Mid Penn Bancorp, Inc. Reports Fourth Quarter and Full Year Earnings, Declares 61st Consecutive Quarterly Dividend and Special Dividend
Key Highlights of the Fourth Quarter of 2025:
-
Net income available to common shareholders for the fourth quarter of 2025 was
$19.4 million $6.2 million 47.0% compared to the fourth quarter of 2024, and an increase of$1.2 million 6.29% , compared to the third quarter of 2025. Earnings per basic share for the fourth quarter of 2025 was$0.84 $0.83 $0.72 $0.80 $56.2 million $2.59 $2.55 $49.4 million $2.90
-
Net interest margin increased to
3.79% for the quarter ended December 31, 2025, compared to3.60% for the third quarter of 2025, and3.21% for the fourth quarter of 2024. This represents a 19 and 58 basis point ("bp") increase compared to the third quarter of 2025 and fourth quarter of 2024, respectively. That expansion was accomplished by continued improvement in deposit cost of funds and loan yields throughout the fourth quarter and over the last twelve months.
-
Loan balances increased
$41.7 million 3.4% (annualized), during the fourth quarter of 2025. Total loans increased$419.8 million 9.4% , to$4.9 billion $4.4 billion $431.4 million $11.6 million 0.3% from the year ended December 31, 2024.
-
Deposits decreased
$128.1 million 9.5% (annualized), during the fourth quarter of 2025, compared to a decrease of$106.9 million 7.8% (annualized), during the third quarter of 2025. The quarterly decrease was driven by a$93.7 million $32.0 million $2.4 million $524.7 million 11.2% , to$5.2 billion $4.7 billion $619.8 million $95.0 million 2.0% , from December 31, 2024. This decrease was primarily driven by a planned reduction of approximately$225 million $127.3 million 10.8% (annualized).
-
The core efficiency ratio(1) improved to
55.26% in the fourth quarter of 2025, compared to58.80% in the third quarter of 2025, and63.94% in the fourth quarter of 2024. This improvement was driven by higher net interest income and disciplined management of noninterest expense following the William Penn acquisition.
-
Book value per common share improved to
$35.32 $34.56 $33.84 $28.76 $27.96 $26.90
-
As a result of the foregoing, the Board of Directors declared a cash dividend of
$0.22 $0.05
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
Chair, President and CEO Rory G. Ritrievi provided the following statement:
"We are pleased to announce our fourth quarter of 2025 and full year 2025 results of operations to our shareholders.
The fourth quarter included a return to organic loan growth, improvement in asset quality, improvement in net interest margin and a disciplined approach to operating expense management.
For the full year, we improved profitability metrics through a solid performance in asset quality, a 58 basis point net interest margin expansion, a
Based upon the foregoing, we are happy to announce a fourth quarter dividend of
Net Interest Income
For the three months ended December 31, 2025, net interest income was
The yield on interest-earning assets increased to
For the year ended December 31, 2025, net interest income increased
Average Balances
Average balances for the year ended December 31, 2025 continue to be impacted by the William Penn acquisition given that the acquisition closed on April 30, 2025. Day one increases in loans, total assets, deposits, and total liabilities were
Average loans increased
Average deposits were
Cost of funds decreased to
Asset Quality
The total benefit for credit losses, including benefit for credit losses on off-balance sheet credit exposures, was
The provision for credit losses on loans was
Allowance for credit losses - loans was
Total nonperforming assets were
Capital
Shareholders’ equity increased
On April 23, 2025, Mid Penn’s Board of Directors reauthorized its treasury stock repurchase program ("the Program") effective through April 30, 2026. The Program authorizes the repurchase of up to
Noninterest Income
For the three months ended December 31, 2025, noninterest income totaled
For the year ended December 31, 2025, noninterest income totaled
Noninterest Expense
For the three months ended December 31, 2025, noninterest expense totaled
The decrease was primarily driven by a
For the year ended December 31, 2025, noninterest expense totaled
Salaries and benefits increased
Merger and acquisition expenses increased
Software licensing and utilization costs increased
Occupancy expenses increased
The core efficiency ratio(1) improved to
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. Non-GAAP financial measure. |
Subsequent Events
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information. The following events occurred subsequent to December 31, 2025 and are disclosed for informational purposes.
On January 1, 2026, Mid Penn completed its acquisition of Cumberland Advisors, Inc., a registered investment advisory firm with clients both nationally and internationally. As of December 31, 2025,
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; 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 Mid Penn Bank’s future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements, the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Mid Penn and 1st Colonial; the outcome of any legal proceedings that may be instituted against Mid Penn or 1st Colonial; delays in completing the transaction; the failure to obtain necessary regulatory approvals for the 1st Colonial acquisition (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain 1st Colonial shareholder approval or to satisfy any of the other conditions to the 1st Colonial transaction on a timely basis or at all; the possibility that the anticipated benefits of a transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the 1st Colonial transaction; the ability to complete the integration of Mid Penn and
For a more detailed description of these and other factors which would affect our results, please see Mid Penn’s filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.
SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
Ending Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
$ |
769,045 |
|
|
$ |
781,888 |
|
|
$ |
769,211 |
|
|
$ |
634,044 |
|
|
$ |
643,352 |
|
Loans, net of unearned income |
|
4,862,838 |
|
|
|
4,821,134 |
|
|
|
4,832,898 |
|
|
|
4,491,167 |
|
|
|
4,443,070 |
|
Total assets |
|
6,133,896 |
|
|
|
6,267,349 |
|
|
|
6,354,543 |
|
|
|
5,546,026 |
|
|
|
5,470,936 |
|
Total deposits |
|
5,214,663 |
|
|
|
5,342,720 |
|
|
|
5,449,664 |
|
|
|
4,732,202 |
|
|
|
4,689,927 |
|
Shareholders' equity |
|
814,058 |
|
|
|
796,323 |
|
|
|
775,708 |
|
|
|
667,933 |
|
|
|
655,018 |
|
Average Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
774,962 |
|
|
|
782,020 |
|
|
|
652,105 |
|
|
|
639,580 |
|
|
|
633,409 |
|
Loans, net of unearned income |
|
4,844,308 |
|
|
|
4,804,163 |
|
|
|
4,724,638 |
|
|
|
4,459,679 |
|
|
|
4,441,436 |
|
Total assets |
|
6,202,310 |
|
|
|
6,385,751 |
|
|
|
6,036,045 |
|
|
|
5,491,763 |
|
|
|
5,481,473 |
|
Total deposits |
|
5,290,598 |
|
|
|
5,468,144 |
|
|
|
5,159,754 |
|
|
|
4,681,708 |
|
|
|
4,687,880 |
|
Shareholders' equity |
|
803,093 |
|
|
|
783,547 |
|
|
|
670,491 |
|
|
|
660,964 |
|
|
|
623,670 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
Income Statement: |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
Net interest income |
$ |
54,751 |
|
|
$ |
53,629 |
|
|
$ |
48,206 |
|
|
$ |
42,509 |
|
|
$ |
41,280 |
|
(Benefit)/provision for credit losses (4) |
|
(839 |
) |
|
|
(434 |
) |
|
|
2,269 |
|
|
|
301 |
|
|
|
333 |
|
Noninterest income |
|
7,277 |
|
|
|
8,183 |
|
|
|
6,143 |
|
|
|
5,239 |
|
|
|
6,149 |
|
Noninterest expense |
|
35,848 |
|
|
|
37,982 |
|
|
|
47,798 |
|
|
|
30,642 |
|
|
|
30,913 |
|
Income before provision for income taxes |
|
27,019 |
|
|
|
24,264 |
|
|
|
4,282 |
|
|
|
16,805 |
|
|
|
16,183 |
|
Provision/(benefit) for income taxes |
|
7,572 |
|
|
|
5,967 |
|
|
|
(480 |
) |
|
|
3,063 |
|
|
|
2,951 |
|
Net income available to shareholders |
|
19,447 |
|
|
|
18,297 |
|
|
|
4,762 |
|
|
|
13,742 |
|
|
|
13,232 |
|
Net income excluding non-recurring income and expenses (1) |
|
19,224 |
|
|
|
17,772 |
|
|
|
15,074 |
|
|
|
13,907 |
|
|
|
12,961 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.84 |
|
|
$ |
0.80 |
|
|
$ |
0.22 |
|
|
$ |
0.71 |
|
|
$ |
0.72 |
|
Diluted earnings per common share |
|
0.83 |
|
|
|
0.79 |
|
|
|
0.22 |
|
|
|
0.71 |
|
|
|
0.72 |
|
Cash dividends declared |
|
0.22 |
|
|
|
0.22 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
Book value per common share |
|
35.32 |
|
|
|
34.56 |
|
|
|
33.85 |
|
|
|
34.50 |
|
|
|
33.84 |
|
Tangible book value per common share (1) |
|
28.76 |
|
|
|
27.96 |
|
|
|
27.22 |
|
|
|
27.58 |
|
|
|
26.90 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs/(recoveries) to average loans (3) |
|
0.038 |
% |
|
|
0.008 |
% |
|
|
0.069 |
% |
|
|
(0.0003 |
%) |
|
|
0.037 |
% |
Non-performing loans to total loans |
|
0.47 |
|
|
|
0.37 |
|
|
|
0.38 |
|
|
|
0.54 |
|
|
|
0.51 |
|
Non-performing asset to total loans and other real estate |
|
0.63 |
|
|
|
0.57 |
|
|
|
0.58 |
|
|
|
0.57 |
|
|
|
0.51 |
|
Non-performing asset to total assets |
|
0.50 |
|
|
|
0.44 |
|
|
|
0.44 |
|
|
|
0.46 |
|
|
|
0.41 |
|
ACL on loans to total loans |
|
0.74 |
|
|
|
0.77 |
|
|
|
0.78 |
|
|
|
0.80 |
|
|
|
0.80 |
|
ACL on loans to nonperforming loans |
|
157.25 |
|
|
|
207.92 |
|
|
|
206.49 |
|
|
|
149.05 |
|
|
|
157.07 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability: |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (3) |
|
1.24 |
% |
|
|
1.14 |
% |
|
|
0.32 |
% |
|
|
1.01 |
% |
|
|
0.96 |
% |
Return on average equity (3) |
|
9.61 |
|
|
|
9.26 |
|
|
|
2.85 |
|
|
|
8.43 |
|
|
|
8.44 |
|
Return on average tangible common equity (1) (3) |
|
12.29 |
|
|
|
11.95 |
|
|
|
4.05 |
|
|
|
10.84 |
|
|
|
11.07 |
|
Tax-equivalent net interest margin |
|
3.79 |
|
|
|
3.60 |
|
|
|
3.44 |
|
|
|
3.37 |
|
|
|
3.21 |
|
Core Efficiency ratio (1) |
|
55.26 |
|
|
|
58.80 |
|
|
|
62.56 |
|
|
|
62.79 |
|
|
|
