Mid Penn Bancorp, Inc. Reports Third Quarter Earnings Beat and Declares 56th Consecutive Quarterly Dividend
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) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto di 12,3 milioni di dollari, pari a 0,74 dollari per azione diluita, superando le stime degli analisti di 0,72 dollari e mostrando un aumento del 33,2% rispetto al terzo trimestre del 2023. La banca ha registrato una crescita significativa dei depositi di 209,8 milioni di dollari (18,6% annualizzato) e una crescita dei prestiti di 67,1 milioni di dollari (6,2% annualizzato) nel terzo trimestre. Il margine di interesse netto è migliorato al 3,13%, mentre il valore contabile per azione è cresciuto a 34,48 dollari. Il Consiglio ha dichiarato un dividendo trimestrale di 0,20 dollari, segnando il 56° dividendo trimestrale consecutivo. L'azienda ha mantenuto una solida qualità degli attivi con meno dello 0,01% di ammortamenti netti annualizzati in nove mesi.
Mid Penn Bancorp (NASDAQ: MPB) informó resultados sólidos para el tercer trimestre de 2024, con una ganancia neta de 12,3 millones de dólares, o 0,74 dólares por acción diluida, superando las estimaciones de los analistas de 0,72 dólares y mostrando un aumento del 33,2% respecto al tercer trimestre de 2023. El banco vio un crecimiento significativo en los depósitos de 209,8 millones de dólares (18,6% anualizado) y un crecimiento en los préstamos de 67,1 millones de dólares (6,2% anualizado) en el tercer trimestre. El margen de interés neto mejoró al 3,13%, mientras que el valor contable por acción aumentó a 34,48 dólares. La Junta declaró un dividendo trimestral de 0,20 dólares, marcando el 56° dividendo trimestral consecutivo. La compañía mantuvo una sólida calidad de activos con menos del 0,01% de amortizaciones netas anualizadas en nueve meses.
Mid Penn Bancorp (NASDAQ: MPB)는 2024년 3분기 동안 1,230만 달러의 순이익과 함께 강력한 실적을 보고했으며, 이는 희석 주당 0.74달러로, 분석가들의 예상인 0.72달러를 초과하고 2023년 3분기 대비 33.2% 증가한 수치입니다. 이 은행은 3분기 동안 2억 980만 달러(연환산 18.6%)의 상당한 예금 성장을 보였고, 6,710만 달러(연환산 6.2%)의 대출 성장을 기록했습니다. 순이자 마진은 3.13%로 개선되었고, 주당 장부 가치는 34.48달러로 증가했습니다. 이사회는 분기 배당금으로 0.20달러를 선언하여 56번째 연속 분기 배당금을 기록했습니다. 회사는 9개월 동안 연간화된 순 손실이 0.01% 미만인 강력한 자산 품질을 유지했습니다.
Mid Penn Bancorp (NASDAQ: MPB) a annoncé de solides résultats pour le troisième trimestre 2024, avec un bénéfice net de 12,3 millions de dollars, soit 0,74 dollar par action diluée, dépassant les estimations des analystes de 0,72 dollar et affichant une augmentation de 33,2 % par rapport au troisième trimestre 2023. La banque a connu une croissance significative de ses dépôts de 209,8 millions de dollars (18,6 % annualisé) et une croissance des prêts de 67,1 millions de dollars (6,2 % annualisé) au troisième trimestre. La marge d'intérêt nette s'est améliorée à 3,13 %, tandis que la valeur comptable par action a augmenté à 34,48 dollars. Le conseil a déclaré un dividende trimestriel de 0,20 dollar, marquant le 56e dividende trimestriel consécutif. L'entreprise a maintenu une forte qualité d'actifs avec moins de 0,01 % de pertes nettes annualisées sur neuf mois.
Mid Penn Bancorp (NASDAQ: MPB) hat im dritten Quartal 2024 starke Ergebnisse erzielt, mit einem Nettogewinn von 12,3 Millionen US-Dollar bzw. 0,74 US-Dollar pro verwässerter Aktie, was die Analystenschätzungen von 0,72 US-Dollar übertraf und einen Anstieg von 33,2% im Vergleich zum dritten Quartal 2023 zeigt. Die Bank verzeichnete ein signifikantes Einlagenwachstum von 209,8 Millionen US-Dollar (annualisiert 18,6%) und ein Kreditwachstum von 67,1 Millionen US-Dollar (annualisiert 6,2%) im 3. Quartal. Die Nettozinsspanne verbesserte sich auf 3,13%, während der Buchwert je Aktie auf 34,48 US-Dollar anstieg. Der Vorstand beschloss eine vierteljährliche Dividende von 0,20 US-Dollar, was die 56. aufeinanderfolgende vierteljährliche Dividende auszeichnet. Das Unternehmen hielt eine starke Vermögensqualität mit weniger als 0,01% annualisierten Nettominderungen über neun Monate aufrecht.
