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    Mid Penn Bancorp, Inc. Reports Third Quarter Earnings Beat and Declares 56th Consecutive Quarterly Dividend

    10/23/24 5:10:00 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 September 30, 2024 of $12.3 million, or $0.74 per diluted common share, compared to net income of $9.2 million, or $0.56 per diluted common share, for the third quarter of 2023 and a consensus analyst estimate of $0.72 per diluted common share for the third quarter of 2024.

    Key Highlights of the Third Quarter of 2024:

    • Net income available to common shareholders increased 33.2% to $12.3 million, or $0.74 per diluted common share, for the third quarter of 2024, compared to net income of $9.2 million, or $0.56 per diluted common share, for the third quarter of 2023. Net income for the nine months ended September 30, 2024 increased 43.1% to $36.2 million, or $2.18 per diluted common share, compared to $25.3 million for the nine months ended September 30, 2023, or $1.56 per diluted common share.
    • Book value per common share improved to $34.48 for the quarter ended September 30, 2024, compared to $33.76 and $31.89 for the quarters ended June 30, 2024 and September 30, 2023, respectively. Tangible book value per common share (1) improved to $26.36 for the quarter ended September 30, 2024, compared to $25.75 and $23.81 for the periods ended June 30, 2024 and September 30, 2023, respectively.
    • Net interest margin increased to 3.13% for the quarter ended September 30, 2024, compared to 3.12% for the second quarter of 2024. Cost of funds increased to 2.77% for the quarter ended September 30, 2024, compared to 2.74% for the second quarter of 2024, as the Bank continued to experience strong core deposit growth.
    • Deposits increased $209.8 million, or 18.6% (annualized), during the third quarter of 2024, compared to $117.9 million, or 10.5% (annualized), during the second quarter of 2024. This increase was driven by a $93.8 million increase in interest-bearing accounts and a $90.0 million increase in time deposits.
    • Loan growth for the third quarter of 2024 was $67.1 million, or 6.2% (annualized), as the Bank continued to execute on its restrained growth strategy in 2024. Total loans increased $286.0 million, or 6.9%, compared to the third quarter of 2023.
    • On July 31, 2024, Mid Penn completed the acquisition of an insurance business and related accounts of a full-service employee benefits firm that serves mid to large employers across central and eastern Pennsylvania, northern Maryland, and northern Virginia, for a purchase price of $2.0 million. The acquired entity contributed earnings for the quarter ended September 30, 2024 of $69 thousand and pre-tax expenses related to the acquisition were $109 thousand. Mid Penn has recognized total goodwill of $1.1 million as a result of this acquisition.
    • The Board of Directors declared a cash dividend of $0.20 per common share, payable November 25, 2024, to shareholders of record as of November 8, 2024.

    (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:

    "On behalf of the hardworking employees of Mid Penn and its Board of Directors, I am very pleased to report that our third quarter earnings, detailed below, were not only better than what the analysts and we had expected, but were also based on continued fidelity to the strategies we outlined late last year in this shareholder communication.

    Principally, those strategies included: restrained loan growth; robust core deposit growth; strong asset quality; restraint on operating expenses; and building on tangible book value.

    With our third quarter loan and deposit growth through nine months, we are now at 6.2% annualized loan growth and 18.6% annualized deposit growth, which is right in line with the type of performance we targeted for the third quarter of 2024. Through nine months, we have experienced less than 0.01% annualized net charge offs, demonstrating strong performance in asset quality. With 7.2% annualized revenue growth within the quarter and 2.5% annualized expense growth, annualized operating leverage for the third quarter was 4.7%, demonstrating the benefit of an ongoing restraint on expenses.

    Most importantly, we have seen a 10.7% improvement in tangible book value year over year and 6.9% growth since the end of 2023.

    With another solid quarter now behind us, we are also pleased to announce that the Board has authorized a quarterly cash dividend of $0.20 per share of common stock, which was declared at its meeting on October 23, 2024, payable on November 25, 2024, to shareholders of record as of November 8, 2024."

    Net Interest Income

    For the three months ended September 30, 2024, net interest income was $40.2 million compared to net interest income of $38.8 million for the three months ended June 30, 2024, and $37.5 million for the three months ended September 30, 2023. The tax-equivalent net interest margin for the three months ended September 30, 2024 was 3.13% compared to 3.12% and 3.16% for the second quarter of 2024 and third quarter of 2023, respectively, representing a 1 basis point ("bp") increase from the second quarter of 2024, and a 3 bp decrease compared to the same period in 2023.

    The yield on interest-earning assets increased to 5.73% for the quarter ended September 30, 2024, from 5.69% for the three months ended June 30, 2024, and 5.35% for the three months ended September 30, 2023. These increases were due to assets continuing to reprice at higher rates during the third quarter of 2024, continued discipline on new loan pricing, and an increase in the average balance of Fed Funds Sold.

    For the nine months ended September 30, 2024, net interest income increased 4.9% to $115.4 million compared to net interest income of $110.0 million for the same period of 2023. The increase was primarily due to a $40.7 million increase in interest income on loans, offset by a $32.0 million increase in interest expense on deposits compared to the same period of 2023.

    Average Balances

    Average loans increased $52.6 million to $4.4 billion for the quarter ended September 30, 2024, compared to $4.4 billion for the quarter ended June 30, 2024, and $4.1 billion for the quarter ended September 30, 2023.

    Average deposits were $4.6 billion for the third quarter of 2024, reflecting an increase of $146.0 million, or 3.3%, compared to total average deposits of $4.5 billion in the second quarter of 2024, and an increase of $236.6 million, or 5.4%, compared to total average deposits of $4.4 billion for the third quarter of 2023. Average balances were impacted by the acquisition of Brunswick Bancorp in the second quarter of 2023. The average cost of deposits was 2.66% for the third quarter of 2024, representing a 12 bp increase and a 48 bp increase from the second quarter of 2024 and the third quarter of 2023, respectively. The Bank continues to face headwinds with respect to deposit pricing, given increased interest rates and 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 flows associated with existing brokered CDs to mitigate the impact of rising deposit costs. Cost of funds increased to 2.77%, compared to 2.74% for the second quarter of 2024, as the Bank continued to experience strong deposit growth.

