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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 1-13677

MID PENN BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Pennsylvania

 

25-1666413

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification Number)

 

 

2407 Park Drive

Harrisburg, Pennsylvania

 

17110

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code 1.866.642.7736

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $1.00 par value per share

 

MPB

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes     No 

As of May 5, 2022, the registrant had 15,961,416 shares of common stock outstanding.

 

1


 

FORM 10-Q

TABLE OF CONTENTS

 

PART 1 – FINANCIAL INFORMATION

3

 

 

 

 

Item 1 – Financial Statements

3

 

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (Unaudited)

3

 

 

 

 

 

 

Consolidated Statements of Income for the Three Months Ended
March 31, 2022 and March 31, 2021 (Unaudited)

4

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended
March 31, 2022 and March 31, 2021 (Unaudited)

5

 

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended
March 31, 2022 and March 31, 2021 (Unaudited)

6

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Three Months Ended
March 31, 2022 and March 31, 2021 (Unaudited)

7

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

9

 

 

 

 

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

52

 

 

 

 

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

69

 

 

 

 

Item 4 – Controls and Procedures

69

 

 

PART II – OTHER INFORMATION

70

 

 

 

 

Item 1 – Legal Proceedings

70

 

 

 

 

Item 1A – Risk Factors

70

 

 

 

 

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

70

 

 

 

 

Item 3 – Defaults upon Senior Securities

70

 

 

 

 

Item 4 – Mine Safety Disclosures

70

 

 

 

 

Item 5 – Other Information

70

 

 

 

 

Item 6 – Exhibits

71

 

 

 

 

Signatures

72

 

Unless the context otherwise requires, the terms “Mid Penn”, “Corporation” “we”, “us”, and “our” refer to Mid Penn Bancorp, Inc. and its consolidated wholly-owned banking subsidiary and nonbank subsidiaries.

 

2


 

 

MID PENN BANCORP, INC.

 

PART 1 – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except share data)

 

March 31, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

54,961

 

 

$

41,100

 

Interest-bearing balances with other financial institutions

 

 

3,187

 

 

 

146,031

 

Federal funds sold

 

 

700,283

 

 

 

726,621

 

Total cash and cash equivalents

 

 

758,431

 

 

 

913,752

 

 

 

 

 

 

 

 

 

 

Investment securities held to maturity, at amortized cost (fair value $343,023 and $330,626)

 

 

363,145

 

 

 

329,257

 

Investment securities available for sale, at fair value

 

 

145,039

 

 

 

62,862

 

Equity securities available for sale, at fair value

 

 

474

 

 

 

500

 

Loans held for sale, at fair value

 

 

7,474

 

 

 

11,514

 

Loans and leases, net of unearned interest

 

 

3,121,531

 

 

 

3,104,396

 

Less:  Allowance for loan and lease losses

 

 

(15,147

)

 

 

(14,597

)

Net loans and leases

 

 

3,106,384

 

 

 

3,089,799

 

 

 

 

 

 

 

 

 

 

Bank premises and equipment, net

 

 

33,612

 

 

 

33,232

 

Bank premises and equipment held for sale

 

 

3,098

 

 

 

3,907

 

Operating lease right of use asset

 

 

8,751

 

 

 

9,055

 

Finance lease right of use asset

 

 

3,042

 

 

 

3,087

 

Cash surrender value of life insurance

 

 

49,907

 

 

 

49,661

 

Restricted investment in bank stocks

 

 

7,637

 

 

 

9,134

 

Accrued interest receivable

 

 

11,584

 

 

 

11,328

 

Deferred income taxes

 

 

11,974

 

 

 

10,779

 

Goodwill

 

 

113,835

 

 

 

113,835

 

Core deposit and other intangibles, net

 

 

8,250

 

 

 

9,436

 

Foreclosed assets held for sale

 

 

125

 

 

 

 

Other assets

 

 

34,412

 

 

 

28,287

 

Total Assets

 

$

4,667,174

 

 

$

4,689,425

 

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

866,965

 

 

$

850,438

 

Interest-bearing demand

 

 

1,050,923

 

 

 

1,066,852

 

Money Market

 

 

1,159,809

 

 

 

1,076,593

 

Savings

 

 

358,186

 

 

 

381,476

 

Time

 

 

553,154

 

 

 

626,657

 

Total Deposits

 

 

3,989,037

 

 

 

4,002,016

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

74,681

 

 

 

81,270

 

Subordinated debt and trust preferred securities

 

 

74,134

 

 

 

74,274

 

Operating lease liability

 

 

10,923

 

 

 

11,363

 

Accrued interest payable

 

 

2,067

 

 

 

1,791

 

Other liabilities

 

 

22,171

 

 

 

28,635

 

Total Liabilities

 

 

4,173,013

 

 

 

4,199,349

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

 

 

Common stock, par value $1.00 per share; 20,000,000 shares authorized;

Shares issued: 16,059,368 at March 31, 2022 and 16,056,282 at December 31, 2021;

Shares outstanding:  15,960,917 at March 31, 2022 and 15,957,830 at December 31, 2021

 

 

16,059

 

 

 

16,056

 

Additional paid-in capital

 

 

385,765

 

 

 

384,742

 

Retained earnings

 

 

99,206

 

 

 

91,043

 

Accumulated other comprehensive income (loss)

 

 

(4,946

)

 

 

158

 