- Net income increased 33.2% YoY to $12.3 million, exceeding analyst estimates
- Strong deposit growth of $209.8 million (18.6% annualized) in Q3
- Net interest margin improved to 3.13% from 3.12% in Q2
- Book value per share increased to $34.48 from $31.89 YoY
- Maintained strong asset quality with minimal net charge-offs (0.01% annualized)
- Cost of funds increased to 2.77% from 2.74% in Q2
- Non-performing assets increased to $17.7 million from $10.4 million in Q2
- Delinquency rate increased to 0.61% from 0.57% in Q2
Insights
Mid Penn Bancorp delivered a strong third quarter with
The bank's fundamentals remain solid with deposit growth of
Asset quality metrics remain strong with minimal net charge-offs of
Key Highlights of the Third Quarter of 2024:
-
Net income available to common shareholders increased
33.2% to$12.3 million $0.74 $9.2 million $0.56 43.1% to$36.2 million $2.18 $25.3 million $1.56
-
Book value per common share improved to
$34.48 $33.76 $31.89 $26.36 $25.75 $23.81
-
Net interest margin increased to
3.13% for the quarter ended September 30, 2024, compared to3.12% for the second quarter of 2024. Cost of funds increased to2.77% for the quarter ended September 30, 2024, compared to2.74% for the second quarter of 2024, as the Bank continued to experience strong core deposit growth.
-
Deposits increased
$209.8 million 18.6% (annualized), during the third quarter of 2024, compared to$117.9 million 10.5% (annualized), during the second quarter of 2024. This increase was driven by a$93.8 million $90.0 million
-
Loan growth for the third quarter of 2024 was
$67.1 million 6.2% (annualized), as the Bank continued to execute on its restrained growth strategy in 2024. Total loans increased$286.0 million 6.9% , compared to the third quarter of 2023.
-
On July 31, 2024, Mid Penn completed the acquisition of an insurance business and related accounts of a full-service employee benefits firm that serves mid to large employers across central and eastern
Pennsylvania , northernMaryland , and northernVirginia , for a purchase price of$2.0 million $69 thousand $109 thousand $1.1 million
-
The Board of Directors declared a cash dividend of
$0.20
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
Chair, President and CEO Rory G. Ritrievi provided the following statement:
"On behalf of the hardworking employees of Mid Penn and its Board of Directors, I am very pleased to report that our third quarter earnings, detailed below, were not only better than what the analysts and we had expected, but were also based on continued fidelity to the strategies we outlined late last year in this shareholder communication.
Principally, those strategies included: restrained loan growth; robust core deposit growth; strong asset quality; restraint on operating expenses; and building on tangible book value.
With our third quarter loan and deposit growth through nine months, we are now at
Most importantly, we have seen a
With another solid quarter now behind us, we are also pleased to announce that the Board has authorized a quarterly cash dividend of
Net Interest Income
For the three months ended September 30, 2024, net interest income was
The yield on interest-earning assets increased to
For the nine months ended September 30, 2024, net interest income increased
Average Balances
Average loans increased
Average deposits were
Total 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 September 30, 2024, noninterest income totaled
For the nine months ended September 30, 2024, noninterest income totaled
Noninterest Expense
Total noninterest expense increased
For the nine months ended September 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 in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank’s future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the possibility that the anticipated benefits of a transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of a transaction; the ability to complete the integration of Mid Penn and its target successfully; the dilution caused by Mid Penn’s issuance of additional shares of its capital stock in connection with a transaction; and other factors that may affect the future results of Mid Penn.
