Mid Penn Bancorp, Inc. Reports Second Quarter Earnings Beat and Declares 55th Consecutive Quarterly Dividend
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.
- Net income up 143.4% YoY to $11.8 million.
- EPS of $0.71, exceeding consensus estimate of $0.60.
- Loan growth of $47.1 million (4.4% annualized).
- Deposits increased by $122.6 million (11.3% annualized).
- Net interest margin improved to 3.12%.
- Book value per share rose to $33.76.
- Nonperforming assets decreased by 33% QoQ.
- Noninterest income decreased by $508 thousand QoQ.
- Provision for credit losses increased to $1.6 million.
Insights
Mid Penn Bancorp's Q2 2024 results demonstrate strong performance and execution of their strategic plan. The 143.4% increase in net income to
- Controlled loan growth of
4.4% annualized, aligning with their restrained growth strategy - Robust deposit growth of
11.3% annualized, exceeding expectations - Improvement in net interest margin to
3.12% , up from2.97% in Q1 - Reduction in nonperforming assets by
33% - Decrease in noninterest expenses, improving efficiency
The bank's focus on core deposit growth and disciplined loan pricing has paid off, allowing them to navigate the challenging interest rate environment effectively. The stability in cost of funds at
The improvement in asset quality metrics, including a decrease in nonperforming assets and a low net charge-off ratio of
While the shift in deposit mix towards more interest-bearing accounts may pressure margins, the overall growth and pricing strategy appear to be working. The declaration of the 55th consecutive quarterly dividend of
Overall, Mid Penn Bancorp's Q2 results reflect successful execution of their strategic plan, with balanced growth, improved profitability and strong asset quality positioning them well for the future.
Mid Penn Bancorp's Q2 2024 results offer several insights into broader banking industry trends:
- Deposit competition: The
11.3% annualized deposit growth is impressive given the intense competition for deposits across the industry. However, the shift towards more interest-bearing accounts (increasing to82.9% of total deposits) reflects the challenges banks face in retaining low-cost deposits in a high-rate environment. - Net interest margin pressure: While Mid Penn managed to improve its NIM to
3.12% , this remains below the3.31% from Q2 2023. This trend is consistent across the banking sector as deposit costs continue to rise faster than asset yields. - Loan growth moderation: The bank's restrained loan growth strategy, resulting in
4.4% annualized growth, aligns with a broader industry trend of more cautious lending practices amid economic uncertainties. - Asset quality: The improvement in nonperforming assets and low net charge-offs (
0.002% ) suggests that credit quality concerns may be overblown for well-managed regional banks. - Efficiency focus: The reduction in noninterest expenses and improved efficiency ratio (to
63.7% ) reflect a sector-wide emphasis on cost management to offset margin pressures.
Mid Penn's performance suggests that well-executed strategies focusing on core deposit growth, disciplined loan pricing and operational efficiency can yield strong results even in a challenging banking environment. However, the continued pressure on interest margins and the shift in deposit mix highlight ongoing industry challenges that investors should monitor closely.
Key Highlights of the Second Quarter of 2024:
-
Net income available to common shareholders increased
143.4% to$11.8 million $0.71 $4.8 million $0.29 48.82% to$23.9 million $1.44 $16.1 million $1.00
-
Loan growth for the second quarter of 2024 was
$47.1 million 4.4% (annualized), as the Bank continued to execute on its restrained growth strategy in 2024. Total loans increased$330.1 million 8.18% , compared to the second quarter of 2023.
-
Deposits increased
$122.6 million 11.3% (annualized), during the second quarter of 2024, compared to$32.9 million 3.0% (annualized), during the first quarter of 2024. The increase was driven by a$112.1 million $47.7 million
-
Net interest margin increased to
3.12% for the quarter ended June 30, 2024, compared to2.97% for the first quarter of 2024. Cost of funds held steady at2.74% , compared to2.71% for the first quarter of 2024, as the Bank continued to experience strong core deposit growth.
-
Book value per common share improved to
$33.76 $33.26 $31.74 $25.75 $25.23 $23.62
-
Nonperforming assets decreased
$5.1 million 33% , compared to the first quarter of 2024. The decrease was primarily due to the sale of one foreclosed property, which resulted in a loss on sale of approximately$26 thousand
-
The Board of Directors declared a cash dividend of
$0.20
(1) Non-GAAP financial measure. Refer to the calculation on the section titled “Reconciliation of Non-GAAP Measures” at the end of this document.
