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Mid Penn Bancorp Q1 2025 Earnings Report
Mid Penn Bancorp reported its first quarter 2025 earnings, showing an increase in net income and improved efficiency.
Key Takeaways
Mid Penn Bancorp, Inc. reported net income available to common shareholders of $13.7 million, or $0.71 per diluted common share, for the first quarter of 2025. This represents a 13.3% increase in net income compared to the first quarter of 2024. The company also saw an increase in net interest margin and loan and deposit growth, alongside an improved core efficiency ratio.
Net income available to common shareholders increased 13.3% to $13.7 million for Q1 2025.
Net interest margin increased to 3.37% for Q1 2025, up 40 basis points from Q1 2024.
Loan growth for Q1 2025 was $48.1 million, an annualized rate of 4.4%.
Deposits increased $42.3 million, an annualized rate of 3.7%, in Q1 2025.
Book value per common share improved to $34.50 as of March 31, 2025.
The core efficiency ratio improved to 62.79% in Q1 2025 from 68.8% in Q1 2024.
Revenue by Segment
Forward Guidance
Mid Penn Bancorp anticipates the merger with William Penn Bank to close in the middle of the second quarter of 2025, following all regulatory and shareholder approvals.
Positive Outlook
- All regulatory approvals for the merger with William Penn Bank have been received.
- Enthusiastic approval from both shareholder groups for the merger.
- Expected closure of the William Penn merger in the middle of the second quarter of 2025.
- Continued focus on restrained growth strategy in 2025.
- Ongoing evaluation of noninterest expense for opportunities to reduce operating costs.
Challenges Ahead
- The company continues to face headwinds with respect to deposit pricing due to competition.
- Borrower's and depositors' sentiment is cautious due to the overall economy.
- Loan and deposit growth rates were slightly less than hoped for the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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