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Mar 31, 2022
Mid Penn Bancorp Q1 2022 Earnings Report
Mid Penn Bancorp reported a net income of $11.35 million for Q1 2022, representing a 22 percent increase year-over-year, driven by organic growth and the successful completion of the Riverview acquisition.
Key Takeaways
Mid Penn Bancorp reported a strong first quarter with net income available to common shareholders of $11.35 million, or $0.71 per common share. The results reflect a 22% increase over the same period in the prior year, driven by organic growth and the successful completion of the Riverview acquisition.
Net income available to common shareholders was $11.35 million, or $0.71 per common share basic and diluted.
Organic, core loan growth, excluding PPP loans, quarter-over-quarter annualized at just under 13 percent.
Organic, core deposit growth, excluding time deposits, annualized at 7 percent.
Tangible book value per common share increased by $0.32 per share, a quarter-over-quarter annualized increase of over 5 percent from the end of 2021.
Forward Guidance
Mid Penn is confident heading into the last three quarters of 2022, due to organic growth and the successful completion and conversion of Riverview, including the recognition of the key cost saves projected in that transaction.
Positive Outlook
- Successful completion and conversion of Riverview
- Recognition of key cost saves projected in the Riverview transaction
- Organic growth in balance sheet and revenue numbers
- Organic, core loan growth, excluding PPP loans, quarter-over-quarter annualized at just under 13 percent
- Organic, core deposit growth, excluding time deposits, annualized at 7 percent
Challenges Ahead
- Significant fall off in residential mortgage business
- Curbing inflation becoming a central focus of the Fed
- Mortgage loan refinancing market has slowed precipitously
- Purchase money mortgage originations have slowed relative to historical lending volumes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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