“We are pleased to announce the results of our second quarter, detailed within this earnings release, as they are virtually in lockstep with what we have been signaling over the last nine months. That signal has included restrained loan growth, a focus on core deposit growth and a restraint on noninterest expenses,” Chair, President and CEO Rory G. Ritrievi said. “Within this second quarter, our organic loan growth annualized to
Ritrievi continued, “In organic deposit growth, the second quarter exceeded expectations. Within the quarter, we grew deposits on an annualized basis of over
“From a noninterest expense standpoint, we decreased our level of expenses within the second quarter at a rate of approximately
Ritrievi concluded, "With all of that in mind, the Board has authorized a quarterly cash dividend of
Net Interest Income
For the three months ended June 30, 2024, net interest income was
The yield on interest-earning assets increased to
For the six months ended June 30, 2024, net interest income increased
Average Balances
Average loans increased
Average deposits were
Deposits increased
Asset Quality
The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was
The provision for credit losses on loans was
Allowance for credit losses - loans was
Total nonperforming assets were
Capital
Shareholders’ equity increased
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
Noninterest Income
For the three months ended June 30, 2024, noninterest income totaled
For the six months ended June 30, 2024, noninterest income totaled
Noninterest Expense
Total noninterest expense decreased
For the six months ended June 30, 2024, 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, 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) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
Ending Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
$ |
601,683 |
|
|
$ |
615,061 |
|
|
$ |
623,121 |
|
|
$ |
620,636 |
|
|
$ |
634,287 |
|
Loans, net of unearned interest |
|
4,364,561 |
|
|
|
4,317,449 |
|
|
|
4,252,792 |
|
|
|
4,145,657 |
|
|
|
4,034,510 |
|
Total assets |
|
5,396,467 |
|
|
|
5,330,379 |
|
|
|
5,290,792 |
|
|
|
5,214,718 |
|
|
|
5,087,568 |
|
Total deposits |
|
4,501,729 |
|
|
|
4,379,105 |
|
|
|
4,346,212 |
|
|
|
4,380,380 |
|
|
|
4,285,450 |
|
Shareholders' equity |
|
559,686 |
|
|
|
550,968 |
|
|
|
542,350 |
|
|
|
528,711 |
|
|
|
525,888 |
|
Average Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
608,173 |
|
|
|
615,687 |
|
|
|
606,946 |
|
|
|
619,071 |
|
|
|
630,750 |
|
Loans, net of unearned interest |
|
4,353,360 |
|
|
|
4,293,828 |
|
|
|
4,201,092 |
|
|
|
4,053,514 |
|
|
|
3,808,717 |
|
Total assets |
|
5,378,897 |
|
|
|
5,319,680 |
|
|
|
5,226,382 |
|
|
|
5,106,103 |
|
|
|
4,827,786 |
|
Total deposits |
|
4,451,678 |
|
|
|
4,312,094 |
|
|
|
4,402,565 |
|
|
|
4,361,067 |
|
|
|
4,057,605 |
|
Shareholders' equity |
|
553,675 |
|
|
|
546,001 |
|
|
|
537,219 |
|
|
|
529,067 |
|
|
|
504,535 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
Income Statement: |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
Net interest income |
$ |
38,766 |
|
|
$ |
36,456 |
|
|
$ |
37,000 |
|
|
$ |
37,480 |
|
|
$ |
36,444 |
|
Provision for credit losses |
|
1,604 |
|
|
|
(937 |
) |
|
|
(664 |
) |
|
|
2,087 |
|
|
|
1,558 |
|
Noninterest income |
|
5,329 |
|
|
|
5,837 |
|
|
|
5,117 |
|
|
|
5,346 |
|
|
|
5,220 |
|
Noninterest expense |
|
28,224 |
|
|
|
28,520 |
|
|
|
28,389 |
|
|
|
29,229 |
|
|
|
35,128 |
|
Income before provision for income taxes |
|
14,267 |
|
|
|
14,710 |
|
|
|
14,392 |
|
|
|
11,510 |
|
|
|
4,978 |
|
Provision for income taxes |
|
2,496 |
|
|
|
2,577 |
|
|
|
2,294 |
|
|
|
2,274 |
|
|
|
142 |
