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 Bancorp, Inc. (NASDAQ: MPB) generates frequent news as an active regional banking and financial services organization headquartered in Harrisburg, Pennsylvania. As the parent company of Mid Penn Bank and MPB Financial Services, LLC, the company reports on commercial banking performance, acquisitions, capital management, and the expansion of its financial services platform.
News coverage for MPB commonly includes quarterly and annual earnings releases, where Mid Penn discusses net income available to common shareholders, net interest income and margin, loan and deposit trends, asset quality measures, and capital ratios. These updates often highlight the impact of acquisitions, such as the completed purchase of William Penn Bancorporation and the acquisition of Cumberland Advisors, on the company’s asset base, loan and deposit balances, and noninterest income.
Investors and observers can also expect news about strategic transactions and corporate developments. Mid Penn has announced agreements to acquire institutions like 1st Colonial Bancorp, Inc., as well as the insurance business of Charis Insurance Group and the investment advisory firm Cumberland Advisors. Press releases describe how these transactions extend Mid Penn’s footprint in Pennsylvania and New Jersey and add capabilities in insurance and investment management.
Other recurring news items include dividend declarations, treasury stock repurchase program updates, regulatory and shareholder approvals for mergers, and executive-related actions such as supplemental executive retirement plans, change in control agreements, and key leadership appointments. For example, Mid Penn has announced the hiring of a chief operating officer to lead loan and deposit operations and has disclosed amendments to executive benefit arrangements.
This news page brings together these categories of information so readers can follow Mid Penn’s financial results, merger and acquisition activity, governance decisions, and leadership changes over time. Regular updates provide context on how the company is managing growth, capital, and its broader financial services strategy.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported a net income of $12.3 million for Q2 2022, marking an increase of $898 thousand compared to Q1 2022. The tax-equivalent net interest margin rose to 3.45%, up from 3.21% in Q1 2022. Loans grew by 8% annually, with a significant 11% growth excluding PPP loans. Asset quality remains robust with a nonperforming loan ratio of 0.25%. A quarterly cash dividend of $0.20 per share was declared, payable on August 22, 2022. The acquisition of Riverview is positively impacting financial metrics.
Mid Penn Bancorp appoints Allison Johnson as senior executive vice president and chief financial officer, effective May 11, 2022. With over 13 years in financial services, Johnson previously served as CFO at Spirit of Texas Bank. President and CEO Rory Ritrievi emphasized her strategic vision and leadership strengths, anticipating positive impacts on the bank's growth. Johnson will oversee financial strategy and performance, bringing extensive experience from her roles at Florida Community Bank and PriceWaterhouseCoopers. She holds a Bachelor’s in Accounting and a Master’s from Florida State University.
Mid Penn Bank has appointed Jordan Space as the new executive vice president and chief corporate development officer, effective April 18, 2022. In this role, he will assist the CEO in developing new business lines, including establishing a Private Bank, aimed at increasing market share and enhancing brand presence across Pennsylvania. Space has a strong background in banking, having previously served as market president for S&T Bank and chief lending officer at Integrity Bank. Mid Penn Bank operates in 16 counties with assets exceeding $4.6 billion.
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.
Summary not available.
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.