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    Mid Penn Bancorp, Inc. Reports First Quarter Earnings and Declares 58th Consecutive Quarterly Dividend

    4/23/25 4:32:00 PM ET
    $MPB
    Major Banks
    Finance
    Get the next $MPB alert in real time by email

    Mid Penn Bancorp, Inc. (NASDAQ:MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial Services, LLC, today reported net income available to common shareholders ("earnings") for the quarter ended March 31, 2025, of $13.7 million, or $0.71 per diluted common share, compared to net income of $12.1 million, or $0.73 per diluted common share, for the first quarter of 2024, and a consensus analyst estimate of $0.63 per diluted common share for the first quarter of 2025.

    Key Highlights of the First Quarter of 2025:

    • Net income available to common shareholders increased 13.3% to $13.7 million, or $0.71 per diluted common share, for the first quarter of 2025, compared to net income of $12.1 million, or $0.73 per diluted common share, for the first quarter of 2024. On a non-GAAP basis, core earnings(1) for the quarter ended March 31, 2025, increased 30.3% to $13.9 million, or $0.72 per diluted common share, compared to $10.7 million, or $0.64 per diluted common share, for the first quarter of 2024.
    • Net interest margin increased to 3.37% for the quarter ended March 31, 2025, compared to 3.21% for the fourth quarter of 2024. Cost of funds decreased to 2.48% for the quarter ended March 31, 2025, compared to 2.66% for the fourth quarter of 2024, as a result of a decrease in interest paid on interest-bearing deposit accounts, driven by the Bank lowering rates in response to the Federal Reserve interest rate cuts in the third and fourth quarters of 2024. The yield on loans decreased to 6.05% for the quarter ended March 31, 2025, compared to 6.10% for the fourth quarter of 2024. Net interest margin increased to 3.37% for the quarter ended March 31, 2025, compared to 2.97% for the first quarter of 2024, representing a 40 bp increase compared to the same period in 2024.
    • Loan growth for the first quarter of 2025 was $48.1 million, or 4.4% (annualized), as the Bank continued to execute on its restrained growth strategy in 2025. Total loans increased $173.7 million, or 4.0% to $4.5 billion at March 31, 2025, compared to $4.3 billion at March 31, 2024.
    • Deposits increased $42.3 million, or 3.7% (annualized), during the first quarter of 2025, compared to a decrease of $16.8 million, or 1.4% (annualized), during the fourth quarter of 2024. This increase was driven by a $55.5 million increase in interest-bearing transaction accounts, a $29.1 million increase in noninterest-bearing accounts, offset by $42.3 million decrease in time deposits. Total deposits increased $353.1 million or 8.06% to $4.7 billion at March 31, 2025, compared to $4.4 billion at March 31, 2024.
    • Book value per common share improved to $34.50 as of March 31, 2025, compared to $33.84 and $33.26 as of December 31, 2024 and March 31, 2024, respectively. Tangible book value per common share (1) improved to $27.58 for as of March 31, 2025, compared to $26.90 and $25.23 as of December 31, 2024 and March 31, 2024, respectively.
    • The core efficiency ratio(1) improved to 62.79% in the first quarter of 2025, compared to 63.9% in the fourth quarter of 2024, and 68.8% in the first quarter of 2024.
    • As a result of the foregoing, the Board of Directors declared a cash dividend of $0.20 per common share, payable May 26, 2025, to shareholders of record as of May 8, 2025.

    (1)

    Non-GAAP financial measure. Refer to the calculation in the section titled "Reconciliation of Non-GAAP Measures (Unaudited)" at the end of this document.

    Chair, President and CEO Rory G. Ritrievi provided the following statement:

    "It is with great pleasure that we announce our first quarter of 2025 performance, which in many ways is a continuation of what we were able to accomplish in 2024.

    Despite a fairly tumultuous quarter for the nation and most of the world, we delivered a solid beat of consensus estimates on earnings per share. That beat was the result of healthy net interest margin expansion, moderate growth in both loans and deposits, strong asset quality performance and an improvement in the efficiency ratio.

    The net interest margin expansion was achieved by a decrease in deposit costs resulting from repricing initiatives started in the fourth quarter of 2024 and continuing through the first quarter of 2025.

    Even while increasing revenues around 3% annualized, we decreased operating expenses over 3% annualized, resulting in a 110 basis point, or almost 7% annualized, improvement in the efficiency ratio. Solid expense management continues.

    Our commercial and consumer bankers across our expanding footprint delivered a respectable organic growth rate of 4.4% (annualized) in loans and 3.7% (annualized) in deposits. Those growth rates are a little less than what we had hoped for the quarter, but we recognize that our borrower's and depositors are influenced by what they feel and see in the overall economy. Their sentiment in the first quarter would be best described as cautious.

    In early April, we announced that we had received all regulatory approvals for our planned merger with William Penn Bank as well as the enthusiastic approval of both shareholder groups. As a result, we expect that the William Penn merger will close in the middle of the second quarter of 2025. We welcome all the William Penn customers and shareholders in advance of the expected completion.

    In consideration of our first quarter success, the Board has authorized its 58th consecutive quarterly dividend, a cash dividend of $0.20 per share of common stock, which was declared at its meeting on April 23, 2025, payable on May 26, 2025, to shareholders of record as of May 8, 2025."

    Net Interest Income

    For the three months ended March 31, 2025, net interest income was $42.5 million, compared to net interest income of $41.3 million for the three months ended December 31, 2024, and $36.5 million for the three months ended March 31, 2024. The tax-equivalent net interest margin for the three months ended March 31, 2025, was 3.37% compared to 3.21% and 2.97% for the fourth quarter of 2024 and first quarter of 2024, respectively, representing a 16 basis point ("bp") increase from the fourth quarter of 2024, and a 40 bp increase compared to the same period in 2024.

    The yield on interest-earning assets decreased to 5.65% for the quarter ended March 31, 2025, from 5.67% for the three months ended December 31, 2024, and increased from 5.51% for the three months ended March 31, 2024. The decrease from the fourth quarter of 2024 was primarily due to a decrease in the average balance of Federal Funds Sold and a decrease in interest income from loans as a result of lower rates, partially offset by an increase in taxable investment securities. The increase from March 31, 2024, was due to assets continuing to reprice at higher rates during 2024 and 2025, continued discipline on new loan pricing, and an overall increase in the average balance of Fed Funds Sold.

