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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 SECOND QUARTER 2018 EARNINGS AND
DECLARES QUARTERLY DIVIDEND
July 27, 2018 – Millersburg, PA – Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), the parent company of Mid Penn Bank (the “Bank”), today reported net income (earnings) for the quarter ended June 30, 2018, of $2,779,000 or $0.45 per common share basic and diluted, compared to earnings of $2,345,000 or $0.55 per common share basic and diluted for the quarter ended June 30, 2017. Earnings for the six months ended June 30, 2018, were $3,783,000 or $0.63 per common share basic and diluted, compared to earnings of $4,339,000 or $1.02 per common share basic and diluted for the six months ended June 30, 2017.
Mid Penn also reported that its Board of Directors, at a meeting held on July 25, 2018, declared a dividend per common share of $0.15 payable on August 27, 2018 to shareholders of record as of August 8, 2018.
The results for the three and six months ended June 30, 2018 and 2017 included merger and acquisition expenses resulting from the acquisition of The Scottdale Bank & Trust Company (“Scottdale”), which was announced during the first quarter of 2017 and legally closed on January 8, 2018. For the three and six months ended June 30, 2018, the merger expenses also included costs associated with the pending merger with First Priority Financial Corp. (“First Priority”), which was announced on January 16, 2018 and has since received all required regulatory and shareholder approvals and is expected to close during the third quarter of 2018. Please refer to the discussion under “Merger and Acquisition Activities” for more information on Mid Penn’s closed acquisition of Scottdale and pending merger with First Priority. Adjusted earnings, when excluding the after-tax impact of the merger expenses (with such adjusted earnings being a non-GAAP measure), were $3,004,000 or $0.49 per share basic and diluted for the three months ended June 30, 2018, compared to adjusted earnings for the three months ended June 30, 2017 of $2,359,000 or $0.56 per share basic and diluted. For the six months ended June 30, 2018, adjusted earnings were $5,428,000 or $0.90 per common share basic and diluted, compared to adjusted earnings of $4,545,000 or $1.07 per share basic and diluted for the six months ended June 30, 2017. 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 includes tables reconciling GAAP and non-GAAP adjusted financial measures, for the quarters ended June 30, 2018 and 2017 and other periods.
In addition to the merger expenses, Mid Penn recorded an additional non-cash expense of $225,000 and $449,000 for the three and six months ended June 30, 2018, respectively, related to the amortization of the core deposit intangible asset which was recorded as a result of the Scottdale acquisition.
Mid Penn’s tangible book value per common share, a non-GAAP measure that is regularly reported in the banking industry, favorably increased to $18.58 as of June 30, 2018, compared to $16.82 as of December 31, 2017, and $16.82 as of June 30, 2017. Book value per share, the most directly comparable GAAP measure to tangible book value per common share, favorably increased to $23.15 as of June 30, 2018 compared to $17.85 at December 31, 2017, and $17.86 at June 30, 2017.
Mid Penn also reported total assets of $1,415,647,000 as of June 30, 2018, reflecting an increase of $245,293,000 or 21 percent compared to total assets of $1,170,354,000 as of December 31, 2017. Total assets as of June 30, 2018 reflect an increase of $303,771,000 or 27 percent compared to total assets of $1,111,876,000 as of June 30, 2017. Asset growth during the first half of 2018 includes the acquired loans, investments, cash, facilities, goodwill and core deposit intangible recorded from the legal closing of the Scottdale transaction.
In general, the results of operations and the financial condition as of and for the periods ended June 30, 2018, as compared to prior periods and certain period-end dates in 2017, have been materially impacted by the January 8, 2018 acquisition of Scottdale and pending acquisition of First Priority.
The following information was filed by Mid Penn Bancorp Inc (MPB) on Friday, July 27, 2018 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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