    Total deposits increased $209.8 million to $4.7 billion for the quarter ended September 30, 2024, or 18.6% (annualized), compared to $4.5 billion and $4.4 billion at June 30, 2024 and September 30, 2023, respectively. The increase during the third quarter of 2024 was primarily related to a $93.8 million increase in interest bearing deposits, and an increase of $90.0 million in time deposits. Time deposits represented 34.2% of total deposits at June 30, 2024, compared to 34.5% at September 30, 2024. The balance of non-interest-bearing deposits increased $26.0 million from the second quarter of 2024, representing approximately 16.8% of total deposits at September 30, 2024, compared to 17.0% at June 30, 2024, and 18.3% at September 30, 2023. The average duration of the non-hedged time deposit portfolio was 12 months at September 30, 2024.

    Asset Quality

    The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was $516 thousand for the three months ended September 30, 2024, a decrease of $1.1 million compared to the provision for credit losses of $1.6 million for the three months ended June 30, 2024, and a $1.6 million decrease compared to the provision for credit losses of $2.1 million for the three months ended September 30, 2023. This decrease was driven by a combination of a decreased reserve on individually evaluated loans and decreases in loss rates across multiple segments of the portfolio. Net charge-offs for the three months ended September 30, 2024, were $347 thousand or less than 0.008% of total loans.

    The provision for credit losses on loans was $1.8 million for the nine months ended September 30, 2024, a decrease of $1.3 million compared to the provision for credit losses of $3.1 million for the nine months ended September 30, 2023. This decrease for the nine months ended September 30, 2024, is primarily due to a decrease in loss factors across all portfolios. The benefit for credit losses on off-balance sheet credit exposures was $601 thousand for the nine months ended September 30, 2024. Net charge-offs for the nine months ended September 30, 2024, were $409 thousand or 0.009% of total loans.

    Allowance for credit losses - loans was 0.80% of loans, net of unearned income at September 30, 2024, compared to 0.81% and 0.82% at June 30, 2024 and September 30, 2023, respectively.

    Total nonperforming assets were $17.7 million at September 30, 2024, compared to nonperforming assets of $10.4 million and $14.4 million at June 30, 2024 and September 30, 2023, respectively. The increase during the third quarter of 2024 primarily related to the addition of one commercial property with a balance of $7.7 million, being placed on nonaccrual in the third quarter of 2024. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.61% at September 30, 2024, compared to .57% and .46% as of June 30, 2024, and September 30, 2023, respectively.

    Capital

    Shareholders' equity increased $30.7 million, or 5.7%, from $542.4 million as of December 31, 2023 to $573.1 million as of September 30, 2024. Retained earnings increased $9.0 million, or 5.5%, from $163.3 million as of June 30, 2024 to $172.2 million as of September 30, 2024. 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 September 30, 2024. Additionally, Mid Penn declared $3.3 million in dividends during the third quarter of 2024.

    On April 24, 2024, Mid Penn's Board of Directors reauthorized its treasury stock repurchase program ("Program") effective through April 24, 2025. The Program authorizes the repurchase of up to $15.0 million of Mid Penn's outstanding common stock. During the nine months ended September 30, 2024, Mid Penn repurchased 15,500 shares of common stock at an average price of $20.81. As of September 30, 2024, Mid Penn repurchased a total of 440,722 shares of common stock at an average price of $22.78 per share under the Program. The Program had approximately $5.0 million remaining available for repurchase as of September 30, 2024.

    Noninterest Income

    For the three months ended September 30, 2024, noninterest income totaled $5.2 million, a decrease of $151 thousand, or 2.8%, compared to noninterest income of $5.3 million for the second quarter of 2024. The decrease is primarily due to a $416 thousand decrease in other miscellaneous noninterest income, driven by a $482 thousand decrease in Bank owned life insurance benefits received, partially offset by a $140 thousand increase in mortgage banking income, a $76 thousand increase in the gain on sales of SBA loans, and a $74 thousand increase in income from Fiduciary activities.

    For the nine months ended September 30, 2024, noninterest income totaled $16.3 million, an increase of $1.5 million, or 9.8%, compared to noninterest income of $14.9 million for the nine months ended September 30, 2023. The increase in noninterest income is primarily driven by a $1.0 million increase in other miscellaneous noninterest income, driven by increases in Bank owned life insurance benefits received, and a $767 thousand increase in Mortgage Banking income.

    Noninterest Expense

    Total noninterest expense increased $1.7 million to $30.0 million in the third quarter of 2024 from $28.2 million in the second quarter of 2024. The increase was driven by a $924 thousand increase in legal and professional fees, a $700 thousand increase in shares tax, and a $623 thousand increase in salaries and employee benefits, partially offset by a $624 thousand decrease in other miscellaneous noninterest expense.

    For the nine months ended September 30, 2024, noninterest expense totaled $86.7 million, a decrease of $3.5 million, or 3.9%, compared to noninterest expense of $90.2 million for the nine months ended September 30, 2023. The decrease was primarily driven by $7.9 million of Brunswick acquisition costs in 2023, partially offset by a $3.0 million increase in salaries and benefits expense, and a $1.0 million increase in legal and professional fees.

    The efficiency ratio(1) was 64.9% in the third quarter of 2024, compared to 63.7% in the second quarter of 2024, and 66.3% in the third quarter of 2023. The change in the efficiency ratio during the third quarter of 2024 compared to the second quarter of 2024 was the result of higher net interest income and slightly higher noninterest expense, partially offset by lower noninterest income driven by a decrease in Bank owned life insurance benefits received . Mid Penn continues to evaluate levels of noninterest expense for opportunities to reduce operating costs throughout the organization.

    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.

    (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.