    For the three months ended March 31, 2025, net interest income increased 16.6% to $42.5 million compared to net interest income of $36.5 million for the same period of 2024. The increase was primarily due to a $3.3 million increase in interest income on loans, a $420 thousand increase in income on investment securities, and a $4.2 million decrease in the interest paid on short term borrowings, offset by a $1.9 million increase in interest expense on deposits compared to the same period of 2024.

    Average Balances

    Average loans increased $18.2 million to $4.5 billion for the quarter ended March 31, 2025, compared to $4.4 billion for the quarter ended December 31, 2024, and $4.3 billion for the quarter ended March 31, 2024.

    Average deposits were $4.7 billion for the first quarter of 2025, reflecting a decrease of $6.2 million, or 0.1%, compared to total average deposits of $4.7 billion in the fourth quarter of 2024, and an increase of $369.6 million, or 8.6%, compared to total average deposits of $4.3 billion for the first quarter of 2024. The average cost of deposits was 2.45% for the first quarter of 2025, representing a 20 bp decrease and a 2 bp increase from the fourth quarter of 2024 and the first quarter of 2024, respectively. The Bank continues to face headwinds with respect to deposit pricing, given competition for deposits across all product types. Our primary focus with respect to deposit strategy is stability, ensuring that our rates are competitive, and our product mix satisfies the needs of our customers. Additionally, the Bank also maintains interest rate swaps to hedge the cash flow risk associated with existing brokered CDs, and to mitigate the impact of higher deposit costs. Cost of funds decreased to 2.48%, compared to 2.66% for the fourth quarter of 2024, as a result of a $2.6 million decrease in interest paid on interest-bearing deposit accounts due to the Bank lowering rates in response to the Federal Reserve interest rate cuts in the third and fourth quarters of 2024.

    Asset Quality

    The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was $301 thousand for the three months ended March 31, 2025, a decrease of $32 thousand compared to the provision for credit losses of $333 thousand for the three months ended December 31, 2024, and a $1.2 million increase compared to the benefit for credit losses of $937 thousand for the three months ended March 31, 2024. This decrease from the three months ended December 31, 2024, was driven by decreases in loss rates across multiple segments of the portfolio, offset by increased reserves on individually evaluated loans. Net recoveries for the three months ended March 31, 2025, were $3 thousand or less than 0.0001% of total average loans.

    The provision for credit losses on loans was $321 thousand for the three months ended March 31, 2025, an increase of $940 thousand compared to the benefit for credit losses of $619 thousand for the three months ended March 31, 2024. This increase for the three months ended March 31, 2025, was primarily due to an increase in loss factors across certain portfolios. The benefit for credit losses on off-balance sheet credit exposures was $20 thousand for the three months ended March 31, 2025.

    Allowance for credit losses - loans was 0.80%, 0.80%, and 0.78% of loans, net of unearned income at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

    Total nonperforming assets were $25.4 million at March 31, 2025, compared to nonperforming assets of $22.7 million and $15.5 million at December 31, 2024, and March 31, 2024, respectively. The increase during the first quarter of 2025 primarily related to the addition of three commercial loans with a combined balance of $7.0 million, partially offset by the payoff of two commercial loans with a combined balance of $3.0 million. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.50% at March 31, 2025, compared to 0.52% and 0.38% as of December 31, 2024, and March 31, 2024, respectively.

    Capital

    Shareholders' equity increased $12.9 million, or 2.0%, from $655.0 million as of December 31, 2024, to $667.9 million as of March 31, 2025. Retained earnings increased $9.9 million, or 5.4%, from $181.6 million as of December 31, 2024, to $191.5 million as of March 31, 2025. Regulatory capital ratios for both Mid Penn and the Bank indicate regulatory capital levels in excess of both the regulatory minimums and the levels necessary for the Bank to be considered "well capitalized" at March 31, 2025. Additionally, Mid Penn declared $3.9 million in dividends during the first quarter of 2025.

    On April 23, 2025, Mid Penn's Board of Directors reauthorized its treasury stock repurchase program ("The Program") effective through April 30, 2026. The Program authorizes the repurchase of up to $15.0 million of Mid Penn's outstanding common stock. As of March 31, 2025, Mid Penn repurchased a total of 440,722 shares of common stock at an average price of $22.78 per share under the Program. No shares were purchased in the first quarter of 2025. The Program had approximately $5.0 million remaining available for repurchase as of March 31, 2025.

    Noninterest Income

    For the three months ended March 31, 2025, noninterest income totaled $5.2 million, a decrease of $910 thousand, or 14.8%, compared to noninterest income of $6.1 million for the fourth quarter of 2024. The decrease is primarily due to a $717 thousand decrease in other miscellaneous noninterest income, driven by a $532 thousand decrease in Bank-owned life insurance benefits received, and $106 million decrease in insurance commissions.

    For the three months ended March 31, 2025, noninterest income totaled $5.2 million, a decrease of $598 thousand, or 10.2%, compared to noninterest income of $5.8 million for the three months ended March 31, 2024. The decrease in noninterest income is primarily driven by a $731 thousand decrease in other miscellaneous noninterest income, driven by a $1.4 million decrease in Bank-owned life insurance benefits received, partially offset by a $357 thousand increase in loan level swap fees, a $113 thousand increase in other letter of credit income, and a $167 thousand increase in Mortgage Banking income.

    Noninterest Expense

    Total noninterest expense decreased $272 thousand to $30.6 million in the first quarter of 2025 from $30.9 million in the fourth quarter of 2024. The decrease was driven by a $638 thousand decrease in salaries and employee benefits, driven by a decrease in bonuses paid, partially offset by a $514 thousand increase in shares tax.

    For the three months ended March 31, 2025, noninterest expense totaled $30.6 million, an increase of $2.1 million, or 7.4%, compared to noninterest expense of $28.5 million for the three months ended March 31, 2024. The increase was primarily driven by a $847 thousand increase in salaries and employee benefits, a $454 thousand increase in software licensing, a $314 thousand increase in merger and acquisition expenses, and a $292 thousand increase in occupancy expenses, partially offset by a $172 thousand decrease in legal and professional fees.

    The core efficiency ratio(1) was 62.8% in the first quarter of 2025, compared to 63.9% in the fourth quarter of 2024, and 68.8% in the first quarter of 2024. The change in the core efficiency ratio during the first quarter of 2025 compared to the fourth quarter of 2024 was the result of slightly higher net interest income, partially offset by lower noninterest income, and slightly lower noninterest expense. Mid Penn continues to evaluate levels of noninterest expense for opportunities to reduce operating costs throughout the organization.

