Press release
Mid Penn Bancorp, Inc. Reports Second Quarter Earnings Beat and Declares 55th Consecutive 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 June 30, 2024, of $11.8 million, or $0.71 per diluted common share, compared to net income of $4.8 million, or $0.29 per diluted common share, for the second quarter of 2023 and consensus estimate of $0.60 per diluted common share.\n\n\nKey Highlights of the Second Quarter of 2024:\n\n\n\nNet income available to common shareholders increased 143.4% to $11.8 million, or $0.71 per diluted common share, for the second quarter of 2024, compared to net income of $4.8 million, or $0.29 per diluted common share, for the second quarter of 2023. Net income for the six months ended June 30, 2024, increased 48.82% to $23.9 million, or $1.44 per diluted common share, compared to $16.1 million for the six months ended June 30, 2023, or $1.00 per diluted common share.\n\n\n\n\nLoan growth for the second quarter of 2024 was $47.1 million, or 4.4% (annualized), as the Bank continued to execute on its restrained growth strategy in 2024. Total loans increased $330.1 million, or 8.18%, compared to the second quarter of 2023.\n\n\n\n\nDeposits increased $122.6 million, or 11.3% (annualized), during the second quarter of 2024, compared to $32.9 million, or 3.0% (annualized), during the first quarter of 2024. The increase was driven by a $112.1 million increase in interest bearing accounts, and a $47.7 million increase in time deposits.\n\n\n\n\nNet interest margin increased to 3.12% for the quarter ended June 30, 2024, compared to 2.97% for the first quarter of 2024. Cost of funds held steady at 2.74%, compared to 2.71% for the first quarter of 2024, as the Bank continued to experience strong core deposit growth.\n\n\n\n\nBook value per common share improved to $33.76 for the quarter ended June 30, 2024, compared to $33.26 and $31.74 for the periods ended March 31, 2024 and June 30, 2023, respectively. Tangible book value per common share improved to $25.75 for the quarter ended June 30, 2024, compared to $25.23 and $23.62 for the periods ended March 31, 2024 and June 30, 2023, respectively. (1)\n\n\n\n\nNonperforming assets decreased $5.1 million, or 33%, compared to the first quarte...