|
Net income available to shareholders |
|
11,771 |
|
|
|
12,133 |
|
|
|
12,098 |
|
|
|
9,236 |
|
|
|
4,836 |
|
Net income excluding non-recurring income and expenses (1) |
|
11,284 |
|
|
|
10,673 |
|
|
|
12,098 |
|
|
|
9,514 |
|
|
|
11,112 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.71 |
|
|
$ |
0.73 |
|
|
$ |
0.73 |
|
|
$ |
0.56 |
|
|
$ |
0.29 |
|
Diluted earnings per common share |
|
0.71 |
|
|
|
0.73 |
|
|
|
0.73 |
|
|
|
0.56 |
|
|
|
0.29 |
|
Cash dividends declared |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
Book value per common share |
|
33.76 |
|
|
|
33.26 |
|
|
|
32.72 |
|
|
|
31.89 |
|
|
|
31.74 |
|
Tangible book value per common share (1) |
|
25.75 |
|
|
|
25.23 |
|
|
|
24.67 |
|
|
|
23.81 |
|
|
|
23.62 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) to average loans |
|
0.002 |
% |
|
|
0.004 |
% |
|
|
0.004 |
% |
|
|
0.001 |
% |
|
|
0.018 |
% |
Non-performing loans to total loans |
|
0.23 |
|
|
|
0.24 |
|
|
|
0.33 |
|
|
|
0.32 |
|
|
|
0.39 |
|
Non-performing asset to total loans and other real |
|
0.24 |
|
|
|
0.36 |
|
|
|
0.34 |
|
|
|
0.35 |
|
|
|
0.40 |
|
Non-performing asset to total assets |
|
0.19 |
|
|
|
0.29 |
|
|
|
0.27 |
|
|
|
0.28 |
|
|
|
0.32 |
|
ACL on loans to total loans |
|
0.81 |
|
|
|
0.78 |
|
|
|
0.80 |
|
|
|
0.82 |
|
|
|
0.81 |
|
ACL on loans to nonperforming loans |
|
352.92 |
|
|
|
322.69 |
|
|
|
240.48 |
|
|
|
252.67 |
|
|
|
205.65 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability: |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
0.88 |
% |
|
|
0.92 |
% |
|
|
0.92 |
% |
|
|
0.72 |
% |
|
|
0.40 |
% |
Return on average equity |
|
8.55 |
|
|
|
8.94 |
|
|
|
8.93 |
|
|
|
6.93 |
|
|
|
3.84 |
|
Return on average tangible common equity (1) |
|
11.57 |
|
|
|
12.15 |
|
|
|
12.31 |
|
|
|
9.69 |
|
|
|
5.55 |
|
Net interest margin |
|
3.12 |
|
|
|
2.98 |
|
|
|
3.02 |
|
|
|
3.16 |
|
|
|
3.31 |
|
Efficiency ratio (1) |
|
63.65 |
|
|
|
68.80 |
|
|
|
66.42 |
|
|
|
66.34 |
|
|
|
64.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Capital (to Average Assets) (2) |
|
8.4 |
% |
|
|
8.3 |
% |
|
|
8.3 |
% |
|
|
8.4 |
% |
|
|
9.6 |
% |
Common Tier 1 Capital (to Risk Weighted Assets) (2) |
|
9.9 |
|
|
|
9.6 |
|
|
|
9.7 |
|
|
|
9.7 |
|
|
|
10.7 |
|
Tier 1 Capital (to Risk Weighted Assets) (2) |
|
9.9 |
|
|
|
9.6 |
|
|
|
9.7 |
|
|
|
9.7 |
|
|
|
10.7 |
|
Total Capital (to Risk Weighted Assets) (2) |
|
11.8 |
|
|
|
11.4 |
|
|
|
11.6 |
|
|
|
11.7 |
|
|
|
11.5 |
|
| (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 June 30, 2024 are preliminary and prior periods are actual. |
|
CONSOLIDATED BALANCE SHEETS (Unaudited):
(In thousands, except share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
41,666 |
|
|
$ |
33,362 |
|
|
$ |
45,435 |
|
|
$ |
52,509 |
|
|
$ |
70,832 |
|
Interest-bearing balances with other financial |
|
25,585 |
|
|
|
31,801 |
|
|
|
34,668 |
|
|
|
12,739 |
|
|
|
13,332 |
|
Federal funds sold |
|
43,193 |
|
|
|
2,922 |
|
|
|
16,660 |
|
|
|
52,851 |
|
|
|
9,711 |
|
Total cash and cash equivalents |
|
110,444 |
|
|
|
68,085 |
|
|
|
96,763 |
|
|
|
118,099 |
|
|
|
93,875 |
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
||||||||||
Held to maturity, at amortized cost |
|
393,320 |
|
|
|
396,998 |
|
|
|
399,128 |
|
|
|
401,561 |
|
|
|
404,831 |
|
Available for sale, at fair value |
|
207,936 |
|
|
|
217,632 |
|
|
|
223,555 |
|
|
|
218,662 |
|
|
|
229,023 |
|
Equity securities available for sale, at fair value |
|
427 |
|
|
|
431 |
|
|
|
438 |
|
|
|
413 |
|
|
|
433 |
|
Loans held for sale |
|
8,420 |
|
|
|
4,581 |
|
|
|
3,855 |
|
|
|
4,270 |
|
|
|
7,258 |
|
Loans, net of unearned interest |
|
4,364,561 |
|
|
|
4,317,449 |
|