    (1)

    Non-GAAP financial measure. Refer to the calculation in the section titled "Reconciliation of Non-GAAP Measures (Unaudited)" at the end of this document. Non-GAAP financial measure.

    Subsequent Events

    Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company's consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.

    On April 2, 2025, Mid Penn and William Penn Bancorporation ("William Penn") announced that shareholders of both companies overwhelmingly approved Mid Penn's proposed acquisition of William Penn. The approvals were obtained at special meetings of shareholders held by each company on April 2, 2025.

    SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

    This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn's portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank's future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn's initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Mid Penn and William Penn; the outcome of any legal proceedings that may be instituted against Mid Penn or William Penn; delays in completing the transaction; the failure to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the integration of Mid Penn and William Penn successfully; the dilution caused by Mid Penn's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Mid Penn or William Penn.

    For a more detailed description of these and other factors which would affect our results, please see Mid Penn's filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.

    SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):

    (Dollars in thousands, except per share data)

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

    Ending Balances:

     

     

     

     

     

     

     

     

     

    Investment securities

    $

    634,044

     

     

    $

    643,352

     

     

    $

    642,291

     

     

    $

    601,683

     

     

    $

    615,061

     

    Loans, net of unearned income

     

    4,491,167

     

     

     

    4,443,070

     

     

     

    4,431,704

     

     

     

    4,364,561

     

     

     

    4,317,449

     

    Total assets

     

    5,546,026

     

     

     

    5,470,936

     

     

     

    5,527,025

     

     

     

    5,391,749

     

     

     

    5,330,379

     

    Total deposits

     

    4,732,202

     

     

     

    4,689,927

     

     

     

    4,706,764

     

     

     

    4,497,011

     

     

     

    4,379,105

     

    Shareholders' equity

     

    667,933

     

     

     

    655,018

     

     

     

    573,059

     

     

     

    559,686

     

     

     

    550,968

     

    Average Balances:

     

     

     

     

     

     

     

     

     

    Investment securities

     

    639,580

     

     

     

    633,409

     

     

     

    610,586

     

     

     

    608,173

     

     

     

    615,687

     

    Loans, net of unearned income

     

    4,459,679

     

     

     

    4,441,436

     

     

     

    4,405,969

     

     

     

    4,353,360

     

     

     

    4,293,828

     

    Total assets

     

    5,491,763

     

     

     

    5,481,473

     

     

     

    5,470,641

     

     

     

    5,378,897

     

     

     

    5,319,680

     

    Total deposits

     

    4,681,708

     

     

     

    4,687,880

     

     

     

    4,597,686

     

     

     

    4,451,678

     

     

     

    4,312,094

     

    Shareholders' equity

     

    660,964

     

     

     

    623,670

     

     

     

    565,300

     

     

     

    553,675

     

     

     

    546,001

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

    Income Statement:

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

    Net interest income

    $

    42,509

     

     

    $

    41,280

     

     

    $

    40,169

     

     

    $

    38,766

     

     

    $

    36,456

     

    Provision/(Benefit) for credit losses

     

    301

     

     

     

    333

     

     

     

    516

     

     

     

    1,604

     

     

     

    (937

    )

    Noninterest income

     

    5,239

     

     

     

    6,149

     

     

     

    5,178

     

     

     

    5,329

     

     

     

    5,837

     

    Noninterest expense

     

    30,642

     

     

     

    30,913

     

     

     

    29,959

     

     

     

    28,224

     

     

     

    28,520

     

    Income before provision for income taxes

     

    16,805

     

     

     

    16,183

     

     

     

    14,872

     

     

     

    14,267

     

     

     

    14,710

     

    Provision for income taxes

     

    3,063

     

     

     

    2,951

     

     

     

    2,571

     

     

     

    2,496

     

     

     

    2,577

     

    Net income available to shareholders

     

    13,742

     

     

     

    13,232

     

     

     

    12,301

     

     

     

    11,771

     

     

     

    12,133

     

    Net income excluding non-recurring income and expenses (1)

     

    13,907

     

     

     

    12,961

     

     

     

    12,383

     

     

     

    11,284

     

     

     

    10,673

     

     

     

     

     

     

     

     

     

     

     

    Per Share:

     

     

     

     

     

     

     

     

     

    Basic earnings per common share

    $

    0.71

     

     

    $

    0.72

     

     

    $

    0.74

     

     

    $

    0.71

     

     

    $

    0.73

     

    Diluted earnings per common share

     

    0.71

     

     

     

    0.72

     

     

     

    0.74

     

     

     

    0.71

     

     

     

    0.73

     

    Cash dividends declared

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

    Book value per common share

     

    34.50

     

     

     

    33.84

     

     

     

    34.48

     

     

     

    33.76

     

     

     

    33.26

     

    Tangible book value per common share (1)

     

    27.58

     

     

     

    26.90

     

     

     

    26.36

     

     

     

    25.75

     

     

     

    25.23

     

     

     

     

     

     

     

     

     

     

     

    Asset Quality:

     

     

     

     

     

     

     

     

     

    Net (recoveries)/charge-offs to average loans (3)

     

    (0.0003

    %)

     

     

    0.037

    %

     

     

    0.031

    %

     

     

    0.002

    %

     

     

    0.004

    %

    Non-performing loans to total loans

     

    0.54

     

     

     

    0.51

     

     

     

    0.39

     

     

     

    0.23

     

     

     

    0.24

     

    Non-performing asset to total loans and other real estate

     

    0.57

     

     

     

    0.51

     

     

     

    0.40

     

     

     

    0.24

     

     

     

    0.36

     

    Non-performing asset to total assets

     

    0.46

     

     

     

    0.41

     

     

     

    0.32

     

     

     

    0.19

     

     

     

    0.29

     

    ACL on loans to total loans

     

    0.80

     

     

     

    0.80

     

     

     

    0.80

     

     

     

    0.81

     

     

     

    0.78

     

    ACL on loans to nonperforming loans

     

    149.05

     

     

     

    157.07

     

     

     

    204.61

     

     

     

    352.92

     

     

     

    322.69

     

     

     

     

     

     

     

     

     

     

     

    Profitability:

     

     

     

     

     

     

     

     

     

    Return on average assets (3)

     

    1.01

    %

     

     

    0.96

    %

     

     

    0.89

    %

     

     

    0.88

    %

     

     

    0.92

    %

    Return on average equity (3)

     

