Mid Penn Bancorp · NASDAQ:MPB
Mid Penn Bancorp — Shareholder Meeting (August 2020)
39 slides from Mid Penn Bancorp's shareholder meeting presentation, Aug 26, 2020
Slide 1: Annual Meeting of Shareholders: Preparing for a New Day
Annual Meeting of Shareholders August 26, 2020 Preparing for a New Day Exhibit 99.1
Slide 2: Robert C. Grubic, Chairman
Annual Meeting of Shareholders August 26, 2020 Robert C. Grubic Chairman of Mid Penn Bancorp, Inc. and Mid Penn Bank Chairman & CEO, Herbert Rowland & Grubic, Inc.
Slide 3: Introduction of Board Members
Annual Meeting of Shareholders August 26, 2020 Robert C. Grubic Chairman of Mid Penn Bancorp, Inc. and Mid Penn Bank Introduction of Board Members
Slide 4: William A. Specht, III, Vice-Chairman
Annual Meeting of Shareholders August 26, 2020 William A. Specht, III Vice-Chairman of Mid Penn Bancorp, Inc. and Mid Penn Bank President & CEO, Seal Glove Manufacturing, Inc. and Ark Safety
Slide 5: Robert A. Abel, Board Member
Annual Meeting of Shareholders August 26, 2020 Robert A. Abel Board Member of Mid Penn Bancorp, Inc. Principal and Shareholder, Brown Schultz Sheridan & Fritz
Slide 6: Kimberly J. Brumbaugh, Board Member
Annual Meeting of Shareholders August 26, 2020 Kimberly J. Brumbaugh Board Member of Mid Penn Bancorp, Inc. Founder & CEO, Brumbaugh Wealth Management, LLC
Slide 7: Matthew G. DeSoto, Board Member
Annual Meeting of Shareholders August 26, 2020 Matthew G. DeSoto Board Member of Mid Penn Bancorp, Inc. President & CEO, MI Windows and Doors, LLC
Slide 8: Gregory M. Kerwin, Board Member
Annual Meeting of Shareholders August 26, 2020 Gregory M. Kerwin Board Member of Mid Penn Bancorp, Inc. Senior Partner, Kerwin & Kerwin, Attorneys at Law
Slide 9: Donald F. Kiefer, Board Member
Annual Meeting of Shareholders August 26, 2020 Donald F. Kiefer Board Member of Mid Penn Bancorp, Inc. Former President & CEO, The Scottdale Bank & Trust Company
Slide 10: Theodore W. Mowery, Board Member
Annual Meeting of Shareholders August 26, 2020 Theodore W. Mowery Board Member of Mid Penn Bancorp, Inc. Partner, Gunn Mowery, LLC
Slide 11: John E. Noone, Board Member
Annual Meeting of Shareholders August 26, 2020 John E. Noone Board Member of Mid Penn Bancorp, Inc. President, Shamrock Investments, LLC
Slide 12: Noble C. Quandel, Jr., Board Member
Annual Meeting of Shareholders August 26, 2020 Noble C. Quandel, Jr. Board Member of Mid Penn Bancorp, Inc. Chairman and CEO, Quandel Enterprises, Inc.
Slide 13: David E. Sparks, Board Member
Annual Meeting of Shareholders August 26, 2020 David E. Sparks Board Member of Mid Penn Bancorp, Inc. Former President & CEO, First Priority Financial and First Priority Bank
Slide 14: Rory G. Ritrievi, President & CEO
Annual Meeting of Shareholders August 26, 2020 Rory G. Ritrievi President & CEO and Board Member of Mid Penn Bancorp, Inc. and Mid Penn Bank
Slide 15: Formal Business of the Meeting
Annual Meeting of Shareholders August 26, 2020 Robert C. Grubic Chairman of Mid Penn Bancorp, Inc. and Mid Penn Bank Formal Business of the Meeting
Slide 16: Formal Business: Election of Class A Directors
The first item of business to be acted upon by shareholders at this Meeting is the election of four Class A Directors to serve for a three (3) year term and/or until their successor is elected and qualified. The Nominees for election are: Robert C. Grubic Donald F. Kiefer John E. Noone Noble C. Quan
Slide 17: Formal Business: Advisory Vote on Executive Compensation
The second item to be acted upon by shareholders at this Meeting is to approve a Non-Binding Advisory Vote on Executive Compensation. The Board of Directors unanimously recommends a vote “for” approval of the executive compensation, as described in the Compensation Discussion and Analysis and the ta
Slide 18: Formal Business: Amendment to 2014 Restricted Stock Plan
The third item to be acted upon by the shareholders at this Meeting is a proposal to approve an amendment to the Mid Penn Bancorp, Inc. 2014 Restricted Stock Plan as described in the proxy statement. The Board of Directors unanimously recommends shareholders vote for approval of the amendment to the
Slide 19: Formal Business: Ratification of BDO USA as Auditor
The fourth item to be acted upon by shareholders at this Meeting is a proposal to ratify the appointment of BDO USA, LLP as the Corporation’s Independent Registered Public Accounting Firm for 2020. Even if the selection is ratified, the Audit Committee of the Corporation, in its discretion, may sele
Slide 20: Management Presentation
Annual Meeting of Shareholders August 26, 2020 Rory G. Ritrievi President & CEO and Board Member of Mid Penn Bancorp, Inc. and Mid Penn Bank Management Presentation
Slide 21: Forward-Looking Statements
Annual Meeting of Shareholders August 26, 2020 This presentation and management’s related discussion on Mid Penn Bancorp, Inc. (“Mid Penn”) may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical
Slide 22: Forward-Looking Statements (cont.)