Treasury stock, at cost; 98,452 shares at March 31, 2022 and 98,452 shares at December 31, 2021

 

 

(1,923

)

 

 

(1,923

)

Total Shareholders’ Equity

 

 

494,161

 

 

 

490,076

 

Total Liabilities and Shareholders' Equity

 

$

4,667,174

 

 

$

4,689,425

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

Three Months Ended March 31,

 

 

 

 

2022

 

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

35,016

 

 

$

28,330

 

Interest and dividends on investment securities:

 

 

 

 

 

 

 

 

U.S. Treasury and government agencies

 

 

1,536

 

 

 

178

 

State and political subdivision obligations, tax-exempt

 

 

336

 

 

 

277

 

Other securities

 

 

417

 

 

 

302

 

Total Interest and Dividends on Investment Securities

 

 

2,289

 

 

 

757

 

 

 

 

 

 

 

 

 

 

Interest on other interest-bearing balances

 

 

13

 

 

 

2

 

Interest on federal funds sold

 

 

314

 

 

 

79

 

Total Interest Income

 

 

37,632

 

 

 

29,168

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,294

 

 

 

2,966

 

Interest on short-term borrowings

 

 

 

 

 

174

 

Interest on long-term and subordinated debt

 

 

924

 

 

 

703

 

Total Interest Expense

 

 

3,218

 

 

 

3,843

 

Net Interest Income

 

 

34,414

 

 

 

25,325

 

PROVISION FOR LOAN AND LEASE LOSSES

 

 

500

 

 

 

1,000

 

Net Interest Income After Provision for Loan and Lease Losses

 

 

33,914

 

 

 

24,325

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Mortgage banking income

 

 

529

 

 

 

2,379

 

Income from fiduciary and wealth management activities

 

 

1,052

 

 

 

556

 

Service charges on deposits

 

 

684

 

 

 

152

 

ATM debit card interchange income

 

 

1,057

 

 

 

568

 

Net (loss) gain on sales of SBA loans

 

 

(9

)

 

 

100

 

Merchant services income

 

 

73

 

 

 

92

 

Earnings from cash surrender value of life insurance

 

 

246

 

 

 

74

 

Other income

 

 

2,118

 

 

 

791

 

Total Noninterest Income

 

 

5,750

 

 

 

4,712

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

13,244

 

 

 

9,598

 

Occupancy expense, net

 

 

1,799

 

 

 

1,480

 

Equipment expense

 

 

1,011

 

 

 

751

 

Software licensing and utilization

 

 

2,106

 

 

 

1,445

 

FDIC Assessment

 

 

591

 

 

 

470

 

Legal and professional fees

 

 

639

 

 

 

426

 

Charitable contributions qualifying for State tax credits

 

 

65

 

 

 

270

 

Mortgage banking profit-sharing expense

 

 

145

 

 

 

120

 

Gain on sale or write-down of foreclosed assets, net

 

 

(16

)

 

 

 

Intangible amortization

 

 

481

 

 

 

281

 

Post-acquisition restructuring expense

 

 

329

 

 

 

 

Other expenses

 

 

5,351

 

 

 

2,717

 

Total Noninterest Expense

 

 

25,745

 

 

 

17,558

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

13,919

 

 

 

11,479

 

Provision for income taxes

 

 

2,565

 

 

 

2,167

 

NET INCOME

 

$

11,354

 

 

$

9,312

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA:

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

 

$

0.71

 

 

$

1.11

 

Diluted Earnings Per Common Share

 

$

0.71

 

 

$

1.10

 

Cash Dividends Declared

 

$

0.20

 

 

$

0.19

 

 

The accompanying notes are an integral part of these consolidated financial statements. 

4


 

MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,354

 

 

$

9,312

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) income arising during the period on available-for-sale

 

 

 

 

 

 

 

 

securities, net of income taxes of ($1,390) and $0, respectively

 

 

(5,230

)

 

 

1

 

 

 

 

 

 

 

 

 

 

Change in defined benefit plans, net of income taxes of $33 and $159, respectively (a)

 

 

127

 

 

 

600

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for settlement losses and other activity related to benefit

 

 

 

 

 

 

 

 

plans, net of income taxes of ($0) and ($1), respectively (b)

 

 

(1

)

 

 

(43

)

 

 

 

 

 

 

 

 

 

Total other comprehensive (loss) income

 

 

(5,104

)

 

 

558

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

$

6,250

 

 

$

9,870

 

 

 

 

(a)

The change in defined benefit plans consists primarily of unrecognized actuarial gains (losses) on defined benefit plans during the period.  

 

(b)

The reclassification adjustment for benefit plans includes settlement gains, amortization of prior service costs, and amortization of net gain or loss.  Amounts are included in other income on the Consolidated Statements of Income within total noninterest income.  Please reference Note 11 – Defined Benefit Plans, for more information.

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


 

 

 

MID PENN BANCORP, INC.

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Stock

 

 

Equity

 

Balance, January 1, 2022

 

$

16,056

 

 

$

384,742

 

 

$

91,043

 

 

$

158

 

 

$

(1,923

)

 

$

490,076

 

Net income

 

 

 

 

 

 

 

 

11,354

 

 

 

 

 

 

 

 

 

11,354

 

Total other comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

 

(5,104

)

 

 

 

 

 

(5,104

)

Common stock dividends declared

 

 

 

 

 

 

 

 

(3,191

)

 

 

 

 

 

 

 

 

(3,191