Mid Penn Bancorp reports Q4 EPS 72c, consensus 71c

Chair, President and CEO Rory G. Ritrievi provided the following statement: “When I was in high school, the coaches of the football teams would have all the players hold their right hands above their heads with four fingers extended and with each player shouting “four” over and over at the beginning of the fourth quarter. They did this to get each player laser focused on the importance of finishing the game as strongly as possible. That is exactly what we did at Mid Penn in the fourth quarter of 2024. After three solid quarters leading in to the fourth, we delivered yet another solid performance that was characterized much like the previous three, and all attributed to a strong performance on the part of the entire employee group. Strong asset quality, restrained balance sheet growth in a continued inverted yield curve environment, improvement in net interest margin, good performance in non-interest income and responsible non-interest expense management were all part of the quarterly success. That solid quarterly performance came even as the company announced its merger intentions with William Penn and a completion of an $80 million capital raise within the quarter. A busy quarter indeed. With that success, we not only beat consensus estimates for the quarter, but also for the full year, making 2024 another standout year for Mid Penn. On the basis of that performance, the Board has authorized its 57th consecutive quarterly dividend, a cash dividend of $0.20 per share of common stock, which was declared at its meeting on January 22, 2025, payable on February 18, 2025, to shareholders of record as of February 7, 2025.”