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Jun 30, 2021
Mid Penn Bancorp Q2 2021 Earnings Report
Mid Penn Bancorp reported strong Q2 2021 earnings, driven by healthy organic growth and PPP loan forgiveness.
Key Takeaways
Mid Penn Bancorp reported a net income of $9.613 million, or $0.93 per common share, for the quarter ended June 30, 2021, compared to $6.833 million, or $0.81 per common share, for the same period in 2020. Total assets increased to $3.462 billion as of June 30, 2021, reflecting a growth of over 15 percent compared to December 31, 2020. The company also completed an impressive follow-on common stock offering and announced an agreement to acquire Riverview Financial Corporation.
Net income to common shareholders was $9.613 million, or $0.93 per share, an increase compared to $6.833 million, or $0.81 per share, for the same quarter last year.
Total assets reached $3.462 billion, reflecting a $462.844 million increase since December 31, 2020.
Tangible book value per common share increased to $24.10 as of June 30, 2021, compared to $22.39 as of December 31, 2020.
The company completed a common stock offering and announced a merger agreement with Riverview Financial Corporation.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
Mid Penn Bancorp expects continued strong performance throughout the remainder of 2021 and into 2022, driven by organic growth, noninterest income production, and PPP loan forgiveness.
Positive Outlook
- Healthy organic growth on both sides of the balance sheet.
- Strong performance in noninterest income production.
- Great progress in PPP loan forgiveness.
- Completed an impressive follow-on common stock offering.
- Announced agreement to acquire Riverview Financial Corporation.
Challenges Ahead
- Changes in interest rates and spreads on earning assets and interest-bearing liabilities.
- Potential credit losses and market values on loans.
- The length and extent of the COVID-19 pandemic.
- The success and timing of PPP loan repayment and forgiveness.
- The ability to continue to introduce competitive new products and services on a timely, cost-effective basis.