Press release
Mid Penn Bancorp, Inc. Reports Second Quarter Earnings and Declares Dividend
HARRISBURG, Pa., July 27, 2023 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (NASDAQ: MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB
About this update from Mid Penn Bancorp
[{"type":"text","content":"HARRISBURG, Pa., July 27, 2023 (GLOBE NEWSWIRE) -- 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, 2023, of $4.8 million, or $0.29 per diluted common share. Adjusted net income excluding non-recurring expenses(1) for the second quarter 2023 was $11.1 million and adjusted earnings per share common share excluding non-recurring expenses was $0.68, which excluded $6.3 million of after-tax merger-related expenses. Key Highlights of the Second Quarter of 2023 Completed the acquisition of Brunswick Bancorp (\"Brunswick\"), which added total assets of $391.9 million comprised primarily of $324.8 million of loans. Organic deposit growth for the quarter was $126.0 million, or 13% (annualized), from the first quarter of 2023. Organic loan growth for the quarter was $98.3 million, or 10.9% (annualized), from the first quarter of 2023. Repurchased 204,379 shares of common stock at an average price of $22.41. Total accumulated other comprehensive loss was 4.5% of tangible shareholders' equity(1) at June 30, 2023. Book value per common share was $32.05 for the second quarter, compared to $32.15 for the first quarter of 2023. Tangible book value per share(1) was $23.79 at June 30, 2023, compared to $24.52, at March 31, 2023. “During the second quarter, while completing the acquisition of Brunswick Bancorp, Mid Penn achieved 13% annualized organic deposit growth and 10.9% annualized organic loan growth, demonstrating our resilience in the face of recent turbulence in the banking industry. The Brunswick acquisition added $325 million in quality loans and $283 million in core deposits while giving Mid Penn entry into the dynamic central New Jersey market. We look forward to complementing Brunswick’s talented team of bankers with the resources of a $5+ billion balance sheet to help them compete effectively in a market with very attractive demographics,” Chair, President, and CEO Rory G. Ritrievi said. Ritrievi added, “As a result of the interest rate yield curve being inverted throughout the quarter, our net interest margin remained under pressure, as is the case for most community banks that compete in the spread business. Notwithstanding the rate increase...