63.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Capital (to Average Assets) (2) |
|
11.0 |
% |
|
|
10.4 |
% |
|
|
10.6 |
% |
|
|
10.2 |
% |
|
|
10.0 |
% |
Common Tier 1 Capital (to Risk Weighted Assets) (2) |
|
13.5 |
|
|
|
13.9 |
|
|
|
12.8 |
|
|
|
12.0 |
|
|
|
12.1 |
|
Tier 1 Capital (to Risk Weighted Assets) (2) |
|
13.5 |
|
|
|
13.9 |
|
|
|
12.8 |
|
|
|
12.0 |
|
|
|
12.1 |
|
Total Capital (to Risk Weighted Assets) (2) |
|
14.3 |
|
|
|
15.5 |
|
|
|
14.4 |
|
|
|
13.8 |
|
|
|
14.0 |
|
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
(2) |
Regulatory capital ratios as of December 31, 2025 are preliminary and prior periods are actual. |
(3) |
Annualized ratio |
(4) |
Includes |
CONSOLIDATED BALANCE SHEETS (Unaudited):
(Dollars in thousands, except share data) |
Dec. 31, 2025 |
|
Sep. 30, 2025 |
|
Jun. 30, 2025 |
|
Mar. 31, 2025 |
|
Dec. 31, 2024 |
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
46,695 |
|
|
$ |
18,013 |
|
|
$ |
52,671 |
|
|
$ |
47,688 |
|
|
$ |
37,002 |
|
Interest-bearing balances with other financial institutions |
|
29,178 |
|
|
|
24,736 |
|
|
|
22,828 |
|
|
|
16,880 |
|
|
|
14,490 |
|
Federal funds sold |
|
23,045 |
|
|
|
214,420 |
|
|
|
261,353 |
|
|
|
42,686 |
|
|
|
19,072 |
|
Total cash and cash equivalents |
|
98,918 |
|
|
|
257,169 |
|
|
|
336,852 |
|
|
|
107,254 |
|
|
|
70,564 |
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
||||||||||
Held to maturity, at amortized cost |
|
347,285 |
|
|
|
354,094 |
|
|
|
364,029 |
|
|
|
375,115 |
|
|
|
382,447 |
|
Available for sale, at fair value |
|
416,314 |
|
|
|
427,352 |
|
|
|
404,745 |
|
|
|
258,493 |
|
|
|
260,477 |
|
Equity securities available for sale, at fair value |
|
5,446 |
|
|
|
442 |
|
|
|
437 |
|
|
|
436 |
|
|
|
428 |
|
Loans held for sale |
|
3,668 |
|
|
|
6,085 |
|
|
|
6,101 |
|
|
|
6,851 |
|
|
|
7,064 |
|
Loans, net of unearned income |
|
4,862,838 |
|
|
|
4,821,134 |
|
|
|
4,832,898 |
|
|
|
4,491,167 |
|
|
|
4,443,070 |
|
Less: Allowance for credit losses |
|
(36,091 |
) |
|
|
(37,337 |
) |
|
|
(37,615 |
) |
|
|
(35,838 |
) |
|
|
(35,514 |
) |
Net loans |
|
4,826,747 |
|
|
|
4,783,797 |
|
|
|
4,795,283 |
|
|
|
4,455,329 |
|
|
|
4,407,556 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premises and equipment, net |
|
48,742 |
|
|
|
48,491 |
|
|
|
47,732 |
|
|
|
40,328 |
|
|
|
38,806 |
|
Operating lease right of use asset |
|
15,169 |
|
|
|
15,700 |
|
|
|
15,026 |
|
|
|
9,402 |
|
|
|
7,699 |
|
Finance lease right of use asset |
|
2,368 |
|
|
|
2,413 |
|
|
|
2,458 |
|
|
|
2,503 |
|
|
|
2,548 |
|
Cash surrender value of life insurance |
|
95,351 |
|
|
|
95,015 |
|
|
|
94,770 |
|
|
|
51,351 |
|
|
|
51,521 |
|
Restricted investment in bank stocks |
|
7,576 |
|
|
|
6,737 |
|
|
|
7,110 |
|
|
|
6,660 |
|
|
|
7,461 |
|
Accrued interest receivable |
|
29,640 |
|
|
|
29,705 |
|
|
|
28,546 |
|
|
|
27,263 |
|
|
|
26,846 |
|
Deferred income taxes |
|
21,416 |
|
|
|
27,475 |
|
|
|
35,333 |
|
|
|
21,800 |
|
|
|
22,747 |
|
Goodwill |
|
136,620 |
|
|
|
136,620 |
|
|
|
135,473 |
|
|
|
128,160 |
|
|
|
128,160 |
|
Core deposit and other intangibles, net |
|
14,657 |
|
|
|
15,586 |
|
|
|
16,531 |
|
|
|
5,814 |
|
|
|
6,242 |
|
Foreclosed assets held for sale |
|
7,806 |
|
|
|
9,346 |
|
|
|
9,816 |
|
|
|
1,402 |
|
|
|
44 |
|
Other assets |
|
56,173 |
|
|
|
51,322 |
|
|
|
54,301 |
|
|
|
47,865 |
|
|
|
50,326 |
|
Total Assets |
$ |
6,133,896 |
|
|
$ |
6,267,349 |
|
|
$ |
6,354,543 |
|
|
$ |
5,546,026 |
|
|
$ |
5,470,936 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand |
$ |
834,013 |
|
|
$ |
836,374 |
|
|
$ |
857,072 |
|
|
$ |
788,316 |
|
|
$ |
759,169 |
|
Interest-bearing transaction accounts |
|
2,826,053 |
|
|
|
2,858,082 |
|
|
|
2,772,739 |
|
|
|
2,375,205 |
|
|
|
2,319,753 |
|
Time |
|
1,554,597 |
|
|
|
1,648,264 |
|
|
|
1,819,853 |
|
|
|
1,568,681 |
|
|
|
1,611,005 |
|
Total Deposits |
|
5,214,663 |
|
|
|
5,342,720 |
|
|
|
5,449,664 |
|
|
|
4,732,202 |
|
|
|
4,689,927 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
20,833 |
|
|
|
— |
|
|
|
— |
|
|
|
25,000 |
|
|
|
2,000 |
|
