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Dec 31, 2023
Mid Penn Bancorp Q4 2023 Earnings Report
Mid Penn Bancorp's Q4 2023 earnings were reported, showing an increase in net income available to common shareholders.
Key Takeaways
Mid Penn Bancorp reported a net income of $12.1 million, or $0.73 per diluted common share, for the fourth quarter of 2023. This represents a 31.0% increase compared to the previous quarter. The company's performance was heavily impacted by the inverted yield curve and competition for core deposits.
Net income available to common shareholders increased 31.0% to $12.1 million, or $0.73 per diluted common share.
Return on average assets was 0.92% and return on average equity was 8.93%.
Loan growth for the fourth quarter of 2023 was $107.1 million, or 10.5% (annualized).
Total interest income increased 4.26% to $66.1 million.
Mid Penn Bancorp
Mid Penn Bancorp
Forward Guidance
Mid Penn Bancorp anticipates another difficult operating environment for financial institutions in 2024, particularly those heavily reliant on the spread business. The company plans to maintain a measured approach to growth and expense control throughout the year.