    27,263

     

     

     

    26,846

     

     

     

    27,286

     

     

     

    27,381

     

    Deferred income taxes

     

    35,333

     

     

     

    21,800

     

     

     

    22,747

     

     

     

    23,197

     

     

     

    24,520

     

    Goodwill

     

    135,473

     

     

     

    128,160

     

     

     

    128,160

     

     

     

    128,160

     

     

     

    127,031

     

    Core deposit and other intangibles, net

     

    16,531

     

     

     

    5,814

     

     

     

    6,242

     

     

     

    6,713

     

     

     

    5,626

     

    Foreclosed assets held for sale

     

    9,816

     

     

     

    1,402

     

     

     

    44

     

     

     

    281

     

     

     

    441

     

    Other assets

     

    54,301

     

     

     

    47,865

     

     

     

    50,326

     

     

     

    43,169

     

     

     

    49,513

     

    Total Assets

    $

    6,354,543

     

     

    $

    5,546,026

     

     

    $

    5,470,936

     

     

    $

    5,527,025

     

     

    $

    5,391,749

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES & SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

    Noninterest-bearing demand

    $

    857,072

     

     

    $

    788,316

     

     

    $

    759,169

     

     

    $

    791,980

     

     

    $

    766,014

     

    Interest-bearing transaction accounts

     

    2,772,739

     

     

     

    2,375,205

     

     

     

    2,319,753

     

     

     

    2,288,783

     

     

     

    2,194,948

     

    Time

     

    1,819,853

     

     

     

    1,568,681

     

     

     

    1,611,005

     

     

     

    1,626,001

     

     

     

    1,536,049

     

    Total Deposits

     

    5,449,664

     

     

     

    4,732,202

     

     

     

    4,689,927

     

     

     

    4,706,764

     

     

     

    4,497,011

     

     

     

     

     

     

     

     

     

     

     

    Short-term borrowings

     

    —

     

     

     

    25,000

     

     

     

    2,000

     

     

     

    114,097

     

     

     

    200,000

     

    Long-term debt

     

    23,374

     

     

     

    23,489

     

     

     

    23,603

     

     

     

    23,716

     

     

     

    23,827

     

    Subordinated debt and trust preferred securities

     

    37,303

     

     

     

    45,587

     

     

     

    45,741

     

     

     

    45,894

     

     

     

    46,047

     

    Operating lease liability

     

    15,342

     

     

     

    9,765

     

     

     

    8,092

     

     

     

    7,778

     

     

     

    8,344

     

    Accrued interest payable

     

    13,421

     

     

     

    12,900

     

     

     

    13,484

     

     

     

    18,995

     

     

     

    18,139

     

    Other liabilities

     

    39,731

     

     

     

    29,150

     

     

     

    33,071

     

     

     

    36,722

     

     

     

    38,695

     

    Total Liabilities

     

    5,578,835

     

     

     

    4,878,093

     

     

     

    4,815,918

     

     

     

    4,953,966

     

     

     

    4,832,063

     

     

     

     

     

     

     

     

     

     

     

    Shareholders' Equity:

     

     

     

     

     

     

     

     

     

    Common stock, par value $1.00 per share; 40.0 million shares authorized

     

    23,419

     

     

     

    19,803

     

     

     

    19,797

     

     

     

    17,061

     

     

     

    17,051

     

    Additional paid-in capital

     

    584,291

     

     

     

    480,866

     

     

     

    480,491

     

     

     

    406,922

     

     

     

    406,544

     

    Retained earnings

     

    191,574

     

     

     

    191,469

     

     

     

    181,597

     

     

     

    172,234

     

     

     

    163,256

     

    Accumulated other comprehensive loss

     

    (11,756

    )

     

     

    (14,163

    )

     

     

    (16,825

    )

     

     

    (13,116

    )

     

     

    (17,123

    )

    Treasury stock

     

    (11,820

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

    Total Shareholders' Equity

     

    775,708

     

     

     

    667,933

     

     

     

    655,018

     

     

     

