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Mar 31, 2021
Mid Penn Bancorp Q1 2021 Earnings Report
Mid Penn Bancorp reported record high quarterly earnings, driven by strong organic loan and deposit growth, increased net interest income, and controlled operating expenses.
Key Takeaways
Mid Penn Bancorp reported a record first quarter in 2021, with net income to common shareholders of $9,312,000, or $1.10 per share diluted. Total assets reached $3,382,038,000, reflecting a 13 percent increase compared to December 31, 2020. The company experienced strong organic loan and deposit growth, increased net interest income, and a decrease in non-performing assets.
Net income to common shareholders reached $9,312,000, or $1.10 per share diluted, a 144% increase compared to Q1 2020.
Total assets increased to $3,382,038,000, a 13% increase since December 31, 2020.
Net interest income increased by 43% to $25,325,000 compared to Q1 2020, including $5,037,000 of PPP loan processing fees.
Nonperforming assets decreased significantly, with total nonperforming assets at $6,831,000, compared to $15,644,000 at December 31, 2020.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
The company did not provide specific forward guidance in the earnings report. However, the president's statement expressed optimism about reaching high expectations for future performance.