Mid Penn Bank's Q2 EPS falls

Overview

• Mid Penn Bank's Q2 EPS of $0.22 down compared to last year

• Net income falls 59.5%

• Total deposits rise 21.18% yr/yr, boosted by William Penn acquisition

Outlook

• Mid Penn expects to reach lower end of loan growth target by year-end

• Company anticipates reaching midpoint of deposit growth target by year-end

• Mid Penn cautiously optimistic about performance for remainder of 2025

Result Drivers

• WILLIAM PENN ACQUISITION - Acquisition added $757.3 mln in assets and $621.3 mln in deposits, boosting total deposits and assets

• NEGATIVE ORGANIC LOAN GROWTH - Organic loan portfolio declined by $89.6 mln due to elevated payoffs and soft loan demand

• NET INTEREST MARGIN IMPROVEMENT - Net interest margin increased to 3.44% due to lower cost deposits and higher loan yields

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "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 $35.00, about 17.2% above its July 23 closing price of $28.99

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nBw3ks6sDa