Mid Penn Bancorp, Inc. Reports Fourth Quarter Earnings and Declares Quarterly Dividend
- 31.0% increase in net income available to common shareholders
- Return on average assets of 0.92% and return on average equity of 8.93%
- Loan growth of $107.1 million, totaling $738.7 million for the year
- Total interest income increased by 4.26%
- Noninterest expense decreased by $2.4 million
- Shareholders' equity increased by 6.15%
- Cash dividend of $0.20 per share declared
- None.
Insights
The reported earnings of Mid Penn Bancorp, Inc. reflect a significant year-over-year increase in net income available to common shareholders, rising by 31.0% in the fourth quarter of 2023. This growth, coupled with an increase in loan volume and a stable deposit base, despite a slight decline, may indicate the company's resilience in a challenging economic environment characterized by an inverted yield curve and robust competition for core deposits. The solid return on average assets (0.92%) and equity (8.93%) surpasses the previous quarter's figures, suggesting efficient asset utilization and shareholder value creation amidst rising interest rates.
However, the increase in total interest expense by 12.26% and the decrease in noninterest income highlight the pressure on the bank's net interest margin, which has contracted by 78 basis points year-over-year. Investors should monitor how the bank manages its interest rate risk, especially given the adoption of CECL accounting standards and its impact on provisioning for credit losses. The bank's strategic focus on expense control and measured growth could be a prudent approach amidst the anticipated difficulties in the financial sector for 2024.
Mid Penn's strategic measures, such as slowing down organic loan growth and cutting operating expenses, have led to a decrease in total noninterest expense, which indicates a focus on improving operational efficiency. The bank's efficiency ratio improvement is a positive sign for investors, as it demonstrates cost control in relation to revenue generation. However, the banking industry is facing headwinds from the inverted yield curve and heightened competition for deposits, which could challenge profitability.
Investors should also note the bank's capital management strategies, including the declaration of dividends and the reauthorization of its stock repurchase program. These actions suggest confidence in the bank's financial stability and a commitment to returning value to shareholders. The bank's capital ratios exceed regulatory minimums, reinforcing its position as 'well-capitalized' and potentially providing a cushion against economic downturns.
The reported financials of Mid Penn Bancorp, Inc. occur within the context of a broader economic environment marked by rising interest rates and inflationary pressures. The bank's performance must be evaluated against these macroeconomic factors, as they directly influence interest margins and the cost of funding. The inverted yield curve mentioned by the CEO reflects the broader market's expectation of future economic contraction, which could affect the bank's interest income and loan growth prospects.
Furthermore, the bank's focus on maintaining a stable deposit base, while also navigating the competitive landscape for deposits, reflects a strategic balancing act in an environment where deposit costs are likely to increase. The shift in deposit mix towards time deposits, driven by customer behavior in response to higher interest rates, will need to be managed carefully to sustain the bank's liquidity without excessively increasing the cost of funds.
Key Highlights of the Fourth Quarter of 2023:
-
Net income available to common shareholders increased
31.0% to$12.1 million $0.73 $9.2 million $0.56 -
Return on average assets was
0.92% and return on average equity was8.93% for the quarter ended December 31, 2023, compared to return on average assets of0.72% and return on average equity of6.93% in the third quarter of 2023. -
Loan growth for the fourth quarter of 2023 was
$107.1 million 10.5% (annualized), from the third quarter of 2023. Total loans increased$738.7 million $423.6 million 10.8% (excluding Brunswick acquisition loans of$324.5 million -
Total interest income increased
4.26% to$66.1 million $2.5 million -
Deposits decreased
$35.4 million 3.2% (annualized), for the quarter ended December 31, 2023, from the third quarter of 2023, primarily driven by a decrease in interest bearing transaction accounts partially offset by an increase in time deposits. Organic deposits increased$285.3 million 7.5% (excluding Brunswick acquisition deposits) for the year ended December 31, 2023, compared to the prior year. -
Total interest expense increased
12.26% to$29.1 million $2.2 million -
Total noninterest income decreased
$229.0 thousand $5.1 million $5.3 million -
Total noninterest expense decreased
$2.4 million $27.5 million $29.9 million -
The Board declared a cash dividend of
$0.20
“Our performance in the fourth quarter of 2023, while an improvement over the linked third quarter of 2023, was still heavily impacted by the continuation of an inverted yield curve and the rigorous competition for core deposits," Chair, President, and CEO Rory G. Ritrievi said. "The measures we implemented in the third quarter, such as slowing down organic loan growth and cutting operating expenses, helped shape the fourth quarter improvement while positioning our strategy for fiscal year 2024."
Ritrievi continued, "We expect 2024 to be another difficult operating environment for financial institutions, particularly ones with a heavy reliance on the spread business. Accordingly, our measured approach to growth and expense control will persist throughout the year."
For the fourth quarter of 2023, the Board is pleased to announce a quarterly cash dividend of
Net Interest Income
For the three months ended December 31, 2023, net interest income was
The yield on interest-earning assets increased to
For the twelve months ended December 31, 2023, net interest income decreased
Average Balances
Average loans increased
The mix of deposits continues to shift as customers move funds from non-interest-bearing accounts to time deposits given prevailing thought that current rates are at highs. Time deposits represented
Asset Quality
On January 1, 2023, Mid Penn adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology and is referred to as CECL. Results for reporting periods beginning after January 1, 2023, are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology.
