- Mid Penn Bancorp, Inc. (MPB, Financial) reports a 13.3% increase in net income for Q1 2025, surpassing consensus estimates.
- The bank declares its 58th consecutive quarterly dividend of $0.20 per share.
- Net interest margin increased to 3.37%, while deposits and loans saw significant growth.
Mid Penn Bancorp, Inc. (MPB) has announced its financial results for the first quarter of 2025, reporting a net income available to common shareholders of $13.7 million, or $0.71 per diluted common share. This marks a 13.3% increase compared to $12.1 million, or $0.73 per diluted common share, for the same quarter last year. The figures exceeded the consensus analyst estimate of $0.63 per diluted share.
The results were bolstered by a 16.6% increase in net interest income, which rose to $42.5 million for the quarter, compared to $36.5 million for the first quarter of 2024. The net interest margin improved to 3.37%, up from 2.97% in the same period last year. This expansion was primarily due to a decrease in the cost of funds, which dropped to 2.48%.
Mid Penn reported significant growth in its balance sheet metrics, with total loans increasing by $173.7 million to $4.5 billion, marking a 4.0% rise year-over-year. Deposits saw an annualized growth of 3.7% in the first quarter, reaching $4.7 billion as of March 31, 2025.
Further highlighting its financial stability, Mid Penn declared a cash dividend of $0.20 per common share, payable on May 26, 2025, to shareholders of record as of May 8, 2025. This marks the 58th consecutive quarterly dividend declared by the bank.
Mid Penn is also poised for expansion with the planned merger with William Penn Bank, following necessary regulatory and shareholder approvals, which is expected to close in the second quarter of 2025.
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