Long-term debt |
|
23,139 |
|
|
|
23,258 |
|
|
|
23,374 |
|
|
|
23,489 |
|
|
|
23,603 |
|
Subordinated debt and trust preferred securities |
|
— |
|
|
|
37,149 |
|
|
|
37,303 |
|
|
|
45,587 |
|
|
|
45,741 |
|
Operating lease liability |
|
15,405 |
|
|
|
15,973 |
|
|
|
15,342 |
|
|
|
9,765 |
|
|
|
8,092 |
|
Accrued interest payable |
|
10,942 |
|
|
|
16,460 |
|
|
|
13,421 |
|
|
|
12,900 |
|
|
|
13,484 |
|
Other liabilities |
|
34,856 |
|
|
|
35,466 |
|
|
|
39,731 |
|
|
|
29,150 |
|
|
|
33,071 |
|
Total Liabilities |
|
5,319,838 |
|
|
|
5,471,026 |
|
|
|
5,578,835 |
|
|
|
4,878,093 |
|
|
|
4,815,918 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, par value |
|
23,567 |
|
|
|
23,551 |
|
|
|
23,419 |
|
|
|
19,803 |
|
|
|
19,797 |
|
Additional paid-in capital |
|
589,421 |
|
|
|
588,405 |
|
|
|
584,291 |
|
|
|
480,866 |
|
|
|
480,491 |
|
Retained earnings |
|
219,685 |
|
|
|
205,320 |
|
|
|
191,574 |
|
|
|
191,469 |
|
|
|
181,597 |
|
Accumulated other comprehensive loss |
|
(6,323 |
) |
|
|
(8,907 |
) |
|
|
(11,756 |
) |
|
|
(14,163 |
) |
|
|
(16,825 |
) |
Treasury stock |
|
(12,292 |
) |
|
|
(12,046 |
) |
|
|
(11,820 |
) |
|
|
(10,042 |
) |
|
|
(10,042 |
) |
Total Shareholders’ Equity |
|
814,058 |
|
|
|
796,323 |
|
|
|
775,708 |
|
|
|
667,933 |
|
|
|
655,018 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,133,896 |
|
|
$ |
6,267,349 |
|
|
$ |
6,354,543 |
|
|
$ |
5,546,026 |
|
|
$ |
5,470,936 |
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited):
|
Three Months Ended |
|||||||||||||||||
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||||
Loans, including fees |
$ |
76,916 |
|
|
$ |
76,262 |
|
|
$ |
72,469 |
|
|
$ |
66,537 |
|
|
$ |
68,110 |
Investment securities: |
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
6,590 |
|
|
|
6,614 |
|
|
|
4,637 |
|
|
|
4,460 |
|
|
|
4,223 |
Tax-exempt |
|
320 |
|
|
|
331 |
|
|
|
344 |
|
|
|
348 |
|
|
|
358 |
Other interest-bearing balances |
|
135 |
|
|
|
196 |
|
|
|
142 |
|
|
|
138 |
|
|
|
154 |
Federal funds sold |
|
1,179 |
|
|
|
3,463 |
|
|
|
2,428 |
|
|
|
261 |
|
|
|
467 |
Total Interest Income |
|
85,140 |
|
|
|
86,866 |
|
|
|
80,020 |
|
|
|
71,744 |
|
|
|
73,312 |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
29,930 |
|
|
|
32,631 |
|
|
|
30,981 |
|
|
|
28,264 |
|
|
|
30,836 |
Short-term borrowings |
|
5 |
|
|
|
— |
|
|
|
86 |
|
|
|
290 |
|
|
|
509 |
Long-term and subordinated debt |
|
454 |
|
|
|
606 |
|
|
|
747 |
|
|
|
681 |
|
|
|
687 |
Total Interest Expense |
|
30,389 |
|
|
|
33,237 |
|
|
|
31,814 |
|
|
|
29,235 |
|
|
|
32,032 |
Net Interest Income |
|
54,751 |
|
|
|
53,629 |
|
|
|
48,206 |
|
|
|
42,509 |
|
|
|
41,280 |
Net (benefit)/provision for credit losses (1) |
|
(839 |
) |
|
|
(434 |
) |
|
|
2,269 |
|
|
|
301 |
|
|
|
333 |
Net Interest Income After Provision for Credit Losses |
|
55,590 |
|
|
|
54,063 |
|
|
|
45,937 |
|
|
|
42,208 |
|
|
|
40,947 |
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||||
Fiduciary and wealth management |
|
1,412 |
|
|
|
1,340 |
|
|
|
1,406 |
|
|
|
1,140 |
|
|
|
1,215 |
ATM debit card interchange |
|
1,053 |
|
|
|
1,019 |
|
|
|
958 |
|
|
|
919 |
|
|
|
971 |
Service charges on deposits |
|
634 |
|
|
|
647 |
|
|
|
652 |
|
|
|
562 |
|
|
|
579 |
Mortgage banking |
|
552 |
|
|
|
1,013 |
|
|
|
676 |
|
|
|
591 |
|
|
|
656 |
Mortgage hedging |
|
(22 |
) |
|
|
50 |
|
|
|
(7 |
) |
|
|
(9 |
) |
|
|
11 |
Net gain on sales of SBA loans |
|
100 |
|
|
|
— |
|
|
|
63 |
|
|
|
57 |
|
|
|
15 |
Earnings from cash surrender value of life insurance |
|
609 |
|
|
|
605 |
|
|
|
491 |
|
|
|
274 |
|
|
|
280 |
Net gain on sales of investment securities |
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Other |
|
2,929 |
|
|
|
3,509 |
|
|
|
1,904 |
|
|
|
1,705 |
|
|
|
2,422 |
Total Noninterest Income |
|
7,277 |
|
|
|
8,183 |
|
|
|
6,143 |
|
|
|
5,239 |
|
|
|
6,149 |
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
|
20,026 |
|
|
|
20,941 |
|
|
|
20,753 |
|
|
|
16,309 |
|
|
|
16,947 |
Software licensing and utilization |
|
3,406 |
|
|
|
3,310 |
|
|
|
3,272 |
