AcquisitionsMay 7, 2026, 04:13 PM
Mid Penn Completes Two Acquisitions; Q1 Net Income $8.7M, EPS $0.36
AI Summary
Mid Penn Bancorp completed two significant acquisitions in Q1 2026: Cumberland Advisors, Inc. on January 1 and 1st Colonial Bancorp, Inc. on February 27. These acquisitions contributed to substantial growth in assets and deposits. For Q1 2026, net income decreased to $8.7 million, or $0.36 per diluted share, compared to $13.7 million, or $0.71 per diluted share, in Q1 2025, primarily due to increased merger-related expenses and provision for credit losses.
Key Highlights
- Completed acquisition of Cumberland Advisors, Inc. on January 1, 2026.
- Completed acquisition of 1st Colonial Bancorp, Inc. on February 27, 2026.
- Q1 2026 Net Income was $8.7 million, down from $13.7 million in Q1 2025.
- Diluted EPS for Q1 2026 was $0.36, compared to $0.71 in Q1 2025.
- Total Assets increased to $6.96 billion as of March 31, 2026, from $6.13 billion at Dec 31, 2025.
- Total Deposits grew to $5.97 billion as of March 31, 2026, from $5.21 billion at Dec 31, 2025.
- Merger and acquisition expenses significantly increased to $7.72 million in Q1 2026.
- Declared a common stock cash dividend of $0.22 per share for Q1 2026.