Overview

* Mid Penn Bancorp ( MPB ) Q3 net income rises 48.7% yr/yr

* Company's net interest margin increased to 3.60%, driven by improved deposit costs and loan yields

Outlook

* Company did not provide specific guidance for future quarters or full year in press release

Result Drivers

* NET INTEREST MARGIN - Expansion to 3.60% driven by improved deposit costs and loan yields

* LOAN BALANCES - Decline in organic loan portfolio due to elevated commercial real estate payoffs

* DEPOSIT STRATEGY - Decrease in deposits due to planned exit from brokered CDs to lower funding costs

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.79

Q3 Net $18.30

Income mln

Q3 Net $53.60

Interest mln

Income

Q3 $0.22

Dividend

Q3 Net 3.60%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "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 ( MPB ) is $34.00, about 18.7% above its October 21 closing price of $27.65

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

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)