For a more detailed description of these and other factors which would affect our results, please see Mid Penn’s filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.
SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):
(Dollars in thousands, except per share data) |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
||||||||||
Ending Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
$ |
642,291 |
|
|
$ |
601,683 |
|
|
$ |
615,061 |
|
|
$ |
623,121 |
|
|
$ |
620,636 |
|
Loans, net of unearned income |
|
4,431,704 |
|
|
|
4,364,561 |
|
|
|
4,317,449 |
|
|
|
4,252,792 |
|
|
|
4,145,657 |
|
Total assets |
|
5,527,025 |
|
|
|
5,391,749 |
|
|
|
5,330,379 |
|
|
|
5,290,792 |
|
|
|
5,214,718 |
|
Total deposits |
|
4,706,764 |
|
|
|
4,497,011 |
|
|
|
4,379,105 |
|
|
|
4,346,212 |
|
|
|
4,380,380 |
|
Shareholders' equity |
|
573,059 |
|
|
|
559,686 |
|
|
|
550,968 |
|
|
|
542,350 |
|
|
|
528,711 |
|
Average Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
610,586 |
|
|
|
608,173 |
|
|
|
615,687 |
|
|
|
606,946 |
|
|
|
619,071 |
|
Loans, net of unearned income |
|
4,405,969 |
|
|
|
4,353,360 |
|
|
|
4,293,828 |
|
|
|
4,201,092 |
|
|
|
4,053,514 |
|
Total assets |
|
5,470,641 |
|
|
|
5,378,897 |
|
|
|
5,319,680 |
|
|
|
5,226,382 |
|
|
|
5,106,103 |
|
Total deposits |
|
4,597,686 |
|
|
|
4,451,678 |
|
|
|
4,312,094 |
|
|
|
4,402,565 |
|
|
|
4,361,067 |
|
Shareholders' equity |
|
565,300 |
|
|
|
553,675 |
|
|
|
546,001 |
|
|
|
537,219 |
|
|
|
529,067 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
Income Statement: |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
||||||||||
Net interest income |
$ |
40,169 |
|
|
$ |
38,766 |
|
|
$ |
36,456 |
|
|
$ |
37,000 |
|
|
$ |
37,480 |
|
Provision for credit losses |
|
516 |
|
|
|
1,604 |
|
|
|
(937 |
) |
|
|
(664 |
) |
|
|
2,087 |
|
Noninterest income |
|
5,178 |
|
|
|
5,329 |
|
|
|
5,837 |
|
|
|
5,117 |
|
|
|
5,346 |
|
Noninterest expense |
|
29,959 |
|
|
|
28,224 |
|
|
|
28,520 |
|
|
|
28,389 |
|
|
|
29,229 |
|
Income before provision for income taxes |
|
14,872 |
|
|
|
14,267 |
|
|
|
14,710 |
|
|
|
14,392 |
|
|
|
11,510 |
|
Provision for income taxes |
|
2,571 |
|
|
|
2,496 |
|
|
|
2,577 |
|
|
|
2,294 |
|
|
|
2,274 |
|
Net income available to shareholders |
|
12,301 |
|
|
|
11,771 |
|
|
|
12,133 |
|
|
|
12,098 |
|
|
|
9,236 |
|
Net income excluding non-recurring income and expenses (1) |
|
12,383 |
|
|
|
11,284 |
|
|
|
10,673 |
|
|
|
12,098 |
|
|
|
9,514 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.74 |
|
|
$ |
0.71 |
|
|
$ |
0.73 |
|
|
$ |
0.73 |
|
|
$ |
0.56 |
|
Diluted earnings per common share |
|
0.74 |
|
|
|
0.71 |
|
|
|
0.73 |
|
|
|
0.73 |
|
|
|
0.56 |
|
Cash dividends declared |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
Book value per common share |
|
34.48 |
|
|
|
33.76 |
|
|
|
33.26 |
|
|
|
32.72 |
|
|
|
31.89 |
|
Tangible book value per common share (1) |
|
26.36 |
|
|
|
25.75 |
|
|
|
25.23 |
|
|
|
24.67 |
|
|
|
23.81 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) to average loans (3) |
|
0.031 |
% |
|
|
0.002 |
% |
|
|
0.004 |
% |
|
|
0.004 |
% |
|
|
0.001 |
% |
Non-performing loans to total loans |
|
0.39 |
|
|
|
0.23 |
|
|
|
0.24 |
|
|
|
0.33 |
|
|
|
0.32 |
|
Non-performing asset to total loans and other real estate |
|
0.40 |
|
|
|
0.24 |
|
|
|
0.36 |
|
|
|
0.34 |
|
|
|
0.35 |
|
Non-performing asset to total assets |
|
0.32 |
|
|
|
0.19 |
|
|
|
0.29 |
|
|
|
0.27 |
|
|
|
0.28 |
|
ACL on loans to total loans |
|
0.80 |
|
|
|
0.81 |
|
|
|
0.78 |
|
|
|
0.80 |
|
|
|
0.82 |
|
ACL on loans to nonperforming loans |
|
204.61 |
|
|
|
352.92 |
|
|
|
322.69 |
|
|
|
240.48 |
|
|
|
252.67 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability: |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (3) |
|
0.89 |
% |
|
|
0.88 |
% |
|
|
0.92 |
% |
|
|
0.92 |
% |
|
|
0.72 |
% |
Return on average equity (3) |
|
8.66 |
|
|
|
8.55 |
|
|
|
8.94 |
|
|