|
|
4,252,792 |
|
|
|
4,145,657 |
|
|
|
4,034,510 |
|
Less: Allowance for credit losses |
|
(35,288 |
) |
|
|
(33,524 |
) |
|
|
(34,187 |
) |
|
|
(34,004 |
) |
|
|
(32,588 |
) |
Net loans |
|
4,329,273 |
|
|
|
4,283,925 |
|
|
|
4,218,605 |
|
|
|
4,111,653 |
|
|
|
4,001,922 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premises and equipment, net |
|
34,344 |
|
|
|
36,068 |
|
|
|
36,909 |
|
|
|
38,102 |
|
|
|
38,483 |
|
Operating lease right of use asset |
|
7,925 |
|
|
|
8,414 |
|
|
|
8,953 |
|
|
|
8,693 |
|
|
|
9,106 |
|
Finance lease right of use asset |
|
2,638 |
|
|
|
2,683 |
|
|
|
2,727 |
|
|
|
2,773 |
|
|
|
2,817 |
|
Cash surrender value of life insurance |
|
53,298 |
|
|
|
52,997 |
|
|
|
54,497 |
|
|
|
54,209 |
|
|
|
53,931 |
|
Restricted investment in bank stocks |
|
13,930 |
|
|
|
17,446 |
|
|
|
16,768 |
|
|
|
13,554 |
|
|
|
11,646 |
|
Accrued interest receivable |
|
27,381 |
|
|
|
26,975 |
|
|
|
25,820 |
|
|
|
24,230 |
|
|
|
19,626 |
|
Deferred income taxes |
|
24,520 |
|
|
|
22,894 |
|
|
|
24,146 |
|
|
|
25,110 |
|
|
|
23,910 |
|
Goodwill |
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
Core deposit and other intangibles, net |
|
5,626 |
|
|
|
6,051 |
|
|
|
6,479 |
|
|
|
6,970 |
|
|
|
7,453 |
|
Foreclosed assets held for sale |
|
441 |
|
|
|
5,110 |
|
|
|
293 |
|
|
|
905 |
|
|
|
489 |
|
Other assets |
|
49,513 |
|
|
|
53,058 |
|
|
|
44,825 |
|
|
|
58,483 |
|
|
|
55,734 |
|
Total Assets |
$ |
5,396,467 |
|
|
$ |
5,330,379 |
|
|
$ |
5,290,792 |
|
|
$ |
5,214,718 |
|
|
$ |
5,087,568 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand |
$ |
770,732 |
|
|
$ |
807,861 |
|
|
$ |
801,312 |
|
|
$ |
803,550 |
|
|
$ |
822,822 |
|
Interest-bearing transaction accounts |
|
2,194,948 |
|
|
|
2,082,846 |
|
|
|
2,086,450 |
|
|
|
2,217,885 |
|
|
|
2,186,734 |
|
Time |
|
1,536,049 |
|
|
|
1,488,398 |
|
|
|
1,458,450 |
|
|
|
1,358,945 |
|
|
|
1,275,894 |
|
Total Deposits |
|
4,501,729 |
|
|
|
4,379,105 |
|
|
|
4,346,212 |
|
|
|
4,380,380 |
|
|
|
4,285,450 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
200,000 |
|
|
|
271,849 |
|
|
|
241,532 |
|
|
|
139,000 |
|
|
|
112,442 |
|
Long-term debt |
|
23,827 |
|
|
|
23,941 |
|
|
|
59,003 |
|
|
|
58,991 |
|
|
|
58,981 |
|
Subordinated debt and trust preferred securities |
|
46,047 |
|
|
|
46,201 |
|
|
|
46,354 |
|
|
|
46,501 |
|
|
|
46,648 |
|
Operating lease liability |
|
8,344 |
|
|
|
8,683 |
|
|
|
9,285 |
|
|
|
9,097 |
|
|
|
9,894 |
|
Accrued interest payable |
|
18,139 |
|
|
|
16,330 |
|
|
|
14,257 |
|
|
|
14,657 |
|
|
|
11,115 |
|
Other liabilities |
|
38,695 |
|
|
|
33,302 |
|
|
|
31,799 |
|
|
|
37,381 |
|
|
|
37,150 |
|
Total Liabilities |
|
4,836,781 |
|
|
|
4,779,411 |
|
|
|
4,748,442 |
|
|
|
4,686,007 |
|
|
|
4,561,680 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, par value |
|
17,051 |
|
|
|
17,006 |
|
|
|
16,999 |
|
|
|
16,993 |
|
|
|
16,980 |
|
Additional paid-in capital |
|
406,544 |
|
|
|
406,150 |
|
|
|
405,725 |
|
|
|
405,341 |
|
|
|
404,902 |
|
Retained earnings |
|
163,256 |
|
|
|
154,801 |
|
|
|
145,982 |
|
|
|
137,199 |
|
|
|
131,271 |
|
Accumulated other comprehensive loss |
|
(17,123 |
) |
|
|
(16,947 |
) |
|
|
(16,637 |
) |
|
|
(21,362 |
) |
|
|
(17,805 |
) |
Treasury stock |
|
(10,042 |
) |
|
|
(10,042 |
) |
|
|
(9,719 |
) |
|
|
(9,460 |
) |
|
|
(9,460 |
) |
Total Shareholders’ Equity |
|
559,686 |
|
|
|
550,968 |
|
|
|
542,350 |
|
|
|
528,711 |
|
|
|
525,888 |
|
Total Liabilities and Shareholders' Equity |
$ |
5,396,467 |
|
|
$ |
5,330,379 |
|
|
$ |
5,290,792 |
|
|
$ |
5,214,718 |
|
|
$ |
5,087,568 |
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited):
|
Three Months Ended |
|||||||||||||||||