The provision for credit losses on loans was
Total nonperforming assets were
Capital
Shareholders’ equity increased
On May 11, 2023, Mid Penn’s Board of Directors reauthorized its treasury stock repurchase program ("Program") effective through May 11, 2024. The Program authorizes the repurchase of up to
Noninterest Income
For the three months ended December 31, 2023, noninterest income totaled
For the twelve months ended December 31, 2023, noninterest income totaled
Noninterest Expense
Noninterest expense totaled
The efficiency ratio(1) was
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 on the section titled “Reconciliation of Non-GAAP Measures” 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, 2022 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) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
Ending Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
$ |
623,121 |
|
|
$ |
620,038 |
|
|
$ |
634,038 |
|
|
$ |
633,831 |
|
|
$ |
637,802 |
|
Loans, net of unearned interest |
|
4,218,605 |
|
|
|
4,111,653 |
|
|
|
4,001,922 |
|
|
|
3,580,082 |
|
|
|
3,495,162 |
|
Total assets |
|
5,292,053 |
|
|
|
5,215,963 |
|
|
|
5,088,813 |
|
|
|
4,583,465 |
|
|
|
4,497,954 |
|
Total deposits |
|
4,346,212 |
|
|
|
4,381,616 |
|
|
|
4,286,686 |
|
|
|
3,878,081 |
|
|
|
3,778,331 |
|
Shareholders' equity |
|
543,611 |
|
|
|
528,711 |
|
|
|
525,888 |
|
|
|
510,793 |
|
|
|
512,099 |
|
Average Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
606,946 |
|
|
|
619,071 |
|
|
|
630,750 |
|
|
|
636,151 |
|
|
|
640,792 |
|
Loans, net of unearned interest |
|
4,201,092 |
|
|
|
4,053,514 |
|
|
|
3,808,717 |
|
|
|
3,555,375 |
|
|
|
3,395,308 |
|
Total assets |
|
5,226,382 |
|
|
|
5,106,103 |
|
|
|
4,827,786 |
|
|
|
4,520,869 |
|
|
|
4,381,213 |
|
Total deposits |
|
4,402,565 |
|
|
|
4,361,067 |
|
|
|
4,057,605 |
|
|
|
3,782,990 |
|
|
|
3,727,287 |
|
Shareholders' equity |
|
537,219 |
|
|
|
529,067 |
|
|
|
504,535 |
|
|
|
510,857 |
|
|
|
505,769 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
Income Statement: |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
Net interest income |
$ |
37,000 |
|
|
$ |
37,480 |
|
|
$ |
36,444 |
|
|
$ |
36,049 |
|
|
$ |
38,577 |
|
Provision for credit losses |
|
221 |
|
|
|
1,427 |
|
|
|
1,157 |
|
|
|
490 |
|
|
|
525 |
|
Noninterest income |
|
5,117 |
|
|
|
5,346 |
|
|
|
5,220 |
|
|
|
4,325 |
|
|
|
6,714 |
|
Noninterest expense |
|
27,504 |
|
|
|
29,889 |
|
|
|
35,529 |
|
|
|
26,070 |
|
|
|
25,468 |
|
Income before provision for income taxes |
|
14,392 |
|
|
|
11,510 |
|
|
|
4,978 |
|
|
|
13,814 |
|
|
|
19,298 |
|
Provision for income taxes |
|
2,294 |
|
|
|
2,274 |
|
|
|
142 |
|
|
|
2,587 |
|
|
|
3,579 |
|
Net income available to shareholders |
|
12,098 |
|
|
|
9,236 |
|
|
|
4,836 |
|
|
|
11,227 |
|
|
|
15,719 |
|
Net income excluding non-recurring expenses (1) |
|
12,098 |
|
|
|
9,514 |
|
|
|
11,112 |
|
|
|
11,404 |
|
|
|
15,951 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.73 |
|
|
$ |
0.56 |
|
|
$ |
0.29 |
|
|
$ |
0.71 |
|
|
$ |
0.99 |
|
Diluted earnings per common share |
|
0.73 |
|
|
|
0.56 |
|
|
|
0.29 |
|
|
|
0.70 |
|
|
|
0.99 |
|
Cash dividends declared |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
Book value per common share |
|
32.80 |
|
|
|
31.89 |
|
|
|
31.74 |
|
|
|
32.15 |
|
|
|
32.24 |
|
Tangible book value per common share (1) |
|
24.74 |
|
|
|
23.64 |
|
|
|
23.48 |
|
|
|
24.52 |
|
|
|
24.59 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) to average loans (annualized) |
|
0.004 |
% |
|
|
0.001 |
% |
|
|
0.018 |
% |
|
|
0.013 |
% |
|
|
0.006 |
% |
Non-performing loans to total loans |
|
0.33 |
|
|
|
0.32 |
|
|
|
0.39 |
|
|
|
0.38 |
|
|
|
0.25 |
|
Non-performing asset to total loans and other real estate |
|
0.34 |
|
|
|
0.35 |
|
|
|
0.40 |
|
|
|
0.39 |
|
|
|
0.25 |
|
Non-performing asset to total assets |
|
0.27 |
|
|
|
0.28 |
|
|
|
0.32 |
|
|
|
0.31 |
|
|
|