|
|
|
2,574 |
|
|
|
2,606 |
Occupancy, net |
|
2,624 |
|
|
|
2,642 |
|
|
|
2,365 |
|
|
|
2,274 |
|
|
|
1,913 |
Equipment |
|
1,435 |
|
|
|
1,248 |
|
|
|
1,248 |
|
|
|
1,094 |
|
|
|
1,213 |
Shares tax |
|
245 |
|
|
|
1,006 |
|
|
|
606 |
|
|
|
919 |
|
|
|
405 |
Legal and professional fees |
|
992 |
|
|
|
1,070 |
|
|
|
993 |
|
|
|
826 |
|
|
|
1,006 |
ATM/card processing |
|
771 |
|
|
|
557 |
|
|
|
621 |
|
|
|
733 |
|
|
|
634 |
Intangible amortization |
|
930 |
|
|
|
944 |
|
|
|
744 |
|
|
|
428 |
|
|
|
471 |
FDIC Assessment |
|
1,046 |
|
|
|
422 |
|
|
|
994 |
|
|
|
990 |
|
|
|
843 |
Loss/(gain) on sale or write-down of foreclosed assets, net |
|
203 |
|
|
|
471 |
|
|
|
— |
|
|
|
(28 |
) |
|
|
73 |
Merger and acquisition (2) |
|
(39 |
) |
|
|
233 |
|
|
|
11,011 |
|
|
|
314 |
|
|
|
436 |
Other |
|
4,209 |
|
|
|
5,138 |
|
|
|
5,191 |
|
|
|
4,209 |
|
|
|
4,366 |
Total Noninterest Expense |
|
35,848 |
|
|
|
37,982 |
|
|
|
47,798 |
|
|
|
30,642 |
|
|
|
30,913 |
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
27,019 |
|
|
|
24,264 |
|
|
|
4,282 |
|
|
|
16,805 |
|
|
|
16,183 |
Provision/(benefit) for income taxes |
|
7,572 |
|
|
|
5,967 |
|
|
|
(480 |
) |
|
|
3,063 |
|
|
|
2,951 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
19,447 |
|
|
$ |
18,297 |
|
|
$ |
4,762 |
|
|
$ |
13,742 |
|
|
$ |
13,232 |
|
|
|
|
|
|
|
|
|
|
|||||||||
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|||||||||
Basic Earnings Per Common Share |
$ |
0.84 |
|
|
$ |
0.80 |
|
|
$ |
0.22 |
|
|
$ |
0.71 |
|
|
$ |
0.72 |
Diluted Earnings Per Common Share |
|
0.83 |
|
|
|
0.79 |
|
|
|
0.22 |
|
|
|
0.71 |
|
|
|
0.72 |
Cash Dividends Declared |
|
0.22 |
|
|
|
0.22 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
(1) |
Includes |
(2) |
Includes release of merger and acquisition accruals related to William Penn acquisition. |
CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):
|
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis |
|||||||||||||||||||||||||
|
For the Three Months Ended |
|||||||||||||||||||||||||
|
December 31, 2025 |
|
September 30, 2025 |
|
December 31, 2024 |
|||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|||||||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest Bearing Balances |
$ |
21,590 |
|
$ |
135 |
|
2.48 |
% |
|
$ |
26,950 |
|
$ |
196 |
|
2.89 |
% |
|
$ |
21,720 |
|
$ |
154 |
|
2.82 |
% |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
711,663 |
|
|
6,477 |
|
3.61 |
|
|
|
716,356 |
|
|
6,502 |
|
3.60 |
|
|
|
561,809 |
|
|
4,071 |
|
2.88 |
|
Tax-Exempt |
|
63,299 |
|
|
320 |
|
2.01 |
|
|
|
65,664 |
|
|
331 |
|
2.00 |
|
|
|
71,600 |
|
|
358 |
|
1.99 |
|
Total Securities |
|
774,962 |
|
|
6,797 |
|
3.48 |
|
|
|
782,020 |
|
|
6,833 |
|
3.47 |
|
|
|
633,409 |
|
|
4,429 |
|
2.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Funds Sold |
|
115,298 |
|
|
1,179 |
|
4.06 |
|
|
|
310,525 |
|
|
3,463 |
|
4.42 |
|
|
|
39,788 |
|
|
467 |
|
4.67 |
|
Loans, Net of Unearned Income |
|
4,844,308 |
|
|
76,916 |
|
6.30 |
|
|
|
4,804,163 |
|
|
76,262 |
|
6.30 |
|
|
|
4,441,436 |
|
|
68,110 |
|
6.10 |
|
Restricted Investment in Bank Stocks |
|
6,775 |
|
|
113 |
|
6.62 |
|
|
|
7,143 |
|
|
112 |
|
6.22 |
|
|
|
7,939 |
|
|
152 |
|
7.62 |
|
Total Earning Assets |
|
5,762,933 |
|
|
85,140 |
|
5.86 |
|
|
|
5,930,801 |
|
|
86,866 |
|
5.81 |
|
|
|
5,144,292 |
|
|
73,312 |
|
5.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and Due from |
|
45,031 |
|
|
|
|
|
|
49,582 |
|
|
|
|
|
|
38,743 |
|
|
|
|
||||||
Other Assets |
|
394,346 |
|
|
|
|
|
|
405,368 |
|
|
|
|
|
|
298,438 |
|
|
|
|
||||||
Total Assets |
$ |
6,202,310 |
|
|
|
|
|
$ |
6,385,751 |
|
|
|
|
|
$ |
5,481,473 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing Demand |
$ |
1,269,387 |
|
$ |
5,546 |
|
1.73 |
% |
|
$ |
1,268,802 |
|
$ |
5,736 |
|
1.79 |
% |
|
$ |
1,067,744 |
|
$ |
5,349 |
|
1.99 |
% |
Money Market |
|
1,256,678 |
|
|
8,446 |
|
2.67 |
|
|
|
1,237,556 |
|
|
9,046 |
|
2.90 |
|
|
|
946,689 |
|
|
6,920 |
|
2.91 |
|
Savings |
|
322,606 |
|
|
61 |
|
0.08 |
|
|
|
333,545 |
