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Sep 30, 2023
Mid Penn Bancorp Q3 2023 Earnings Report
Reported net income available to common shareholders of $9.2 million, or $0.56 per diluted common share for Q3 2023.
Key Takeaways
Mid Penn Bancorp reported a challenging third quarter of 2023 with net income available to common shareholders of $9.2 million, or $0.56 per diluted common share. The company faced external pressures such as an inverted yield curve and elevated mortgage rates. However, there was significant organic growth on both sides of the balance sheet and a continuous improvement in asset quality metrics.
Organic loan growth was $111.1 million, or 10.9% (annualized), from the second quarter of 2023.
Organic deposit growth was $94.9 million, or 8.8% (annualized), from the second quarter of 2023.
Credit quality strengthened with nonperforming assets declining $1.6 million from June 30, 2023.
A quarterly cash dividend of $0.20 per share of common stock was declared.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
Mid Penn is currently evaluating levels of noninterest expense for opportunities to reduce operating costs throughout the organization.