Mid Penn Bancp Stock Price, News & Analysis

Mid Penn Bancorp reported a net income of $11.35 million for Q1 2022, reflecting a 22% increase from $9.31 million in Q1 2021. Earnings per share were $0.71, down from $1.11 a year ago. Total assets decreased 0.47% from Q4 2021 to $4.67 billion, attributed to a $12.98 million decrease in deposits. The tangible book value per share rose to $23.31 from $22.99. Organic loan growth hit 13% annualized, bolstered by the Riverview acquisition. A dividend of $0.20 per share was declared, payable on May 23, 2022.

Mid Penn Bancorp, Inc. reported a 12% increase in net income to $29.32 million for the year ended December 31, 2021, translating to $2.71 per share. However, Q4 earnings dropped to $607,000 or $0.05 per share, significantly lower than $9.01 million or $1.07 per share in Q4 2020. The results were impacted by $13 million in merger-related costs from the acquisition of Riverview Financial Corporation. Total loans rose by 30% to $3.1 billion, driven by the Riverview acquisition and organic growth. A dividend of $0.20 per share is set for February 28, 2022.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) completed its acquisition of Riverview Financial Corporation on November 30, 2021. The all-stock transaction, valued at approximately $124.7 million, enhances Mid Penn’s market presence in key regions including the Lehigh Valley and State College area, with consolidated assets reaching around $4.7 billion. Mid Penn aims to offer superior banking services to Riverview's customers under its brand while maintaining focus on community banking.

On November 18, 2021, shareholders of Mid Penn Bancorp (MPB) and Riverview Financial Corporation (RIVE) overwhelmingly approved the acquisition of Riverview by Mid Penn. Over 98% of shares from both companies voted in favor of the merger. The transaction will enhance Mid Penn’s market presence, particularly in the Lehigh Valley and State College areas. Following the merger, Mid Penn is expected to have pro forma assets of approximately $4.7 billion. The deal is anticipated to close on November 30, 2021, pending satisfaction of closing conditions.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) and Riverview Financial Corporation (NASDAQ: RIVE) have received regulatory approvals for their proposed merger, anticipated to close in Q4 2021, pending shareholder agreement. This merger is projected to enhance Mid Penn's market presence, particularly in the Lehigh Valley and State College regions, increasing total assets to approximately $4.7 billion post-merger. Mid Penn aims to extend its footprint and improve shareholder value, as stated by its CEO, Rory G. Ritrievi.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported a net income of $9,787,000 or $0.86 per share for Q3 2021, a 49% increase from $6,547,000 or $0.78 per share in Q3 2020. For the first nine months of 2021, earnings rose 67% to $28,712,000, or $2.85 per share. Total assets grew by 15% to $3.45 billion. The bank's tangible book value increased to $24.75 per share, up from $22.39 at the end of 2020. A dividend of $0.20 per share was declared for Q3. The successful participation in the PPP program aided earnings, generating $17.5 million in processing fees.

Mid Penn Bancorp (NASDAQ: MPB) has announced a $125,000 donation to the Pennsylvania Breast Cancer Coalition (PBCC), generated through the sixth annual Mid Penn Bank Celebrity Golf Classic held from July 13-15, 2021. The event, attended by 190 golfers, featured celebrities such as Ron Jaworski and Mike Vick, contributing to a total of over $575,000 donated since the event's inception. The PBCC's mission focuses on increasing funding for breast cancer research and support services. Mid Penn Bank remains committed to charitable giving and community support.