Press release
Mid Penn Bancorp, Inc. Reports Fourth Quarter Earnings and Declares Quarterly Dividend
HARRISBURG, Pa.--(BUSINESS WIRE)-- Mid Penn Bancorp, Inc. (NASDAQ: MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial
About this update from Mid Penn Bancorp
[{"type":"text","content":" HARRISBURG, Pa.--(BUSINESS WIRE)--\nMid 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 December 31, 2023, of $12.1 million, or $0.73 per diluted common share.\n\n\nKey Highlights of the Fourth Quarter of 2023:\n\n\n\nNet income available to common shareholders increased 31.0% to $12.1 million, or $0.73 per diluted common share for the fourth quarter of 2023, compared to net income of $9.2 million, or $0.56 per diluted common share for the third quarter of 2023.\n\n\n\nReturn on average assets was 0.92% and return on average equity was 8.93% for the quarter ended December 31, 2023, compared to return on average assets of 0.72% and return on average equity of 6.93% in the third quarter of 2023.\n\n\n\nLoan growth for the fourth quarter of 2023 was $107.1 million, or 10.5% (annualized), from the third quarter of 2023. Total loans increased $738.7 million compared to the prior year. Organic loan growth for the year ended December 31, 2023, was $423.6 million or 10.8% (excluding Brunswick acquisition loans of $324.5 million).\n\n\n\nTotal interest income increased 4.26% to $66.1 million for the quarter ended December 31, 2023, driven by an increase in interest income on loans of $2.5 million from the third quarter of 2023.\n\n\n\nDeposits decreased $35.4 million, or 3.2% (annualized), for the quarter ended December 31, 2023, from the third quarter of 2023, primarily driven by a decrease in interest bearing transaction accounts partially offset by an increase in time deposits. Organic deposits increased $285.3 million or 7.5% (excluding Brunswick acquisition deposits) for the year ended December 31, 2023, compared to the prior year.\n\n\n\nTotal interest expense increased 12.26% to $29.1 million for the quarter ended December 31, 2023, driven by an increase in the cost of deposits of $2.2 million from the third quarter of 2023.\n\n\n\nTotal noninterest income decreased $229.0 thousand to $5.1 million in the fourth quarter of 2023 from $5.3 million in the prior quarter.\n\n\n\nTotal noninterest expense decreased $2.4 million to $27.5 million in the fourth quarter of 2023 from $29.9 million in the prior quarter.\n\n\n\nThe Board declared a cash dividend of ...