|
|
64 |
|
0.08 |
|
|
|
261,450 |
|
|
57 |
|
0.09 |
|
Time |
|
1,597,109 |
|
|
15,876 |
|
3.94 |
|
|
|
1,775,539 |
|
|
17,785 |
|
3.97 |
|
|
|
1,625,154 |
|
|
18,510 |
|
4.53 |
|
Total Interest-bearing Deposits |
|
4,445,780 |
|
|
29,929 |
|
2.67 |
|
|
|
4,615,442 |
|
|
32,631 |
|
2.80 |
|
|
|
3,901,037 |
|
|
30,836 |
|
3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Short term borrowings |
|
226 |
|
|
5 |
|
8.78 |
|
|
|
1 |
|
|
— |
|
— |
|
|
|
37,960 |
|
|
509 |
|
5.33 |
|
Long-term debt |
|
23,185 |
|
|
257 |
|
4.40 |
|
|
|
23,302 |
|
|
264 |
|
4.49 |
|
|
|
23,645 |
|
|
262 |
|
4.41 |
|
Subordinated debt and trust preferred securities |
|
15,690 |
|
|
198 |
|
5.01 |
|
|
|
37,224 |
|
|
342 |
|
3.65 |
|
|
|
45,815 |
|
|
425 |
|
3.69 |
|
Total Interest-bearing Liabilities |
|
4,484,881 |
|
|
30,389 |
|
2.69 |
|
|
|
4,675,969 |
|
|
33,237 |
|
2.82 |
|
|
|
4,008,457 |
|
|
32,032 |
|
3.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing Demand |
|
844,818 |
|
|
|
|
|
|
852,702 |
|
|
|
|
|
|
786,843 |
|
|
|
|
||||||
Other Liabilities |
|
69,518 |
|
|
|
|
|
|
73,533 |
|
|
|
|
|
|
62,503 |
|
|
|
|
||||||
Shareholders' Equity |
|
803,093 |
|
|
|
|
|
|
783,547 |
|
|
|
|
|
|
623,670 |
|
|
|
|
||||||
Total Liabilities & Shareholders' Equity |
$ |
6,202,310 |
|
|
|
|
|
$ |
6,385,751 |
|
|
|
|
|
$ |
5,481,473 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income |
|
|
$ |
54,751 |
|
|
|
|
|
$ |
53,629 |
|
|
|
|
|
$ |
41,280 |
|
|
||||||
Taxable Equivalent Adjustment (1) |
|
|
|
243 |
|
|
|
|
|
|
245 |
|
|
|
|
|
|
252 |
|
|
||||||
Net Interest Income (taxable equivalent basis) |
|
|
$ |
54,994 |
|
|
|
|
|
$ |
53,874 |
|
|
|
|
|
$ |
41,532 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Yield on Earning Assets |
|
|
|
|
5.86 |
% |
|
|
|
|
|
5.81 |
% |
|
|
|
|
|
5.67 |
% |
||||||
Cost of funds |
|
|
|
|
2.26 |
% |
|
|
|
|
|
2.39 |
% |
|
|
|
|
|
2.66 |
% |
||||||
Rate on Supporting Liabilities |
|
|
|
|
2.69 |
|
|
|
|
|
|
2.82 |
|
|
|
|
|
|
3.18 |
|
||||||
Average Interest Spread |
|
|
|
|
3.17 |
|
|
|
|
|
|
2.99 |
|
|
|
|
|
|
2.49 |
|
||||||
Tax-Equivalent Net Interest Margin |
|
|
|
|
3.79 |
|
|
|
|
|
|
3.60 |
|
|
|
|
|
|
3.21 |
|
||||||
(1) |
Presented on a fully taxable-equivalent basis using a |
(2) |
Annualized ratios |
ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
Allowance for Credit Losses on Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance |
$ |
37,337 |
|
|
$ |
37,615 |
|
|
$ |
35,838 |
|
|
$ |
35,514 |
|
|
$ |
35,562 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase credit deteriorated loans |
|
— |
|
|
|
— |
|
|
|
343 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
|
|
|
|
|
|
|
|
||||||||||
CRE Nonowner Occupied |
|
(394 |
) |
|
|
— |
|
|
|
(691 |
) |
|
|
— |
|
|
|
— |
|
CRE Owner Occupied |
|
(346 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Multifamily |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Farmland |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
— |
|
|
|
(91 |
) |
|
|
(203 |
) |
|
|
— |
|
|
|
(407 |
) |
Construction |
|
|
|
|
|
|
|
|
|
||||||||||
Residential Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
|
|
|
|
|
|
|
|
||||||||||
1-4 Family 1st Lien |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
1-4 Family Rental |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
HELOC and Junior Liens |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
(28 |
) |
|
|
(40 |
) |
|
|
(15 |
) |
|
|
(15 |
) |
|
|
(18 |
) |
Total loans charged off |
|
(768 |
) |
|
|
(131 |
) |
|
|
(909 |
) |
|
|
(15 |
) |
|
|
(425 |
) |
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
|
|
|
|
|
|
|
|
||||||||||
CRE Nonowner Occupied |
|
294 |
|
|
|
9 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
CRE Owner Occupied |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Multifamily |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Farmland |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
6 |
|
|
|
1 |
|
Construction |
|
|
|
|
|
|
|
|
|
||||||||||