0.21 |
|
ACL on loans to total loans |
|
0.80 |
|
|
|
0.82 |
|
|
|
0.81 |
|
|
|
0.87 |
|
|
|
0.54 |
|
ACL on loans to nonperforming loans |
|
240.48 |
|
|
|
252.67 |
|
|
|
205.65 |
|
|
|
225.71 |
|
|
|
220.82 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability: |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
0.92 |
% |
|
|
0.72 |
% |
|
|
0.40 |
% |
|
|
1.01 |
% |
|
|
1.42 |
% |
Return on average equity |
|
8.93 |
|
|
|
6.93 |
|
|
|
3.84 |
|
|
|
8.91 |
|
|
|
12.33 |
|
Return on average tangible common equity (1) |
|
12.36 |
|
|
|
9.72 |
|
|
|
5.53 |
|
|
|
11.97 |
|
|
|
16.61 |
|
Net interest margin |
|
3.02 |
|
|
|
3.16 |
|
|
|
3.29 |
|
|
|
3.49 |
|
|
|
3.80 |
|
Efficiency ratio (1) |
|
64.14 |
|
|
|
67.88 |
|
|
|
65.40 |
|
|
|
63.16 |
|
|
|
54.59 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Capital (to Average Assets) (2) |
|
8.3 |
% |
|
|
8.4 |
% |
|
|
9.6 |
% |
|
|
9.2 |
% |
|
|
10.7 |
% |
Common Tier 1 Capital (to Risk Weighted Assets) (2) |
|
9.7 |
|
|
|
9.7 |
|
|
|
10.7 |
|
|
|
10.8 |
|
|
|
12.5 |
|
Tier 1 Capital (to Risk Weighted Assets) (2) |
|
9.7 |
|
|
|
9.7 |
|
|
|
10.7 |
|
|
|
10.8 |
|
|
|
12.5 |
|
Total Capital (to Risk Weighted Assets) (2) |
|
11.6 |
|
|
|
11.7 |
|
|
|
11.5 |
|
|
|
13.1 |
|
|
|
14.5 |
|
(1) |
Non-GAAP financial measure. Refer to the calculation on the section titled “Reconciliation of Non-GAAP Measures” at the end of this document. |
|
(2) |
Regulatory capital ratios as of December 31, 2023 are preliminary and prior periods are actual. |
CONSOLIDATED BALANCE SHEETS (Unaudited):
(In thousands, except share data) |
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
Dec. 31, 2022 |
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
45,435 |
|
|
$ |
52,509 |
|
|
$ |
70,832 |
|
|
$ |
51,158 |
|
|
$ |
53,368 |
|
Interest-bearing balances with other financial institutions |
|
34,668 |
|
|
|
12,739 |
|
|
|
13,332 |
|
|
|
4,996 |
|
|
|
4,405 |
|
Federal funds sold |
|
16,660 |
|
|
|
52,851 |
|
|
|
9,711 |
|
|
|
6,017 |
|
|
|
3,108 |
|
Total cash and cash equivalents |
|
96,763 |
|
|
|
118,099 |
|
|
|
93,875 |
|
|
|
62,171 |
|
|
|
60,881 |
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
||||||||||
Held to maturity, at amortized cost |
|
399,128 |
|
|
|
401,561 |
|
|
|
404,831 |
|
|
|
396,784 |
|
|
|
399,494 |
|
Available for sale, at fair value |
|
223,555 |
|
|
|
218,064 |
|
|
|
228,774 |
|
|
|
236,609 |
|
|
|
237,878 |
|
Equity securities available for sale, at fair value |
|
438 |
|
|
|
413 |
|
|
|
433 |
|
|
|
438 |
|
|
|
430 |
|
Loans held for sale |
|
3,855 |
|
|
|
4,270 |
|
|
|
7,258 |
|
|
|
2,677 |
|
|
|
2,475 |
|
Loans, net of unearned interest |
|
4,252,792 |
|
|
|
4,145,657 |
|
|
|
4,034,510 |
|
|
|
3,611,347 |
|
|
|
3,514,119 |
|
Less: Allowance for credit losses |
|
(34,187 |
) |
|
|
(34,004 |
) |
|
|
(32,588 |
) |
|
|
(31,265 |
) |
|
|
(18,957 |
) |
Net loans |
|
4,218,605 |
|
|
|
4,111,653 |
|
|
|
4,001,922 |
|
|
|
3,580,082 |
|
|
|
3,495,162 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premises and equipment, net |
|
36,799 |
|
|
|
38,849 |
|
|
|
39,230 |
|
|
|
34,191 |
|
|
|
34,471 |
|
Operating lease right of use asset |
|
8,953 |
|
|
|
8,693 |
|
|
|
9,106 |
|
|
|
8,414 |
|
|
|
8,798 |
|
Finance lease right of use asset |
|
2,728 |
|
|
|
2,773 |
|
|
|
2,817 |
|
|
|
2,862 |
|
|
|
2,907 |
|
Cash surrender value of life insurance |
|
54,497 |
|
|
|
54,209 |
|
|
|
53,931 |
|
|
|
50,928 |
|
|
|
50,674 |
|
Restricted investment in bank stocks |
|
16,768 |
|
|
|
13,554 |
|
|
|
11,646 |
|
|
|
8,041 |
|
|
|
8,315 |
|
Accrued interest receivable |
|
25,820 |
|
|
|
24,230 |
|
|
|
19,626 |
|
|
|
19,205 |
|
|
|
18,405 |
|
Deferred income taxes |
|
25,372 |
|
|
|
25,509 |
|
|
|
24,309 |
|
|
|
15,548 |
|
|
|
13,674 |
|
Goodwill |
|
127,054 |
|
|
|
129,752 |
|
|
|
129,403 |
|
|
|
114,231 |
|
|
|
114,231 |
|
Core deposit and other intangibles, net |
|
6,479 |
|
|
|
