Mid Penn Bancorp, Inc. - MPB STOCK NEWS

Mid Penn Bancorp, Inc. (NASDAQ: MPB) has announced a public offering of 2,600,000 shares of common stock priced at $25.00 each, aiming for gross proceeds of $65 million. After expenses, net proceeds are expected to be around $61 million, with closing anticipated on May 4, 2021. The funds will bolster the company's capital structure and support growth, including potential future acquisitions. The offering is managed by Piper Sandler & Co. and Stephens Inc., with an additional option for underwriters to purchase 390,000 shares.

Mid Penn Bancorp (MPB) reported a record net income of $9,312,000 ($1.11 per share) for Q1 2021, up 144% from $3,818,000 ($0.45 per share) year-over-year. Total assets increased by 13% to $3.38 billion, driven by a rise in core banking loans and deposits, which surged by 31%. The tangible book value per share rose to $23.42. However, the company faces challenges with an increase in noninterest expenses, which were up 13% due to higher salaries and software costs. A quarterly dividend of $0.20 per common share was declared, payable on May 24, 2021.

Mid Penn Bancorp (NASDAQ: MPB) announced the promotion of Heather Hall to Executive Vice President of Mid Penn Bank on April 20, 2021. Hall has been with the bank since 2016, significantly contributing to its commercial banking sector. In 2020 alone, she originated over $118 million in commercial loans and managed $32 million in new deposits. Her leadership is recognized for fostering a committed team dedicated to customer service. Mid Penn Bank operates throughout Pennsylvania and has total assets of $3 billion, continuing its service to the community since 1868.

Mid Penn Bancorp (NASDAQ: MPB) has successfully disbursed over $290 million in Paycheck Protection Program (PPP) loans to 2,047 small businesses since the portal's opening on January 19, 2021. This funding supports more than 26,000 employees and builds on the bank's strong reputation from the first PPP round in 2020, where it issued over 4,100 loans. Mid Penn Bank's streamlined process has attracted both returning and new borrowers, with over 25,000 paychecks protected in this second round.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) has announced the promotion of Rob Jones to Southeast Regional President of Mid Penn Bank as of February 16, 2021. Jones will oversee the Bank's loan and deposit operations in Chester, Montgomery, and Bucks counties, bringing extensive banking experience from his previous role as Senior Credit Officer. Mid Penn, headquartered in Millersburg, Pennsylvania, has total assets of $3 billion and operates retail locations across the state, providing a wide range of banking services since 1868.

Mid Penn Bancorp (NASDAQ:MPB) is rebranding its First Priority Bank Division branches to Mid Penn Bank in southeastern Pennsylvania. This change affects eight branch locations across Berks, Bucks, Chester, and Montgomery counties. The rebranding follows the acquisition of First Priority Bank in 2018. According to CEO Rory G. Ritrievi, customers will continue to receive the same exceptional service with no changes to account terms, rates, or branch hours. All banking services will remain available without interruption.

Mid Penn Bancorp, Inc. (NASDAQ: MPB) announced the appointment of William K. Poole to its Board of Directors, effective February 1, 2021. With 36 years of banking experience primarily in central Pennsylvania, Mr. Poole brings a wealth of knowledge from his previous roles as Chief Lending Officer and CEO. His extensive connections in the Lancaster area are seen as beneficial for Mid Penn Bank’s community relationships. Mid Penn Bancorp has total assets of $3 billion and operates retail locations across several counties in Pennsylvania.

Mid Penn Bancorp (NASDAQ: MPB) has appointed Brian A. Hudson to its Board of Directors, effective January 27, 2021. Hudson, previously the Executive Director and CEO of the Pennsylvania Housing Finance Agency, brings extensive financial expertise and corporate governance experience. He holds several professional qualifications and serves on various boards, including Erie Indemnity Company. Board Chairman Robert C. Grubic and President and CEO Rory G. Ritrievi expressed their confidence in Hudson's ability to enhance the company’s strategic direction and community impact. Mid Penn Bank has over $3 billion in assets and operates throughout Pennsylvania.

The Board of Directors of Mid Penn Bancorp has declared an annual performance cash dividend of $0.05 per common share, scheduled for payment on January 25, 2021. Shareholders of record as of January 11, 2021 will be eligible to receive this dividend. Mid Penn, headquartered in Millersburg, Pennsylvania, operates with total assets exceeding $3 billion and serves multiple counties throughout Pennsylvania.