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Mar 31, 2023
Mid Penn Bancorp Q1 2023 Earnings Report
Reported solid financial results with enhanced liquidity and balance sheet growth.
Key Takeaways
Mid Penn Bancorp reported a net income of $11.2 million for the quarter ended March 31, 2023. The company experienced loan growth at an annualized rate of 11.2% and deposit growth at an annualized rate of 10.7%. The Board announced a quarterly cash dividend of $0.20 per share of common stock.
Liquidity enhanced to nearly $1.36 billion, representing 187% of uninsured deposits or 35% of total deposits.
Deposits grew by $99.8 million, or 10.7% annualized, from the previous quarter.
Loan growth was 11.2% annualized during the quarter.
Earnings of $11.2 million; return on average assets was 1.01%.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
The company's focus throughout the remainder of 2023 will be on continued quality growth in loans and deposits, a laser focus on expense control and a laser focus on asset quality.
Positive Outlook
- Continued quality growth in loans
- Continued quality growth in deposits
- Laser focus on expense control
- Laser focus on asset quality