Press release
Mid Penn Bancorp, Inc. Reports 2019 Annual Earnings and Declares Both a Quarterly and Annual Dividend
MILLERSBURG, Pa., Jan. 28, 2020 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), the parent company of Mid Penn Bank (the “Bank”), today
About this update from Mid Penn Bancorp
[{"type":"text","content":"MILLERSBURG, Pa., Jan. 28, 2020 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), the parent company of Mid Penn Bank (the “Bank”), today reported net income to common shareholders (earnings) for the year ended December 31, 2019 of $17,701,000 or $2.09 per common share basic and diluted, compared to earnings of $10,494,000 or $1.49 per common share basic and diluted for the year ended December 31, 2018. The results for the year ended December 31, 2018 included $4,790,000 of merger and acquisition expenses resulting from both (i) Mid Penn’s acquisition of First Priority Financial Corp. (“First Priority”) on July 31, 2018, and (ii) Mid Penn’s acquisition of The Scottdale Bank & Trust Company (“Scottdale”) on January 8, 2018. Adjusted earnings for the year ended December 31, 2018, when excluding the after-tax impact of the merger and acquisition expenses (with such adjusted earnings being a non-GAAP measure), were $14,472,000 or $2.05 per share basic and diluted. No merger and acquisition expenses were recorded during the year ended December 31, 2019. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Measures (Unaudited)” for a discussion of our use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended December 31, 2019 and 2018 and certain other periods. Earnings for the quarter ended December 31, 2019 were $4,408,000 or $0.52 per common share basic and diluted, compared to earnings of $4,585,000 or $0.54 per common share basic and diluted for the quarter ended December 31, 2018. No merger and acquisition expenses were incurred in the fourth quarters of 2018 or 2019.\n Tangible book value per common share, a non-GAAP measure that is regularly reported in the banking industry and the most directly comparable non-GAAP measure to book value per share, was $19.96 as of December 31, 2019, an increase of over 10 percent compared to tangible book value per common share of $18.10 as of December 31, 2018. Mid Penn’s GAAP book value per share was $28.05 at December 31, 2019, an increase of over 6 percent compared to GAAP book value per share of $26.38 as of December 31, 2018. Mid Penn also reported continued growth in total assets to $2,231,175,000 as of December 31, 2019, reflecting an in...