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 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.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported record earnings for Q2 2020, achieving $6,833,000 or $0.81 per share, up from $4,403,000 or $0.52 per share year-over-year. For the first half of 2020, earnings rose to $10,651,000 or $1.26 per share, compared to $8,480,000 or $1.00 per share in 2019. Total assets increased by 31% to $2.92 billion, driven by a significant volume of PPP loans. The Bank declared a quarterly dividend of $0.18 per share, signifying strong financial health amidst the pandemic.
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