|
8.93 |
|
|
|
6.93 |
|
Return on average tangible common equity (1) (3) |
|
11.69 |
|
|
|
11.57 |
|
|
|
12.15 |
|
|
|
12.31 |
|
|
|
9.69 |
|
Tax-equivalent net interest margin |
|
3.13 |
|
|
|
3.12 |
|
|
|
2.98 |
|
|
|
3.02 |
|
|
|
3.16 |
|
Efficiency ratio (1) |
|
64.89 |
|
|
|
63.65 |
|
|
|
68.80 |
|
|
|
66.42 |
|
|
|
66.34 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Capital (to Average Assets) (2) |
|
8.4 |
% |
|
|
8.4 |
% |
|
|
8.3 |
% |
|
|
8.3 |
% |
|
|
8.4 |
% |
Common Tier 1 Capital (to Risk Weighted Assets) (2) |
|
10.1 |
|
|
|
9.9 |
|
|
|
9.6 |
|
|
|
9.7 |
|
|
|
9.7 |
|
Tier 1 Capital (to Risk Weighted Assets) (2) |
|
10.1 |
|
|
|
9.9 |
|
|
|
9.6 |
|
|
|
9.7 |
|
|
|
9.7 |
|
Total Capital (to Risk Weighted Assets) (2) |
|
11.9 |
|
|
|
11.8 |
|
|
|
11.4 |
|
|
|
11.6 |
|
|
|
11.7 |
|
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
(2) |
Regulatory capital ratios as of September 30, 2024 are preliminary and prior periods are actual. |
(3) |
Annualized ratio |
CONSOLIDATED BALANCE SHEETS (Unaudited):
(In thousands, except share data) |
Sep. 30, 2024 |
|
Jun. 30, 2024 |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
57,518 |
|
|
$ |
36,948 |
|
|
$ |
33,362 |
|
|
$ |
45,435 |
|
|
$ |
52,509 |
|
Interest-bearing balances with other financial institutions |
|
19,323 |
|
|
|
25,585 |
|
|
|
31,801 |
|
|
|
34,668 |
|
|
|
12,739 |
|
Federal funds sold |
|
67,554 |
|
|
|
43,193 |
|
|
|
2,922 |
|
|
|
16,660 |
|
|
|
52,851 |
|
Total cash and cash equivalents |
|
144,395 |
|
|
|
105,726 |
|
|
|
68,085 |
|
|
|
96,763 |
|
|
|
118,099 |
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
||||||||||
Held to maturity, at amortized cost |
|
386,618 |
|
|
|
393,320 |
|
|
|
396,998 |
|
|
|
399,128 |
|
|
|
401,561 |
|
Available for sale, at fair value |
|
255,227 |
|
|
|
207,936 |
|
|
|
217,632 |
|
|
|
223,555 |
|
|
|
218,662 |
|
Equity securities available for sale, at fair value |
|
446 |
|
|
|
427 |
|
|
|
431 |
|
|
|
438 |
|
|
|
413 |
|
Loans held for sale |
|
7,919 |
|
|
|
8,420 |
|
|
|
4,581 |
|
|
|
3,855 |
|
|
|
4,270 |
|
Loans, net of unearned income |
|
4,431,704 |
|
|
|
4,364,561 |
|
|
|
4,317,449 |
|
|
|
4,252,792 |
|
|
|
4,145,657 |
|
Less: Allowance for credit losses |
|
(35,562 |
) |
|
|
(35,288 |
) |
|
|
(33,524 |
) |
|
|
(34,187 |
) |
|
|
(34,004 |
) |
Net loans |
|
4,396,142 |
|
|
|
4,329,273 |
|
|
|
4,283,925 |
|
|
|
4,218,605 |
|
|
|
4,111,653 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premises and equipment, net |
|
33,765 |
|
|
|
34,344 |
|
|
|
36,068 |
|
|
|
36,909 |
|
|
|
38,102 |
|
Operating lease right of use asset |
|
7,390 |
|
|
|
7,925 |
|
|
|
8,414 |
|
|
|
8,953 |
|
|
|
8,693 |
|
Finance lease right of use asset |
|
2,593 |
|
|
|
2,638 |
|
|
|
2,683 |
|
|
|
2,727 |
|
|
|
2,773 |
|
Cash surrender value of life insurance |
|
53,135 |
|
|
|
53,298 |
|
|
|
52,997 |
|
|
|
54,497 |
|
|
|
54,209 |
|
Restricted investment in bank stocks |
|
10,589 |
|
|
|
13,930 |
|
|
|
17,446 |
|
|
|
16,768 |
|
|
|
13,554 |
|
Accrued interest receivable |
|
27,286 |
|
|
|
27,381 |
|
|
|
26,975 |
|
|
|
25,820 |
|
|
|
24,230 |
|
Deferred income taxes |
|
23,197 |
|
|
|
24,520 |
|
|
|
22,894 |
|
|
|
24,146 |
|
|
|
25,110 |
|
Goodwill |
|
128,160 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
Core deposit and other intangibles, net |
|
6,713 |
|
|
|
5,626 |
|
|
|
6,051 |
|
|
|
6,479 |
|
|
|
6,970 |
|
Foreclosed assets held for sale |
|
281 |
|
|
|
441 |
|
|
|
5,110 |
|
|
|
293 |
|
|
|
905 |
|
Other assets |
|
43,169 |
|
|
|
49,513 |
|
|
|
53,058 |
|
|
|
44,825 |
|
|
|
58,483 |
|
Total Assets |
$ |
5,527,025 |
|
|
$ |
5,391,749 |
|
|
$ |
5,330,379 |
|
|
$ |
5,290,792 |
|
|
$ |
5,214,718 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand |
$ |
791,980 |
|
|
$ |
766,014 |
|
|
$ |
807,861 |
|
|
$ |
801,312 |
|
|
$ |
803,550 |
|
Interest-bearing transaction accounts |
|
2,288,783 |
|
|
|
2,194,948 |
|
|
|
2,082,846 |
|
|
|
2,086,450 |
|
|
|
2,217,885 |
|
Time |
|
1,626,001 |
|
|
|
1,536,049 |
|
|
|
1,488,398 |
|
|
|
1,458,450 |
|
|
|
1,358,945 |
|