    573,059

     

     

     

    559,686

     

    Total Liabilities and Shareholders' Equity

    $

    6,354,543

     

     

    $

    5,546,026

     

     

    $

    5,470,936

     

     

    $

    5,527,025

     

     

    $

    5,391,749

     

    (1)

     

    Includes $2.3 million related to non-PCD loans acquired in the William Penn transaction

    CONSOLIDATED STATEMENTS OF INCOME (Unaudited):

     

    Three Months Ended

    (Dollars in thousands, except per share data)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

    INTEREST INCOME

     

     

     

     

     

     

     

     

     

    Loans, including fees

    $

    72,469

     

     

    $

    66,537

     

     

    $

    68,110

     

    $

    68,080

     

     

    $

    66,096

    Investment securities:

     

     

     

     

     

     

     

     

     

    Taxable

     

    4,637

     

     

     

    4,460

     

     

     

    4,223

     

     

    4,136

     

     

     

    4,143

    Tax-exempt

     

    344

     

     

     

    348

     

     

     

    358

     

     

    359

     

     

     

    371

    Other interest-bearing balances

     

    142

     

     

     

    138

     

     

     

    154

     

     

    223

     

     

     

    347

    Federal funds sold

     

    2,428

     

     

     

    261

     

     

     

    467

     

     

    1,043

     

     

     

    282

    Total Interest Income

     

    80,020

     

     

     

    71,744

     

     

     

    73,312

     

     

    73,841

     

     

     

    71,239

    INTEREST EXPENSE

     

     

     

     

     

     

     

     

     

    Deposits

     

    30,981

     

     

     

    28,264

     

     

     

    30,836

     

     

    30,689

     

     

     

    28,463

    Short-term borrowings

     

    86

     

     

     

    290

     

     

     

    509

     

     

    2,296

     

     

     

    3,324

    Long-term and subordinated debt

     

    747

     

     

     

    681

     

     

     

    687

     

     

    687

     

     

     

    686

    Total Interest Expense

     

    31,814

     

     

     

    29,235

     

     

     

    32,032

     

     

    33,672

     

     

     

    32,473

    Net Interest Income

     

    48,206

     

     

     

    42,509

     

     

     

    41,280

     

     

    40,169

     

     

     

    38,766

    Net provision for credit losses (1)

     

    2,269

     

     

     

    301

     

     

     

    333

     

     

    516

     

     

     

    1,604

    Net Interest Income After Provision for Credit Losses

     

    45,937

     

     

     

    42,208

     

     

     

    40,947

     

     

    39,653

     

     

     

    37,162

    NONINTEREST INCOME

     

     

     

     

     

     

     

     

     

    Fiduciary and wealth management

     

    1,406

     

     

     

    1,140

     

     

     

    1,215

     

     

    1,204

     

     

     

    1,129

    ATM debit card interchange

     

    958

     

     

     

    919

     

     

     

    971

     

     

    962

     

     

     

    973

    Service charges on deposits

     

    652

     

     

     

    562

     

     

     

    579

     

     

    549

     

     

     

    539

    Mortgage banking

     

    676

     

     

     

    591

     

     

     

    656

     

     

    768

     

     

     

    628

    Mortgage hedging

     

    (7

    )

     

     

    (9

    )

     

     

    11

     

     

    (1

    )

     

     

    —

    Net gain on sales of SBA loans

     

    63

     

     

     

    57

     

     

     

    15

     

     

    151

     

     

     

    74

    Earnings from cash surrender value of life insurance

     

    491

     

     

     

    274

     

     

     

    280

     

     

    276

     

     

     

    301

    Other

     

    1,904

     

     

     

    1,705

     

     

     

    2,422

     

     

    1,269

     

     

     

    1,685

    Total Noninterest Income

     

    6,143

     

     

     

    5,239

     

     

     

    6,149

     

     

    5,178

     

     

     

    5,329

    NONINTEREST EXPENSE

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

    20,753

     

     

     

    16,309

     

     

     

    16,947

     

     

    16,156

     