6,970 |
|
|
|
7,453 |
|
|
|
6,916 |
|
|
|
7,260 |
|
Foreclosed assets held for sale |
|
293 |
|
|
|
905 |
|
|
|
489 |
|
|
|
248 |
|
|
|
43 |
|
Other assets |
|
44,946 |
|
|
|
56,459 |
|
|
|
53,710 |
|
|
|
44,120 |
|
|
|
42,856 |
|
Total Assets |
$ |
5,292,053 |
|
|
$ |
5,215,963 |
|
|
$ |
5,088,813 |
|
|
$ |
4,583,465 |
|
|
$ |
4,497,954 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand |
$ |
801,312 |
|
|
$ |
804,785 |
|
|
$ |
830,479 |
|
|
$ |
797,038 |
|
|
$ |
793,939 |
|
Interest-bearing transaction accounts |
|
2,086,450 |
|
|
|
2,217,885 |
|
|
|
2,180,312 |
|
|
|
2,197,216 |
|
|
|
2,325,847 |
|
Time |
|
1,458,450 |
|
|
|
1,358,946 |
|
|
|
1,275,895 |
|
|
|
883,827 |
|
|
|
658,545 |
|
Total Deposits |
|
4,346,212 |
|
|
|
4,381,616 |
|
|
|
4,286,686 |
|
|
|
3,878,081 |
|
|
|
3,778,331 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
241,532 |
|
|
|
139,000 |
|
|
|
112,442 |
|
|
|
88,000 |
|
|
|
102,647 |
|
Long-term debt |
|
59,003 |
|
|
|
58,992 |
|
|
|
58,982 |
|
|
|
4,316 |
|
|
|
4,409 |
|
Subordinated debt and trust preferred securities |
|
46,354 |
|
|
|
46,501 |
|
|
|
46,648 |
|
|
|
56,794 |
|
|
|
56,941 |
|
Operating lease liability |
|
9,285 |
|
|
|
9,097 |
|
|
|
9,894 |
|
|
|
9,270 |
|
|
|
9,725 |
|
Accrued interest payable |
|
14,257 |
|
|
|
14,657 |
|
|
|
11,115 |
|
|
|
5,809 |
|
|
|
2,303 |
|
Other liabilities |
|
31,799 |
|
|
|
37,389 |
|
|
|
37,158 |
|
|
|
30,402 |
|
|
|
31,499 |
|
Total Liabilities |
|
4,748,442 |
|
|
|
4,687,252 |
|
|
|
4,562,925 |
|
|
|
4,072,672 |
|
|
|
3,985,855 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, par value |
|
16,999 |
|
|
|
16,993 |
|
|
|
16,980 |
|
|
|
16,098 |
|
|
|
16,094 |
|
Additional paid-in capital |
|
406,986 |
|
|
|
405,341 |
|
|
|
404,902 |
|
|
|
387,332 |
|
|
|
386,987 |
|
Retained earnings |
|
145,982 |
|
|
|
137,199 |
|
|
|
131,271 |
|
|
|
129,617 |
|
|
|
133,114 |
|
Accumulated other comprehensive loss |
|
(16,637 |
) |
|
|
(21,362 |
) |
|
|
(17,805 |
) |
|
|
(17,374 |
) |
|
|
(19,216 |
) |
Treasury stock |
|
(9,719 |
) |
|
|
(9,460 |
) |
|
|
(9,460 |
) |
|
|
(4,880 |
) |
|
|
(4,880 |
) |
Total Shareholders’ Equity |
|
543,611 |
|
|
|
528,711 |
|
|
|
525,888 |
|
|
|
510,793 |
|
|
|
512,099 |
|
Total Liabilities and Shareholders' Equity |
$ |
5,292,053 |
|
|
$ |
5,215,963 |
|
|
$ |
5,088,813 |
|
|
$ |
4,583,465 |
|
|
$ |
4,497,954 |
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited):
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
||||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans, including fees |
$ |
61,309 |
|
$ |
58,792 |
|
|
$ |
52,094 |
|
|
$ |
45,865 |
|
$ |
42,492 |
|
|
$ |
218,060 |
|
|
$ |
150,256 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable |
|
4,063 |
|
|
4,106 |
|
|
|
3,962 |
|
|
|
3,874 |
|
|
3,784 |
|
|
|
16,005 |
|
|
|
11,952 |
|
Tax-exempt |
|
378 |
|
|
382 |
|
|
|
391 |
|
|
|
389 |
|
|
390 |
|
|
|
1,540 |
|
|
|
1,497 |
|
Other interest-bearing balances |
|
139 |
|
|
86 |
|
|
|
83 |
|
|
|
53 |
|
|
36 |
|
|
|
361 |
|
|
|
69 |
|
Federal funds sold |
|
228 |
|
|
51 |
|
|
|
49 |
|
|
|
45 |
|
|
40 |
|
|
|
373 |
|
|
|
1,826 |
|
Total Interest Income |
|
66,117 |
|
|
63,417 |
|
|
|
56,579 |
|
|
|
50,226 |
|
|
46,742 |
|
|
|
236,339 |
|
|
|
165,600 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits |
|
25,808 |
|
|
23,559 |
|
|
|
17,927 |
|
|
|
12,001 |
|
|
6,995 |
|
|
|
79,295 |
|
|
|
14,144 |
|
Short-term borrowings |
|
2,506 |
|
|
1,584 |
|
|
|
1,507 |
|
|
|
1,490 |
|
|
441 |
|
|
|
7,087 |
|
|
|
441 |
|
Long-term and subordinated debt |
|
803 |
|
|
794 |
|
|
|
701 |
|
|
|
686 |
|
|
729 |
|
|
|
2,984 |
|
|
|
3,182 |
|
Total Interest Expense |
|
29,117 |
|
|
25,937 |
|
|
|
20,135 |
|
|
|
14,177 |
|
|
8,165 |
|
|
|
89,366 |
|
|
|
17,767 |
|
Net Interest Income |
|
37,000 |
|
|
37,480 |
|
|
|
36,444 |
|
|
|
36,049 |
|
|
38,577 |
|
|
|
146,973 |
|
|
|
147,833 |
|
PROVISION FOR CREDIT LOSSES |
|
221 |