Total Deposits |
|
4,706,764 |
|
|
|
4,497,011 |
|
|
|
4,379,105 |
|
|
|
4,346,212 |
|
|
|
4,380,380 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
114,097 |
|
|
|
200,000 |
|
|
|
271,849 |
|
|
|
241,532 |
|
|
|
139,000 |
|
Long-term debt |
|
23,716 |
|
|
|
23,827 |
|
|
|
23,941 |
|
|
|
59,003 |
|
|
|
58,991 |
|
Subordinated debt and trust preferred securities |
|
45,894 |
|
|
|
46,047 |
|
|
|
46,201 |
|
|
|
46,354 |
|
|
|
46,501 |
|
Operating lease liability |
|
7,778 |
|
|
|
8,344 |
|
|
|
8,683 |
|
|
|
9,285 |
|
|
|
9,097 |
|
Accrued interest payable |
|
18,995 |
|
|
|
18,139 |
|
|
|
16,330 |
|
|
|
14,257 |
|
|
|
14,657 |
|
Other liabilities |
|
36,722 |
|
|
|
38,695 |
|
|
|
33,302 |
|
|
|
31,799 |
|
|
|
37,381 |
|
Total Liabilities |
|
4,953,966 |
|
|
|
4,832,063 |
|
|
|
4,779,411 |
|
|
|
4,748,442 |
|
|
|
4,686,007 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, par value |
|
17,061 |
|
|
|
17,051 |
|
|
|
17,006 |
|
|
|
16,999 |
|
|
|
16,993 |
|
Additional paid-in capital |
|
406,922 |
|
|
|
406,544 |
|
|
|
406,150 |
|
|
|
405,725 |
|
|
|
405,341 |
|
Retained earnings |
|
172,234 |
|
|
|
163,256 |
|
|
|
154,801 |
|
|
|
145,982 |
|
|
|
137,199 |
|
Accumulated other comprehensive loss |
|
(13,116 |
) |
|
|
(17,123 |
) |
|
|
(16,947 |
) |
|
|
(16,637 |
) |
|
|
(21,362 |
) |
Treasury stock |
|
(10,042 |
) |
|
|
(10,042 |
) |
|
|
(10,042 |
) |
|
|
(9,719 |
) |
|
|
(9,460 |
) |
Total Shareholders’ Equity |
|
573,059 |
|
|
|
559,686 |
|
|
|
550,968 |
|
|
|
542,350 |
|
|
|
528,711 |
|
Total Liabilities and Shareholders' Equity |
$ |
5,527,025 |
|
|
$ |
5,391,749 |
|
|
$ |
5,330,379 |
|
|
$ |
5,290,792 |
|
|
$ |
5,214,718 |
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited):
|
Three Months Ended |
|||||||||||||||||
(Dollars in thousands, except per share data) |
Sep. 30, 2024 |
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||||
Loans, including fees |
$ |
68,080 |
|
|
$ |
66,096 |
|
$ |
63,236 |
|
|
$ |
61,309 |
|
|
$ |
58,792 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
4,136 |
|
|
|
4,143 |
|
|
4,040 |
|
|
|
4,063 |
|
|
|
4,106 |
|
Tax-exempt |
|
359 |
|
|
|
371 |
|
|
376 |
|
|
|
378 |
|
|
|
382 |
|
Other interest-bearing balances |
|
223 |
|
|
|
347 |
|
|
403 |
|
|
|
139 |
|
|
|
86 |
|
Federal funds sold |
|
1,043 |
|
|
|
282 |
|
|
136 |
|
|
|
228 |
|
|
|
51 |
|
Total Interest Income |
|
73,841 |
|
|
|
71,239 |
|
|
68,191 |
|
|
|
66,117 |
|
|
|
63,417 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
30,689 |
|
|
|
28,463 |
|
|
26,332 |
|
|
|
25,808 |
|
|
|
23,559 |
|
Short-term borrowings |
|
2,296 |
|
|
|
3,324 |
|
|
4,446 |
|
|
|
2,506 |
|
|
|
1,584 |
|
Long-term and subordinated debt |
|
687 |
|
|
|
686 |
|
|
957 |
|
|
|
803 |
|
|
|
794 |
|
Total Interest Expense |
|
33,672 |
|
|
|
32,473 |
|
|
31,735 |
|
|
|
29,117 |
|
|
|
25,937 |
|
Net Interest Income |
|
40,169 |
|
|
|
38,766 |
|
|
36,456 |
|
|
|
37,000 |
|
|
|
37,480 |
|
PROVISION FOR CREDIT LOSSES |
|
516 |
|
|
|
1,604 |
|
|
(937 |
) |
|
|
(664 |
) |
|
|
2,087 |
|
Net Interest Income After Provision for Credit Losses |
|
39,653 |
|
|
|
37,162 |
|
|
37,393 |
|
|
|
37,664 |
|
|
|
35,393 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||||
Fiduciary and wealth management |
|
1,204 |
|
|
|
1,129 |
|
|
1,132 |
|
|
|
1,323 |
|
|
|
1,296 |
|
ATM debit card interchange |
|
962 |
|
|
|
973 |
|
|
945 |
|
|
|
979 |
|
|
|
986 |
|
Service charges on deposits |
|
549 |
|
|
|
539 |
|
|
509 |
|
|
|
485 |
|
|
|
509 |
|
Mortgage banking |
|
768 |
|
|
|
628 |
|
|
424 |
|
|
|
300 |
|
|
|
382 |
|
Mortgage hedging |
|
(1 |
) |
|
|
— |
|
|
— |
|
|
|
109 |
|
|
|
67 |
|
Net gain on sales of SBA loans |
|
151 |
|
|
|
74 |
|
|
107 |
|
|
|
358 |
|
|
|
85 |
|
Earnings from cash surrender value of life insurance |
|
276 |
|
|
|
301 |
|
|
284 |
|
|
|
288 |
|
|
|
278 |
|
Other |
|
1,269 |
|
|
|
1,685 |
|
|
2,436 |
|
|
|
1,275 |
|
|
|
1,743 |
|
Total Noninterest Income |
|
5,178 |
|
|
|
5,329 |
|
|
5,837 |
|
|
|
5,117 |
|
|
|
5,346 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
|
16,156 |
|
|
|
15,533 |
|
|