    8.43

     

     

     

    8.44

     

     

     

    8.66

     

     

     

    8.55

     

     

     

    8.94

     

    Return on average tangible common equity (1) (3)

     

    10.84

     

     

     

    11.07

     

     

     

    11.69

     

     

     

    11.57

     

     

     

    12.15

     

    Tax-equivalent net interest margin

     

    3.37

     

     

     

    3.21

     

     

     

    3.13

     

     

     

    3.12

     

     

     

    2.97

     

    Efficiency ratio (1)

     

    62.79

     

     

     

    63.94

     

     

     

    64.89

     

     

     

    63.65

     

     

     

    68.80

     

     

     

     

     

     

     

     

     

     

     

    Capital Ratios:

     

     

     

     

     

     

     

     

     

    Tier 1 Capital (to Average Assets) (2)

     

    10.2

    %

     

     

    10.0

    %

     

     

    8.4

    %

     

     

    8.4

    %

     

     

    8.3

    %

    Common Tier 1 Capital (to Risk Weighted Assets) (2)

     

    12.0

     

     

     

    12.1

     

     

     

    10.1

     

     

     

    9.9

     

     

     

    9.6

     

    Tier 1 Capital (to Risk Weighted Assets) (2)

     

    12.0

     

     

     

    12.1

     

     

     

    10.1

     

     

     

    9.9

     

     

     

    9.6

     

    Total Capital (to Risk Weighted Assets) (2)

     

    13.8

     

     

     

    14.0

     

     

     

    11.9

     

     

     

    11.8

     

     

     

    11.4

     

    (1)

    Non-GAAP financial measure. Refer to the calculation in the section titled "Reconciliation of Non-GAAP Measures (Unaudited)" at the end of this document.

    (2)

    Regulatory capital ratios as of March 31, 2025 are preliminary and prior periods are actual.

    (3)

    Annualized ratio

    CONSOLIDATED BALANCE SHEETS (Unaudited):

    (In thousands, except share data)

    Mar. 31, 2025

     

    Dec. 31, 2024

     

    Sep. 30, 2024

     

    Jun. 30, 2024

     

    Mar. 31, 2024

    ASSETS

     

     

     

     

     

     

     

     

     

    Cash and due from banks

    $

    47,688

     

     

    $

    37,002

     

     

    $

    57,518

     

     

    $

    36,948

     

     

    $

    33,362

     

    Interest-bearing balances with other financial institutions

     

    16,880

     

     

     

    14,490

     

     

     

    19,323

     

     

     

    25,585

     

     

     

    31,801

     

    Federal funds sold

     

    42,686

     

     

     

    19,072

     

     

     

    67,554

     

     

     

    43,193

     

     

     

    2,922

     

    Total cash and cash equivalents

     

    107,254

     

     

     

    70,564

     

     

     

    144,395

     

     

     

    105,726

     

     

     

    68,085

     

    Investment Securities:

     

     

     

     

     

     

     

     

     

    Held to maturity, at amortized cost

     

    375,115

     

     

     

    382,447

     

     

     

    386,618

     

     

     

    393,320

     

     

     

    396,998

     

    Available for sale, at fair value

     

    258,493

     

     

     

    260,477

     

     

     

    255,227

     

     

     

    207,936

     

     

     

    217,632

     

    Equity securities available for sale, at fair value

     

    436

     

     

     

    428

     

     

     

    446

     

     

     

    427

     

     

     

    431

     

    Loans held for sale

     

    6,851

     

     

     

    7,064

     

     

     

    7,919

     

     

     

    8,420

     

     

     

    4,581

     

    Loans, net of unearned income

     

    4,491,167

     

     

     

    4,443,070

     

     

     

    4,431,704

     

     

     

    4,364,561

     

     

     

    4,317,449

     

    Less: Allowance for credit losses

     

    (35,838

    )

     

     

    (35,514

    )

     

     

    (35,562

    )

     

     

    (35,288

    )

     

     

    (33,524

    )

    Net loans

     

    4,455,329

     

     

     

    4,407,556

     

     

     

    4,396,142

     

     

     

    4,329,273

     

     

     

    4,283,925

     

     

     

     

     

     

     

     

     

     

     

    Premises and equipment, net

     

    40,328

     

     

     

    38,806

     

     

     

    33,765

     

     

     

    34,344

     

     

     

    36,068

     

    Operating lease right of use asset

     

    9,402

     

     

     

    7,699

     

     

     

    7,390

     

     

     

    7,925

     

     

     

    8,414

     

    Finance lease right of use asset

     

    2,503

     

     

     

    2,548

     

     

     

    2,593

     

     

     

    2,638

     

     

     

    2,683

     

    Cash surrender value of life insurance

     

    51,351

     

     

     

    51,521

     

     

     

    53,135

     

     

     

    53,298

     

     

     

    52,997

     

    Restricted investment in bank stocks

     

    6,660

     

     

     

    7,461

     

     

     

    10,589

     

     

     

    13,930

     

     

     

    17,446

     

    Accrued interest receivable

     

    27,263

     

     

     

    26,846

     

     

     

    27,286

     

     

     

    27,381

     

     

     

    26,975

     

    Deferred income taxes

     

    21,800

     

     

     

    22,747

     

     

     

    23,197

     

     

     

    24,520

     

     

     

    22,894

     

    Goodwill

     

    128,160

     

     

     

    128,160

     

     

     

    128,160

     

     

     

    127,031

     

     

     

    127,031

     

    Core deposit and other intangibles, net

     

    5,814

     

     

     

    6,242

     

     

     

    6,713

     

     

     

    5,626

     

     

     

    6,051

     

    Foreclosed assets held for sale

     

    1,402

     

     

     

    44

     

     

     

    281

     

     

     

    441

     

     

     

    5,110

     

    Other assets

     

    47,865

     

     

     

    50,326

     

     

     

    43,169

     

     

     

    49,513

     

     

     

    53,058

     

    Total Assets

    $

    5,546,026

     

     

    $

    5,470,936

     

     

    $

    5,527,025

     

     

    $

    5,391,749

     

     

    $

    5,330,379

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES & SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

    Noninterest-bearing demand

    $

    788,316

     

     

    $

    759,169

     

     

    $

    791,980

     

     

    $

    766,014

     

     

    $

    807,861

     

    Interest-bearing transaction accounts

     

    2,375,205

     

     

     

    2,319,753

     

     

     

    2,288,783

     

     

     

    2,194,948

     

     

     