(Dollars in thousands, except per share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||||
Loans, including fees |
$ |
66,096 |
|
$ |
63,236 |
|
|
$ |
61,309 |
|
|
$ |
58,792 |
|
|
$ |
52,094 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
4,143 |
|
|
4,040 |
|
|
|
4,063 |
|
|
|
4,106 |
|
|
|
3,962 |
|
Tax-exempt |
|
371 |
|
|
376 |
|
|
|
378 |
|
|
|
382 |
|
|
|
391 |
|
Other interest-bearing balances |
|
347 |
|
|
403 |
|
|
|
139 |
|
|
|
86 |
|
|
|
83 |
|
Federal funds sold |
|
282 |
|
|
136 |
|
|
|
228 |
|
|
|
51 |
|
|
|
49 |
|
Total Interest Income |
|
71,239 |
|
|
68,191 |
|
|
|
66,117 |
|
|
|
63,417 |
|
|
|
56,579 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
28,463 |
|
|
26,332 |
|
|
|
25,808 |
|
|
|
23,559 |
|
|
|
17,927 |
|
Short-term borrowings |
|
3,324 |
|
|
4,446 |
|
|
|
2,506 |
|
|
|
1,584 |
|
|
|
1,507 |
|
Long-term and subordinated debt |
|
686 |
|
|
957 |
|
|
|
803 |
|
|
|
794 |
|
|
|
701 |
|
Total Interest Expense |
|
32,473 |
|
|
31,735 |
|
|
|
29,117 |
|
|
|
25,937 |
|
|
|
20,135 |
|
Net Interest Income |
|
38,766 |
|
|
36,456 |
|
|
|
37,000 |
|
|
|
37,480 |
|
|
|
36,444 |
|
PROVISION FOR CREDIT LOSSES |
|
1,604 |
|
|
(937 |
) |
|
|
(664 |
) |
|
|
2,087 |
|
|
|
1,558 |
|
Net Interest Income After Provision for Credit Losses |
|
37,162 |
|
|
37,393 |
|
|
|
37,664 |
|
|
|
35,393 |
|
|
|
34,886 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||||
Fiduciary and wealth management |
|
1,129 |
|
|
1,132 |
|
|
|
1,323 |
|
|
|
1,296 |
|
|
|
1,204 |
|
ATM debit card interchange |
|
973 |
|
|
945 |
|
|
|
979 |
|
|
|
986 |
|
|
|
998 |
|
Service charges on deposits |
|
539 |
|
|
509 |
|
|
|
485 |
|
|
|
509 |
|
|
|
514 |
|
Mortgage banking |
|
628 |
|
|
424 |
|
|
|
300 |
|
|
|
382 |
|
|
|
287 |
|
Mortgage hedging |
|
— |
|
|
— |
|
|
|
109 |
|
|
|
67 |
|
|
|
128 |
|
Net gain on sales of SBA loans |
|
74 |
|
|
107 |
|
|
|
358 |
|
|
|
85 |
|
|
|
128 |
|
Earnings from cash surrender value of life insurance |
|
301 |
|
|
284 |
|
|
|
288 |
|
|
|
278 |
|
|
|
292 |
|
Other |
|
1,685 |
|
|
2,436 |
|
|
|
1,275 |
|
|
|
1,743 |
|
|
|
1,669 |
|
Total Noninterest Income |
|
5,329 |
|
|
5,837 |
|
|
|
5,117 |
|
|
|
5,346 |
|
|
|
5,220 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
|
15,533 |
|
|
15,462 |
|
|
|
15,215 |
|
|
|
15,259 |
|
|
|
15,027 |
|
Software licensing and utilization |
|
2,208 |
|
|
2,120 |
|
|
|
1,826 |
|
|
|
2,085 |
|
|
|
2,070 |
|
Occupancy, net |
|
1,861 |
|
|
1,982 |
|
|
|
1,952 |
|
|
|
1,761 |
|
|
|
1,750 |
|
Equipment |
|
1,287 |
|
|
1,222 |
|
|
|
1,330 |
|
|
|
1,292 |
|
|
|
1,248 |
|
Shares tax |
|
124 |
|
|
997 |
|
|
|
255 |
|
|
|
808 |
|
|
|
751 |
|
Legal and professional fees |
|
689 |
|
|
998 |
|
|
|
653 |
|
|
|
890 |
|
|
|
602 |
|
ATM/card processing |
|
510 |
|
|
534 |
|
|
|
442 |
|
|
|
641 |
|
|
|
532 |
|
Intangible amortization |
|
425 |
|
|
428 |
|
|
|
491 |
|
|
|
484 |
|
|
|
461 |
|
FDIC Assessment |
|
1,232 |
|
|
945 |
|
|
|
730 |
|
|
|
1,746 |
|
|
|
684 |
|
(Gain) loss on sale or write-down of foreclosed assets, net |
|
42 |
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
|
|
(126 |
) |
Merger and acquisition |
|
— |
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
4,992 |
|
Post-acquisition restructuring |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,952 |
|
Other |
|
4,313 |
|
|
3,832 |
|
|
|
5,495 |
|
|
|
3,929 |
|
|
|
4,185 |
|
Total Noninterest Expense |
|
28,224 |
|
|
28,520 |
|
|
|
28,389 |
|
|
|
29,229 |
|
|
|
35,128 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
14,267 |
|
|
14,710 |
|
|
|
14,392 |
|
|
|
11,510 |
|
|
|
4,978 |
|
Provision for income taxes |
|
2,496 |
|
|
2,577 |
|
|
|
2,294 |
|
|
|
2,274 |
|
|
|
142 |
|