    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 possibility that the anticipated benefits of a 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 a transaction; the ability to complete the integration of Mid Penn and its target successfully; the dilution caused by Mid Penn's issuance of additional shares of its capital stock in connection with a transaction; and other factors that may affect the future results of Mid 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, 2023 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)

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

    Ending Balances:

     

     

     

     

     

     

     

     

     

    Investment securities

    $

    642,291

     

     

    $

    601,683

     

     

    $

    615,061

     

     

    $

    623,121

     

     

    $

    620,636

     

    Loans, net of unearned income

     

    4,431,704

     

     

     

    4,364,561

     

     

     

    4,317,449

     

     

     

    4,252,792

     

     

     

    4,145,657

     

    Total assets

     

    5,527,025

     

     

     

    5,391,749

     

     

     

    5,330,379

     

     

     

    5,290,792

     

     

     

    5,214,718

     

    Total deposits

     

    4,706,764

     

     

     

    4,497,011

     

     

     

    4,379,105

     

     

     

    4,346,212

     

     

     

    4,380,380

     

    Shareholders' equity

     

    573,059

     

     

     

    559,686

     

     

     

    550,968

     

     

     

    542,350

     

     

     

    528,711

     

    Average Balances:

     

     

     

     

     

     

     

     

     

    Investment securities

     

    610,586

     

     

     

    608,173

     

     

     

    615,687

     

     

     

    606,946

     

     

     

    619,071

     

    Loans, net of unearned income

     

    4,405,969

     

     

     

    4,353,360

     

     

     

    4,293,828

     

     

     

    4,201,092

     

     

     

    4,053,514

     

    Total assets

     

    5,470,641

     

     

     

    5,378,897

     

     

     

    5,319,680

     

     

     

    5,226,382

     

     

     

    5,106,103

     

    Total deposits

     

    4,597,686

     

     

     

    4,451,678

     

     

     

    4,312,094

     

     

     

    4,402,565

     

     

     

    4,361,067

     

    Shareholders' equity

     

    565,300

     

     

     

    553,675

     

     

     

    546,001

     

     

     

    537,219

     

     

     

    529,067

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

    Income Statement:

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

    Net interest income

    $

    40,169

     

     

    $

    38,766

     

     

    $

    36,456

     

     

    $

    37,000

     

     

    $

    37,480

     

    Provision for credit losses

     

    516

     

     

     

    1,604

     

     

     

    (937

    )

     

     

    (664

    )

     

     

    2,087

     

    Noninterest income

     

    5,178

     

     

     

    5,329

     

     

     

    5,837

     

     

     

    5,117

     

     

     

    5,346

     

    Noninterest expense

     

    29,959

     

     

     

    28,224

     

     

     

    28,520

     

     

     

    28,389

     

     

     

    29,229

     

    Income before provision for income taxes

     

    14,872

     

     

     

    14,267

     

     

     

    14,710

     

     

     

    14,392

     

     

     

    11,510

     

    Provision for income taxes

     

    2,571

     

     

     

    2,496

     

     

     

    2,577

     

     

     

    2,294

     

     

     

    2,274

     

    Net income available to shareholders

     

    12,301

     

     

     

    11,771

     

     

     

    12,133

     

     

     

    12,098

     

     

     

    9,236

     

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

     

    12,383

     

     

     

    11,284

     

     

     

    10,673

     

     

     

    12,098

     

     

     

    9,514

     

     

     

     

     

     

     

     

     

     

     

    Per Share:

     

     

     

     

     

     

     

     

     

    Basic earnings per common share

    $

    0.74

     

     

    $

    0.71

     

     

    $

    0.73

     

     

    $

    0.73

     

     

    $

    0.56

     

    Diluted earnings per common share

     

    0.74

     

     

     

    0.71

     

     

     

    0.73

     

     

     

    0.73

     

     

     

    0.56

     

    Cash dividends declared

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

     

     

    0.20

     

    Book value per common share

     

    34.48

     

     

     

    33.76

     

     

     

    33.26

     

     

     

    32.72

     

     

     

    31.89

     

    Tangible book value per common share (1)

     

    26.36

     

     

     

    25.75

     

     

     

    25.23

     

     

     

    24.67

     

     

     

    23.81

     

     

     

     

     

     

     

     

     

     

     

    Asset Quality:

     

     

     

     

     

     

     

     

     

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

     

    0.031

    %

     

     

    0.002

    %

     

     

    0.004

    %

     

     

    0.004

    %

     

     

    0.001

    %

    Non-performing loans to total loans

     

    0.39

     

     

     

    0.23

     

     

     

    0.24

     

     

     

    0.33

     

     

     

    0.32

     

    Non-performing asset to total loans and other real estate

     

    0.40

     

     

     

    0.24

     

     

     

    0.36

     

     

     

    0.34

     

     

     

    0.35

     

    Non-performing asset to total assets

     

    0.32

     

     

     

    0.19

     

     

     

    0.29

     

     

     

    0.27

     

     

     

    0.28

     

    ACL on loans to total loans

     

    0.80

     

     

     

    0.81

     

     

     

    0.78

     

     

     

    0.80

     

     

     

    0.82

     

    ACL on loans to nonperforming loans

     

    204.61

     

     

     

    352.92

     

     

     

    322.69

     

     

     

    240.48

     

     

     

    252.67

     

     

     

     

     

     

     

     

     

     

     

    Profitability:

     

     

     

     

     

     

     

     

     

    Return on average assets (3)

     

    0.89

    %

     

     

    0.88

    %

     

     

    0.92

    %

     

     

    0.92

    %

     

     

    0.72

    %

    Return on average equity (3)

     

    8.66

     

     

     

    8.55

     

     

     

    8.94

     

     

     

    8.93

     

     

     

    6.93

     

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

     

    11.69

     

     

     

    11.57

     

     

     

    12.15

     

     

     

    12.31

     

     

     

    9.69

     

    Tax-equivalent net interest margin

     

    3.13

     

     

     

    3.12

     

     

     

    2.98

     