|
|
1,427 |
|
|
|
1,157 |
|
|
|
490 |
|
|
525 |
|
|
|
3,295 |
|
|
|
4,300 |
|
Net Interest Income After Provision for Credit Losses |
|
36,779 |
|
|
36,053 |
|
|
|
35,287 |
|
|
|
35,559 |
|
|
38,052 |
|
|
|
143,678 |
|
|
|
143,533 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fiduciary and wealth management |
|
1,323 |
|
|
1,296 |
|
|
|
1,204 |
|
|
|
1,236 |
|
|
1,085 |
|
|
|
5,059 |
|
|
|
5,071 |
|
ATM debit card interchange |
|
979 |
|
|
986 |
|
|
|
998 |
|
|
|
1,056 |
|
|
1,099 |
|
|
|
4,019 |
|
|
|
4,362 |
|
Service charges on deposits |
|
485 |
|
|
509 |
|
|
|
514 |
|
|
|
435 |
|
|
461 |
|
|
|
1,943 |
|
|
|
2,078 |
|
Mortgage banking |
|
300 |
|
|
382 |
|
|
|
287 |
|
|
|
384 |
|
|
237 |
|
|
|
1,353 |
|
|
|
1,607 |
|
Mortgage hedging |
|
109 |
|
|
67 |
|
|
|
128 |
|
|
|
20 |
|
|
150 |
|
|
|
324 |
|
|
|
1,471 |
|
Net gain on sales of SBA loans |
|
358 |
|
|
85 |
|
|
|
128 |
|
|
|
— |
|
|
— |
|
|
|
571 |
|
|
|
262 |
|
Earnings from cash surrender value of life insurance |
|
288 |
|
|
278 |
|
|
|
292 |
|
|
|
254 |
|
|
255 |
|
|
|
1,112 |
|
|
|
1,013 |
|
Other |
|
1,275 |
|
|
1,743 |
|
|
|
1,669 |
|
|
|
940 |
|
|
3,427 |
|
|
|
5,627 |
|
|
|
7,793 |
|
Total Noninterest Income |
|
5,117 |
|
|
5,346 |
|
|
|
5,220 |
|
|
|
4,325 |
|
|
6,714 |
|
|
|
20,008 |
|
|
|
23,657 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and employee benefits |
|
15,215 |
|
|
15,259 |
|
|
|
15,027 |
|
|
|
13,844 |
|
|
13,434 |
|
|
|
59,345 |
|
|
|
52,601 |
|
Software licensing and utilization |
|
1,826 |
|
|
2,085 |
|
|
|
2,070 |
|
|
|
1,946 |
|
|
1,793 |
|
|
|
7,927 |
|
|
|
7,524 |
|
Occupancy, net |
|
1,952 |
|
|
1,761 |
|
|
|
1,750 |
|
|
|
1,886 |
|
|
1,812 |
|
|
|
7,349 |
|
|
|
6,900 |
|
Equipment |
|
1,330 |
|
|
1,292 |
|
|
|
1,248 |
|
|
|
1,251 |
|
|
1,249 |
|
|
|
5,121 |
|
|
|
4,493 |
|
Shares tax |
|
255 |
|
|
808 |
|
|
|
751 |
|
|
|
899 |
|
|
160 |
|
|
|
2,713 |
|
|
|
2,786 |
|
Legal and professional fees |
|
653 |
|
|
890 |
|
|
|
602 |
|
|
|
800 |
|
|
900 |
|
|
|
2,945 |
|
|
|
2,761 |
|
ATM/card processing |
|
442 |
|
|
641 |
|
|
|
532 |
|
|
|
493 |
|
|
534 |
|
|
|
2,108 |
|
|
|
2,139 |
|
Intangible amortization |
|
491 |
|
|
484 |
|
|
|
461 |
|
|
|
344 |
|
|
496 |
|
|
|
1,780 |
|
|
|
2,012 |
|
FDIC Assessment |
|
730 |
|
|
1,746 |
|
|
|
684 |
|
|
|
340 |
|
|
243 |
|
|
|
3,500 |
|
|
|
1,594 |
|
(Gain) loss on sale or write-down of foreclosed assets, net |
|
— |
|
|
(18 |
) |
|
|
(126 |
) |
|
|
— |
|
|
(45 |
) |
|
|
(144 |
) |
|
|
(133 |
) |
Merger and acquisition |
|
— |
|
|
352 |
|
|
|
4,992 |
|
|
|
224 |
|
|
294 |
|
|
|
5,544 |
|
|
|
294 |
|
Post-acquisition restructuring |
|
— |
|
|
— |
|
|
|
2,952 |
|
|
|
— |
|
|
— |
|
|
|
2,952 |
|
|
|
329 |
|
Other |
|
4,610 |
|
|
4,589 |
|
|
|
4,586 |
|
|
|
4,043 |
|
|
4,598 |
|
|
|
17,852 |
|
|
|
16,543 |
|
Total Noninterest Expense |
|
27,504 |
|
|
29,889 |
|
|
|
35,529 |
|
|
|
26,070 |
|
|
25,468 |
|
|
|
118,992 |
|
|
|
99,843 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
14,392 |
|
|
11,510 |
|
|
|
4,978 |
|
|
|
13,814 |
|
|
19,298 |
|
|
|
44,694 |
|
|
|
67,347 |
|
Provision for income taxes |
|
2,294 |
|
|
2,274 |
|
|
|
142 |
|
|
|
2,587 |
|
|
3,579 |
|
|
|
7,297 |
|
|
|
12,541 |
|
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
12,098 |
|
$ |
9,236 |
|
|
$ |
4,836 |
|
|
$ |
11,227 |
|
$ |
15,719 |
|
|
$ |
37,397 |
|
|
$ |
54,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic Earnings Per Common Share |
$ |
0.73 |
|
$ |
0.56 |
|
|
$ |
0.29 |
|
|
$ |
0.71 |
|
$ |
0.99 |
|
|
$ |
2.29 |
|
|
$ |
3.44 |
|
Diluted Earnings Per Common Share |
$ |
0.73 |
|
$ |
0.56 |
|
|
$ |
0.29 |
|
|
$ |
0.70 |
|
$ |
0.99 |
|
|
$ |
2.29 |
|
|
$ |
3.44 |
|
Cash Dividends Declared |
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.80 |
|
|
$ |
0.80 |
|
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 |
|||||||||||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
|
Interest(1) |
|
