Mid Penn Bancorp reports Q2 EPS 71c, consensus 60c

Reports Q2 CET1 capital ratio 9.9%. Reports Q2 book value per share $25.75. Reports Q2 net charge-offs .002%. “We are pleased to announce the results of our second quarter, detailed within this earnings release, as they are virtually in lockstep with what we have been signaling over the last nine months. That signal has included restrained loan growth, a focus on core deposit growth and a restraint on noninterest expenses,” Chair, President and CEO Rory G. Ritrievi said. “Within this second quarter, our organic loan growth annualized to 4.4%, which is substantially less than the typical double-digit organic loan growth we have experienced in most of our 15+ years together. Through the first six months of 2024, the organic loan growth rate is just over 5% annualized, which falls right at the level we had signaled coming into the year.”