    2,082,846

     

    Time

     

    1,568,681

     

     

     

    1,611,005

     

     

     

    1,626,001

     

     

     

    1,536,049

     

     

     

    1,488,398

     

    Total Deposits

     

    4,732,202

     

     

     

    4,689,927

     

     

     

    4,706,764

     

     

     

    4,497,011

     

     

     

    4,379,105

     

     

     

     

     

     

     

     

     

     

     

    Short-term borrowings

     

    25,000

     

     

     

    2,000

     

     

     

    114,097

     

     

     

    200,000

     

     

     

    271,849

     

    Long-term debt

     

    23,489

     

     

     

    23,603

     

     

     

    23,716

     

     

     

    23,827

     

     

     

    23,941

     

    Subordinated debt and trust preferred securities

     

    45,587

     

     

     

    45,741

     

     

     

    45,894

     

     

     

    46,047

     

     

     

    46,201

     

    Operating lease liability

     

    9,765

     

     

     

    8,092

     

     

     

    7,778

     

     

     

    8,344

     

     

     

    8,683

     

    Accrued interest payable

     

    12,900

     

     

     

    13,484

     

     

     

    18,995

     

     

     

    18,139

     

     

     

    16,330

     

    Other liabilities

     

    29,150

     

     

     

    33,071

     

     

     

    36,722

     

     

     

    38,695

     

     

     

    33,302

     

    Total Liabilities

     

    4,878,093

     

     

     

    4,815,918

     

     

     

    4,953,966

     

     

     

    4,832,063

     

     

     

    4,779,411

     

     

     

     

     

     

     

     

     

     

     

    Shareholders' Equity:

     

     

     

     

     

     

     

     

     

    Common stock, par value $1.00 per share; 40.0 million shares authorized

     

    19,803

     

     

     

    19,797

     

     

     

    17,061

     

     

     

    17,051

     

     

     

    17,006

     

    Additional paid-in capital

     

    480,866

     

     

     

    480,491

     

     

     

    406,922

     

     

     

    406,544

     

     

     

    406,150

     

    Retained earnings

     

    191,469

     

     

     

    181,597

     

     

     

    172,234

     

     

     

    163,256

     

     

     

    154,801

     

    Accumulated other comprehensive loss

     

    (14,163

    )

     

     

    (16,825

    )

     

     

    (13,116

    )

     

     

    (17,123

    )

     

     

    (16,947

    )

    Treasury stock

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

    Total Shareholders' Equity

     

    667,933

     

     

     

    655,018

     

     

     

    573,059

     

     

     

    559,686

     

     

     

    550,968

     

    Total Liabilities and Shareholders' Equity

    $

    5,546,026

     

     

    $

    5,470,936

     

     

    $

    5,527,025

     

     

    $

    5,391,749

     

     

    $

    5,330,379

     

    CONSOLIDATED STATEMENTS OF INCOME (Unaudited):

     

    Three Months Ended

    (Dollars in thousands, except per share data)

    Mar. 31, 2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

    INTEREST INCOME

     

     

     

     

     

     

     

     

     

    Loans, including fees

    $

    66,537

     

     

    $

    68,110

     

    $

    68,080

     

     

    $

    66,096

     

    $

    63,236

     

    Investment securities:

     

     

     

     

     

     

     

     

     

    Taxable

     

    4,460

     

     

     

    4,223

     

     

    4,136

     

     

     

    4,143

     

     

    4,040

     

    Tax-exempt

     

    348

     

     

     

    358

     

     

    359

     

     

     

    371

     

     

    376

     

    Other interest-bearing balances

     

    138

     

     

     

    154

     

     

    223

     

     

     

    347

     

     

    403

     

    Federal funds sold

     

    261

     

     

     

    467

     

     

    1,043

     

     

     

    282

     

     

    136

     

    Total Interest Income

     

    71,744

     

     

     

    73,312

     

     

    73,841

     

     

     

    71,239

     

     

    68,191

     

    INTEREST EXPENSE

     

     

     

     

     

     

     

     

     

    Deposits

     

    28,264

     

     

     

    30,836

     

     

    30,689

     

     

     

    28,463

     

     

    26,332

     

    Short-term borrowings

     

    290

     

     

     

    509

     

     

    2,296

     

     

     

    3,324

     

     

    4,446

     

    Long-term and subordinated debt

     

    681

     

     

     

    687

     

     

    687

     

     

     

    686

     

     

    957

     

    Total Interest Expense

     

    29,235

     

     

     

    32,032

     

     

    33,672

     

     

     

    32,473

     

     

    31,735

     

    Net Interest Income

     

    42,509

     

     

     

    41,280

     

     

    40,169

     

     

     

    38,766

     

     

    36,456

     

    Net provision/(Benefit) for credit losses

     

    301

     

     

     

    333

     

     

    516

     

     

     

    1,604

     

     

    (937

    )

    Net Interest Income After Provision for Credit Losses

     

    42,208

     

     

     

    40,947

     

     

    39,653

     

     

     

    37,162

     

     

    37,393

     

    NONINTEREST INCOME

     

     

     

     

     

     

     

     

     

    Fiduciary and wealth management

     

    1,140

     

     

     

    1,215

     

     

    1,204

     

     

     

    1,129

     

     

    1,132

     

    ATM debit card interchange

     

    919

     

     

     

    971

     

     

    962

     

     

     

    973

     

     

    945

     

    Service charges on deposits

     

    562

     

     

     

    579

     

     

    549

     

     

     

    539

     

     

    509

     

    Mortgage banking

     

    591

     

     

     

    656

     

     

    768

     

     

     

    628

     

     

    424

     

    Mortgage hedging

     

    (9

    )

     

     

    11

     

     

    (1

    )

     

     

    —

     

     

    —

     

    Net gain on sales of SBA loans

     

    57

     

     

     

    15

     

     

    151

     

     

     

    74

     

     

    107

     

    Earnings from cash surrender value of life insurance

     

    274

     

     

     

    280

     

     

    276

     

     

     

    301

     

     

    284

     

    Other

     

    1,705

     

     

     

    2,422

     

     

    1,269

     

     

     

    1,685

     

     

    2,436

     

    Total Noninterest Income

     

    5,239

     

     

     

    6,149

     

     

    5,178

     

     

     

    5,329

     

     

    5,837

     

    NONINTEREST EXPENSE

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

    16,309

     

     

     

    16,947

     

     

    16,156

     

     

     

    15,533

     

     

    15,462

     