Yield/ Rate |
|
Average Balance |
|
Interest(1) |
|
Yield/ Rate |
|
Average Balance |
|
Interest(1) |
|
Yield/ Rate |
|||||||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest Bearing Balances |
$ |
30,715 |
|
$ |
139 |
|
1.80 |
% |
|
$ |
12,804 |
|
$ |
86 |
|
2.66 |
% |
|
$ |
4,671 |
|
$ |
36 |
|
3.06 |
% |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
530,099 |
|
|
3,199 |
|
2.39 |
|
|
|
541,403 |
|
|
3,846 |
|
2.82 |
|
|
|
561,119 |
|
|
3,733 |
|
2.64 |
|
Tax-Exempt |
|
76,847 |
|
|
378 |
|
1.95 |
|
|
|
77,668 |
|
|
382 |
|
1.95 |
|
|
|
79,673 |
|
|
390 |
|
1.94 |
|
Total Securities |
|
606,946 |
|
|
3,577 |
|
2.34 |
|
|
|
619,071 |
|
|
4,228 |
|
2.71 |
|
|
|
640,792 |
|
|
4,123 |
|
2.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Funds Sold |
|
12,224 |
|
|
228 |
|
7.40 |
|
|
|
8,260 |
|
|
51 |
|
2.45 |
|
|
|
4,749 |
|
|
40 |
|
3.34 |
|
Loans, Net of Unearned Interest |
|
4,201,092 |
|
|
61,309 |
|
5.79 |
|
|
|
4,053,514 |
|
|
58,792 |
|
5.75 |
|
|
|
3,395,308 |
|
|
42,492 |
|
4.97 |
|
Restricted Investment in Bank Stocks |
|
13,754 |
|
|
864 |
|
24.92 |
|
|
|
10,968 |
|
|
260 |
|
9.40 |
|
|
|
6,694 |
|
|
51 |
|
3.02 |
|
Total Earning Assets |
|
4,864,731 |
|
|
66,117 |
|
5.39 |
|
|
|
4,704,617 |
|
|
63,417 |
|
5.35 |
|
|
|
4,052,214 |
|
|
46,742 |
|
4.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and Due from |
|
38,370 |
|
|
|
|
|
|
77,122 |
|
|
|
|
|
|
45,385 |
|
|
|
|
||||||
Other Assets |
|
323,281 |
|
|
|
|
|
|
324,364 |
|
|
|
|
|
|
192,969 |
|
|
|
|
||||||
Total Assets |
$ |
5,226,382 |
|
|
|
|
|
$ |
5,106,103 |
|
|
|
|
|
$ |
4,290,568 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing Demand |
$ |
938,246 |
|
$ |
4,087 |
|
1.73 |
% |
|
$ |
960,052 |
|
$ |
3,899 |
|
1.61 |
% |
|
$ |
1,057,649 |
|
$ |
2,051 |
|
0.77 |
% |
Money Market |
|
925,902 |
|
|
6,266 |
|
2.68 |
|
|
|
929,036 |
|
|
5,969 |
|
2.55 |
|
|
|
965,866 |
|
|
2,996 |
|
1.23 |
|
Savings |
|
295,757 |
|
|
53 |
|
0.07 |
|
|
|
308,732 |
|
|
60 |
|
0.08 |
|
|
|
335,928 |
|
|
49 |
|
0.06 |
|
Time |
|
1,405,927 |
|
|
15,403 |
|
4.35 |
|
|
|
1,308,945 |
|
|
13,631 |
|
4.13 |
|
|
|
527,708 |
|
|
1,899 |
|
1.43 |
|
Total Interest-bearing Deposits |
|
3,565,832 |
|
|
25,809 |
|
2.87 |
|
|
|
3,506,765 |
|
|
23,559 |
|
2.67 |
|
|
|
2,887,151 |
|
|
6,995 |
|
0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Short term borrowings |
|
149,218 |
|
|
2,506 |
|
6.66 |
|
|
|
64,282 |
|
|
1,584 |
|
9.78 |
|
|
|
47,262 |
|
|
441 |
|
3.70 |
|
Long-term debt |
|
58,987 |
|
|
373 |
|
2.51 |
|
|
|
76,515 |
|
|
333 |
|
1.73 |
|
|
|
4,441 |
|
|
46 |
|
4.11 |
|
Subordinated debt and trust preferred securities |
|
46,425 |
|
|
429 |
|
3.67 |
|
|
|
46,377 |
|
|
461 |
|
3.94 |
|
|
|
64,673 |
|
|
683 |
|
4.19 |
|
Total Interest-bearing Liabilities |
|
3,820,462 |
|
|
29,117 |
|
3.02 |
|
|
|
3,693,939 |
|
|
25,937 |
|
2.79 |
|
|
|
3,003,527 |
|
|
8,165 |
|
1.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing Demand |
|
836,733 |
|
|
|
|
|
|
854,302 |
|
|
|
|
|
|
840,136 |
|
|
|
|
||||||
Other Liabilities |
|
31,968 |
|
|
|
|
|
|
28,795 |
|
|
|
|
|
|
31,781 |
|
|
|
|
||||||
Shareholders' Equity |
|
537,219 |
|
|
|
|
|
|
529,067 |
|
|
|
|
|
|
505,769 |
|
|
|
|
||||||
Total Liabilities & Shareholders' Equity |
$ |
5,226,382 |
|
|
|
|
|
$ |
5,106,103 |
|
|
|
|
|
$ |
4,381,213 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income |
|
|
$ |
37,000 |
|
|
|
|
|
$ |
37,480 |
|
|
|
|
|
$ |
38,577 |
|
|
||||||
Taxable Equivalent Adjustment (1) |
|
|
|
33 |
|
|
|
|
|
|
33 |
|
|
|
|
|
|
197 |
|
|
||||||
Net Interest Income (taxable equivalent basis) |
|
|
$ |
37,033 |
|
|
|
|
|
$ |
37,513 |
|
|
|
|
|
$ |
38,774 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Yield on Earning Assets |
|
|
|
|
5.39 |
% |
|
|
|
|
|
5.35 |
% |
|
|
|
|
|
4.58 |
% |
||||||
Rate on Supporting Liabilities |
|
|
|
|
3.02 |
|
|
|
|
|
|
2.79 |
|
|
|
|
|
|
1.08 |
|
||||||