     

     

    15,533

    Software licensing and utilization

     

    3,272

     

     

     

    2,574

     

     

     

    2,606

     

     

    2,366

     

     

     

    2,208

    Occupancy, net

     

    2,365

     

     

     

    2,274

     

     

     

    1,913

     

     

    1,815

     

     

     

    1,861

    Equipment

     

    1,248

     

     

     

    1,094

     

     

     

    1,213

     

     

    1,206

     

     

     

    1,287

    Shares tax

     

    606

     

     

     

    919

     

     

     

    405

     

     

    824

     

     

     

    124

    Legal and professional fees

     

    993

     

     

     

    826

     

     

     

    1,006

     

     

    1,613

     

     

     

    689

    ATM/card processing

     

    621

     

     

     

    733

     

     

     

    634

     

     

    606

     

     

     

    510

    Intangible amortization

     

    744

     

     

     

    428

     

     

     

    471

     

     

    460

     

     

     

    425

    FDIC Assessment

     

    994

     

     

     

    990

     

     

     

    843

     

     

    1,150

     

     

     

    1,232

    (Gain)/Loss on sale or write-down of foreclosed assets, net

     

    —

     

     

     

    (28

    )

     

     

    73

     

     

    (35

    )

     

     

    42

    Merger and acquisition

     

    11,011

     

     

     

    314

     

     

     

    436

     

     

    109

     

     

     

    —

    Other

     

    5,191

     

     

     

    4,209

     

     

     

    4,366

     

     

    3,689

     

     

     

    4,313

    Total Noninterest Expense

     

    47,798

     

     

     

    30,642

     

     

     

    30,913

     

     

    29,959

     

     

     

    28,224

    INCOME BEFORE PROVISION FOR INCOME TAXES

     

    4,282

     

     

     

    16,805

     

     

     

    16,183

     

     

    14,872

     

     

     

    14,267

    (Benefit)/Provision for income taxes

     

    (480

    )

     

     

    3,063

     

     

     

    2,951

     

     

    2,571

     

     

     

    2,496

    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

    $

    4,762

     

     

    $

    13,742

     

     

    $

    13,232

     

    $

    12,301

     

     

    $

    11,771

     

     

     

     

     

     

     

     

     

     

    PER COMMON SHARE DATA:

     

     

     

     

     

     

     

     

     

    Basic Earnings Per Common Share

    $

    0.22

     

     

    $

    0.71

     

     

    $

    0.72

     

    $

    0.74

     

     

    $

    0.71

    Diluted Earnings Per Common Share

     

    0.22

     

     

     

    0.71

     

     

     

    0.72

     

     

    0.74

     

     

     

    0.71

    Cash Dividends Declared

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

    0.20

     

     

     

    0.20

    (1)

    Includes $2.3 million related to non-PCD loans acquired in the William Penn transaction

    CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):

     

    Average Balances, Income and Interest Rates on a Taxable Equivalent Basis

     

    For the Three Months Ended

     

    June 30, 2025

     

    March 31, 2025

     

    June 30, 2024

    (Dollars in thousands)

    Average Balance

     

    Interest

     

    Yield/

    Rate(2)

     

    Average Balance

     

    Interest

     

    Yield/

    Rate(2)

     

    Average Balance

     

    Interest

     

    Yield/

    Rate(2)

    ASSETS:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest Bearing Balances

    $

    23,271

     

    $

    142

     

    2.45

    %

     

    $

    20,794

     

    $

    138

     

    2.69

    %

     

    $

    35,618

     

    $

    347

     

    3.92

    %

    Investment Securities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Taxable

     

    584,919

     

     

    4,570

     

    3.13

     

     

     

    569,800

     

     

    4,309

     

    3.07

     

     

     

    533,748

     

     

    3,701

     

    2.79

     

    Tax-Exempt

     

    67,186

     

     

    344

     

    2.05

     

     

     

    69,780

     

     

    348

     

    2.02

     

     

     

    74,425

     

     

    371

     

    2.00

     

    Total Securities

     

