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. 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.
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.
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Mid Penn Bancorp (NASDAQ: MPB) appointed Donald F. Holt as Interim Chief Financial Officer. Reporting to President and CEO Rory Ritrievi, Holt will manage accounting, finance, and treasury functions. He brings over 25 years of financial services experience, previously serving as CFO at Community Banks, Inc. Holt will oversee the investment committee and regulatory reporting during the search for a permanent CFO. MPB, headquartered in Millersburg, Pennsylvania, operates 36 retail locations with assets exceeding $3 billion.
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.