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
11,771 |
|
$ |
12,133 |
|
|
$ |
12,098 |
|
|
$ |
9,236 |
|
|
$ |
4,836 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|||||||||
Basic Earnings Per Common Share |
$ |
0.71 |
|
$ |
0.73 |
|
|
$ |
0.73 |
|
|
$ |
0.56 |
|
|
$ |
0.29 |
|
Diluted Earnings Per Common Share |
$ |
0.71 |
|
$ |
0.73 |
|
|
$ |
0.73 |
|
|
$ |
0.56 |
|
|
$ |
0.29 |
|
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 |
|||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|||||||||||||||||||||
(Dollars in thousands) |
Average
|
|
Interest |
|
Yield/
|
|
Average
|
|
Interest |
|
Yield/
|
|
Average
|
|
Interest |
|
Yield/
|
|||||||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest Bearing Balances |
$ |
35,618 |
|
$ |
347 |
|
3.92 |
% |
|
$ |
39,999 |
|
$ |
403 |
|
4.05 |
% |
|
$ |
7,777 |
|
$ |
83 |
|
4.28 |
% |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
533,748 |
|
|
3,701 |
|
2.79 |
|
|
|
539,674 |
|
|
3,800 |
|
2.83 |
|
|
|
551,832 |
|
|
3,783 |
|
2.75 |
|
Tax-Exempt |
|
74,425 |
|
|
371 |
|
2.00 |
|
|
|
76,013 |
|
|
376 |
|
1.99 |
|
|
|
78,918 |
|
|
391 |
|
1.99 |
|
Total Securities |
|
608,173 |
|
|
4,072 |
|
2.69 |
|
|
|
615,687 |
|
|
4,176 |
|
2.73 |
|
|
|
630,750 |
|
|
4,174 |
|
2.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Funds Sold |
|
19,432 |
|
|
282 |
|
5.84 |
|
|
|
10,373 |
|
|
136 |
|
5.27 |
|
|
|
6,035 |
|
|
49 |
|
3.26 |
|
Loans, Net of Unearned Interest |
|
4,353,360 |
|
|
66,096 |
|
6.11 |
|
|
|
4,293,828 |
|
|
63,236 |
|
5.92 |
|
|
|
3,808,717 |
|
|
52,094 |
|
5.49 |
|
Restricted Investment in Bank Stocks |
|
16,066 |
|
|
442 |
|
11.07 |
|
|
|
19,439 |
|
|
240 |
|
4.97 |
|
|
|
10,177 |
|
|
179 |
|
7.05 |
|
Total Earning Assets |
|
5,032,649 |
|
|
71,239 |
|
5.69 |
|
|
|
4,979,326 |
|
|
68,191 |
|
5.51 |
|
|
|
4,463,456 |
|
|
56,579 |
|
5.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and Due from |
|
39,053 |
|
|
|
|
|
|
38,264 |
|
|
|
|
|
|
70,378 |
|
|
|
|
||||||
Other Assets |
|
307,195 |
|
|
|
|
|
|
302,090 |
|
|
|
|
|
|
293,952 |
|
|
|
|
||||||
Total Assets |
$ |
5,378,897 |
|
|
|
|
|
$ |
5,319,680 |
|
|
|
|
|
$ |
4,827,786 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing Demand |
$ |
972,852 |
|
$ |
4,477 |
|
1.85 |
% |
|
$ |
898,340 |
|
$ |
3,884 |
|
1.74 |
% |
|
$ |
936,687 |
|
$ |
3,216 |
|
1.38 |
% |
Money Market |
|
908,807 |
|
|
6,632 |
|
2.94 |
|
|
|
876,242 |
|
|
5,968 |
|
2.74 |
|
|
|
929,774 |
|
|
5,104 |
|
2.20 |
|
Savings |
|
281,560 |
|
|
52 |
|
0.07 |
|
|
|
287,765 |
|
|
72 |
|
0.10 |
|
|
|
319,728 |
|
|
64 |
|
0.08 |
|
Time |
|
1,510,079 |
|
|
17,302 |
|
4.61 |
|
|
|
1,468,611 |
|
|
16,408 |
|
4.49 |
|
|
|
1,061,276 |
|
|
9,543 |
|
3.61 |
|
Total Interest-bearing Deposits |
|
3,673,298 |
|
|
28,463 |
|
3.12 |
|
|
|
3,530,958 |
|
|
26,332 |
|
3.00 |
|
|
|
3,247,465 |
|
|
17,927 |
|
2.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Short term borrowings |
|
241,713 |
|
|
3,324 |
|
5.53 |
|
|
|
316,025 |
|
|
4,446 |
|
5.66 |
|
|
|
94,067 |
|
|
1,507 |
|
6.43 |
|
Long-term debt |
|
23,870 |
|
|
262 |
|
4.41 |
|
|
|
40,571 |
|
|
533 |
|
5.28 |
|
|
|
54,347 |
|
|
194 |
|
1.43 |
|
Subordinated debt and trust preferred securities |
|
46,122 |
|
|
424 |
|
3.70 |
|
|
|
46,275 |
|
|
424 |
|
3.69 |
|
|
|
47,782 |
|
|
507 |
|
4.26 |
|
Total Interest-bearing Liabilities |
|
3,985,003 |
|
|
32,473 |
|
3.28 |
|
|
|
3,933,829 |
|
|
31,735 |
|
3.24 |
|
|
|
3,443,661 |
|
|
20,135 |
|
2.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing Demand |
|
778,380 |
|
|
|
|
|
|
781,136 |
|
|
|
|
|
|
810,140 |
|
|
|
|
||||||
Other Liabilities |
|
61,839 |
|
|
|
|
|
|
58,714 |
|
|
|
|
|
|
69,451 |
|
|
|
|
||||||
