Press release
Mid Penn Bancorp, Inc. Reports First Quarter 2020 Earnings and Declares a Quarterly Dividend
MILLERSBURG, Pa., April 27, 2020 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), the parent company of Mid Penn Bank (the “Bank”),
About this update from Mid Penn Bancorp
[{"type":"text","content":"MILLERSBURG, Pa., April 27, 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 quarter ended March 31, 2020 of $3,818,000 or $0.45 per common share basic and diluted, compared to earnings of $4,077,000 or $0.48 per common share basic and diluted for the quarter ended March 31, 2019. Mid Penn also reported that, based upon its first quarter results for 2020, the Board of Directors, at a meeting held on April 22, 2020, declared a regular quarterly dividend per common share of $0.18 payable on May 25, 2020, to shareholders of record as of May 11, 2020. \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, favorably increased to $20.18 as of March 31, 2020, compared to $19.96 at December 31, 2019, and $18.64 as of March 31, 2019. Mid Penn’s GAAP book value per share was $28.23 at March 31, 2020, compared to $28.05 at December 31, 2019 and $26.88 as of March 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 March 31, 2020 and 2019 and certain other periods. Mid Penn also reported continued growth in total assets to $2,299,751,000 as of March 31, 2020, reflecting an increase of $68,576,000 or 3 percent compared to total assets of $2,231,175,000 as of December 31, 2019, and an increase of $151,934,000 or 7 percent compared to total assets of $2,147,817,000 as of March 31, 2019. Asset growth during the quarter ended March 31, 2020 included an increase of $21,897,000 in investment securities, and an increase in total loans outstanding of $35,393,000 since year-end, representing an 8 percent annualized loan growth rate. The asset growth was funded by $60,887,000 of deposit growth, representing an annualized deposit growth rate of 13 percent, with more than half of such growth favorably being in noninterest-bearing deposits. PRESIDENT’S STATEMENT As reflected in the accompanying information for the first quarter of 2020, Mid Pe...