15,462 |
|
|
|
15,215 |
|
|
|
15,259 |
|
Software licensing and utilization |
|
2,366 |
|
|
|
2,208 |
|
|
2,120 |
|
|
|
1,826 |
|
|
|
2,085 |
|
Occupancy, net |
|
1,815 |
|
|
|
1,861 |
|
|
1,982 |
|
|
|
1,952 |
|
|
|
1,761 |
|
Equipment |
|
1,206 |
|
|
|
1,287 |
|
|
1,222 |
|
|
|
1,330 |
|
|
|
1,292 |
|
Shares tax |
|
824 |
|
|
|
124 |
|
|
997 |
|
|
|
255 |
|
|
|
808 |
|
Legal and professional fees |
|
1,613 |
|
|
|
689 |
|
|
998 |
|
|
|
653 |
|
|
|
890 |
|
ATM/card processing |
|
606 |
|
|
|
510 |
|
|
534 |
|
|
|
442 |
|
|
|
641 |
|
Intangible amortization |
|
460 |
|
|
|
425 |
|
|
428 |
|
|
|
491 |
|
|
|
484 |
|
FDIC Assessment |
|
1,150 |
|
|
|
1,232 |
|
|
945 |
|
|
|
730 |
|
|
|
1,746 |
|
(Gain) loss on sale or write-down of foreclosed assets, net |
|
(35 |
) |
|
|
42 |
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
Merger and acquisition |
|
109 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Other |
|
3,689 |
|
|
|
4,313 |
|
|
3,832 |
|
|
|
5,495 |
|
|
|
3,929 |
|
Total Noninterest Expense |
|
29,959 |
|
|
|
28,224 |
|
|
28,520 |
|
|
|
28,389 |
|
|
|
29,229 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
14,872 |
|
|
|
14,267 |
|
|
14,710 |
|
|
|
14,392 |
|
|
|
11,510 |
|
Provision for income taxes |
|
2,571 |
|
|
|
2,496 |
|
|
2,577 |
|
|
|
2,294 |
|
|
|
2,274 |
|
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
12,301 |
|
|
$ |
11,771 |
|
$ |
12,133 |
|
|
$ |
12,098 |
|
|
$ |
9,236 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|||||||||
Basic Earnings Per Common Share |
$ |
0.74 |
|
|
$ |
0.71 |
|
$ |
0.73 |
|
|
$ |
0.73 |
|
|
$ |
0.56 |
|
Diluted Earnings Per Common Share |
$ |
0.74 |
|
|
$ |
0.71 |
|
$ |
0.73 |
|
|
$ |
0.73 |
|
|
$ |
0.56 |
|
Cash Dividends Declared |
$ |
0.20 |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):
|
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis |
|||||||||||||||||||||||||
|
For the Three Months Ended |
|||||||||||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|||||||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest Bearing Balances |
$ |
25,123 |
|
$ |
223 |
|
3.53 |
% |
|
$ |
35,618 |
|
$ |
347 |
|
3.92 |
% |
|
$ |
12,804 |
|
$ |
86 |
|
2.66 |
% |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
537,257 |
|
|
3,682 |
|
2.73 |
|
|
|
533,748 |
|
|
3,701 |
|
2.79 |
|
|
|
541,403 |
|
|
3,846 |
|
2.82 |
|
Tax-Exempt |
|
73,329 |
|
|
359 |
|
1.95 |
|
|
|
74,425 |
|
|
371 |
|
2.00 |
|
|
|
77,668 |
|
|
382 |
|
1.95 |
|
Total Securities |
|
610,586 |
|
|
4,041 |
|
2.63 |
|
|
|
608,173 |
|
|
4,072 |
|
2.69 |
|
|
|
619,071 |
|
|
4,228 |
|
2.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Funds Sold |
|
75,683 |
|
|
1,043 |
|
5.48 |
|
|
|
19,432 |
|
|
282 |
|
5.84 |
|
|
|
8,260 |
|
|
51 |
|
2.45 |
|
Loans, Net of Unearned Income |
|
4,405,969 |
|
|
68,080 |
|
6.15 |
|
|
|
4,353,360 |
|
|
66,096 |
|
6.11 |
|
|
|
4,053,514 |
|
|
58,792 |
|
5.75 |
|
Restricted Investment in Bank Stocks |
|
13,252 |
|
|
454 |
|
13.63 |
|
|
|
16,066 |
|
|
442 |
|
11.07 |
|
|
|
10,968 |
|
|
260 |
|
9.40 |
|
Total Earning Assets |
|
5,130,613 |
|
|
73,841 |
|
5.73 |
|
|
|
5,032,649 |
|
|
71,239 |
|
5.69 |
|
|
|
4,704,617 |
|
|
63,417 |
|
5.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and Due from |
|
44,052 |
|
|
|
|
|
|
39,053 |
|
|
|
|
|
|
77,122 |
|
|
|
|
||||||
Other Assets |
|
295,976 |
|
|
|
|
|
|
307,195 |
|
|
|
|
|
|
324,364 |
|
|
|
|
||||||
Total Assets |
$ |
5,470,641 |
|
|
|
|
|
$ |
5,378,897 |
|
|
|
|
|
$ |
5,106,103 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing Demand |
$ |
1,066,878 |
|
$ |
5,291 |
|
1.97 |
% |
|
$ |
972,852 |
|
$ |
4,477 |
|
1.85 |
% |
|
$ |
960,052 |
|
$ |
3,899 |
|
1.61 |
% |
Money Market |
|
921,054 |
|
|
7,060 |
|
3.05 |
|
|
|
908,807 |
|
|
6,632 |
|
2.94 |
|
|
|
929,036 |
|
|
5,969 |
|
2.55 |
|
Savings |
|
272,186 |
|
|
63 |
|
0.09 |
|
|
|
281,560 |
|
|
52 |
|
0.07 |
|
|
|
308,732 |
|
|
60 |
|
0.08 |
|
Time |
|
1,561,633 |
|
|
18,275 |
|
4.66 |
|
|
|
1,510,079 |
|
|
17,302 |
|
4.61 |
|
|
|
1,308,945 |
|
|
13,631 |
|
4.13 |
|
Total Interest-bearing Deposits |