    652,105

     

     

    4,914

     

    3.02

     

     

     

    639,580

     

     

    4,657

     

    2.95

     

     

     

    608,173

     

     

    4,072

     

    2.69

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Federal Funds Sold

     

    236,037

     

     

    2,428

     

    4.13

     

     

     

    23,754

     

     

    261

     

    4.46

     

     

     

    19,432

     

     

    282

     

    5.84

     

    Loans, Net of Unearned Income

     

    4,724,638

     

     

    72,469

     

    6.15

     

     

     

    4,459,679

     

     

    66,537

     

    6.05

     

     

     

    4,353,360

     

     

    66,096

     

    6.11

     

    Restricted Investment in Bank Stocks

     

    6,945

     

     

    67

     

    3.87

     

     

     

    7,101

     

     

    151

     

    8.62

     

     

     

    16,066

     

     

    442

     

    11.07

     

    Total Earning Assets

     

    5,642,996

     

     

    80,020

     

    5.69

     

     

     

    5,150,908

     

     

    71,744

     

    5.65

     

     

     

    5,032,649

     

     

    71,239

     

    5.69

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and Due from Banks

     

    50,376

     

     

     

     

     

     

    39,916

     

     

     

     

     

     

    39,053

     

     

     

     

    Other Assets

     

    342,673

     

     

     

     

     

     

    300,939

     

     

     

     

     

     

    307,195

     

     

     

     

    Total Assets

    $

    6,036,045

     

     

     

     

     

    $

    5,491,763

     

     

     

     

     

    $

    5,378,897

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES & SHAREHOLDERS' EQUITY:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing Demand

    $

    1,123,130

     

    $

    4,954

     

    1.77

    %

     

    $

    1,051,325

     

    $

    4,681

     

    1.81

    %

     

    $

    972,852

     

    $

    4,477

     

    1.85

    %

    Money Market

     

    1,179,756

     

     

    8,350

     

    2.84

     

     

     

    1,024,669

     

     

    6,941

     

    2.75

     

     

     

    908,807

     

     

    6,632

     

    2.94

     

    Savings

     

    307,634

     

     

    70

     

    0.09

     

     

     

    260,965

     

     

    54

     

    0.08

     

     

     

    281,560

     

     

    52

     

    0.07

     

    Time

     

    1,735,427

     

     

    17,607

     

    4.07

     

     

     

    1,591,769

     

     

    16,588

     

    4.23

     

     

     

    1,510,079

     

     

    17,302

     

    4.61

     

    Total Interest-bearing Deposits

     

    4,345,947

     

     

    30,981

     

    2.86

     

     

     

    3,928,728

     

     

    28,264

     

    2.92

     

     

     

    3,673,298

     

     

    28,463

     

    3.12

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Short term borrowings

     

    7,418

     

     

    86

     

    4.65

     

     

     

    24,892

     

     

    290

     

    4.72

     

     

     

    241,713

     

     

    3,324

     

    5.53

     

    Long-term debt

     

    23,417

     

     

    252

     

    4.32

     

     

     

    23,533

     

     

    257

     

    4.43

     

     

     

    23,870

     

     

    262

     

    4.41

     

    Subordinated debt and trust preferred securities

     

    45,264

     

     

    495

     

    4.39

     

     

     

    45,662

     

     

    424

     

    3.77

     

     

     

    46,122

     

     

    424

     

    3.70

     

    Total Interest-bearing Liabilities

     

    4,422,046

     

     

    31,814

     

    2.89

     

     

     

    4,022,815

     

     

    29,235

     

    2.95

     

     

     

    3,985,003

     

     

    32,473

     

    3.28

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Noninterest-bearing Demand

     

    813,807

     

     

     

     

     

     

    752,980

     

     

     

     

     

     

    778,380

     

     

     

     

    Other Liabilities

     

    129,701

     

     

     

     

     

     

    55,004

     

     

     

     

     

     

    61,839

     

     

     

     

    Shareholders' Equity

     

    670,491

     

     

     

