NASDAQ$MPB
Mid Penn Bancorp Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported net income of $4.8 million and completed acquisition of Brunswick Bancorp.
Mid Penn Bancorp reported a net income of $4.8 million, or $0.29 per diluted common share, for the quarter ended June 30, 2023. The company completed the acquisition of Brunswick Bancorp, which added $391.9 million in total assets, including $324.8 million of loans. Organic deposit growth was $126.0 million, and organic loan growth was $98.3 million for the quarter.
- Completed the acquisition of Brunswick Bancorp, adding $391.9 million in total assets.
- Achieved organic deposit growth of $126.0 million, representing 13% annualized growth.
- Achieved organic loan growth of $98.3 million, representing 10.9% annualized growth.
- Repurchased 204,379 shares of common stock at an average price of $22.41.
Headline financials
Revenue & EPS history
Mid Penn Bancorp · Revenue · Quarterly
$41.7M
Revenue by segment
Mid Penn Bancorp · $13.8M total across 4 segments · Q4 2020
- Mortgage banking$9.68M—70.3%
- ATM debit card interchange$1.96M—14.2%
- Fiduciary and wealth management$1.69M—12.3%
- Net gain on sales of SBA loans$442K—3.2%
Forward guidance
Mid Penn expects margin compression to end and to build the margin back to the level seen in FY2021 and 2022, while diligently controlling noninterest expenses to meet shareholder and analyst expectations for FY2023 operating results.
Tailwinds
- Anticipates an end to margin compression.
- Expects to rebuild margin to FY2021 and 2022 levels.
- Focuses on controlling noninterest expenses.
- Aims to meet expectations of shareholders and analysts.
- Brunswick acquisition will allow for better competition in the central New Jersey market.
Headwinds
- Net interest margin remained under pressure due to the inverted interest rate yield curve.
- Rising interest rate environment.
- Lower demand for mortgages.
- Hedging the mortgage pipeline becomes more difficult and adds volatility to earnings.
- Customers in many product types have become increasingly rate sensitive.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+1.1%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+2.8%
Avg return
30 days after
61%
40 / 66 earnings
Positive
+18.5%
Q1 2020
Best reaction
-6.5%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.4% | +1.0% | -3.3% | |
| Q4 2025 | +2.5% | -5.9% | +1.0% | |
| Q3 2025 | +1.1% | -3.9% | -0.7% | |
| Q2 2025 | -1.1% | +0.0% | +5.6% | |
| Q1 2025 | -0.8% | -1.1% | -10.3% | |
| Q4 2024 | +1.0% | +2.3% | -4.3% | |
| Q3 2024 | +1.6% | +4.9% | +5.5% | |
| Q2 2024 | +4.5% | +5.4% | +11.1% | |
| Q1 2024 | +1.5% | +1.1% | +4.1% | |
| Q4 2023 | -3.6% | -10.4% | -12.2% | |
| Q3 2023 | +2.8% | +1.8% | +13.2% | |
| Q2 2023 | -3.0% | -4.7% | -12.9% | |
| Q1 2023 | -2.3% | -13.6% | +2.8% | |
| Q4 2022 | +0.3% | +1.2% | +0.7% | |
| Q3 2022 | +2.9% | +5.1% | +5.1% | |
| Q2 2022 | +2.4% | +4.5% | +5.8% | |
| Q1 2022 | +3.9% | +1.5% | +6.8% | |
| Q4 2021 | -3.5% | -3.9% | -7.4% | |
| Q3 2021 | +1.5% | +5.9% | +17.4% | |
| Q2 2021 | +0.5% | -1.8% | -0.3% | |
| Q1 2021 | +1.8% | +4.6% | +11.3% | |
| Q4 2020 | +3.6% | +7.0% | +12.0% | |
| Q3 2020 | -2.0% | +2.2% | +17.9% | |
| Q2 2020 | +4.2% | +3.4% | +10.5% | |
| Q1 2020 | +18.5% | +14.4% | +23.5% | |
| Q4 2019 | -6.5% | -12.6% | -19.8% | |
| Q3 2019 | +1.0% | +3.2% | +6.1% | |
| Q2 2019 | -1.5% | -1.6% | -17.8% | |
| Q1 2019 | +3.4% | +1.4% | +0.5% | |
| Q4 2018 | -1.9% | -2.9% | +3.1% | |
| Q3 2018 | -0.4% | +5.4% | +5.1% | |
| Q2 2018 | -3.2% | -3.0% | -10.5% | |
| Q1 2018 | +1.9% | +0.0% | -4.3% | |
| Q4 2017 | +8.2% | +4.3% | +0.5% | |
| Q3 2017 | +0.0% | +0.0% | +8.6% | |
| Q2 2017 | +2.3% | +2.3% | +3.4% | |
| Q1 2017 | +2.7% | +4.0% | +0.2% | |
| Q4 2016 | -2.4% | -1.6% | +6.1% | |
| Q3 2016 | -0.2% | +0.1% | +13.1% | |
| Q2 2016 | +3.5% | +3.7% | +14.1% | |
| Q1 2016 | +2.3% | — | — | |
| Q4 2015 | +1.2% | — | — | |
| Q3 2015 | -1.6% | — | — | |
| Q2 2015 | +3.5% | — | — | |
| Q1 2015 | -0.1% | — | — | |
| Q4 2014 | -0.8% | — | — | |
| Q3 2014 | +3.6% | — | — | |
| Q2 2014 | +2.9% | — | — | |
| Q1 2014 | +6.4% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q3 2013 | +4.5% | — | — | |
| Q2 2013 | +1.3% | — | — | |
| Q1 2013 | -2.9% | — | — | |
| Q4 2012 | +0.5% | — | — | |
| Q3 2012 | +1.5% | — | — | |
| Q2 2012 | -0.1% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q1 2012 | +3.0% | — | — | |
| Q4 2009 | +0.8% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q3 2011 | +0.0% | — | — | |
| Q3 2010 | +0.0% | — | — | |
| Q2 2011 | +0.0% | — | — | |
| Q2 2010 | +0.0% | — | — | |
| Q1 2010 | -4.9% | — | — |
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