    Software licensing and utilization

     

    2,574

     

     

     

    2,606

     

     

    2,366

     

     

     

    2,208

     

     

    2,120

     

    Occupancy, net

     

    2,274

     

     

     

    1,913

     

     

    1,815

     

     

     

    1,861

     

     

    1,982

     

    Equipment

     

    1,094

     

     

     

    1,213

     

     

    1,206

     

     

     

    1,287

     

     

    1,222

     

    Shares tax

     

    919

     

     

     

    405

     

     

    824

     

     

     

    124

     

     

    997

     

    Legal and professional fees

     

    826

     

     

     

    1,006

     

     

    1,613

     

     

     

    689

     

     

    998

     

    ATM/card processing

     

    733

     

     

     

    634

     

     

    606

     

     

     

    510

     

     

    534

     

    Intangible amortization

     

    428

     

     

     

    471

     

     

    460

     

     

     

    425

     

     

    428

     

    FDIC Assessment

     

    990

     

     

     

    843

     

     

    1,150

     

     

     

    1,232

     

     

    945

     

    (Gain)/Loss on sale or write-down of foreclosed assets, net

     

    (28

    )

     

     

    73

     

     

    (35

    )

     

     

    42

     

     

    —

     

    Merger and acquisition

     

    314

     

     

     

    436

     

     

    109

     

     

     

    —

     

     

    —

     

    Other

     

    4,209

     

     

     

    4,366

     

     

    3,689

     

     

     

    4,313

     

     

    3,832

     

    Total Noninterest Expense

     

    30,642

     

     

     

    30,913

     

     

    29,959

     

     

     

    28,224

     

     

    28,520

     

    INCOME BEFORE PROVISION FOR INCOME TAXES

     

    16,805

     

     

     

    16,183

     

     

    14,872

     

     

     

    14,267

     

     

    14,710

     

    Provision for income taxes

     

    3,063

     

     

     

    2,951

     

     

    2,571

     

     

     

    2,496

     

     

    2,577

     

    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

    $

    13,742

     

     

    $

    13,232

     

    $

    12,301

     

     

    $

    11,771

     

    $

    12,133

     

     

     

     

     

     

     

     

     

     

     

    PER COMMON SHARE DATA:

     

     

     

     

     

     

     

     

     

    Basic Earnings Per Common Share

    $

    0.71

     

     

    $

    0.72

     

    $

    0.74

     

     

    $

    0.71

     

    $

    0.73

     

    Diluted Earnings Per Common Share

     

    0.71

     

     

     

    0.72

     

     

    0.74

     

     

     

    0.71

     

     

    0.73

     

    Cash Dividends Declared

     

    0.20

     

     

     

    0.20

     

     

    0.20

     

     

     

    0.20

     

     

    0.20

     

    CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):

     

    Average Balances, Income and Interest Rates on a Taxable Equivalent Basis

     

    For the Three Months Ended

     

    March 31, 2025

     

    December 31, 2024

     

    March 31, 2024

    (Dollars in thousands)

    Average Balance

     

    Interest

     

    Yield/

    Rate(2)

     

    Average Balance

     

    Interest

     

    Yield/

    Rate(2)

     

    Average Balance

     

    Interest

     

    Yield/

    Rate(2)

    ASSETS:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest Bearing Balances

    $

    20,794

     

    $

    138

     

    2.69

    %

     

    $

    21,720

     

    $

    154

     

    2.82

    %

     

    $

    39,999

     

    $

    403

     

    4.05

    %

    Investment Securities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Taxable

     

    569,800

     

     

    4,309

     

    3.07

     

     

     

    561,809

     

     

    4,071

     

    2.88

     

     

     

    539,674

     

     

    3,800

     

    2.83

     

    Tax-Exempt

     

    69,780

     

     

    348

     

    2.02

     

     

     

    71,600

     

     

    358

     

    1.99

     

     

     

    76,013

     

     

    376

     

    1.99

     

    Total Securities

     

    639,580

     

     

    4,657

     

    2.95

     

     

     

    633,409

     

     

    4,429

     

    2.78

     

     

     

    615,687

     

     

    4,176

     

    2.73

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Federal Funds Sold

     

    23,754

     

     

    261

     

    4.46

     

     

     

    39,788

     

     

    467

     

    4.67

     

     

     

    10,373

     

     

    136

     

    5.27

     

    Loans, Net of Unearned Income

     

    4,459,679

     

     

    66,537

     

    6.05

     

     

     

    4,441,436

     

     

    68,110

     

    6.10

     

     

     

    4,293,828

     

     

    63,236

     

    5.92

     

    Restricted Investment in Bank Stocks

     

    7,101

     

     

    151

     

    8.62

     

     

     

    7,939

     

     

    152

     

    7.62

     

     

     

    19,439

     

     

    240

     

    4.97

     

    Total Earning Assets

     

    5,150,908

     

     

    71,744

     

    5.65

     

     

     

    5,144,292

     

     

    73,312

     

    5.67

     

     

     

    4,979,326

     

     

    68,191

     

    5.51

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and Due from Banks

     

    39,916

     

     

     

     

     

     

    38,743

     

     

     

     

     

     

    38,264

     

     

     

     

    Other Assets

     

    300,939

     

     

     

     

     

     

    298,438

     

     

     

     

     

     

    302,090

     

     

     

     

    Total Assets

    $

    5,491,763

     

     

     

     

     

    $

    5,481,473

     

     

     

     

     

    $

    5,319,680

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES & SHAREHOLDERS' EQUITY:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing Demand

    $

    1,051,325

     

    $

    4,681

     

    1.81

    %

     

    $

    1,067,744

     

    $

    5,349

     

    1.99

    %

     

    $

    898,340

     

    $

    3,884

     

    1.74

    %

    Money Market

     

    1,024,669

     

     

    6,941

     

    2.75

     

     

     

    946,689

     

     

    6,920

     

    2.91

     

     

     

    876,242

     

     

    5,968

     

    2.74

     

    Savings

     

    260,965

     

     

    54

     

    0.08

     

     

     

    261,450

     

     

    57

     

    0.09

     

     

     

    287,765

     

     

    72

     

    0.10

     

    Time

     

    1,591,769

     

     

    16,588

     

    4.23

     

     

     

    1,625,154

     

     

    18,510

     

    4.53

     

     

     

    1,468,611

     

     

    16,408

     

    4.49

     

    Total Interest-bearing Deposits

     

    3,928,728

     

     

