Mid Penn Bancorp Q3 profit rises on acquisitions

By Reuters News


Overview

  • U.S. regional bank's Q3 net income rose 18% yr/yr, driven by recent acquisitions

  • Adjusted EPS for Q3 increased to $0.88, reflecting expense discipline post-acquisitions

  • Company closed financial centers in Q3 to improve operating efficiency


Outlook

  • Mid Penn expects loan growth and noninterest income performance to improve in Q4 and into 2027

  • Company anticipates ongoing expense savings from recent financial center closures


Result Drivers

  • ACQUISITIONS - Co said yr/yr net income growth was primarily attributable to William Penn and 1st Colonial acquisitions

  • DEPOSIT GROWTH - Co reported strong deposit growth, mainly from interest-bearing transaction accounts

  • EXPENSE MANAGEMENT - Co said expense discipline following acquisitions helped keep results in line with expectations


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$21.60 mln

Q3 Net Interest Income

$64.60 mln

Q3 Dividend

$0.23

Q3 Net Interest Margin

3.92%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for Mid Penn Bancorp Inc is $41.50, about 14.2% above its October 21 closing price of $36.35

  • The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Oct 21 - Pinnacle Financial Partners Q3 adjusted profit beats estimates on loan, fee income growth

  • Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

  • Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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