Mid Penn Bancorp, Inc. reported a net income of $49.4 million for the fiscal year ending December 31, 2024, translating to earnings per share of $2.90, a significant increase from $37.4 million or $2.29 per share in 2023. The growth in profitability was primarily driven by a $30.3 million increase in interest income, attributed to a 4.5% rise in total loans, which reached $4.4 billion, and a favorable shift in the yield on interest-earning assets. However, the net interest margin decreased to 3.11% from 3.26% in the previous year, reflecting increased funding costs amid a competitive deposit environment.
The company experienced a 7.9% increase in total deposits, which rose to $4.7 billion, compared to $4.3 billion in 2023. This growth was bolstered by strategic acquisitions, including the purchase of Brunswick Bancorp in May 2023, which added five branches and expanded Mid Penn's footprint into New Jersey. Additionally, Mid Penn acquired the insurance business of Commonwealth Benefits Group for $2.0 million in July 2024, further diversifying its service offerings.
Operationally, Mid Penn's workforce comprised 591 full-time and 23 part-time employees as of December 31, 2024. The company emphasized its commitment to diversity, with approximately 65% of its workforce being female. The bank's customer base and engagement metrics showed positive trends, with total assets increasing to $5.5 billion, up from $5.3 billion in 2023. The bank's non-performing assets also rose to $22.7 million, reflecting challenges in the commercial loan sector, particularly with two loans placed on nonaccrual status in the fourth quarter.
Looking ahead, Mid Penn remains focused on its growth strategy, which includes further acquisitions and geographic expansion. The company has entered into a merger agreement with William Penn Bancorporation, valued at approximately $107 million, expected to close in the first half of 2025, pending regulatory approvals. Management anticipates that this merger will enhance its market position and operational efficiencies, although it acknowledges the inherent risks associated with integrating new businesses and maintaining asset quality amid changing economic conditions.
About MID PENN BANCORP INC
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