Overview

• U.S. regional bank's Q2 diluted EPS rose sharply, beating analyst expectations

• Net income surged yr/yr, reflecting recent acquisitions and margin expansion

• Company raised quarterly dividend by 4.55% and repurchased 76,000 shares

Outlook

• Company did not provide specific guidance or forecasts for the current or future periods

Result Drivers

• ACQUISITIONS - Co said yr/yr net income increase reflected William Penn and 1st Colonial acquisitions

• NET INTEREST MARGIN - Higher net interest margin driven by increased loan and investment yields and lower funding costs

• EFFICIENCY IMPROVEMENT - Improved efficiency ratio due to higher net interest income and disciplined expense management after acquisitions

Company press release: ID:nBw379GLqa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Net Income		$21.70 mln
Q2 Net Interest Income		$65.30 mln
Q2 Dividend		$0.23
Q2 Net Interest Margin		4.06%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "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 $37.00, about 4.9% above its July 21 closing price of $35.27

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• July 21 - Nicolet Bankshares Q2 adjusted EPS beats analyst estimates aided by MidWestOne acquisition

• July 21 - Bank First's Q2 net interest income rises, boosted by Centre acquisition

• July 21 - Capital One second-quarter profit rises on higher interest income

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