Welcome to our dedicated page for Mid Penn Bancp news (Ticker: MPB), a resource for investors and traders seeking the latest updates and insights on Mid Penn Bancp stock.
Mid Penn Bank (MPB), a trusted financial institution serving central Pennsylvania since 1868, maintains this dedicated news hub for stakeholders seeking official updates and strategic insights. Our curated collection provides immediate access to all material developments affecting this community-focused bank.
Investors and community members will find essential information including quarterly earnings disclosures, leadership announcements, regulatory updates, and community partnership initiatives. The repository serves as a definitive source for tracking financial performance and understanding MPB's local impact.
Content undergoes rigorous verification to ensure accuracy and relevance, with updates spanning:
• Financial reports and regulatory filings
• Leadership changes and governance updates
• Product launches and service expansions
• Community reinvestment initiatives
Bookmark this page for streamlined access to Mid Penn Bank's latest developments, ensuring you remain informed about this institution's ongoing commitment to Pennsylvania communities through verified financial news sources.
Mid Penn Bancorp (NASDAQ: MPB) has announced the pricing of its public offering of 2,375,000 shares of common stock at $29.50 per share, totaling $70 million. The company expects net proceeds of approximately $67 million after deducting underwriting discounts and expenses. The underwriters have a 30-day option to purchase up to 356,250 additional shares. Stephens Inc. and Piper Sandler & Co. are acting as book-running managers. The proceeds will support continued growth, investments in Mid Penn Bank, potential subordinated debt redemption, future strategic transactions, and general corporate purposes.
Mid Penn Bancorp (NASDAQ: MPB) and William Penn Bancorporation (NASDAQ: WMPN) have announced a definitive merger agreement valued at approximately $127 million in an all-stock transaction. William Penn shareholders will receive 0.4260 shares of Mid Penn common stock for each William Penn share. The merger will create a combined entity with $6.3 billion in total assets, $4.9 billion in total loans, and $5.3 billion in total deposits. William Penn currently operates 12 branches across Pennsylvania and New Jersey, with $812 million in total assets. The transaction is expected to close in the first half of 2025, subject to regulatory and shareholder approvals.
Mid Penn Bancorp (NASDAQ: MPB) reported strong Q3 2024 results with net income of $12.3 million, or $0.74 per diluted share, beating analyst estimates of $0.72 and showing a 33.2% increase from Q3 2023. The bank saw significant deposit growth of $209.8 million (18.6% annualized) and loan growth of $67.1 million (6.2% annualized) in Q3. Net interest margin improved to 3.13%, while book value per share increased to $34.48. The Board declared a $0.20 quarterly dividend, marking the 56th consecutive quarterly dividend. The company maintained strong asset quality with less than 0.01% annualized net charge-offs through nine months.
Mid Penn Bancorp (NASDAQ: MPB) reported strong earnings for Q2 2024, with net income up 143.4% to $11.8 million, or $0.71 per diluted share, surpassing the consensus estimate of $0.60. This compares to net income of $4.8 million, or $0.29 per diluted share, in Q2 2023. For the first half of 2024, net income increased 48.82% to $23.9 million.
Key highlights include:
- Loan growth: $47.1 million (4.4% annualized); total loans up 8.18% YoY
- Deposit growth: $122.6 million (11.3% annualized)
- Net interest margin: 3.12%, up from 2.97% in Q1 2024
- Book value per share: $33.76, up from $31.74 in Q2 2023
- Nonperforming assets: Decreased by 33% QoQ
The Board declared a $0.20 cash dividend per share, payable on August 26, 2024, to shareholders of record as of August 9, 2024.
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