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Dec 31, 2022
Mid Penn Bancorp Q4 2022 Earnings Report
Reported net income of $15.7 million, or $0.99 per common share basic and diluted, for the quarter ended December 31, 2022.
Key Takeaways
Mid Penn Bancorp, Inc. reported a net income of $15.7 million, or $0.99 per common share, for the fourth quarter of 2022. This compares favorably to the $607 thousand, or $0.05 per common share, generated in the fourth quarter of 2021, and the $15.5 million, or $0.97 per common share, generated in the third quarter of 2022.
Earnings increased $238 thousand to $15.7 million, or 1.5%, for the quarter ended December 31, 2022 compared to $15.5 million for the quarter ended September 30, 2022.
Tax equivalent net interest margin was 3.80% compared to 3.92% in the prior quarter and 3.16% in the fourth quarter of 2021.
Loans and leases, net grew 22.9% (annualized) during the three months ended December 31, 2022 from the third quarter of 2022.
Return on average assets was 1.42% for the quarter ended December 31, 2022.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
Mid Penn announced its entry into an agreement and plan of merger with Brunswick Bancorp. The acquisition will result in a meaningful expansion for Mid Penn into the attractive central New Jersey market. Mid Penn will acquire Brunswick in a combination cash and stock transaction valued at approximately $53.9 million