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Jun 30, 2022
Mid Penn Bancorp Q2 2022 Earnings Report
Reported earnings for the second quarter of 2022 and declared dividend.
Key Takeaways
Mid Penn Bancorp reported a net income of $12.3 million, or $0.77 per common share basic and diluted, for the quarter ended June 30, 2022. The quarter was successful due to strong loan growth, smart balance sheet management, continued strength in asset quality and a healthy reduction in expenses. The Board also declared a quarterly cash dividend of $0.20 per share of common stock.
Earnings increased $898 thousand and $0.06 per common share diluted to $12.3 million, or $0.77, respectively, for the quarter ended June 30, 2022 compared to the quarter ended March 31, 2022.
Tax equivalent net interest margin increased to 3.45% from 3.21% in the prior quarter and 3.34% in the same period prior year.
Loans grew 8% (annualized) during the three months ended June 30, 2022 from the first quarter of 2022. Loans, excluding Payroll Protection Program (“PPP”) loans (1), grew 11% (annualized) during the three months ended June 30, 2022 from the first quarter of 2022.
Asset quality continues to remain strong with both nonperforming loans to total loans and nonperforming assets to total loans plus other real estate at 25 basis points (“bp”) at June 30, 2022.
Forward Guidance
The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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