Mid Penn Bancorp, Inc. reported significant financial growth for the third quarter and the first nine months of 2024, reflecting a robust performance compared to the same periods in 2023. For Q3 2024, net income reached $12.3 million, up from $9.2 million in Q3 2023, while net income for the nine months ended September 30, 2024, was $36.2 million, compared to $25.3 million in the prior year. Basic earnings per share increased to $0.74 for Q3 2024 from $0.56 in Q3 2023, and for the nine months, it rose to $2.18 from $1.56.
Total assets as of September 30, 2024, were $5.5 billion, a 4.5% increase from $5.3 billion at the end of 2023. Total loans also grew by $178.9 million, or 4.2%, to $4.4 billion, driven primarily by organic growth in commercial real estate and commercial and industrial loans. Total deposits increased by $360.6 million, or 8.3%, to $4.7 billion, with notable growth in interest-bearing accounts and time deposits.
Net interest income for Q3 2024 was $40.2 million, up from $37.5 million in Q3 2023, while for the nine months, it totaled $115.4 million, compared to $110.0 million in the same period last year. The net interest margin slightly decreased to 3.13% from 3.16% year-over-year. The increase in interest income was attributed to higher yields and growth in interest-earning assets, despite a rise in interest expense due to increased rates on deposits.
Mid Penn Bancorp's strategic developments included the acquisition of Commonwealth Benefits Group for $2.0 million in July 2024, and a merger agreement with William Penn Bancorporation valued at approximately $127 million, expected to close in the first half of 2025. The company also completed a public offering of 2,375,000 shares, raising $80.6 million to support growth initiatives.
The allowance for credit losses (ACL) remained stable at $35.6 million, or 0.80% of total loans, with net charge-offs increasing slightly to $347,000 for Q3 2024 from $11,000 in Q3 2023. Non-performing assets rose to $17.7 million, primarily due to one commercial property placed on nonaccrual status.
Overall, Mid Penn Bancorp's financial results reflect a strong operational performance, strategic growth initiatives, and a solid capital position, meeting all regulatory capital adequacy requirements.
About MID PENN BANCORP INC
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