     

     

     

    660,964

     

     

     

     

     

     

    553,675

     

     

     

     

    Total Liabilities & Shareholders' Equity

    $

    6,036,045

     

     

     

     

     

    $

    5,491,763

     

     

     

     

     

    $

    5,378,897

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Interest Income

     

     

    $

    48,206

     

     

     

     

     

    $

    42,509

     

     

     

     

     

    $

    38,766

     

     

    Taxable Equivalent Adjustment (1)

     

     

     

    245

     

     

     

     

     

     

    242

     

     

     

     

     

     

    253

     

     

    Net Interest Income (taxable equivalent basis)

     

     

    $

    48,451

     

     

     

     

     

    $

    42,751

     

     

     

     

     

    $

    39,019

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Yield on Earning Assets

     

     

     

     

    5.69

    %

     

     

     

     

     

    5.65

    %

     

     

     

     

     

    5.69

    %

    Cost of funds

     

     

     

     

    2.44

    %

     

     

     

     

     

    2.48

    %

     

     

     

     

     

    2.74

    %

    Rate on Supporting Liabilities

     

     

     

     

    2.89

     

     

     

     

     

     

    2.95

     

     

     

     

     

     

    3.28

     

    Average Interest Spread

     

     

     

     

    2.80

     

     

     

     

     

     

    2.70

     

     

     

     

     

     

    2.42

     

    Tax-Equivalent Net Interest Margin

     

     

     

     

    3.44

     

     

     

     

     

     

    3.37

     

     

     

     

     

     

    3.12

     

    (1)

    Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowance.

    (2)

    Annualized ratios

    ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):

    (Dollars in thousands)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

    Allowance for Credit Losses on Loans:

     

     

     

     

     

     

     

     

     

    Beginning balance

    $

    35,838

     

     

    $

    35,514

     

     

    $

    35,562

     

     

    $

    35,288

     

     

    $

    33,524

     

     

     

     

     

     

     

     

     

     

     

    Purchase credit deteriorated loans

     

    343

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

     

     

     

     

     

     

     

    Loans Charged off

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    (691

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Commercial and industrial

     

    (203

    )

     

     

    —

     

     

     

    (407

    )

     

     

    (356

    )

     

     

    (56

    )

    Construction

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Residential mortgage

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2

    )

    Consumer

     

    (15

    )

     

     

    (15

    )

     

     

    (18

    )

     

     

    (8

    )

     

     

    (4

    )

    Total loans charged off

     

    (909

    )

     

     

    (15

    )

     

     

    (425

    )

     

     

    (364

    )

     

     

    (62

    )

    Recoveries of loans previously charged off

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    1

     

     

     

    1

     

     

     

    2

     

     

     

    —

     

     

     

    4

     

    Commercial and industrial

     

    3

     

     

     

    6

     

     

     

    1

     

     

     

    —

     

     

     

    —

     

    Construction

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Residential mortgage

     

    83

     

     

     

    2

     

     

     

    7

     

     

     

    2

     

     

     

    29

     

    Consumer

     

    11

     

     

     

    9

     

     

     

    7

     

     

     

    15

     

     

     

    11

     

    Total recoveries

     

    98

     

     

     

    18

     

     

     

    17

     

     

     

    17

     

     

     

    44

     

    Balance before provision

     

    35,370

     

     

     

    35,517

     

     

     

    35,154

     

     

     

    34,941

     

     

     

    33,506

     

    Provision for credit losses - loans (1)

     

    2,245

     

     

     

    321

     

     

     

    360

     

     

     

    621

     

     

     

    1,782

     

    Balance, end of quarter

    $

    37,615

     

     

    $

    35,838

     

     

    $

    35,514

     

     

    $

    35,562

     

     

    $

    35,288

     

     

     

     

     

     

     

     

     

     

     

    Nonperforming Assets

     

     

     

     

     

     

     

     

     

    Total nonaccrual loans

    $

    18,216

     

     

    $

    24,045

     

     

    $

    22,610

     

     

    $

    17,380

     