Residential Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
|
|
|
|
|
|
|
|
||||||||||
1-4 Family 1st Lien |
|
2 |
|
|
|
3 |
|
|
|
83 |
|
|
|
2 |
|
|
|
7 |
|
1-4 Family Rental |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
HELOC and Junior Liens |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer |
|
6 |
|
|
|
28 |
|
|
|
11 |
|
|
|
9 |
|
|
|
7 |
|
Total loans recovered |
|
302 |
|
|
|
40 |
|
|
|
98 |
|
|
|
18 |
|
|
|
17 |
|
Balance before provision |
|
36,871 |
|
|
|
37,524 |
|
|
|
35,370 |
|
|
|
35,517 |
|
|
|
35,154 |
|
(Benefit)/provision for credit losses - loans (1) |
|
(780 |
) |
|
|
(187 |
) |
|
|
2,245 |
|
|
|
321 |
|
|
|
360 |
|
Balance, end of quarter |
$ |
36,091 |
|
|
$ |
37,337 |
|
|
$ |
37,615 |
|
|
$ |
35,838 |
|
|
$ |
35,514 |
|
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Total nonaccrual loans |
$ |
22,951 |
|
|
$ |
17,957 |
|
|
$ |
18,216 |
|
|
$ |
24,045 |
|
|
$ |
22,610 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed real estate |
|
7,806 |
|
|
|
9,346 |
|
|
|
9,816 |
|
|
|
1,402 |
|
|
|
44 |
|
Total nonperforming assets |
|
30,757 |
|
|
|
27,303 |
|
|
|
28,032 |
|
|
|
25,447 |
|
|
|
22,654 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
— |
|
|
|
160 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Total risk elements |
$ |
30,757 |
|
|
$ |
27,463 |
|
|
$ |
28,032 |
|
|
$ |
25,450 |
|
|
$ |
22,654 |
|
(1) |
Includes |
RECONCILIATION OF NON-GAAP MEASURES (Unaudited)
Explanatory note: This press release contains financial information determined by methods other than in accordance with
Tangible Book Value Per Common Share
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity |
$ |
814,058 |
|
$ |
796,323 |
|
$ |
775,708 |
|
$ |
667,933 |
|
$ |
655,018 |
Less: Goodwill |
|
136,620 |
|
|
136,620 |
|
|
135,473 |
|
|
128,160 |
|
|
128,160 |
Less: Core Deposit and Other Intangibles |
|
14,657 |
|
|
15,586 |
|
|
16,531 |
|
|
5,814 |
|
|
6,242 |
Tangible Equity |
$ |
662,781 |
|
$ |
644,117 |
|
$ |
623,704 |
|
$ |
533,959 |
|
$ |
520,616 |
|
|
|
|
|
|
|
|
|
|
|||||
Common Shares Outstanding |
|
23,047,203 |
|
|
23,039,223 |
|
|
22,915,194 |
|
|
19,362,094 |
|
|
19,355,797 |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Book Value per Share |
$ |
28.76 |
|
$ |
27.96 |
|
$ |
27.22 |
|
$ |
27.58 |
|
$ |
26.90 |
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses
|
Three Months Ended |
||||||||||||||
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Net Income Available to Common Shareholders |
$ |
19,447 |
|
|
$ |
18,297 |
|
$ |
4,762 |
|
$ |
13,742 |
|
$ |
13,232 |
Less: BOLI Death Benefit Income |
|
223 |
|
|
|
71 |
|
|
1 |
|
|
83 |
|
|
615 |
Less: Recoveries on loans previously acquired in business combinations (1) |
|
— |
|
|
|
534 |
|
|
— |
|
|
— |
|
|
— |
Less: Swap cancellation gain |
|
83 |
|
|
|
279 |
|
|
— |
|
|
— |
|
|
— |
Less: Gain on the closing of an investment of a reinsurance entity acquired from another institution |
|
— |
|
|
|
420 |
|
|
— |
|
|
— |
|
|
— |
Less: Gain on sale of pension assets |
|
192 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Plus: Merger and Acquisition Expenses (2) |
|
(39 |
) |
|
|
233 |
|
|
11,011 |
|
|
314 |
|
|
436 |
Plus: Compensation expense for accelerated vesting of stock options and restricted stock awards |
|
314 |
|
|
|
753 |
|
|
2,043 |
|
|
— |
|
|
— |
Less: Tax Effect of Non-Recurring Expenses |
|
— |
|
|
|
207 |
|
|
2,741 |
|
|
66 |
|
|
92 |
Net Income Excluding Non-Recurring Income and Expenses |
$ |
19,224 |
|
|
$ |
17,772 |
|
$ |
15,074 |
|
$ |
13,907 |
|
$ |
12,961 |
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average Shares Outstanding |
|
23,045,983 |
|
|
|
23,005,504 |
|
|
21,566,617 |
|
|
19,355,867 |
|
|
18,338,224 |
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses |
$ |
0.83 |
|
|
$ |
0.77 |
|
$ |
0.70 |
|
$ |
0.72 |
|
$ |
0.71 |
(1) |
These recoveries are recognized in noninterest income rather than a reduction to the allowance for credit losses, consistent with purchase accounting treatment, as expected credit losses on acquired loans were reflected in fair value adjustments at the acquisition date. |
