Mid Penn Bancp Stock Price, News & Analysis

Mid Penn Bank has promoted Joan Dickinson to Chief Retail Officer, overseeing retail operations across 36 branches and cash management programs. Dickinson, who joined the bank in 2013, brings over 30 years of experience in business development and retail strategy. She previously served as Chief of Staff and Regional President, significantly enhancing the bank's market presence. This strategic appointment aims to improve retail delivery channels and capitalize on customer insights, as stated by CEO Rory G. Ritrievi.

Mid Penn Bancorp reported a net income of $9.61 million, or $0.93 per common share, for Q2 2021, up from $6.83 million, or $0.81 per share in Q2 2020, marking a 15% increase year-over-year. For the first half, earnings rose 60% to $18.93 million, or $2.02 per share. Total assets increased by over 15% to $3.46 billion, driven by a $391.83 million participation in the Paycheck Protection Program (PPP). Noninterest income surged 56% to $5.65 million, while noninterest expenses grew by 26%. Additionally, a merger with Riverview Financial Corporation was announced, pending regulatory approval.

Mid Penn Bancorp has announced a merger with Riverview Financial Corporation in an all-stock deal valued at $124.7 million. This strategic agreement will create a robust community bank in Pennsylvania with approximately $4.8 billion in assets. The merger aims to expand Mid Penn's presence in key markets, including Lehigh Valley and State College, enhancing its lending capabilities and deposit base. The transaction is expected to close in Q4 2021, subject to regulatory and shareholder approvals.

Mid Penn Bancorp (NASDAQ: MPB) announced it has approved over $370 million in loans for small businesses through the 2021 Paycheck Protection Program (PPP), aiding more than 3,300 businesses and retaining over 34,000 jobs. The Bank utilized experience from the previous PPP round to facilitate efficient applications, contributing to a total of over $1.0 billion in loans since both PPP programs began. Mid Penn Bank continues to enhance local economies by expediting critical funding.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) announced the completion of its public offering of 2,990,000 shares of common stock at $25.00 per share, grossing $74.75 million. Post-underwriting expenses, the net proceeds are approximately $70.2 million. The funds will enhance the company's capital structure, support organic growth, and fulfill general corporate needs. Future acquisitions may be funded, but no current commitments exist. Piper Sandler & Co. and Stephens Inc. acted as joint book-running managers.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) has announced a public offering of 2,600,000 shares of common stock priced at $25.00 each, aiming for gross proceeds of $65 million. After expenses, net proceeds are expected to be around $61 million, with closing anticipated on May 4, 2021. The funds will bolster the company's capital structure and support growth, including potential future acquisitions. The offering is managed by Piper Sandler & Co. and Stephens Inc., with an additional option for underwriters to purchase 390,000 shares.

Mid Penn Bancorp (MPB) reported a record net income of $9,312,000 ($1.11 per share) for Q1 2021, up 144% from $3,818,000 ($0.45 per share) year-over-year. Total assets increased by 13% to $3.38 billion, driven by a rise in core banking loans and deposits, which surged by 31%. The tangible book value per share rose to $23.42. However, the company faces challenges with an increase in noninterest expenses, which were up 13% due to higher salaries and software costs. A quarterly dividend of $0.20 per common share was declared, payable on May 24, 2021.

Mid Penn Bancorp (NASDAQ: MPB) announced the promotion of Heather Hall to Executive Vice President of Mid Penn Bank on April 20, 2021. Hall has been with the bank since 2016, significantly contributing to its commercial banking sector. In 2020 alone, she originated over $118 million in commercial loans and managed $32 million in new deposits. Her leadership is recognized for fostering a committed team dedicated to customer service. Mid Penn Bank operates throughout Pennsylvania and has total assets of $3 billion, continuing its service to the community since 1868.

Mid Penn Bancorp (NASDAQ: MPB) has successfully disbursed over $290 million in Paycheck Protection Program (PPP) loans to 2,047 small businesses since the portal's opening on January 19, 2021. This funding supports more than 26,000 employees and builds on the bank's strong reputation from the first PPP round in 2020, where it issued over 4,100 loans. Mid Penn Bank's streamlined process has attracted both returning and new borrowers, with over 25,000 paychecks protected in this second round.