Shareholders' Equity |
|
553,675 |
|
|
|
|
|
|
546,001 |
|
|
|
|
|
|
504,535 |
|
|
|
|
||||||
Total Liabilities & Shareholders' Equity |
$ |
5,378,897 |
|
|
|
|
|
$ |
5,319,680 |
|
|
|
|
|
$ |
4,827,787 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income |
|
|
$ |
38,766 |
|
|
|
|
|
$ |
36,456 |
|
|
|
|
|
$ |
36,444 |
|
|
||||||
Taxable Equivalent Adjustment (1) |
|
|
|
253 |
|
|
|
|
|
|
260 |
|
|
|
|
|
|
202 |
|
|
||||||
Net Interest Income (taxable equivalent basis) |
|
|
$ |
39,019 |
|
|
|
|
|
$ |
36,716 |
|
|
|
|
|
$ |
36,646 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Yield on Earning Assets |
|
|
|
|
5.69 |
% |
|
|
|
|
|
5.51 |
% |
|
|
|
|
|
5.08 |
% |
||||||
Rate on Supporting Liabilities |
|
|
|
|
3.28 |
|
|
|
|
|
|
3.24 |
|
|
|
|
|
|
2.35 |
|
||||||
Average Interest Spread |
|
|
|
|
2.42 |
|
|
|
|
|
|
2.26 |
|
|
|
|
|
|
2.74 |
|
||||||
Net Interest Margin |
|
|
|
|
3.12 |
|
|
|
|
|
|
2.97 |
|
|
|
|
|
|
3.29 |
|||||||
(1) Presented on a fully taxable-equivalent basis using a |
||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):
(Dollars in thousands) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
Allowance for Credit Losses on Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance |
$ |
33,524 |
|
|
$ |
34,187 |
|
|
$ |
34,004 |
|
|
$ |
32,588 |
|
|
$ |
31,265 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase credit deteriorated loans |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
336 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
(56 |
) |
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
|
|
(109 |
) |
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
(2 |
) |
|
|
(28 |
) |
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
Consumer |
|
(4 |
) |
|
|
(22 |
) |
|
|
(17 |
) |
|
|
(32 |
) |
|
|
(65 |
) |
Total loans charged off |
|
(62 |
) |
|
|
(50 |
) |
|
|
(45 |
) |
|
|
(32 |
) |
|
|
(174 |
) |
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
Consumer |
|
11 |
|
|
|
6 |
|
|
|
7 |
|
|
|
14 |
|
|
|
4 |
|
Total recoveries |
|
44 |
|
|
|
6 |
|
|
|
7 |
|
|
|
21 |
|
|
|
4 |
|
Balance before provision |
|
33,506 |
|
|
|
34,143 |
|
|
|
33,966 |
|
|
|
32,577 |
|
|
|
31,431 |
|
Provision for credit losses - loans |
|
1,782 |
|
|
|
(619 |
) |
|
|
221 |
|
|
|
1,427 |
|
|
|
1,157 |
|
Balance, end of quarter |
$ |
35,288 |
|
|
$ |
33,524 |
|
|
$ |
34,187 |
|
|
$ |
34,004 |
|
|
$ |
32,588 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Total nonperforming loans |
|
9,999 |
|
|
|
10,389 |
|
|
|
14,216 |
|
|
|
13,458 |
|
|
|
15,846 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed real estate |
|
441 |
|
|
|
5,110 |
|
|
|
293 |
|
|
|
905 |
|
|
|
489 |
|
Total nonperforming assets |
|
10,440 |
|
|
|
15,499 |
|
|
|
14,509 |
|
|
|
14,363 |
|
|
|
16,335 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
12 |
|
|
|
9 |
|
Total risk elements |
$ |
10,440 |
|
|
$ |
15,524 |
|
|
$ |
14,509 |
|
|
$ |
14,375 |
|
|
$ |
16,344 |
|
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) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity |
$ |
559,686 |
|
$ |
550,968 |
|
$ |
542,350 |
|
$ |
528,711 |
|
$ |
525,888 |
Less: Goodwill |
|
127,031 |
|
|
127,031 |
|
|
127,031 |
|
|
127,031 |
|
|
127,031 |
Less: Core Deposit and Other Intangibles |
|
5,626 |
|
|
6,051 |
|
|
6,479 |
|
|
6,970 |
|
|
7,453 |
Tangible Equity |
$ |
427,029 |
|
$ |
417,886 |
|
$ |
408,840 |
|
$ |
394,710 |
|
$ |
391,404 |
|
|
|
|
|
|
|
|
|
|
|||||
Common Shares Outstanding |
|
16,580,595 |
|
|
16,565,637 |
|
|
16,573,707 |
|
|
16,580,347 |
|
|
16,567,578 |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Book Value per Share |
$ |
25.75 |
|
$ |
25.23 |
|
$ |
24.67 |
