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Mid Penn Bancorp, Inc. reports developments for a Pennsylvania financial holding company whose subsidiaries include Mid Penn Bank and MPB Financial Services, LLC. The company’s news commonly covers quarterly earnings, loan growth, asset quality, net interest margin, expense trends, dividend declarations and common-stock repurchase authorizations.
Mid Penn updates also include completed bank and advisory acquisitions, integration activity, leadership appointments and expansion of commercial banking and wealth management capabilities. Its operating footprint is centered on Pennsylvania and central and southern New Jersey, with banking services that include loans, deposits, mortgages, private banking, insurance, trust and investment advisory offerings.
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Mid Penn Bancorp (NASDAQ: MPB) and Brunswick Bancorp (OTCMPK: BRBW) have announced the successful approval of their proposed merger following the special shareholder meetings held on April 25, 2023. Over 99% of Brunswick shareholders and more than 97% of Mid Penn shareholders voted in favor of the merger. This strategic acquisition aims to enhance Mid Penn's market presence and support its growth objectives, expanding its footprint into Central New Jersey. Post-merger, Mid Penn is expected to hold around $5 billion in assets. The merger is slated for completion in Q2 2023, contingent on various closing conditions.
Mid Penn Bancorp (NASDAQ: MPB) has appointed Mr. Bruce A. Kiefer to its Board of Directors, effective March 10, 2023. Mr. Kiefer brings extensive experience from his long tenure at The Hershey Company, where he has managed various scientific and managerial roles. He oversees critical systems in his current position and holds a bachelor’s degree in chemistry and a master’s degree in food science. The company's leadership expressed confidence in Mr. Kiefer's abilities to enhance the board, given his professional credentials and community involvement. Mid Penn Bancorp operates in 17 counties in Pennsylvania, with total assets exceeding $4.5 billion.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported fourth-quarter 2022 net income of $15.7 million, or $0.99 per share, a 1.5% increase from Q3 2022. Loans and leases grew 22.9% annualized. The tax-equivalent net interest margin decreased to 3.80% from 3.92% Q3 2022 but increased from 3.16% year-over-year. Total assets rose to $4.4 billion, a 27% increase YoY. For the year, net income reached $54.8 million, a record for Mid Penn, with dividend declarations of $0.20 per share. The firm also announced a merger with Brunswick Bancorp, valued at approximately $53.9 million. This acquisition aims to expand Mid Penn's footprint in New Jersey.
Mid Penn Bancorp to Acquire Brunswick Bancorp
Mid Penn Bancorp (NASDAQ: MPB) announced a merger agreement to acquire Brunswick Bancorp for approximately $53.9 million. This acquisition, unanimously approved by both boards, will expand Mid Penn's market presence in central New Jersey, adding five financial centers and creating a combined entity with around $5.0 billion in assets. Brunswick's shareholders will receive a mix of cash and Mid Penn stock. The merger is subject to regulatory approvals and is expected to close in Q2 2023.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported a net income of $15.5 million, or $0.97 per share, for Q3 2022, marking a 26.4% increase from Q2. The tax-equivalent net interest margin rose to 3.92%, while organic loans grew 17.8% annualized. Return on average assets improved to 1.42%, and the efficiency ratio was 53.5%. Total average deposits decreased by 2.9% quarter-over-quarter. Mid Penn's strong asset quality continued, with nonperforming assets at $7.7 million. A cash dividend of $0.20 per share was declared, payable on November 28, 2022.
Mid Penn Bank has received regulatory approval to open its first full-service financial center in the Lehigh Valley at 3900 Hamilton Blvd., Allentown, PA. The new office will offer traditional banking services and specialized wealth management and insurance solutions. A ribbon-cutting ceremony is scheduled for October 11, 2022, to mark the facility's opening. The center will enhance regional growth and is led by Regional President Frank Heston and Manager Mary Briody, emphasizing convenient access and comprehensive financial services for both businesses and individuals.
Mid Penn Bank has received the necessary approvals to open a new financial center at 480 Norristown Road, Blue Bell, PA, set to launch on September 26, 2022. This center will provide traditional banking and access to wealth management and insurance solutions, featuring drive-through banking and a state-of-the-art ATM. The initiative aims to enhance customer convenience in Montgomery County, coinciding with the closure of a smaller nearby location. The new center will be managed by Patrick Owens and staffed by three employees.