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Mar 31, 2020
Mid Penn Bancorp Q1 2020 Earnings Report
Mid Penn Bancorp's financial performance reflected soundness, qualitative growth, consistent profitability, increasing tangible book value, and a sustained quarterly dividend.
Key Takeaways
Mid Penn Bancorp reported a net income of $3,818,000 for the quarter ended March 31, 2020, with earnings per share of $0.45. Total assets grew to $2,299,751,000, and the board declared a quarterly dividend of $0.18 per common share.
Net income to common shareholders was $3,818,000, or $0.45 per share, for the quarter ended March 31, 2020.
The Board of Directors declared a regular quarterly dividend of $0.18 per common share.
Total assets increased to $2,299,751,000 as of March 31, 2020.
The company disbursed over $467 million in PPP loans to over 2,100 businesses.
Forward Guidance
Mid Penn is focused on supporting the personal and financial safety of its customers, employees, and communities during the COVID-19 pandemic, while also managing the challenges faced in these unprecedented times.
Positive Outlook
- The company disbursed an aggregate amount of $467,932,000 in PPP loans to 2,160 borrowers through the first round of funding.
- Mid Penn expects to receive nearly $15 million in PPP loan processing fees under fee schedules as established by the SBA.
- Loan modifications were provided to 921 borrowers with aggregate loans outstanding of $409,735,000.
- The company management anticipates that future earnings will be adequate to fully realize the recorded deferred tax assets as of March 31, 2020, with no valuation reserve required.
- The company has recognized substantial total deposit growth of $60,887,000 or 3.2 percent during the first quarter of 2020, with none of this growth attributable to brokered deposits.
Challenges Ahead
- The COVID-19 pandemic could result in increased credit losses and decreased market values of collateral securing loans.
- The COVID-19 pandemic could lead to reduced capital markets activity and lower asset price levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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