Mid Penn Bancp - MPB STOCK NEWS

Mid Penn Bancorp (NASDAQ: MPB) and William Penn Bancorporation (NASDAQ: WMPN) have received overwhelming shareholder approval for their proposed merger, with over 96% of William Penn shares and 98% of Mid Penn shares voting in favor of the transaction.

The strategic merger will expand Mid Penn's presence in the Greater Philadelphia Metro market, Southeastern Pennsylvania, and Central and Southern New Jersey. Upon completion of the merger, Mid Penn is projected to reach $6.3 billion in assets on a pro forma basis.

Mid Penn Bancorp (NASDAQ: MPB) and William Penn Bancorporation (NASDAQ: WMPN) have secured all necessary regulatory approvals for their proposed merger. The transaction, pending shareholder approvals and customary closing conditions, is scheduled to close in the second quarter of 2025.

The merger will expand Mid Penn's presence in the Greater Philadelphia Metro market, Southeastern Pennsylvania, and Central New Jersey. Upon completion, William Penn Bank will merge into Mid Penn Bank, with the combined entity projected to have $6.3 billion in assets on a pro forma basis.

Mid Penn Bancorp (NASDAQ: MPB) reported strong Q4 2024 earnings with net income of $13.2 million ($0.72 per diluted share), beating analyst estimates of $0.71. This represents a 9.4% increase from Q4 2023's $12.1 million. Full-year 2024 net income rose 32.2% to $49.4 million ($2.90 per share).

Key financial metrics include: net interest margin increase to 3.21%, cost of funds decrease to 2.66%, and total loans growth of 4.5% to $4.4 billion. Total deposits increased 7.91% to $4.7 billion. The company completed a public offering of 2,375,000 shares at $29.50 per share and announced a merger agreement with William Penn Bancorporation valued at approximately $107 million.

The Board declared its 57th consecutive quarterly dividend of $0.20 per share, payable February 18, 2025. Asset quality remained strong with minimal net charge-offs of 0.009% of total average loans in Q4 2024.

Mid Penn Bancorp (NASDAQ: MPB) has completed its underwritten public offering of 2,375,000 shares of common stock at $29.50 per share, raising gross proceeds of $70 million. The net proceeds after expenses are expected to be approximately $67 million. The underwriters exercised their option to purchase an additional 356,250 shares. The company plans to use the proceeds to support continued growth, potential subordinated debt redemption, and strategic transactions. Stephens Inc. and Piper Sandler & Co. acted as book-running managers for the offering.

Mid Penn Bancorp (NASDAQ: MPB) has announced the pricing of its public offering of 2,375,000 shares of common stock at $29.50 per share, totaling $70 million. The company expects net proceeds of approximately $67 million after deducting underwriting discounts and expenses. The underwriters have a 30-day option to purchase up to 356,250 additional shares. Stephens Inc. and Piper Sandler & Co. are acting as book-running managers. The proceeds will support continued growth, investments in Mid Penn Bank, potential subordinated debt redemption, future strategic transactions, and general corporate purposes.

Mid Penn Bancorp (NASDAQ: MPB) and William Penn Bancorporation (NASDAQ: WMPN) have announced a definitive merger agreement valued at approximately $127 million in an all-stock transaction. William Penn shareholders will receive 0.4260 shares of Mid Penn common stock for each William Penn share. The merger will create a combined entity with $6.3 billion in total assets, $4.9 billion in total loans, and $5.3 billion in total deposits. William Penn currently operates 12 branches across Pennsylvania and New Jersey, with $812 million in total assets. The transaction is expected to close in the first half of 2025, subject to regulatory and shareholder approvals.

Mid Penn Bancorp (NASDAQ: MPB) reported strong Q3 2024 results with net income of $12.3 million, or $0.74 per diluted share, beating analyst estimates of $0.72 and showing a 33.2% increase from Q3 2023. The bank saw significant deposit growth of $209.8 million (18.6% annualized) and loan growth of $67.1 million (6.2% annualized) in Q3. Net interest margin improved to 3.13%, while book value per share increased to $34.48. The Board declared a $0.20 quarterly dividend, marking the 56th consecutive quarterly dividend. The company maintained strong asset quality with less than 0.01% annualized net charge-offs through nine months.

Mid Penn Bancorp (NASDAQ: MPB) reported strong earnings for Q2 2024, with net income up 143.4% to $11.8 million, or $0.71 per diluted share, surpassing the consensus estimate of $0.60. This compares to net income of $4.8 million, or $0.29 per diluted share, in Q2 2023. For the first half of 2024, net income increased 48.82% to $23.9 million.

Key highlights include:

• Loan growth: $47.1 million (4.4% annualized); total loans up 8.18% YoY
• Deposit growth: $122.6 million (11.3% annualized)
• Net interest margin: 3.12%, up from 2.97% in Q1 2024
• Book value per share: $33.76, up from $31.74 in Q2 2023
• Nonperforming assets: Decreased by 33% QoQ

The Board declared a $0.20 cash dividend per share, payable on August 26, 2024, to shareholders of record as of August 9, 2024.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported strong first-quarter earnings, beating analyst estimates with net income of $12.1 million and $0.73 per diluted common share. The company saw significant loan and deposit growth, with organic loan growth of $381.6 million and organic deposit growth of $219.6 million. Net income available to common shareholders increased by 8.07% compared to the first quarter of 2023. Tangible book value per common share also rose to $25.23. The Board declared a cash dividend of $0.20 per share, marking the 54th consecutive quarterly dividend payout.