     

     

    3.02

     

     

     

    3.16

     

    Efficiency ratio (1)

     

    64.89

     

     

     

    63.65

     

     

     

    68.80

     

     

     

    66.42

     

     

     

    66.34

     

     

     

     

     

     

     

     

     

     

     

    Capital Ratios:

     

     

     

     

     

     

     

     

     

    Tier 1 Capital (to Average Assets) (2)

     

    8.4

    %

     

     

    8.4

    %

     

     

    8.3

    %

     

     

    8.3

    %

     

     

    8.4

    %

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

     

    10.1

     

     

     

    9.9

     

     

     

    9.6

     

     

     

    9.7

     

     

     

    9.7

     

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

     

    10.1

     

     

     

    9.9

     

     

     

    9.6

     

     

     

    9.7

     

     

     

    9.7

     

    Total Capital (to Risk Weighted Assets) (2)

     

    11.9

     

     

     

    11.8

     

     

     

    11.4

     

     

     

    11.6

     

     

     

    11.7

     

    (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 September 30, 2024 are preliminary and prior periods are actual.

    (3)

    Annualized ratio

    CONSOLIDATED BALANCE SHEETS (Unaudited):

    (In thousands, except share data)

    Sep. 30, 2024

     

    Jun. 30, 2024

     

    Mar. 31, 2024

     

    Dec. 31, 2023

     

    Sep. 30, 2023

    ASSETS

     

     

     

     

     

     

     

     

     

    Cash and due from banks

    $

    57,518

     

     

    $

    36,948

     

     

    $

    33,362

     

     

    $

    45,435

     

     

    $

    52,509

     

    Interest-bearing balances with other financial institutions

     

    19,323

     

     

     

    25,585

     

     

     

    31,801

     

     

     

    34,668

     

     

     

    12,739

     

    Federal funds sold

     

    67,554

     

     

     

    43,193

     

     

     

    2,922

     

     

     

    16,660

     

     

     

    52,851

     

    Total cash and cash equivalents

     

    144,395

     

     

     

    105,726

     

     

     

    68,085

     

     

     

    96,763

     

     

     

    118,099

     

    Investment Securities:

     

     

     

     

     

     

     

     

     

    Held to maturity, at amortized cost

     

    386,618

     

     

     

    393,320

     

     

     

    396,998

     

     

     

    399,128

     

     

     

    401,561

     

    Available for sale, at fair value

     

    255,227

     

     

     

    207,936

     

     

     

    217,632

     

     

     

    223,555

     

     

     

    218,662

     

    Equity securities available for sale, at fair value

     

    446

     

     

     

    427

     

     

     

    431

     

     

     

    438

     

     

     

    413

     

    Loans held for sale

     

    7,919

     

     

     

    8,420

     

     

     

    4,581

     

     

     

    3,855

     

     

     

    4,270

     

    Loans, net of unearned income

     

    4,431,704

     

     

     

    4,364,561

     

     

     

    4,317,449

     

     

     

    4,252,792

     

     

     

    4,145,657

     

    Less: Allowance for credit losses

     

    (35,562

    )

     

     

    (35,288

    )

     

     

    (33,524

    )

     

     

    (34,187

    )

     

     

    (34,004

    )

    Net loans

     

    4,396,142

     

     

     

    4,329,273

     

     

     

    4,283,925

     

     

     

    4,218,605

     

     

     

    4,111,653

     

     

     

     

     

     

     

     

     

     

     

    Premises and equipment, net

     

    33,765

     

     

     

    34,344

     

     

     

    36,068

     

     

     

    36,909

     

     

     

    38,102

     

    Operating lease right of use asset

     

    7,390

     

     

     

    7,925

     

     

     

    8,414

     

     

     

    8,953

     

     

     

    8,693

     

    Finance lease right of use asset

     

    2,593

     

     

     

    2,638

     

     

     

    2,683

     

     

     

    2,727

     

     

     

    2,773

     

    Cash surrender value of life insurance

     

    53,135

     

     

     

    53,298

     

     

     

    52,997

     

     

     

    54,497

     

     

     

    54,209

     

    Restricted investment in bank stocks

     

    10,589

     

     

     

    13,930

     

     

     

    17,446

     

     

     

    16,768

     

     

     

    13,554

     

    Accrued interest receivable

     

    27,286

     

     

     

    27,381

     

     

     

    26,975

     

     

     

    25,820

     

     

     

    24,230

     

    Deferred income taxes

     

    23,197

     

     

     

    24,520

     

     

     

    22,894

     

     

     

    24,146

     

     

     

    25,110

     

    Goodwill

     

    128,160

     

     

     

    127,031

     

     

     

    127,031

     

     

     

    127,031

     

     

     

    127,031

     

    Core deposit and other intangibles, net

     

    6,713

     

     

     

    5,626

     

     

     

    6,051

     

     

     

    6,479

     

     

     

    6,970

     

    Foreclosed assets held for sale

     

    281

     

     

     

    441

     

     

     

    5,110

     

     

     

    293

     

     

     

    905

     

    Other assets

     

    43,169

     

     

     

    49,513

     

     

     

    53,058

     

     

     

    44,825

     

     

     

    58,483

     

    Total Assets

    $

    5,527,025

     

     

    $

    5,391,749

     

     

    $

    5,330,379

     

     

    $

    5,290,792

     

     

    $

    5,214,718

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES & SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

    Noninterest-bearing demand

    $

    791,980

     

     

    $

    766,014

     

     

    $

    807,861

     

     

    $

    801,312

     

     

    $

    803,550

     

    Interest-bearing transaction accounts

     

    2,288,783

     

     

     

    2,194,948

     

     

     

    2,082,846

     

     

     

    2,086,450

     

     

     

    2,217,885

     

    Time

     

    1,626,001

     

     

     

    1,536,049

     

     

     

    1,488,398

     

     

     

    1,458,450

     

     

     

    1,358,945

     

    Total Deposits

     

    4,706,764

     

