Welcome to our dedicated page for Mid Penn Bancorp news (Ticker: MPB), a resource for investors and traders seeking the latest updates and insights on Mid Penn Bancorp stock.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) is a well-established financial institution headquartered in Millersburg, Pennsylvania, with a rich history dating back to 1868. As the parent company of Mid Penn Bank, it has been a cornerstone of financial services in central Pennsylvania, serving communities with dedication and integrity.
With a wide network of retail locations, Mid Penn Bank operates across Cumberland, Dauphin, Lancaster, Luzerne, Northumberland, and Schuylkill counties. The bank offers a comprehensive suite of financial products and services designed to meet the diverse needs of individuals, businesses, and governmental entities.
Key Services:
- Deposit Products: Mid Penn Bank provides a variety of deposit accounts, including savings, checking, money market accounts, and certificates of deposit.
- Loan Services: The bank offers mortgage loans, home equity loans, commercial loans, lines of credit, and construction financing.
- Consumer Loans: Both secured and unsecured loans are available to meet personal financial needs.
- Cash Management: A range of cash management services is tailored for businesses to efficiently manage their cash flow.
Mid Penn Bancorp also engages in trust business, providing fiduciary services and estate planning to help customers secure their financial future. As a community-focused bank, Mid Penn Bank is a proud supporter of various nonprofit organizations, contributing to the social and economic development of the central Pennsylvania region.
Recent Achievements:
- Mid Penn Bancorp has reported solid financial performance, with significant growth in non-PPP core banking loans and an impressive return on average tangible common equity.
- The company's efficiency ratio highlights its commitment to operational effectiveness.
- Adjusted earnings per common share have shown positive trends, excluding non-recurring expenses, indicating financial stability and growth.
For the latest news and updates on Mid Penn Bancorp, including detailed financial highlights and unaudited consolidated statements of income, visit their website at midpennbank.com.
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.
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