Mid Penn reported third-quarter 2026 net income available to common shareholders of $21.6 million, or $0.85 per basic share, in an October 21 filing. Earnings increased from a year earlier, while net interest margin narrowed.
Key Takeaways
- Net income rose 18.2% year over year but slipped 0.3% from the preceding quarter.
- Deposits grew by $141.8 million during the quarter, while net interest margin fell to 3.92%.
Table of Contents
Mid Penn earnings rise year over year
The third-quarter profit compared with $18.3 million a year earlier and $21.7 million in the second quarter. Basic earnings per share increased from $0.80 a year earlier but declined from $0.86 in the preceding quarter.
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, operates through Mid Penn Bank. Its services include commercial and consumer banking, wealth management and insurance.
Deposit inflows outpace organic lending
Quarterly deposit growth of $141.8 million represented a 9.4% annualized increase. Total deposits reached $6.1 billion, compared with $5.9 billion in the previous quarter and $5.3 billion a year earlier.
Total loans stood at $5.6 billion, matching the prior quarter at the reported precision and rising from $4.8 billion a year earlier.
CEO Rory G. Ritrievi also identified weaker-than-expected noninterest income generation as an offset to strong deposit growth. Net interest margin declined to 3.92% from 4.06% in the second quarter.
The efficiency ratio remained relatively stable at 60.57%, while the company reported a quarterly cash dividend of $0.23 per common share.
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