     

     

    4,497,011

     

     

     

    4,379,105

     

     

     

    4,346,212

     

     

     

    4,380,380

     

     

     

     

     

     

     

     

     

     

     

    Short-term borrowings

     

    114,097

     

     

     

    200,000

     

     

     

    271,849

     

     

     

    241,532

     

     

     

    139,000

     

    Long-term debt

     

    23,716

     

     

     

    23,827

     

     

     

    23,941

     

     

     

    59,003

     

     

     

    58,991

     

    Subordinated debt and trust preferred securities

     

    45,894

     

     

     

    46,047

     

     

     

    46,201

     

     

     

    46,354

     

     

     

    46,501

     

    Operating lease liability

     

    7,778

     

     

     

    8,344

     

     

     

    8,683

     

     

     

    9,285

     

     

     

    9,097

     

    Accrued interest payable

     

    18,995

     

     

     

    18,139

     

     

     

    16,330

     

     

     

    14,257

     

     

     

    14,657

     

    Other liabilities

     

    36,722

     

     

     

    38,695

     

     

     

    33,302

     

     

     

    31,799

     

     

     

    37,381

     

    Total Liabilities

     

    4,953,966

     

     

     

    4,832,063

     

     

     

    4,779,411

     

     

     

    4,748,442

     

     

     

    4,686,007

     

     

     

     

     

     

     

     

     

     

     

    Shareholders' Equity:

     

     

     

     

     

     

     

     

     

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

     

    17,061

     

     

     

    17,051

     

     

     

    17,006

     

     

     

    16,999

     

     

     

    16,993

     

    Additional paid-in capital

     

    406,922

     

     

     

    406,544

     

     

     

    406,150

     

     

     

    405,725

     

     

     

    405,341

     

    Retained earnings

     

    172,234

     

     

     

    163,256

     

     

     

    154,801

     

     

     

    145,982

     

     

     

    137,199

     

    Accumulated other comprehensive loss

     

    (13,116

    )

     

     

    (17,123

    )

     

     

    (16,947

    )

     

     

    (16,637

    )

     

     

    (21,362

    )

    Treasury stock

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (10,042

    )

     

     

    (9,719

    )

     

     

    (9,460

    )

    Total Shareholders' Equity

     

    573,059

     

     

     

    559,686

     

     

     

    550,968

     

     

     

    542,350

     

     

     

    528,711

     

    Total Liabilities and Shareholders' Equity

    $

    5,527,025

     

     

    $

    5,391,749

     

     

    $

    5,330,379

     

     

    $

    5,290,792

     

     

    $

    5,214,718

     

    CONSOLIDATED STATEMENTS OF INCOME (Unaudited):

     

    Three Months Ended

    (Dollars in thousands, except per share data)

    Sep. 30, 2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2023

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

    INTEREST INCOME

     

     

     

     

     

     

     

     

     

    Loans, including fees

    $

    68,080

     

     

    $

    66,096

     

    $

    63,236

     

     

    $

    61,309

     

     

    $

    58,792

     

    Investment securities:

     

     

     

     

     

     

     

     

     

    Taxable

     

    4,136

     

     

     

    4,143

     

     

    4,040

     

     

     

    4,063

     

     

     

    4,106

     

    Tax-exempt

     

    359

     

     

     

    371

     

     

    376

     

     

     

    378

     

     

     

    382

     

    Other interest-bearing balances

     

    223

     

     

     

    347

     

     

    403

     

     

     

    139

     

     

     

    86

     

    Federal funds sold

     

    1,043

     

     

     

    282

     

     

    136

     

     

     

    228

     

     

     

    51

     

    Total Interest Income

     

    73,841

     

     

     

    71,239

     

     

    68,191

     

     

     

    66,117

     

     

     

    63,417

     

    INTEREST EXPENSE

     

     

     

     

     

     

     

     

     

    Deposits

     

    30,689

     

     

     

    28,463

     

     

    26,332

     

     

     

    25,808

     

     

     

    23,559

     

    Short-term borrowings

     

    2,296

     

     

     

    3,324

     

     

    4,446

     

     

     

    2,506

     

     

     

    1,584

     

    Long-term and subordinated debt

     

    687

     

     

     

    686

     

     

    957

     

     

     

    803

     

     

     

    794

     

    Total Interest Expense

     

    33,672

     

     

     

    32,473

     

     

    31,735

     

     

     

    29,117

     

     

     

    25,937

     

    Net Interest Income

     

    40,169

     

     

     

    38,766

     

     

    36,456

     

     

     

    37,000

     

     

     

    37,480

     

    PROVISION FOR CREDIT LOSSES

     

    516

     

     

     

    1,604

     

     

    (937

    )

     

     

    (664

    )

     

     

    2,087

     

    Net Interest Income After Provision for Credit Losses

     

    39,653

     

     

     

    37,162

     

     

    37,393

     

     

     

    37,664

     

     

     

    35,393

     

    NONINTEREST INCOME

     

     

     

     

     

     

     

     

     

    Fiduciary and wealth management

     

    1,204

     

     

     

    1,129

     

     

    1,132

     

     

     

    1,323

     

     

     

    1,296

     

    ATM debit card interchange

     

    962

     

     

     

    973

     

     

    945

     

     

     

    979

     

     

     

    986

     

    Service charges on deposits

     

    549

     

     

     

    539

     

     

    509

     

     

     

    485

     

     

     

    509

     

    Mortgage banking

     

    768

     

     

     

    628

     

     

    424

     

     

     

    300

     

     

     

    382

     

    Mortgage hedging

     

    (1

    )

     

     

    —

     

     

    —

     

     

     

    109

     

     

     

    67

     

    Net gain on sales of SBA loans

     

    151

     

     

     

    74

     

     

    107

     

     

     

    358

     

     

     

    85

     

    Earnings from cash surrender value of life insurance

     

    276

     

     

     

    301

     

     

    284

     

     

     

    288

     

     

     

    278

     

    Other

     

    1,269

     