    28,264

     

    2.92

     

     

     

    3,901,037

     

     

    30,836

     

    3.14

     

     

     

    3,530,958

     

     

    26,332

     

    3.00

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Short term borrowings

     

    24,892

     

     

    290

     

    4.72

     

     

     

    37,960

     

     

    509

     

    5.33

     

     

     

    316,025

     

     

    4,446

     

    5.66

     

    Long-term debt

     

    23,533

     

     

    257

     

    4.43

     

     

     

    23,645

     

     

    262

     

    4.41

     

     

     

    40,571

     

     

    533

     

    5.28

     

    Subordinated debt and trust preferred securities

     

    45,662

     

     

    424

     

    3.77

     

     

     

    45,815

     

     

    425

     

    3.69

     

     

     

    46,275

     

     

    424

     

    3.69

     

    Total Interest-bearing Liabilities

     

    4,022,815

     

     

    29,235

     

    2.95

     

     

     

    4,008,457

     

     

    32,032

     

    3.18

     

     

     

    3,933,829

     

     

    31,735

     

    3.24

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Noninterest-bearing Demand

     

    752,980

     

     

     

     

     

     

    786,843

     

     

     

     

     

     

    781,136

     

     

     

     

    Other Liabilities

     

    55,004

     

     

     

     

     

     

    62,503

     

     

     

     

     

     

    58,714

     

     

     

     

    Shareholders' Equity

     

    660,964

     

     

     

     

     

     

    623,670

     

     

     

     

     

     

    546,001

     

     

     

     

    Total Liabilities & Shareholders' Equity

    $

    5,491,763

     

     

     

     

     

    $

    5,481,473

     

     

     

     

     

    $

    5,319,680

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Interest Income

     

     

    $

    42,509

     

     

     

     

     

    $

    41,280

     

     

     

     

     

    $

    36,456

     

     

    Taxable Equivalent Adjustment (1)

     

     

     

    242

     

     

     

     

     

     

    252

     

     

     

     

     

     

    260

     

     

    Net Interest Income (taxable equivalent basis)

     

     

    $

    42,751

     

     

     

     

     

    $

    41,532

     

     

     

     

     

    $

    36,716

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Yield on Earning Assets

     

     

     

     

    5.65

    %

     

     

     

     

     

    5.67

    %

     

     

     

     

     

    5.51

    %

    Cost of funds

     

     

     

     

    2.48

    %

     

     

     

     

     

    2.66

    %

     

     

     

     

     

    2.71

    %

    Rate on Supporting Liabilities

     

     

     

     

    2.95

     

     

     

     

     

     

    3.18

     

     

     

     

     

     

    3.24

     

    Average Interest Spread

     

     

     

     

    2.70

     

     

     

     

     

     

    2.49

     

     

     

     

     

     

    2.27

     

    Tax-Equivalent Net Interest Margin

     

     

     

     

    3.37

     

     

     

     

     

     

    3.21

     

     

     

     

     

     

    2.97

     

    (1)

    Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowance.

    (2)

    Annualized ratios

    ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):

    (Dollars in thousands)

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

    Allowance for Credit Losses on Loans:

     

     

     

     

     

     

     

     

     

    Beginning balance

    $

    35,514

     

     

    $

    35,562

     

     

    $

    35,288

     

     

    $

    33,524

     

     

    $

    34,187

     

     

     

     

     

     

     

     

     

     

     

    Loans Charged off

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Commercial and industrial

     

    —

     

     

     

    (407

    )

     

     

    (356

    )

     

     

    (56

    )

     

     

    —

     

    Construction

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Residential mortgage

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2

    )

     

     

    (28

    )

    Consumer

     

    (15

    )

     

     

    (18

    )

     

     

    (8

    )

     

     

    (4

    )

     

     

    (22

    )

    Total loans charged off

     

    (15

    )

     

     

    (425

    )

     

     

    (364

    )

     

     

    (62

    )

     

     

    (50

    )

    Recoveries of loans previously charged off

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    1

     

     

     

    2

     

     

     

    —

     

     

     

    4

     

     

     

    —

     

    Commercial and industrial

     

    6

     

     

     

    1

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Construction

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Residential mortgage

     

    2

     

     

     

    7

     

     

     

    2

     

     

     

    29

     

     

     

    —

     

    Consumer

     

    9

     

     

     

    7

     

     

     

    15

     

     

     

    11

     

     

     

    6

     

    Total recoveries

     

    18

     

     

     

    17

     

     

     

    17

     

     

     

    44

     

     

     

    6

     

    Balance before provision

     

    35,517

     

     

     

    35,154

     

     

     

    34,941

     

     

     

    33,506

     

     

     

    34,143

     

    Provision for credit losses - loans

     

    321

     

     

     

    360

     

     

     

    621

     

     

     

    1,782

     

     

     

    (619

    )

    Balance, end of quarter

    $

    35,838

     

     

    $

    35,514

     

     

    $

    35,562

     

     

    $

    35,288

     

     

    $

    33,524

     

     

     

     

     

     

     

     

     

     

     

    Nonperforming Assets

     

     

     

     

     

     

     

     

     

    Total nonaccrual loans

    $

    24,045

     

     

    $

    22,610

     

     

    $

    17,380

     

     

    $

    9,999

     

     

    $

    10,389

     

     

     

     

     

     

     

     

     

     

     

    Foreclosed real estate

     

    1,402

     

     

     

    44

     

     

     

    281

     

     

     

    441

     

     

     

    5,110

     

    Total nonperforming assets

     

    25,447

     

     

     

    22,654

     

     

     

    17,661

     

     

     

    10,440

     

     

     

    15,499

     

     

     

     

     

     

     

     

     

     

     

    Accruing loans 90 days or more past due

     

    3

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

     

     

    25

     

    Total risk elements

    $

    25,450

     

     

    $

    22,654

     

     

    $

    17,662

     

     

    $

    10,440

     

     

    $

    15,524

     

    RECONCILIATION OF NON-GAAP MEASURES (Unaudited)

    Explanatory note: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Mid Penn's management uses these non-GAAP financial measures in their analysis of Mid Penn's performance. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is book value. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing tangible book value. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances or non-deductible portions of the non-GAAP adjustments. Adjusted earnings per common share excludes from income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, net of income taxes. For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. The core efficiency ratio is often used by management to measure its noninterest expense as a percentage of its revenue. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Mid Penn's results and financial condition as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding Mid Penn's ongoing operating results. This supplemental presentation should not be construed as an inference that Mid Penn's future results will be unaffected by similar adjustments to be determined in accordance with GAAP. The reconciliation of the non-GAAP to comparable GAAP financial measures can be found in the tables below.