Factors that may cause actual results to differ materially from such forward-looking statements include, but are not limited to: (cont.) the continued availability of financing; the availability of financial resources in the amounts, at the times, and on the terms required to support Mid Penn and Mi
Slide 23: Non-GAAP Financial Measures
This presentation or related management discussion may contain financial information or measures determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). For tangible book value, the most directly comparable financial measure calculated in accordanc
Slide 24: Five-Year Comparative Profile of Mid Penn
Annual Meeting of Shareholders August 26, 2020 Five-Year Comparative Profile of Mid Penn As of December 31, 2014 (000s): Total Assets: $ 755,657 Total Loans: $ 571,533 Total Deposits: $ 637,922 The Company employed 200 personnel with 19 retail offices in six Pennsylvania counties (Cumberland, Dauphi
Slide 25: Five-Year Comparative Profile of Mid Penn
Annual Meeting of Shareholders August 26, 2020 Five-Year Comparative Profile of Mid Penn As of December 31, 2014 (000s): Total Assets: $ 755,657 Total Loans: $ 571,533 Total Deposits: $ 637,922 The Company employed 200 personnel with 19 retail offices in six Pennsylvania counties (Cumberland, Dauphi
Slide 26: Five-Year Comparative Profile of Mid Penn
Annual Meeting of Shareholders August 26, 2020 Five-Year Comparative Profile of Mid Penn As of December 31, 2014 (000s): Total Assets: $ 755,657 Total Loans: $ 571,533 Total Deposits: $ 637,922 The Company employed 200 personnel with 19 retail offices in six Pennsylvania counties (Cumberland, Dauphi
Slide 27: Five-Year Return to Shareholders
Annual Meeting of Shareholders August 26, 2020 Five-Year Return to Shareholders 5-Year Return: $100 invested in Mid Penn Bancorp, Inc. stock (NASDAQ: MPB) as of Dec. 31, 2014, and held for five years through Dec. 31, 2019, returned 113.00%. Comparatively, stocks in the Russell 3000 Index averaged a
Slide 28: Increasing Shareholder Value: Tangible Book Value per Share
Annual Meeting of Shareholders August 26, 2020 Increasing Shareholder Value (a) Tangible Book Value per Common Share is a Non-GAAP measure as it excludes goodwill, core deposit intangible, and other intangible assets. See the reconciliation of GAAP to non-GAAP measures in the Appendix to this presen
Slide 29: Increasing Shareholder Value: Tangible Book Value per Share
Annual Meeting of Shareholders August 26, 2020 Increasing Shareholder Value (a) Tangible Book Value per Common Share is a Non-GAAP measure as it excludes goodwill, core deposit intangible, and other intangible assets. See the reconciliation of GAAP to non-GAAP measures in the Appendix to this presen
Slide 30: Increasing Dividends
Annual Meeting of Shareholders August 26, 2020 Increasing Dividends Cash dividends paid per share have increased consistently in recent years as follows (annual totals reflect both regular and special dividends paid during each calendar year): 2015: $0.44 for the year 2016: $0.58 for the year 2017:
Slide 31: Earnings Results
Annual Meeting of Shareholders August 26, 2020 Earnings Results Mid Penn’s Fully Diluted Earnings Per Common Share (EPS) was $2.09 for the year ending December 31, 2019. Adjusted EPS, a Non-GAAP measure, reflects the after-tax impact of excluding merger-related expenses (2015 and 2018) and a one-tim
Slide 32: Consistent Loan and Deposit Growth
Annual Meeting of Shareholders August 26, 2020 Consistent Loan and Deposit Growth Total loans increased by $715 million during 2018, with $543 million being the outstanding balance of loans acquired from First Priority and Scottdale. Organic loan growth was a strong $172 million for 2018. Total depo
Slide 33: Net Interest Margin
Annual Meeting of Shareholders August 26, 2020 Mid Penn’s net interest margin decreased slightly during 2019 to 3.57% compared to 3.67% for 2018. Contributing to this decrease was the impact of three Federal Reserve (FOMC) rate cuts totaling -0.75% during the second half of 2019, as the reduced yiel
Slide 34: Net Interest Margin and COVID-19 Rate Impact
Annual Meeting of Shareholders August 26, 2020 During the first six months of 2020, in response to the COVID-19 pandemic, the FOMC reduced rates by a total of -1.50%, resulting in a significant decrease the Prime lending rate from 4.75% to 3.25%. However, many of Mid Penn’s variable rate credits hav
Slide 35: Asset Quality
Annual Meeting of Shareholders August 26, 2020 Asset Quality Mid Penn’s Asset Quality measures continue to reflect the Corporation’s commitment to sound credit risk management at all phases including conservative underwriting, timely and effective credit administration and communications with borrow
Slide 36: Asset Quality (June 30, 2020)
Annual Meeting of Shareholders August 26, 2020 Asset Quality As of June 30, 2020, Mid Penn’s asset quality measures did not reflect any new impaired assets, specific reserve allocations, or charge-offs related to the financial impact of the COVID-19 pandemic, through management is continuously and c
Slide 37: Summary of YTD June 30, 2020 Results
Annual Meeting of Shareholders August 26, 2020 Summary of YTD June 30, 2020 Results For the quarter ended June 30, 2020, Mid Penn reported earnings of $6,833,000 or fully diluted earnings per share of $0.81, both of which represent quarterly record earnings for the Corporation. A significant source
Slide 38: Thank You for Attending
Annual Meeting of Shareholders August 26, 2020 Thank You for Attending and For Your Investment in Mid Penn Bancorp, Inc.
Slide 39: Appendix – Reconciliation of Non-GAAP Measures
Annual Meeting of Shareholders August 26, 2020 Appendix – Reconciliation of Non-GAAP Measures