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Mar 31, 2024
Mid Penn Bancorp Q1 2024 Earnings Report
Reported a first-quarter earnings beat, driven by loan and deposit growth, and declared 54th consecutive quarterly dividend.
Key Takeaways
Mid Penn Bancorp reported a strong first quarter with net income available to common shareholders of $12.1 million, or $0.73 per diluted common share, surpassing analyst consensus of $0.61 per share. Loan growth was $64.7 million, and deposits increased by $32.9 million. The company's tangible book value per common share increased to $25.23.
Loan growth for the first quarter of 2024 was $64.7 million, or 6.1% (annualized).
Deposits increased $32.9 million, or 3.0% (annualized), for the first quarter of 2024.
Net income available to common shareholders increased 0.3% to $12.1 million, or $0.73 per diluted common share, for the first quarter of 2024, compared to the fourth quarter of 2023.
Tangible book value per common share increased to $25.23 for the quarter ended March 31, 2024.
Mid Penn Bancorp
Mid Penn Bancorp
Mid Penn Bancorp Revenue by Segment
Revenue by Segment
Fiduciary and wealth management Revenue
CapyFin.comATM debit card interchange Revenue
CapyFin.comService charges on deposits Revenue
CapyFin.comMortgage banking Revenue
CapyFin.comNet gain on sales of SBA loans Revenue
CapyFin.comEarnings from cash surrender value of life insurance Revenue
CapyFin.comOther noninterest income Revenue
CapyFin.com Forward Guidance
Mid Penn will continue to execute its strategic plan, focusing on restrained growth and operating expense management while maintaining a strong focus on asset quality preservation. The company is cautiously optimistic about building on its first-quarter success and delivering a 2024 performance in line with analysts' expectations.
Positive Outlook
- Continued focus on restrained growth.
- Restraining operating expenses.
- Laser focus on asset quality preservation.
- Building on first quarter success.
- Delivering a 2024 performance in line with analysts' expectations.
Challenges Ahead
- Continuation of the inverted yield curve.
- Persistent escalation in funding costs.
- Additional regional bank asset quality issues.
- Inflation persists, delaying interest rate reductions.
- Significant geopolitical tensions impacting economic activity.