|
3,821,751 |
|
|
30,689 |
|
3.19 |
|
|
|
3,673,298 |
|
|
28,463 |
|
3.12 |
|
|
|
3,506,765 |
|
|
23,559 |
|
2.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Short term borrowings |
|
169,754 |
|
|
2,296 |
|
5.38 |
|
|
|
241,713 |
|
|
3,324 |
|
5.53 |
|
|
|
64,282 |
|
|
1,584 |
|
9.78 |
|
Long-term debt |
|
23,757 |
|
|
264 |
|
4.42 |
|
|
|
23,870 |
|
|
262 |
|
4.41 |
|
|
|
76,515 |
|
|
333 |
|
1.73 |
|
Subordinated debt and trust preferred securities |
|
45,969 |
|
|
423 |
|
3.66 |
|
|
|
46,122 |
|
|
424 |
|
3.70 |
|
|
|
46,377 |
|
|
461 |
|
3.94 |
|
Total Interest-bearing Liabilities |
|
4,061,231 |
|
|
33,672 |
|
3.30 |
|
|
|
3,985,003 |
|
|
32,473 |
|
3.28 |
|
|
|
3,693,939 |
|
|
25,937 |
|
2.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing Demand |
|
775,935 |
|
|
|
|
|
|
778,380 |
|
|
|
|
|
|
854,302 |
|
|
|
|
||||||
Other Liabilities |
|
68,175 |
|
|
|
|
|
|
61,839 |
|
|
|
|
|
|
28,795 |
|
|
|
|
||||||
Shareholders' Equity |
|
565,300 |
|
|
|
|
|
|
553,675 |
|
|
|
|
|
|
529,067 |
|
|
|
|
||||||
Total Liabilities & Shareholders' Equity |
$ |
5,470,641 |
|
|
|
|
|
$ |
5,378,897 |
|
|
|
|
|
$ |
5,106,103 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income |
|
|
$ |
40,169 |
|
|
|
|
|
$ |
38,766 |
|
|
|
|
|
$ |
37,480 |
|
|
||||||
Taxable Equivalent Adjustment (1) |
|
|
|
252 |
|
|
|
|
|
|
253 |
|
|
|
|
|
|
33 |
|
|
||||||
Net Interest Income (taxable equivalent basis) |
|
|
$ |
40,421 |
|
|
|
|
|
$ |
39,019 |
|
|
|
|
|
$ |
37,513 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Yield on Earning Assets |
|
|
|
|
5.73 |
% |
|
|
|
|
|
5.69 |
% |
|
|
|
|
|
5.35 |
% |
||||||
Rate on Supporting Liabilities |
|
|
|
|
3.30 |
|
|
|
|
|
|
3.28 |
|
|
|
|
|
|
2.79 |
|
||||||
Average Interest Spread |
|
|
|
|
2.43 |
|
|
|
|
|
|
2.42 |
|
|
|
|
|
|
2.56 |
|
||||||
Tax-Equivalent Net Interest Margin |
|
|
|
|
3.13 |
|
|
|
|
|
|
3.12 |
|
|
|
|
|
|
3.16 |
|
||||||
(1) |
Presented on a fully taxable-equivalent basis using a |
(2) |
Annualized ratios |
ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):
(Dollars in thousands) |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
||||||||||
Allowance for Credit Losses on Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance |
$ |
35,288 |
|
|
$ |
33,524 |
|
|
$ |
34,187 |
|
|
$ |
34,004 |
|
|
$ |
32,588 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
(356 |
) |
|
|
(56 |
) |
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
— |
|
|
|
(2 |
) |
|
|
(28 |
) |
|
|
(9 |
) |
|
|
— |
|
Consumer |
|
(8 |
) |
|
|
(4 |
) |
|
|
(22 |
) |
|
|
(17 |
) |
|
|
(32 |
) |
Total loans charged off |
|
(364 |
) |
|
|
(62 |
) |
|
|
(50 |
) |
|
|
(45 |
) |
|
|
(32 |
) |
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
2 |
|
|
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
Consumer |
|
15 |
|
|
|
11 |
|
|
|
6 |
|
|
|
7 |
|
|
|
14 |
|
Total recoveries |
|
17 |
|
|
|
44 |
|
|
|
6 |
|
|
|
7 |
|
|
|
21 |
|
Balance before provision |
|
34,941 |
|
|
|
33,506 |
|
|
|
34,143 |
|
|
|
33,966 |
|
|
|
32,577 |
|
Provision for credit losses - loans |
|
621 |
|
|
|
1,782 |
|
|
|
(619 |
) |
|
|
221 |
|
|
|
1,427 |
|
Balance, end of quarter |
$ |
35,562 |
|
|
$ |
35,288 |
|
|
$ |
33,524 |
|
|
$ |
34,187 |
|
|
$ |
34,004 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Total nonaccrual loans |
|
17,380 |
|
|
|
9,999 |
|
|
|
10,389 |
|
|
|
14,216 |
|
|
|
13,458 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed real estate |
|
281 |
|
|
|
441 |
|
|
|
5,110 |
|
|
|
293 |
|
|
|
905 |
|
Total nonperforming assets |
|
17,661 |
|
|
|
10,440 |
|
|
|
15,499 |
|
|
|
14,509 |
|
|
|
14,363 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
1 |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
12 |
|
Total risk elements |
$ |
17,662 |
|
|
$ |
10,440 |
|
|
$ |
15,524 |
|
|
$ |
14,509 |
|
|
$ |
14,375 |
|
RECONCILIATION OF NON-GAAP MEASURES (Unaudited)
Explanatory note: This press release contains financial information determined by methods other than in accordance with
Tangible Book Value Per Common Share