     

     

    1,685

     

     

    2,436

     

     

     

    1,275

     

     

     

    1,743

     

    Total Noninterest Income

     

    5,178

     

     

     

    5,329

     

     

    5,837

     

     

     

    5,117

     

     

     

    5,346

     

    NONINTEREST EXPENSE

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

    16,156

     

     

     

    15,533

     

     

    15,462

     

     

     

    15,215

     

     

     

    15,259

     

    Software licensing and utilization

     

    2,366

     

     

     

    2,208

     

     

    2,120

     

     

     

    1,826

     

     

     

    2,085

     

    Occupancy, net

     

    1,815

     

     

     

    1,861

     

     

    1,982

     

     

     

    1,952

     

     

     

    1,761

     

    Equipment

     

    1,206

     

     

     

    1,287

     

     

    1,222

     

     

     

    1,330

     

     

     

    1,292

     

    Shares tax

     

    824

     

     

     

    124

     

     

    997

     

     

     

    255

     

     

     

    808

     

    Legal and professional fees

     

    1,613

     

     

     

    689

     

     

    998

     

     

     

    653

     

     

     

    890

     

    ATM/card processing

     

    606

     

     

     

    510

     

     

    534

     

     

     

    442

     

     

     

    641

     

    Intangible amortization

     

    460

     

     

     

    425

     

     

    428

     

     

     

    491

     

     

     

    484

     

    FDIC Assessment

     

    1,150

     

     

     

    1,232

     

     

    945

     

     

     

    730

     

     

     

    1,746

     

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

     

    (35

    )

     

     

    42

     

     

    —

     

     

     

    —

     

     

     

    (18

    )

    Merger and acquisition

     

    109

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    352

     

    Other

     

    3,689

     

     

     

    4,313

     

     

    3,832

     

     

     

    5,495

     

     

     

    3,929

     

    Total Noninterest Expense

     

    29,959

     

     

     

    28,224

     

     

    28,520

     

     

     

    28,389

     

     

     

    29,229

     

    INCOME BEFORE PROVISION FOR INCOME TAXES

     

    14,872

     

     

     

    14,267

     

     

    14,710

     

     

     

    14,392

     

     

     

    11,510

     

    Provision for income taxes

     

    2,571

     

     

     

    2,496

     

     

    2,577

     

     

     

    2,294

     

     

     

    2,274

     

    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

    $

    12,301

     

     

    $

    11,771

     

    $

    12,133

     

     

    $

    12,098

     

     

    $

    9,236

     

     

     

     

     

     

     

     

     

     

     

    PER COMMON SHARE DATA:

     

     

     

     

     

     

     

     

     

    Basic Earnings Per Common Share

    $

    0.74

     

     

    $

    0.71

     

    $

    0.73

     

     

    $

    0.73

     

     

    $

    0.56

     

    Diluted Earnings Per Common Share

    $

    0.74

     

     

    $

    0.71

     

    $

    0.73

     

     

    $

    0.73

     

     

    $

    0.56

     

    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

     

    September 30, 2024

     

    June 30, 2024

     

    September 30, 2023

    (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

    $

    25,123

     

    $

    223

     

    3.53

    %

     

    $

    35,618

     

    $

    347

     

    3.92

    %

     

    $

    12,804

     

    $

    86

     

    2.66

    %

    Investment Securities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Taxable

     

    537,257

     

     

    3,682

     

    2.73

     

     

     

    533,748

     

     

    3,701

     

    2.79

     

     

     

    541,403

     

     

    3,846

     

    2.82

     

    Tax-Exempt

     

    73,329

     

     

    359

     

    1.95

     

     

     

    74,425

     

     

    371

     

    2.00

     

     

     

    77,668

     

     

    382

     

    1.95

     

    Total Securities

     

    610,586

     

     

    4,041

     

    2.63

     

     

     

    608,173

     

     

    4,072

     

    2.69

     

     

     

    619,071

     

     

    4,228

     

    2.71

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Federal Funds Sold

     

    75,683

     

     

    1,043

     

    5.48

     

     

     

    19,432

     

     

    282

     

    5.84

     

     

     

    8,260

     

     

    51

     

    2.45

     

    Loans, Net of Unearned Income

     

    4,405,969

     

     

    68,080

     

    6.15

     

     

     

    4,353,360

     

     

    66,096

     

    6.11

     

     

     

    4,053,514

     

     

    58,792

     

    5.75

     

    Restricted Investment in Bank Stocks

     

    13,252

     

     

    454

     

    13.63

     

     

     

    16,066

     

     

    442

     

    11.07

     

     

     

    10,968

     

     

    260

     

    9.40

     

    Total Earning Assets

     

    5,130,613

     

     

    73,841

     

    5.73

     

     

     

    5,032,649

     

     

    71,239

     

    5.69

     

     

     

    4,704,617

     

     

    63,417

     

    5.35

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and Due from Banks

     

    44,052

     

     

     

     

     

     

    39,053

     

     

     

     

     

     

    77,122

     

     

     

     

    Other Assets

     

    295,976

     

     

     

     

     

     

    307,195

     

     

     

     

     

     

    324,364

     

     

     

     

    Total Assets

    $

    5,470,641

     

     

     

     

     

    $

    5,378,897

     

     

     

     

     

    $

    5,106,103

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    LIABILITIES & SHAREHOLDERS' EQUITY:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing Demand

    $

    1,066,878

     

    $

    5,291

     

    1.97

    %

     

    $

    972,852

     

    $

    4,477

     

    1.85

    %

     

    $

    960,052

     

    $

    3,899

     

    1.61

    %

    Money Market

     

    921,054

     

     

    7,060

     

    3.05

     

     

     

    908,807

     

     

    6,632

     

    2.94

     

     

     

    929,036

     

     

    5,969

     

    2.55

     

    Savings

     

    272,186

     

     

    63

     

    0.09

     

     

     

    281,560

     

     

    52

     

    0.07

     

     

     

    308,732

     

