Mid Penn Bancorp, Inc. - MPB STOCK NEWS

Mid Penn Bank has received regulatory approval to open its first full-service financial center in the Lehigh Valley at 3900 Hamilton Blvd., Allentown, PA. The new office will offer traditional banking services and specialized wealth management and insurance solutions. A ribbon-cutting ceremony is scheduled for October 11, 2022, to mark the facility's opening. The center will enhance regional growth and is led by Regional President Frank Heston and Manager Mary Briody, emphasizing convenient access and comprehensive financial services for both businesses and individuals.

Mid Penn Bank has received the necessary approvals to open a new financial center at 480 Norristown Road, Blue Bell, PA, set to launch on September 26, 2022. This center will provide traditional banking and access to wealth management and insurance solutions, featuring drive-through banking and a state-of-the-art ATM. The initiative aims to enhance customer convenience in Montgomery County, coinciding with the closure of a smaller nearby location. The new center will be managed by Patrick Owens and staffed by three employees.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported a net income of $12.3 million for Q2 2022, marking an increase of $898 thousand compared to Q1 2022. The tax-equivalent net interest margin rose to 3.45%, up from 3.21% in Q1 2022. Loans grew by 8% annually, with a significant 11% growth excluding PPP loans. Asset quality remains robust with a nonperforming loan ratio of 0.25%. A quarterly cash dividend of $0.20 per share was declared, payable on August 22, 2022. The acquisition of Riverview is positively impacting financial metrics.

Mid Penn Bancorp appoints Allison Johnson as senior executive vice president and chief financial officer, effective May 11, 2022. With over 13 years in financial services, Johnson previously served as CFO at Spirit of Texas Bank. President and CEO Rory Ritrievi emphasized her strategic vision and leadership strengths, anticipating positive impacts on the bank's growth. Johnson will oversee financial strategy and performance, bringing extensive experience from her roles at Florida Community Bank and PriceWaterhouseCoopers. She holds a Bachelor’s in Accounting and a Master’s from Florida State University.

Mid Penn Bank has appointed Jordan Space as the new executive vice president and chief corporate development officer, effective April 18, 2022. In this role, he will assist the CEO in developing new business lines, including establishing a Private Bank, aimed at increasing market share and enhancing brand presence across Pennsylvania. Space has a strong background in banking, having previously served as market president for S&T Bank and chief lending officer at Integrity Bank. Mid Penn Bank operates in 16 counties with assets exceeding $4.6 billion.

Mid Penn Bancorp reported a net income of $11.35 million for Q1 2022, reflecting a 22% increase from $9.31 million in Q1 2021. Earnings per share were $0.71, down from $1.11 a year ago. Total assets decreased 0.47% from Q4 2021 to $4.67 billion, attributed to a $12.98 million decrease in deposits. The tangible book value per share rose to $23.31 from $22.99. Organic loan growth hit 13% annualized, bolstered by the Riverview acquisition. A dividend of $0.20 per share was declared, payable on May 23, 2022.

Mid Penn Bancorp, Inc. reported a 12% increase in net income to $29.32 million for the year ended December 31, 2021, translating to $2.71 per share. However, Q4 earnings dropped to $607,000 or $0.05 per share, significantly lower than $9.01 million or $1.07 per share in Q4 2020. The results were impacted by $13 million in merger-related costs from the acquisition of Riverview Financial Corporation. Total loans rose by 30% to $3.1 billion, driven by the Riverview acquisition and organic growth. A dividend of $0.20 per share is set for February 28, 2022.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) completed its acquisition of Riverview Financial Corporation on November 30, 2021. The all-stock transaction, valued at approximately $124.7 million, enhances Mid Penn’s market presence in key regions including the Lehigh Valley and State College area, with consolidated assets reaching around $4.7 billion. Mid Penn aims to offer superior banking services to Riverview's customers under its brand while maintaining focus on community banking.