     

    $

    9,999

     

     

     

     

     

     

     

     

     

     

     

    Foreclosed real estate

     

    9,816

     

     

     

    1,402

     

     

     

    44

     

     

     

    281

     

     

     

    441

     

    Total nonperforming assets

     

    28,032

     

     

     

    25,447

     

     

     

    22,654

     

     

     

    17,661

     

     

     

    10,440

     

     

     

     

     

     

     

     

     

     

     

    Accruing loans 90 days or more past due

     

    —

     

     

     

    3

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

    Total risk elements

    $

    28,032

     

     

    $

    25,450

     

     

    $

    22,654

     

     

    $

    17,662

     

     

    $

    10,440

     

    (1)

    Includes $2.3 million related to non-PCD loans acquired in the William Penn transaction

    RECONCILIATION OF NON-GAAP MEASURES (Unaudited)

    Explanatory note: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Mid Penn's management uses these non-GAAP financial measures in their analysis of Mid Penn's performance. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is book value. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing tangible book value. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances or non-deductible portions of the non-GAAP adjustments. Adjusted earnings per common share excludes from income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, net of income taxes. For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. The core efficiency ratio is often used by management to measure its noninterest expense as a percentage of its revenue. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Mid Penn's results and financial condition as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding Mid Penn's ongoing operating results. This supplemental presentation should not be construed as an inference that Mid Penn's future results will be unaffected by similar adjustments to be determined in accordance with GAAP. The reconciliation of the non-GAAP to comparable GAAP financial measures can be found in the tables below.

    Tangible Book Value Per Common Share

    (Dollars in thousands, except per share data)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

     

     

     

     

     

     

     

     

     

    Shareholders' Equity

    $

    775,708

     

    $

    667,933

     

    $

    655,018

     

    $

    573,059

     

    $

    559,686

    Less: Goodwill

     

    135,473

     

     

    128,160

     

     

    128,160

     

     

    128,160

     

     

    127,031

    Less: Core Deposit and Other Intangibles

     

    16,531

     

     

    5,814

     

     

    6,242

     

     

    6,713

     

     

    5,626

    Tangible Equity

    $

    623,704

     

    $

    533,959

     

    $

    520,616

     

    $

    438,186

     

    $

    427,029

     

     

     

     

     

     

     

     

     

     

    Common Shares Outstanding

     

    22,915,194

     

     

    19,362,094

     

     

    19,355,797

     

     

    16,620,174

     

     

    16,580,595

     

     

     

     

     

     

     

     

     

     

    Tangible Book Value per Share

    $

    27.22

     

    $

    27.58

     

    $

    26.90

     

    $

    26.36

     

    $

    25.75

    Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses

     

    Three Months Ended

    (Dollars in thousands, except per share data)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

     

     

     

     

     

     

     

     

     

    Net Income Available to Common Shareholders

    $

    4,762

     

    $

    13,742

     

    $

    13,232

     

    $

    12,301

     

    $

    11,771

    Less: BOLI Death Benefit Income

     

    1

     

     

    83

     

     

    615

     

     

    4

     

     

    487

    Plus: Merger and Acquisition Expenses

     

    11,011

     

     

    314

     

     

    436

     

     

    109

     

     

    —

    Plus: Compensation expense for accelerated vesting of stock options and restricted stock awards

     

    2,043

     

     

    —

     

     

    —

     

     

    —

     

     

    —

    Less: Tax Effect of Non-Recurring Expenses

     

    2,741

     

     

    66

     

     

    92

     

     

    23

     

     

    —

    Net Income Excluding Non-Recurring Income and Expenses

    $

    15,074

     

    $

    13,907

     

    $

    12,961

     

    $

    12,383

     

    $

    11,284

     

     

     

     

     

     

     

     

     

     

    Weighted Average Shares Outstanding

     

    21,566,617

     

     

    19,355,867

     

     

    18,338,224

     

     

    16,612,657

     

     

    16,576,283

     

     

     

     

     

     

     

     

     

     

    Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses

    $

    0.70

     

    $

    0.72

     

    $

    0.71

     

    $

    0.75

     

    $

    0.68

    Return on Average Tangible Common Equity

     

    Three Months Ended

    (Dollars in thousands)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

     

     

     

     

     

     

     

     

     

    Net income available to common shareholders

    $

    4,762

     

     

    $

    13,742

     

     

    $

    13,232

     

     

    $

    12,301

     

     

    $

    11,771

     

    Plus: Intangible amortization, net of tax

     

    588

     

     

     

    338

     

     

     

    372

     

     

     

    363

     

     

     

    336

     

     

     

    5,350

     

     

     

    14,080

     

     

     

    13,604

     

     

     

    12,664

     

     

     

    12,107

     

     

     

     

     

     

     

     

     

     

     

    Average shareholders' equity

     

    670,491

     

     

     

    660,964

     

     

     

    623,670

     

     

     

    565,300

     

     

     

    553,675

     

    Less: Average goodwill

     

    130,824

     

     

     

    128,160

     

     

     

    128,160

     

     

     

    127,773

     

     

     

    127,031

     

    Less: Average core deposit and other intangibles

     

    9,824

     

     

     

    6,023

     

     

     

    6,468

     

     

     

    6,424

     

     

     

    5,833

     

    Average tangible shareholders' equity

    $

    529,843

     

     

    $

    526,781

     

     

    $

    489,042

     

     

    $

    431,103

     

     

    $

    420,811

     

     

     

     

     

     

     

     

     

     

     

    Return on average tangible common equity(1)

     

    4.05

    %

     

     

    10.84

    %

     

     

    11.07

    %

     

     

    11.69

    %

     

     

    11.57

    %

    (1)

    Annualized ratio

    Core Efficiency Ratio

     

    Three Months Ended

    (Dollars in thousands)

    Jun. 30,

    2025

     

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30, 2024

     

    Jun. 30,

    2024

     

     

     

     

     

     

     

     

     

     

    Noninterest expense

    $

    47,798

     

     

    $

    30,642

     

     

    $

    30,913

     

     

    $

    29,959

     

     

    $

    28,224

     

    Less: Merger and acquisition expenses

     

    11,011

     

     

     

    314

     

     

     

    436

     

     

     

    109

     

     

     

    —

     

    Less: Compensation expense for accelerated vesting of stock options and restricted stock awards

     

    2,043

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Less: Intangible amortization

     

    744

     

     

     

    428

     

     

     

    471

     

     

     

    460

     

     

     

    425

     

    Less: (Gain) Loss on sale or write-down of foreclosed assets, net

     

    —

     

     

     

    (28

    )

     

     

    73

     

     

     

    (35

    )

     

     

    42

     

    Efficiency ratio numerator

     

    34,000

     

     

     

    29,928

     

     

     

    29,933

     

     

     

    29,425

     

     

     

    27,757

     

     

     

     

     

     

     

     

     

     

     

    Net interest income

     

    48,206

     

     

     

    42,509

     

     

     

    41,280

     

     

     

    40,169

     

     

     

    38,766

     

    Noninterest income

     

    6,143

     

     

     

    5,239

     

     

     

    6,149

     

     

     

    5,178

     

     

     

    5,329

     

    Less: BOLI Death Benefit

     

    1

     

     

     

    83

     

     

     

    615

     

     

     

    4

     

     

     

    487

     

    Efficiency ratio denominator

    $

    54,348

     

     

    $

    47,665

     

     

    $

    46,814

     

     

    $

    45,343

     

     

    $

    43,608

     

     

     

     

     

     

     

     

     

     

     

    Core efficiency ratio

     

    62.56

    %

     

     

    62.79

    %

     

     

    63.94

    %

     

     

    64.89

    %

     

     

    63.65

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250723301309/en/

    Mid Penn Bancorp, Inc.

    1-866-642-7736

    Rory G. Ritrievi

    Chair, President & Chief Executive Officer

    Justin T. Webb

    Chief Financial Officer

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