     

    60

     

    0.08

     

    Time

     

    1,561,633

     

     

    18,275

     

    4.66

     

     

     

    1,510,079

     

     

    17,302

     

    4.61

     

     

     

    1,308,945

     

     

    13,631

     

    4.13

     

    Total Interest-bearing Deposits

     

    3,821,751

     

     

    30,689

     

    3.19

     

     

     

    3,673,298

     

     

    28,463

     

    3.12

     

     

     

    3,506,765

     

     

    23,559

     

    2.67

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Short term borrowings

     

    169,754

     

     

    2,296

     

    5.38

     

     

     

    241,713

     

     

    3,324

     

    5.53

     

     

     

    64,282

     

     

    1,584

     

    9.78

     

    Long-term debt

     

    23,757

     

     

    264

     

    4.42

     

     

     

    23,870

     

     

    262

     

    4.41

     

     

     

    76,515

     

     

    333

     

    1.73

     

    Subordinated debt and trust preferred securities

     

    45,969

     

     

    423

     

    3.66

     

     

     

    46,122

     

     

    424

     

    3.70

     

     

     

    46,377

     

     

    461

     

    3.94

     

    Total Interest-bearing Liabilities

     

    4,061,231

     

     

    33,672

     

    3.30

     

     

     

    3,985,003

     

     

    32,473

     

    3.28

     

     

     

    3,693,939

     

     

    25,937

     

    2.79

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Noninterest-bearing Demand

     

    775,935

     

     

     

     

     

     

    778,380

     

     

     

     

     

     

    854,302

     

     

     

     

    Other Liabilities

     

    68,175

     

     

     

     

     

     

    61,839

     

     

     

     

     

     

    28,795

     

     

     

     

    Shareholders' Equity

     

    565,300

     

     

     

     

     

     

    553,675

     

     

     

     

     

     

    529,067

     

     

     

     

    Total Liabilities & Shareholders' Equity

    $

    5,470,641

     

     

     

     

     

    $

    5,378,897

     

     

     

     

     

    $

    5,106,103

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Interest Income

     

     

    $

    40,169

     

     

     

     

     

    $

    38,766

     

     

     

     

     

    $

    37,480

     

     

    Taxable Equivalent Adjustment (1)

     

     

     

    252

     

     

     

     

     

     

    253

     

     

     

     

     

     

    33

     

     

    Net Interest Income (taxable equivalent basis)

     

     

    $

    40,421

     

     

     

     

     

    $

    39,019

     

     

     

     

     

    $

    37,513

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Yield on Earning Assets

     

     

     

     

    5.73

    %

     

     

     

     

     

    5.69

    %

     

     

     

     

     

    5.35

    %

    Rate on Supporting Liabilities

     

     

     

     

    3.30

     

     

     

     

     

     

    3.28

     

     

     

     

     

     

    2.79

     

    Average Interest Spread

     

     

     

     

    2.43

     

     

     

     

     

     

    2.42

     

     

     

     

     

     

    2.56

     

    Tax-Equivalent Net Interest Margin

     

     

     

     

    3.13

     

     

     

     

     

     

    3.12

     

     

     

     

     

     

    3.16

     

    (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)

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

    Allowance for Credit Losses on Loans:

     

     

     

     

     

     

     

     

     

    Beginning balance

    $

    35,288

     

     

    $

    33,524

     

     

    $

    34,187

     

     

    $

    34,004

     

     

    $

    32,588

     

     

     

     

     

     

     

     

     

     

     

    Loans Charged off

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Commercial and industrial

     

    (356

    )

     

     

    (56

    )

     

     

    —

     

     

     

    (19

    )

     

     

    —

     

    Construction

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Residential mortgage

     

    —

     

     

     

    (2

    )

     

     

    (28

    )

     

     

    (9

    )

     

     

    —

     

    Consumer

     

    (8

    )

     

     

    (4

    )

     

     

    (22

    )

     

     

    (17

    )

     

     

    (32

    )

    Total loans charged off

     

    (364

    )

     

     

    (62

    )

     

     

    (50

    )

     

     

    (45

    )

     

     

    (32

    )

    Recoveries of loans previously charged off

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    —

     

     

     

    4

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Commercial and industrial

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Construction

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Residential mortgage

     

    2

     

     

     

    29

     

     

     

    —

     

     

     

    —

     

     

     

    7

     

    Consumer

     

    15

     

     

     

    11

     

     

     

    6

     

     

     

    7

     

     

     

    14

     

    Total recoveries

     

    17

     

     

     

    44

     

     

     

    6

     

     

     

    7

     

     

     

    21

     

    Balance before provision

     

    34,941

     

     

     

    33,506

     

     

     

    34,143

     

     

     

    33,966

     

     

     

    32,577

     

    Provision for credit losses - loans

     

    621

     

     

     

    1,782

     

     

     

    (619

    )

     

     

    221

     

     

     

    1,427

     

    Balance, end of quarter

    $

    35,562

     

     

    $

    35,288

     

     

    $

    33,524

     

     

    $

    34,187

     

     

    $

    34,004

     

     

     

     

     

     

     

     

     

     

     

    Nonperforming Assets

     

     

     

     

     

     

     

     

     

    Total nonaccrual loans

     

    17,380

     

     

     

    9,999

     

     

     

    10,389

     

     

     

    14,216

     

     

     

    13,458

     

     

     

     

     

     

     

     

     

     

     

    Foreclosed real estate

     

    281

     

     

     

    441

     

     

     

    5,110

     

     

     

    293

     

     

     

    905

     

    Total nonperforming assets

     

    17,661

     

     

     

    10,440

     

     

     

    15,499

     

     

     

    14,509

     

     

     

    14,363

     

     

     

     

     

     

     

     

     

     

     

    Accruing loans 90 days or more past due

     

    1

     

     

     

    —

     

     

     

    25

     

     

     

    —

     

     

     

    12

     

    Total risk elements

    $

    17,662

     

     

    $

    10,440

     

     