Average Interest Spread |
|
|
|
|
2.37 |
|
|
|
|
|
|
2.56 |
|
|
|
|
|
|
3.50 |
|
||||||
Net Interest Margin |
|
|
|
|
3.02 |
|
|
|
|
|
|
3.16 |
|
|
|
|
|
|
3.80 |
|
||||||
(1) |
Presented on a fully taxable-equivalent basis using a |
ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
Allowance for Credit Losses on Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance |
$ |
34,004 |
|
|
$ |
32,588 |
|
|
$ |
31,265 |
|
|
$ |
18,957 |
|
|
$ |
18,480 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impact of adopting CECL |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,931 |
|
|
|
— |
|
Purchase credit deteriorated loans |
|
— |
|
|
|
— |
|
|
|
336 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16 |
) |
|
|
(7 |
) |
Commercial and industrial |
|
(19 |
) |
|
|
— |
|
|
|
(109 |
) |
|
|
(111 |
) |
|
|
— |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(23 |
) |
Consumer |
|
(17 |
) |
|
|
(32 |
) |
|
|
(65 |
) |
|
|
(19 |
) |
|
|
(20 |
) |
Total loans charged off |
|
(45 |
) |
|
|
(32 |
) |
|
|
(174 |
) |
|
|
(150 |
) |
|
|
(50 |
) |
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
Consumer |
|
7 |
|
|
|
14 |
|
|
|
4 |
|
|
|
7 |
|
|
|
2 |
|
Total recoveries |
|
7 |
|
|
|
21 |
|
|
|
4 |
|
|
|
37 |
|
|
|
2 |
|
Balance before provision |
|
33,966 |
|
|
|
32,577 |
|
|
|
31,431 |
|
|
|
30,775 |
|
|
|
18,432 |
|
Provision for credit losses |
|
221 |
|
|
|
1,427 |
|
|
|
1,157 |
|
|
|
490 |
|
|
|
525 |
|
Balance, end of quarter |
$ |
34,187 |
|
|
$ |
34,004 |
|
|
$ |
32,588 |
|
|
$ |
31,265 |
|
|
$ |
18,957 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Total nonperforming loans |
|
14,216 |
|
|
|
13,458 |
|
|
|
15,846 |
|
|
|
13,909 |
|
|
|
8,585 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed real estate |
|
293 |
|
|
|
905 |
|
|
|
489 |
|
|
|
248 |
|
|
|
43 |
|
Total nonperforming assets |
|
14,509 |
|
|
|
14,363 |
|
|
|
16,335 |
|
|
|
14,157 |
|
|
|
8,628 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
— |
|
|
|
12 |
|
|
|
9 |
|
|
|
7 |
|
|
|
654 |
|
Total risk elements |
$ |
14,509 |
|
|
$ |
14,375 |
|
|
$ |
16,344 |
|
|
$ |
14,164 |
|
|
$ |
9,282 |
|
PPP Summary
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
PPP loans, net of deferred fees |
$ |
1,426 |
|
$ |
1,547 |
|
$ |
1,633 |
|
$ |
1,752 |
|
$ |
2,600 |
|
|
|
|
|
|
|
|
|
|
|||||
PPP Fees recognized |
$ |
3 |
|
$ |
3 |
|
$ |
3 |
|
$ |
5 |
|
$ |
29 |
RECONCILIATION OF NON-GAAP MEASURES (Unaudited)
Explanatory note: This press release contains financial information determined by methods other than in accordance with
Tangible Book Value Per Share
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity |
$ |
543,611 |
|
$ |
528,711 |
|
$ |
525,888 |
|
$ |
510,793 |
|
$ |
512,099 |
Less: Goodwill |
|
127,054 |
|
|
129,752 |
|
|
129,403 |
|
|
114,231 |
|
|
114,231 |
Less: Core Deposit and Other Intangibles |
|
6,479 |
|
|
6,970 |
|
|
7,453 |
|
|
6,916 |
|
|
7,260 |
Tangible Equity |
$ |
410,078 |
|
$ |
391,989 |
|
$ |
389,032 |
|
$ |
389,646 |
|
$ |
390,608 |
|
|
|
|
|
|
|
|
|
|
|||||
Common Shares Outstanding |
|
16,573,707 |
|
|
16,580,347 |
|
|
16,567,578 |
|
|
15,890,011 |
|
|
15,886,143 |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Book Value per Share |
$ |
24.74 |
|
$ |
23.64 |
|
$ |
23.48 |
|
$ |
24.52 |
|
$ |
24.59 |
Non-PPP Core Banking Loans
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Loans, net of unearned interest |
$ |
4,252,792 |
|
$ |
4,145,657 |
|
$ |
4,034,510 |
|
$ |
3,611,347 |
|
$ |
3,514,119 |
Less: PPP loans, net of deferred fees |
|
1,426 |
|
|
1,547 |
|
|
1,633 |
|
|
1,752 |
|
|
2,600 |
Non-PPP core banking loans |
$ |
4,251,366 |
|
$ |
4,144,110 |
|
$ |
4,032,877 |
|
$ |
3,609,595 |
|
$ |
3,511,519 |
Adjusted Earnings Per Common Share Excluding Non-Recurring Expenses
|
Three Months Ended |
|||||||||||||
(Dollars in thousands, except per share data) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net Income Available to Common Shareholders |
