Mid Penn Bancp Stock Price, News & Analysis

Mid Penn Bancorp (NASDAQ:MPB) is rebranding its First Priority Bank Division branches to Mid Penn Bank in southeastern Pennsylvania. This change affects eight branch locations across Berks, Bucks, Chester, and Montgomery counties. The rebranding follows the acquisition of First Priority Bank in 2018. According to CEO Rory G. Ritrievi, customers will continue to receive the same exceptional service with no changes to account terms, rates, or branch hours. All banking services will remain available without interruption.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) announced the appointment of William K. Poole to its Board of Directors, effective February 1, 2021. With 36 years of banking experience primarily in central Pennsylvania, Mr. Poole brings a wealth of knowledge from his previous roles as Chief Lending Officer and CEO. His extensive connections in the Lancaster area are seen as beneficial for Mid Penn Bank’s community relationships. Mid Penn Bancorp has total assets of $3 billion and operates retail locations across several counties in Pennsylvania.

Mid Penn Bancorp (NASDAQ: MPB) has appointed Brian A. Hudson to its Board of Directors, effective January 27, 2021. Hudson, previously the Executive Director and CEO of the Pennsylvania Housing Finance Agency, brings extensive financial expertise and corporate governance experience. He holds several professional qualifications and serves on various boards, including Erie Indemnity Company. Board Chairman Robert C. Grubic and President and CEO Rory G. Ritrievi expressed their confidence in Hudson's ability to enhance the company’s strategic direction and community impact. Mid Penn Bank has over $3 billion in assets and operates throughout Pennsylvania.

The Board of Directors of Mid Penn Bancorp has declared an annual performance cash dividend of $0.05 per common share, scheduled for payment on January 25, 2021. Shareholders of record as of January 11, 2021 will be eligible to receive this dividend. Mid Penn, headquartered in Millersburg, Pennsylvania, operates with total assets exceeding $3 billion and serves multiple counties throughout Pennsylvania.

Mid Penn Bank, a subsidiary of Mid Penn Bancorp (NASDAQ: MPB), successfully raised $100,000 for the Penn State Cancer Institute's Urology Division during its fifth annual 'No Shave November' campaign. This initiative promotes prostate cancer research and encourages men to participate by growing beards. Since 2016, this collaboration has significantly impacted awareness and funding for the disease, which affects one in nine men. Local businesses also contributed to this year's efforts, demonstrating strong community support.

Mid Penn Bank, a subsidiary of Mid Penn Bancorp (NASDAQ: MPB), announced that First Vice President Natalie Falatek has been named 2020 PPP Lender of the Year by the Coleman Report. This recognition highlights her dedication to supporting American small businesses during challenging times. Falatek's leadership contributed to the bank assisting over 60,000 small business employees through the Paycheck Protection Program. With nearly ten years at Mid Penn Bank and over 15 years in finance, she aims to prepare for potential new PPP funding to continue aiding local businesses.

Mid Penn Bancorp reported a net income of $6,547,000 for Q3 2020, translating to $0.78 per share, marking a 39% increase from $4,813,000 or $0.57 per share in Q3 2019. Year-to-date earnings also rose by 29%, reaching $17,198,000 or $2.04 per share. The company declared a dividend of $0.18 per share, payable on November 23, 2020. Total assets surged by 37% to over $3 billion, fueled by $614 million in Paycheck Protection Program loans. Despite a rise in nonperforming assets, the net charge-off ratio remained at 0%. Tangible book value rose over 7% to $21.46 per share.

Mid Penn Bancorp, Inc. has announced the consolidation of three branches in Pennsylvania effective December 31, 2020, as part of its strategy to adapt to changing consumer preferences. The affected locations are in Malvern, Pillow, and Vanderbilt. Despite the closures, customers will still have access to nearby branches and enhanced online services. The consolidation is expected to yield annual savings exceeding $150,000, with costs recouped by Q3 2021. No layoffs are anticipated, and the company aims to maintain service quality across its network.