Mid Penn Bancorp Q3 profit rises on acquisitions

Mid Penn Bancorp

Thu 02:26

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: ID:nBw5rS788a

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
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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.)