    $

    15,524

     

     

    $

    14,509

     

     

    $

    14,375

     

    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 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)

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

     

     

     

     

     

     

     

     

     

     

    Shareholders' Equity

    $

    573,059

     

    $

    559,686

     

    $

    550,968

     

    $

    542,350

     

    $

    528,711

    Less: Goodwill

     

    128,160

     

     

    127,031

     

     

    127,031

     

     

    127,031

     

     

    127,031

    Less: Core Deposit and Other Intangibles

     

    6,713

     

     

    5,626

     

     

    6,051

     

     

    6,479

     

     

    6,970

    Tangible Equity

    $

    438,186

     

    $

    427,029

     

    $

    417,886

     

    $

    408,840

     

    $

    394,710

     

     

     

     

     

     

     

     

     

     

    Common Shares Outstanding

     

    16,620,174

     

     

    16,580,595

     

     

    16,565,637

     

     

    16,573,707

     

     

    16,580,347

     

     

     

     

     

     

     

     

     

     

    Tangible Book Value per Share

    $

    26.36

     

    $

    25.75

     

    $

    25.23

     

    $

    24.67

     

    $

    23.81

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

     

    Three Months Ended

    (Dollars in thousands, except per share data)

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

     

     

     

     

     

     

     

     

     

     

    Net Income Available to Common Shareholders

    $

    12,301

     

    $

    11,771

     

    $

    12,133

     

    $

    12,098

     

    $

    9,236

    Less: BOLI Death Benefit Income

     

    4

     

     

    487

     

     

    1,460

     

     

    —

     

     

    —

    Plus: Merger and Acquisition Expenses

     

    109

     

     

    —

     

     

    —

     

     

    —

     

     

    352

    Less: Tax Effect of Merger and Acquisition Expenses

     

    23

     

     

    —

     

     

    —

     

     

    —

     

     

    74

    Net Income Excluding Non-Recurring Income and Expenses

    $

    12,383

     

    $

    11,284

     

    $

    10,673

     

    $

    12,098

     

    $

    9,514

     

     

     

     

     

     

     

     

     

     

    Weighted Average Shares Outstanding

     

    16,612,657

     

     

    16,576,283

     

     

    16,567,902

     

     

    16,574,199

     

     

    16,571,825

     

     

     

     

     

     

     

     

     

     

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

    $

    0.75

     

    $

    0.68

     

    $

    0.64

     

    $

    0.73

     

    $

    0.57

    Return on Average Tangible Common Equity

     

    Three Months Ended

    (Dollars in thousands)

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

     

     

     

     

     

     

     

     

     

     

    Net income available to common shareholders

    $

    12,301

     

     

    $

    11,771

     

     

    $

    12,133

     

     

    $

    12,098

     

     

    $

    9,236

     

    Plus: Intangible amortization, net of tax

     

    363

     

     

     

    336

     

     

     

    338

     

     

     

    388

     

     

     

    382

     

     

    $

    12,664

     

     

    $

    12,107

     

     

    $

    12,471

     

     

    $

    12,486

     

     

    $

    9,618

     

     

     

     

     

     

     

     

     

     

     

    Average shareholders' equity

    $

    565,300

     

     

    $

    553,675

     

     

    $

    546,001

     

     

    $

    537,219

     

     

    $

    529,067

     

    Less: Average goodwill

     

    127,773

     

     

     

    127,031

     

     

     

    127,031

     

     

     

    127,031

     

     

     

    127,031

     

    Less: Average core deposit and other intangibles

     

    6,424

     

     

     

    5,833

     

     

     

    6,259

     

     

     

    6,716

     

     

     

    7,210

     

    Average tangible shareholders' equity

    $

    431,103

     

     

    $

    420,811

     

     

    $

    412,711

     

     

    $

    403,472

     

     

    $

    394,826

     

     

     

     

     

     

     

     

     

     

     

    Return on average tangible common equity(1)

     

    11.69

    %

     

     

    11.57

    %

     

     

    12.15

    %

     

     

    12.31

    %

     

     

    9.69

    %

    (1)

    Annualized ratio

    Efficiency Ratio

     

    Three Months Ended

    (Dollars in thousands)

    Sep. 30,

    2024

     

    Jun. 30,

    2024

     

    Mar. 31,

    2024

     

    Dec. 31,

    2023

     

    Sep. 30,

    2023

     

     

     

     

     

     

     

     

     

     

    Noninterest expense

    $

    29,959

     

     

    $

    28,224

     

     

    $

    28,520

     

     

    $

    28,389

     

     

    $

    29,229

     

    Less: Merger and acquisition expenses

     

    109

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    352

     

    Less: Intangible amortization

     

    460

     

     

     

    425

     

     

     

    428

     

     

     

    491

     

     

     

    484

     

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

     

    (35

    )

     

     

    42

     

     

     

    —

     

     

     

    —

     

     

     

    (18

    )

    Efficiency ratio numerator

    $

    29,425

     

     

    $

    27,757

     

     

    $

    28,092

     

     

    $

    27,898

     

     

    $

    28,411

     

     

     

     

     

     

     

     

     

     

     

    Net interest income

     

    40,169

     

     

     

    38,766

     

     

     

    36,456

     

     

     

    37,000

     

     

     

    37,480

     

    Noninterest income

     

    5,178

     

     

     

    5,329

     

     

     

    5,837

     

     

     

    5,117

     

     

     

    5,346

     

    Less: BOLI Death Benefit

     

    4

     

     

     

    487

     

     

     

    1,460

     

     

     

    —

     

     

     

    —

     

    Efficiency ratio denominator

    $

    45,343

     

     

    $

    43,608

     

     

    $

    40,833

     

     

    $

    42,117

     

     

    $

    42,826

     

     

     

     

     

     

     

     

     

     

     

    Efficiency ratio

     

    64.89

    %

     

     

    63.65

    %

     

     

    68.80

    %

     

     

    66.24

    %

     

     

    66.34

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241023692355/en/

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