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Sep 30, 2024
Mid Penn Bancorp Q3 2024 Earnings Report
Net income increased and a consecutive quarterly dividend was declared.
Key Takeaways
Mid Penn Bancorp reported a strong third quarter with net income available to common shareholders increasing by 33.2% to $12.3 million, or $0.74 per diluted common share. The results exceeded analyst estimates and were driven by strategies including restrained loan growth, robust core deposit growth and strong asset quality. The Board of Directors declared a cash dividend of $0.20 per common share.
Net income available to common shareholders increased 33.2% to $12.3 million, or $0.74 per diluted common share.
Book value per common share improved to $34.48.
Net interest margin increased to 3.13%.
Deposits increased $209.8 million, or 18.6% (annualized).
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
The company did not provide specific forward guidance in the provided text. The focus was on strategies including: restrained loan growth; robust core deposit growth; strong asset quality; restraint on operating expenses; and building on tangible book value.
Positive Outlook
- Restrained loan growth
- Robust core deposit growth
- Strong asset quality
- Restraint on operating expenses
- Building on tangible book value