    Tangible Book Value Per Common Share

    (Dollars in thousands, except per share data)

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

     

     

     

     

     

     

     

     

     

    Shareholders' Equity

    $

    667,933

     

    $

    655,018

     

    $

    573,059

     

    $

    559,686

     

    $

    550,968

    Less: Goodwill

     

    128,160

     

     

    128,160

     

     

    128,160

     

     

    127,031

     

     

    127,031

    Less: Core Deposit and Other Intangibles

     

    5,814

     

     

    6,242

     

     

    6,713

     

     

    5,626

     

     

    6,051

    Tangible Equity

    $

    533,959

     

    $

    520,616

     

    $

    438,186

     

    $

    427,029

     

    $

    417,886

     

     

     

     

     

     

     

     

     

     

    Common Shares Outstanding

     

    19,362,094

     

     

    19,355,797

     

     

    16,620,174

     

     

    16,580,595

     

     

    16,565,637

     

     

     

     

     

     

     

     

     

     

    Tangible Book Value per Share

    $

    27.58

     

    $

    26.90

     

    $

    26.36

     

    $

    25.75

     

    $

    25.23

    Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses

     

    Three Months Ended

    (Dollars in thousands, except per share data)

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

     

     

     

     

     

     

     

     

     

    Net Income Available to Common Shareholders

    $

    13,742

     

    $

    13,232

     

    $

    12,301

     

    $

    11,771

     

    $

    12,133

    Less: BOLI Death Benefit Income

     

    83

     

     

    615

     

     

    4

     

     

    487

     

     

    1,460

    Plus: Merger and Acquisition Expenses

     

    314

     

     

    436

     

     

    109

     

     

    —

     

     

    —

    Less: Tax Effect of Merger and Acquisition Expenses

     

    66

     

     

    92

     

     

    23

     

     

    —

     

     

    —

    Net Income Excluding Non-Recurring Income and Expenses

    $

    13,907

     

    $

    12,961

     

    $

    12,383

     

    $

    11,284

     

    $

    10,673

     

     

     

     

     

     

     

     

     

     

    Weighted Average Shares Outstanding

     

    19,355,867

     

     

    18,338,224

     

     

    16,612,657

     

     

    16,576,283

     

     

    16,567,902

     

     

     

     

     

     

     

     

     

     

    Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses

    $

    0.72

     

    $

    0.71

     

    $

    0.75

     

    $

    0.68

     

    $

    0.64

    Return on Average Tangible Common Equity

     

    Three Months Ended

    (Dollars in thousands)

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

     

     

     

     

     

     

     

     

     

    Net income available to common shareholders

    $

    13,742

     

     

    $

    13,232

     

     

    $

    12,301

     

     

    $

    11,771

     

     

    $

    12,133

     

    Plus: Intangible amortization, net of tax

     

    338

     

     

     

    372

     

     

     

    363

     

     

     

    336

     

     

     

    338

     

     

     

    14,080

     

     

     

    13,604

     

     

     

    12,664

     

     

     

    12,107

     

     

     

    12,471

     

     

     

     

     

     

     

     

     

     

     

    Average shareholders' equity

     

    660,964

     

     

     

    623,670

     

     

     

    565,300

     

     

     

    553,675

     

     

     

    546,001

     

    Less: Average goodwill

     

    128,160

     

     

     

    128,160

     

     

     

    127,773

     

     

     

    127,031

     

     

     

    127,031

     

    Less: Average core deposit and other intangibles

     

    6,023

     

     

     

    6,468

     

     

     

    6,424

     

     

     

    5,833

     

     

     

    6,259

     

    Average tangible shareholders' equity

    $

    526,781

     

     

    $

    489,042

     

     

    $

    431,103

     

     

    $

    420,811

     

     

    $

    412,711

     

     

     

     

     

     

     

     

     

     

     

    Return on average tangible common equity(1)

     

    10.84

    %

     

     

    11.07

    %

     

     

    11.69

    %

     

     

    11.57

    %

     

     

    12.15

    %

    (1)

    Annualized ratio

    Core Efficiency Ratio

     

    Three Months Ended

    (Dollars in thousands)

    Mar. 31,

    2025

     

    Dec. 31,

    2024

     

    Sep. 30,

    2024

     

    Jun. 30, 2024

     

    Mar. 31,

    2024

     

     

     

     

     

     

     

     

     

     

    Noninterest expense

    $

    30,642

     

     

    $

    30,913

     

     

    $

    29,959

     

     

    $

    28,224

     

     

    $

    28,520

     

    Less: Merger and acquisition expenses

     

    314

     

     

     

    436

     

     

     

    109

     

     

     

    —

     

     

     

    —

     

    Less: Intangible amortization

     

    428

     

     

     

    471

     

     

     

    460

     

     

     

    425

     

     

     

    428

     

    Less: (Gain) Loss on sale or write-down of foreclosed assets, net

     

    (28

    )

     

     

    73

     

     

     

    (35

    )

     

     

    42

     

     

     

    —

     

    Efficiency ratio numerator

     

    29,928

     

     

     

    29,933

     

     

     

    29,425

     

     

     

    27,757

     

     

     

    28,092

     

     

     

     

     

     

     

     

     

     

     

    Net interest income

     

    42,509

     

     

     

    41,280

     

     

     

    40,169

     

     

     

    38,766

     

     

     

    36,456

     

    Noninterest income

     

    5,239

     

     

     

    6,149

     

     

     

    5,178

     

     

     

    5,329

     

     

     

    5,837

     

    Less: BOLI Death Benefit

     

    83

     

     

     

    615

     

     

     

    4

     

     

     

    487

     

     

     

    1,460

     

    Efficiency ratio denominator

    $

    47,665

     

     

    $

    46,814

     

     

    $

    45,343

     

     

    $

    43,608

     

     

    $

    40,833

     

     

     

     

     

     

     

     

     

     

     

    Core efficiency ratio

     

    62.79

    %

     

     

    63.94

    %

     

     

    64.89

    %

     

     

    63.65

    %

     

     

    68.80

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250423533348/en/

    Mid Penn Bancorp, Inc.

    1-866-642-7736



    Rory G. Ritrievi

    Chair, President & Chief Executive Officer



    Justin T. Webb

    Chief Financial Officer

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