|
$ |
23.81 |
|
$ |
23.62 |
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses
|
Three Months Ended |
|||||||||||||
(Dollars in thousands, except per share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net Income Available to Common Shareholders |
$ |
11,771 |
|
$ |
12,133 |
|
$ |
12,098 |
|
$ |
9,236 |
|
$ |
4,836 |
Less: BOLI Death Benefit Income |
|
487 |
|
|
1,460 |
|
|
— |
|
|
— |
|
|
— |
Plus: Merger and Acquisition Expenses |
|
— |
|
|
— |
|
|
— |
|
|
352 |
|
|
7,944 |
Less: Tax Effect of Merger and Acquisition Expenses |
|
— |
|
|
— |
|
|
— |
|
|
74 |
|
|
1,668 |
Net Income Excluding Non-Recurring Income and Expenses |
$ |
11,284 |
|
$ |
10,673 |
|
$ |
12,098 |
|
$ |
9,514 |
|
$ |
11,112 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Shares Outstanding |
|
16,576,283 |
|
|
16,567,902 |
|
|
16,574,199 |
|
|
16,571,825 |
|
|
16,235,106 |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses |
$ |
0.68 |
|
$ |
0.64 |
|
$ |
0.73 |
|
$ |
0.57 |
|
$ |
0.68 |
Return on Average Tangible Common Equity
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders |
$ |
11,771 |
|
|
$ |
12,133 |
|
|
$ |
12,098 |
|
|
$ |
9,236 |
|
|
$ |
4,836 |
|
Plus: Intangible amortization, net of tax |
|
336 |
|
|
|
338 |
|
|
|
388 |
|
|
|
382 |
|
|
|
364 |
|
|
$ |
12,107 |
|
|
$ |
12,471 |
|
|
$ |
12,486 |
|
|
$ |
9,618 |
|
|
$ |
5,200 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average shareholders' equity |
$ |
553,675 |
|
|
$ |
546,001 |
|
|
$ |
537,219 |
|
|
$ |
529,067 |
|
|
$ |
504,535 |
|
Less: Average goodwill |
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
120,631 |
|
Less: Average core deposit and other intangibles |
|
5,833 |
|
|
|
6,259 |
|
|
|
6,716 |
|
|
|
7,210 |
|
|
|
7,016 |
|
Average tangible shareholders' equity |
$ |
420,811 |
|
|
$ |
412,711 |
|
|
$ |
403,472 |
|
|
$ |
394,826 |
|
|
$ |
376,888 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible common equity |
|
11.57 |
% |
|
|
12.15 |
% |
|
|
12.31 |
% |
|
|
9.69 |
% |
|
|
5.55 |
% |
Efficiency Ratio
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense |
$ |
28,224 |
|
|
$ |
28,520 |
|
|
$ |
28,389 |
|
|
$ |
29,229 |
|
|
$ |
35,128 |
|
Less: Merger and acquisition expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
7,944 |
|
Less: Intangible amortization |
|
425 |
|
|
|
428 |
|
|
|
491 |
|
|
|
484 |
|
|
|
461 |
|
Less: Loss (Gain) on sale or write-down of foreclosed assets, net |
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
|
|
(126 |
) |
Efficiency ratio numerator |
$ |
27,757 |
|
|
$ |
28,092 |
|
|
$ |
27,898 |
|
|
$ |
28,411 |
|
|
$ |
26,849 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
38,766 |
|
|
|
36,456 |
|
|
|
37,000 |
|
|
|
37,480 |
|
|
|
36,444 |
|
Noninterest income |
|
5,329 |
|
|
|
5,837 |
|
|
|
5,117 |
|
|
|
5,346 |
|
|
|
5,220 |
|
Less: BOLI Death Benefit |
|
487 |
|
|
|
1,460 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Efficiency ratio denominator |
$ |
43,608 |
|
|
$ |
40,833 |
|
|
$ |
42,117 |
|
|
$ |
42,826 |
|
|
$ |
41,664 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio |
|
63.65 |
% |
|
|
68.80 |
% |
|
|
66.24 |
% |
|
|
66.34 |
% |
|
|
64.44 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724341994/en/
Rory G. Ritrievi
Chair, President & Chief Executive Officer
Justin T. Webb
Chief Financial Officer
1-866-642-7736
Source: Mid Penn Bancorp
FAQ
What were Mid Penn Bancorp's earnings for Q2 2024?
How much did Mid Penn Bancorp's deposits grow in Q2 2024?
What was Mid Penn Bancorp's net interest margin in Q2 2024?
How did Mid Penn Bancorp's nonperforming assets change in Q2 2024?
What is the dividend declared by Mid Penn Bancorp for Q2 2024?