(2) |
Includes release of merger and acquisition accruals related to William Penn acquisition. |
Return on Average Tangible Common Equity
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders |
$ |
19,447 |
|
|
$ |
18,297 |
|
|
$ |
4,762 |
|
|
$ |
13,742 |
|
|
$ |
13,232 |
|
Plus: Intangible amortization, net of tax |
|
735 |
|
|
|
746 |
|
|
|
588 |
|
|
|
338 |
|
|
|
372 |
|
|
|
20,182 |
|
|
|
19,043 |
|
|
|
5,350 |
|
|
|
14,080 |
|
|
|
13,604 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average shareholders' equity |
|
803,093 |
|
|
|
783,547 |
|
|
|
670,491 |
|
|
|
660,964 |
|
|
|
623,670 |
|
Less: Average goodwill |
|
136,620 |
|
|
|
135,486 |
|
|
|
130,824 |
|
|
|
128,160 |
|
|
|
128,160 |
|
Less: Average core deposit and other intangibles |
|
14,969 |
|
|
|
16,003 |
|
|
|
9,824 |
|
|
|
6,023 |
|
|
|
6,468 |
|
Average tangible common shareholders' equity |
$ |
651,504 |
|
|
$ |
632,058 |
|
|
$ |
529,843 |
|
|
$ |
526,781 |
|
|
$ |
489,042 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible common equity(1) |
|
12.29 |
% |
|
|
11.95 |
% |
|
|
4.05 |
% |
|
|
10.84 |
% |
|
|
11.07 |
% |
(1) |
Annualized ratio |
Core Efficiency Ratio (Non-GAAP)
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense |
$ |
35,848 |
|
|
$ |
37,982 |
|
|
$ |
47,798 |
|
|
$ |
30,642 |
|
|
$ |
30,913 |
|
Less: Merger and acquisition expenses |
|
(39 |
) |
|
|
233 |
|
|
|
11,011 |
|
|
|
314 |
|
|
|
436 |
|
Less: Compensation expense for accelerated vesting of stock options and restricted stock awards |
|
314 |
|
|
|
753 |
|
|
|
2,043 |
|
|
|
— |
|
|
|
— |
|
Less: Intangible amortization |
|
930 |
|
|
|
944 |
|
|
|
744 |
|
|
|
428 |
|
|
|
471 |
|
Less: Loss/(gain) on sale or write-down of foreclosed assets, net |
|
203 |
|
|
|
471 |
|
|
|
— |
|
|
|
(28 |
) |
|
|
73 |
|
Less: Other expenses on foreclosed assets |
|
445 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Efficiency ratio numerator |
|
33,995 |
|
|
|
35,581 |
|
|
|
34,000 |
|
|
|
29,928 |
|
|
|
29,933 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
54,751 |
|
|
|
53,629 |
|
|
|
48,206 |
|
|
|
42,509 |
|
|
|
41,280 |
|
Noninterest income |
|
7,277 |
|
|
|
8,183 |
|
|
|
6,143 |
|
|
|
5,239 |
|
|
|
6,149 |
|
Less: BOLI Death Benefit |
|
223 |
|
|
|
71 |
|
|
|
1 |
|
|
|
83 |
|
|
|
615 |
|
Less: Recoveries on loans previously acquired in business combinations (1) |
|
— |
|
|
|
534 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Swap cancellation gain |
|
83 |
|
|
|
279 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Gain on the closing of an investment of a reinsurance entity acquired from another institution |
|
— |
|
|
|
420 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Gain on sale of pension assets |
|
192 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Net gain on sales of investment securities |
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Efficiency ratio denominator |
$ |
61,520 |
|
|
$ |
60,508 |
|
|
$ |
54,348 |
|
|
$ |
47,665 |
|
|
$ |
46,814 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core efficiency ratio |
|
55.26 |
% |
|
|
58.80 |
% |
|
|
62.56 |
% |
|
|
62.79 |
% |
|
|
63.94 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect on non-GAAP adjustments(2) |
|
243 |
|
|
|
245 |
|
|
|
245 |
|
|
|
242 |
|
|
|
252 |
|
Tax-effected core efficiency ratio |
|
55.04 |
% |
|
|
58.57 |
% |
|
|
62.28 |
% |
|
|
62.47 |
% |
|
|
63.60 |
% |
(1) |
These recoveries are recognized in noninterest income rather than a reduction to the allowance for credit losses, consistent with purchase accounting treatment, as expected credit losses on acquired loans were reflected in fair value adjustments at the acquisition date. |
(2) |
Tax effected using a |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260121940804/en/
Mid Penn Bancorp, Inc.
1-866-642-7736
Rory G. Ritrievi
Chair, President & Chief Executive Officer
Justin T. Webb
Chief Financial Officer
Source: Mid Penn Bancorp