$ |
12,098 |
|
$ |
9,236 |
|
$ |
4,836 |
|
$ |
11,227 |
|
$ |
15,719 |
Plus: Merger and Acquisition Expenses |
|
— |
|
|
352 |
|
|
7,944 |
|
|
224 |
|
|
294 |
Less: Tax Effect of Merger and Acquisition Expenses |
|
— |
|
|
74 |
|
|
1,668 |
|
|
47 |
|
|
62 |
Net Income Excluding Non-Recurring Expenses |
$ |
12,098 |
|
$ |
9,514 |
|
$ |
11,112 |
|
$ |
11,404 |
|
$ |
15,951 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Shares Outstanding |
|
16,574,199 |
|
|
16,571,825 |
|
|
16,235,106 |
|
|
15,886,186 |
|
|
15,883,003 |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Earnings Per Common Share Excluding Non-Recurring Expenses |
$ |
0.73 |
|
$ |
0.57 |
|
$ |
0.68 |
|
$ |
0.72 |
|
$ |
0.99 |
Return on Average Tangible Common Equity
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders |
$ |
12,098 |
|
|
$ |
9,236 |
|
|
$ |
4,836 |
|
|
$ |
11,227 |
|
|
$ |
15,719 |
|
Plus: Intangible amortization, net of tax |
|
388 |
|
|
|
382 |
|
|
|
364 |
|
|
|
272 |
|
|
|
392 |
|
|
$ |
12,486 |
|
|
$ |
9,618 |
|
|
$ |
5,200 |
|
|
$ |
11,499 |
|
|
$ |
16,111 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average shareholders' equity |
$ |
537,219 |
|
|
$ |
529,067 |
|
|
$ |
504,535 |
|
|
$ |
510,857 |
|
|
$ |
505,769 |
|
Less: Average goodwill |
|
129,869 |
|
|
|
129,428 |
|
|
|
120,284 |
|
|
|
114,231 |
|
|
|
113,879 |
|
Less: Average core deposit and other intangibles |
|
6,716 |
|
|
|
7,210 |
|
|
|
7,016 |
|
|
|
7,129 |
|
|
|
6,966 |
|
Average tangible shareholders' equity |
$ |
400,634 |
|
|
$ |
392,429 |
|
|
$ |
377,235 |
|
|
$ |
389,497 |
|
|
$ |
384,924 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible common equity |
|
12.36 |
% |
|
|
9.72 |
% |
|
|
5.53 |
% |
|
|
11.97 |
% |
|
|
16.61 |
% |
Efficiency Ratio
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense |
$ |
27,504 |
|
|
$ |
29,889 |
|
|
$ |
35,529 |
|
|
$ |
26,070 |
|
|
$ |
25,468 |
|
Less: Merger and acquisition expenses |
|
— |
|
|
|
352 |
|
|
|
7,944 |
|
|
|
224 |
|
|
|
294 |
|
Less: Intangible amortization |
|
491 |
|
|
|
484 |
|
|
|
461 |
|
|
|
344 |
|
|
|
496 |
|
Less: (Gain) loss on sale or write-down of foreclosed assets, net |
|
— |
|
|
|
(18 |
) |
|
|
(126 |
) |
|
|
— |
|
|
|
(45 |
) |
Efficiency ratio numerator |
$ |
27,013 |
|
|
$ |
29,071 |
|
|
$ |
27,250 |
|
|
$ |
25,502 |
|
|
$ |
24,723 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
37,000 |
|
|
|
37,480 |
|
|
|
36,444 |
|
|
|
36,049 |
|
|
|
38,577 |
|
Noninterest income |
|
5,117 |
|
|
|
5,346 |
|
|
|
5,220 |
|
|
|
4,325 |
|
|
|
6,714 |
|
Efficiency ratio denominator |
$ |
42,117 |
|
|
$ |
42,826 |
|
|
$ |
41,664 |
|
|
$ |
40,374 |
|
|
$ |
45,291 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio |
|
64.14 |
% |
|
|
67.88 |
% |
|
|
65.40 |
% |
|
|
63.16 |
% |
|
|
54.59 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240125029097/en/
Mid Penn Bancorp, Inc.
1-866-642-7736
Rory G. Ritrievi
Chair, President & Chief Executive Officer
Justin T. Webb
Chief Financial Officer
Source: Mid Penn Bancorp
FAQ
What is the net income available to common shareholders for the fourth quarter of 2023?
What was the percentage increase in net income available to common shareholders for the fourth quarter of 2023?
What were the return on average assets and return on average equity for the fourth quarter of 2023?
How much was the loan growth for the fourth quarter of 2023?
What was the total interest income for the quarter ended December 31, 2023?
How much was the decrease in deposits for the quarter ended December 31, 2023?
What was the total noninterest income for the quarter ended December 31, 2023?
How much was the decrease in noninterest expense for the quarter ended December 31, 2023?
By how much did shareholders' equity increase from December 31, 2022, to December 31, 2023?
What was the cash dividend declared for the fourth quarter of 2023?