(Dollars in thousands, except per share data) |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity |
$ |
573,059 |
|
$ |
559,686 |
|
$ |
550,968 |
|
$ |
542,350 |
|
$ |
528,711 |
Less: Goodwill |
|
128,160 |
|
|
127,031 |
|
|
127,031 |
|
|
127,031 |
|
|
127,031 |
Less: Core Deposit and Other Intangibles |
|
6,713 |
|
|
5,626 |
|
|
6,051 |
|
|
6,479 |
|
|
6,970 |
Tangible Equity |
$ |
438,186 |
|
$ |
427,029 |
|
$ |
417,886 |
|
$ |
408,840 |
|
$ |
394,710 |
|
|
|
|
|
|
|
|
|
|
|||||
Common Shares Outstanding |
|
16,620,174 |
|
|
16,580,595 |
|
|
16,565,637 |
|
|
16,573,707 |
|
|
16,580,347 |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Book Value per Share |
$ |
26.36 |
|
$ |
25.75 |
|
$ |
25.23 |
|
$ |
24.67 |
|
$ |
23.81 |
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses
|
Three Months Ended |
|||||||||||||
(Dollars in thousands, except per share data) |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net Income Available to Common Shareholders |
$ |
12,301 |
|
$ |
11,771 |
|
$ |
12,133 |
|
$ |
12,098 |
|
$ |
9,236 |
Less: BOLI Death Benefit Income |
|
4 |
|
|
487 |
|
|
1,460 |
|
|
— |
|
|
— |
Plus: Merger and Acquisition Expenses |
|
109 |
|
|
— |
|
|
— |
|
|
— |
|
|
352 |
Less: Tax Effect of Merger and Acquisition Expenses |
|
23 |
|
|
— |
|
|
— |
|
|
— |
|
|
74 |
Net Income Excluding Non-Recurring Income and Expenses |
$ |
12,383 |
|
$ |
11,284 |
|
$ |
10,673 |
|
$ |
12,098 |
|
$ |
9,514 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Shares Outstanding |
|
16,612,657 |
|
|
16,576,283 |
|
|
16,567,902 |
|
|
16,574,199 |
|
|
16,571,825 |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses |
$ |
0.75 |
|
$ |
0.68 |
|
$ |
0.64 |
|
$ |
0.73 |
|
$ |
0.57 |
Return on Average Tangible Common Equity
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders |
$ |
12,301 |
|
|
$ |
11,771 |
|
|
$ |
12,133 |
|
|
$ |
12,098 |
|
|
$ |
9,236 |
|
Plus: Intangible amortization, net of tax |
|
363 |
|
|
|
336 |
|
|
|
338 |
|
|
|
388 |
|
|
|
382 |
|
|
$ |
12,664 |
|
|
$ |
12,107 |
|
|
$ |
12,471 |
|
|
$ |
12,486 |
|
|
$ |
9,618 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average shareholders' equity |
$ |
565,300 |
|
|
$ |
553,675 |
|
|
$ |
546,001 |
|
|
$ |
537,219 |
|
|
$ |
529,067 |
|
Less: Average goodwill |
|
127,773 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
|
|
127,031 |
|
Less: Average core deposit and other intangibles |
|
6,424 |
|
|
|
5,833 |
|
|
|
6,259 |
|
|
|
6,716 |
|
|
|
7,210 |
|
Average tangible shareholders' equity |
$ |
431,103 |
|
|
$ |
420,811 |
|
|
$ |
412,711 |
|
|
$ |
403,472 |
|
|
$ |
394,826 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible common equity(1) |
|
11.69 |
% |
|
|
11.57 |
% |
|
|
12.15 |
% |
|
|
12.31 |
% |
|
|
9.69 |
% |
(1) |
Annualized ratio |
Efficiency Ratio
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense |
$ |
29,959 |
|
|
$ |
28,224 |
|
|
$ |
28,520 |
|
|
$ |
28,389 |
|
|
$ |
29,229 |
|
Less: Merger and acquisition expenses |
|
109 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Less: Intangible amortization |
|
460 |
|
|
|
425 |
|
|
|
428 |
|
|
|
491 |
|
|
|
484 |
|
Less: Loss (Gain) on sale or write-down of foreclosed assets, net |
|
(35 |
) |
|
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
Efficiency ratio numerator |
$ |
29,425 |
|
|
$ |
27,757 |
|
|
$ |
28,092 |
|
|
$ |
27,898 |
|
|
$ |
28,411 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
40,169 |
|
|
|
38,766 |
|
|
|
36,456 |
|
|
|
37,000 |
|
|
|
37,480 |
|
Noninterest income |
|
5,178 |
|
|
|
5,329 |
|
|
|
5,837 |
|
|
|
5,117 |
|
|
|
5,346 |
|
Less: BOLI Death Benefit |
|
4 |
|
|
|
487 |
|
|
|
1,460 |
|
|
|
— |
|
|
|
— |
|
Efficiency ratio denominator |
$ |
45,343 |
|
|
$ |
43,608 |
|
|
$ |
40,833 |
|
|
$ |
42,117 |
|
|
$ |
42,826 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio |
|
64.89 |
% |
|
|
63.65 |
% |
|
|
68.80 |
% |
|
|
66.24 |
% |
|
|
66.34 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023692355/en/
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
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