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Mid Penn Bancorp, Inc. Reports First Quarter Earnings and Declares 62nd Consecutive Quarterly Dividend

MPB
  • Mid Penn Bancorp reported net income of $8.7 million ($0.36 per share) for Q1 2026, down from $13.7 million ($0.71 per share) in Q1 2025.
  • Adjusted earnings per share for Q1 2026 were $0.64, excluding $7.7 million in merger-related expenses and $370,000 in non-recurring compensation expenses.
  • The company completed the acquisition of 1st Colonial Bancorp on February 27, 2026, adding $842.5 million in assets, including $597.5 million in loans.
  • Mid Penn also acquired Cumberland Advisors on January 1, 2026, a firm with approximately $3.2 billion in assets under management.
  • Total loans grew 22.7% to $5.5 billion, with organic loan growth of $49.6 million excluding acquired loans.
  • Total deposits increased 26.2% to $6.0 billion, with organic deposit growth of $9.3 million excluding acquired deposits.
  • Net interest margin rose to 3.80% for Q1 2026, up from 3.37% in Q1 2025, driven by higher yields and reduced funding costs.
  • Noninterest income increased 83.3% year-over-year to $9.6 million, primarily due to wealth management revenue from the Cumberland Advisors acquisition.
  • Noninterest expense totaled $52.0 million, a 69.6% increase year-over-year, driven by $7.7 million in M&A expenses and higher staffing costs.
  • The core efficiency ratio was 63.52% in Q1 2026, compared to 62.79% in Q1 2025, reflecting integration costs.
  • Book value per share was $35.08, while tangible book value per share was $27.56 as of March 31, 2026.
  • The Board declared a quarterly cash dividend of $0.22 per share, payable May 15, 2026.
  • The Board authorized an additional $50 million for the treasury stock repurchase program, extending availability through April 30, 2027.
  • Total nonperforming assets were $38.1 million, with the increase largely attributed to $7.4 million in nonaccrual loans from the 1st Colonial acquisition.
  • Allowance for credit losses on loans was $41.1 million, representing 0.75% of total loans at March 31, 2026.
  • The company reported net interest income of $55.3 million, a 30.0% increase compared to the same period in 2025.