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Mid Penn Bancorp, Inc.
349 Union Street
Millersburg, PA 17061
Rory G. Ritrievi
President & Chief Executive Officer
Michael D. Peduzzi, CPA
Chief Financial Officer
MID PENN BANCORP, INC. REPORTS DOUBLE-DIGIT PERCENTAGE INCREASES
IN QUARTERLY AND YEAR-OVER-YEAR EARNINGS,
AND CONTINUED GROWTH IN ASSETS, LOANS, AND DEPOSITS
October 25, 2017 – Millersburg, PA – Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), the parent company of Mid Penn Bank (the “Bank”), today reported net income (earnings) of $2,249,000 or $0.53 per common share basic and diluted for the quarter ended September 30, 2017, compared to earnings of $1,901,000 or $0.45 per common share basic and diluted for the quarter ended September 30, 2016. The earnings per share (EPS) for the third quarter of 2017 represent an 18 percent increase when compared to the EPS for the third quarter of 2016. On a non-GAAP basis, Mid Penn’s earnings for the quarter ended September 30, 2017, when excluding the after-tax impact of merger-related expenses, were $2,474,000 or $0.58 per common share basic and diluted.
For the nine months ended September 30, 2017, Mid Penn’s earnings were $6,588,000 or $1.56 per common share basic and diluted, compared to earnings of $5,728,000 or $1.35 per common share basic and diluted for the same period in 2016. The EPS for the nine months ended September 30, 2017 reflect an increase of over 15 percent compared to the same period in 2016. On a non-GAAP basis, Mid Penn’s earnings for the nine months ended September 30, 2017, when excluding the after-tax impact of merger-related expenses, were $7,020,000 or $1.66 per common share basic and diluted.
Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Measures (Unaudited)” for a discussion of our use of non-GAAP adjusted financial information which include tables reconciling GAAP and non-GAAP adjusted financial measures for the periods ended September 30, 2017 and 2016.
Mid Penn also reported total assets of $1,153,373,000 as of September 30, 2017, an increase of $120,774,000 or 12 percent compared to total assets of $1,032,599,000 as of December 31, 2016. In the first nine months of 2017, Mid Penn realized favorable loan growth, primarily in commercial relationships, of $63,462,000 or an annualized growth rate of over 10 percent since December 31, 2016. This asset and loan growth was principally funded by an increase in deposits of $91,302,000 or an annualized growth rate of over 13 percent since year-end 2016.
As previously announced, on March 29, 2017, Mid Penn and the Bank entered into a merger agreement with The Scottdale Bank & Trust Company (“Scottdale”) under which Scottdale will merge with and into Mid Penn Bank, with Mid Penn Bank remaining as the surviving entity. The parties have been working closely together to obtain the required regulatory and shareholder approvals to move forward with the transaction and integration activities contemplated by the merger agreement. Both banks are holding special shareholder meetings on November 17, 2017, to vote to adopt the merger agreement. The meeting of Mid Penn shareholders will be held beginning at 9:00 a.m., local time, at the Halifax Area Ambulance and Rescue Association, Inc., 31 Bunker Hill Road, Halifax, Pennsylvania. The meeting of Scottdale shareholders will be held at 2:00 p.m., local time, at the Pleasant Valley Country Club, 440 Pleasant Valley Road, Connellsville, Pennsylvania.
I am pleased to report Mid Penn's financial results for the three and nine months ended September 30, 2017, which reflect double-digit percentage increases in earnings for both the quarter and year-to-date as compared to the same periods in 2016. Our earnings for the nine months ended September 30, 2017, when excluding the after-tax impact of merger-related expenses increased 23 percent compared to earnings for the nine months ended September 30, 2016. Our earnings for the third quarter of 2017, when excluding the after-tax impact of merger-related expenses, reflect an over 30 percent increase compared to the third quarter of 2016. Our ability to continue to produce and report these phenomenal results represent the commitment of our entire Mid Penn team to grow high quality loans funded by low cost deposits, to grow fee-based revenues, to improve asset quality, and to control operating expenses while investing in important technologies to enhance the customer experience and efficient operation of our Bank.
The following information was filed by Mid Penn Bancorp Inc (MPB) on Wednesday, October 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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