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Sep 30, 2021
Mid Penn Bancorp Q3 2021 Earnings Report
Reported record quarterly earnings and declared dividend.
Key Takeaways
Mid Penn Bancorp reported a net income to common shareholders of $9,787,000, or $0.86 per common share basic and diluted, for the quarter ended September 30, 2021, reflecting a 49 percent increase compared to the same period in the prior year. The company's total assets were $3,453,187,000 as of September 30, 2021, a 15 percent increase compared to December 31, 2020.
Net income to common shareholders increased by over 49 percent compared to the same period in the prior year.
Total assets increased by 15 percent compared to December 31, 2020.
Tangible book value per common share favorably increased to $24.75 as of September 30, 2021.
A third quarter dividend of $0.20 per common share was declared, payable on November 22, 2021.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
The merger between Mid Penn and Riverview Financial Corporation is expected to be completed in the fourth quarter of 2021, with system conversion anticipated to occur during the first quarter of 2022.
Positive Outlook
- The partnership will expand Mid Penn’s presence into several new counties in Pennsylvania.
- The merger will solidify the customer base in Mid Penn’s current market area.
- The acquisition will bring on board many well-respected, talented employees.
- The combined company will develop a statewide presence.
- The merger will further Mid Penn's vision of being the best community bank in the state.
Challenges Ahead
- The occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Mid Penn and Riverview.
- The outcome of any legal proceedings that may be instituted against Mid Penn or Riverview.
- Delays in completing the transaction.
- The failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction).
- The failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all.