Press release
Mid Penn Bancorp, Inc. Reports Fourth Quarter and Annual Earnings and Declares Dividend
HARRISBURG, Pa., Feb. 01, 2022 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), the parent company of Mid Penn Bank (the “Bank”) and MPB
About this update from Mid Penn Bancorp
[{"type":"text","content":"HARRISBURG, Pa., Feb. 01, 2022 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), 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 year ended December 31, 2021 of $29,319,000 or $2.71 per common share basic and diluted compared to earnings of $26,209,000 or $3.11 per common share basic and $3.10 per common share diluted for the year ended December 31, 2020. Earnings for the year ended December 31, 2021 reflect a 12 percent increase over the same period in 2020. Earnings for the quarter ended December 31, 2021 were $607,000 or $0.05 per share common share basic and diluted, compared to $9,011,000 or $1.07 per common share basic and $1.06 per common share diluted for the quarter ended December 31, 2020. The results for the twelve months ended December 31, 2021 include merger and acquisition expenses of $3,067,000 resulting from Mid Penn’s acquisition of Riverview Financial Corporation (“Riverview”) which was announced on June 30, 2021 and legally closed on November 30, 2021. Additionally, during the fourth quarter of 2021, Mid Penn recognized non-recurring post-acquisition restructuring expenses totaling $9,880,000 consisting of (i) $2,292,000 related to branch closures as a result of the recently announced Retail Network Optimization Plan, and (ii) $7,588,000 of termination fees and severance costs in connection with the Riverview acquisition. Mid Penn also recognized other period costs related to the merger of $310,000. Please refer to the discussion under “Merger and Acquisition Activity” for more information on Mid Penn’s acquisition of Riverview. Tangible book value per common share, a non-GAAP measure that is regularly reported in the banking industry, favorably increased to $22.99 as of December 31, 2021, compared to $22.39 as of December 31, 2020. The GAAP measure of book value per share was $30.71 as of December 31, 2021 compared to $30.37 as of December 31, 2020. 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 these and certain other periods ended between December 31, 2020 and...