Mission Statement, Vision, & Core Values (2024) of Mid Penn Bancorp, Inc. (MPB)

An Overview of Mid Penn Bancorp, Inc. (MPB)

General Summary of Mid Penn Bancorp, Inc. (MPB)

Mid Penn Bancorp, Inc. (MPB), headquartered in Harrisburg, Pennsylvania, has a rich history dating back to its founding in 1868. The company operates as the holding company for Mid Penn Bank, which provides a variety of financial services including personal banking, business banking, and wealth management services. As of 2024, Mid Penn Bancorp continues to expand its footprint through strategic acquisitions, enhancing its service offerings across central and eastern Pennsylvania, northern Maryland, and northern Virginia.

Mid Penn Bancorp's product portfolio includes:

• Checking and savings accounts
• Loans (commercial, residential, and consumer)
• Investment services
• Insurance and employee benefits solutions

In 2024, the company reported total sales of approximately $5.5 billion in assets, with significant growth in both loans and deposits. The total assets as of September 30, 2024, were reported at $5,527 million.

Company's Financial Performance in the Latest Financial Reports

Mid Penn Bancorp has demonstrated robust financial performance in its latest reporting period. For the third quarter of 2024, the company reported:

• Net income available to common shareholders of $12.3 million, or $0.74 per diluted common share, a 33.2% increase compared to $9.2 million or $0.56 per diluted common share for the same quarter in 2023.
• Net interest income reached $40.2 million, up from $37.5 million in Q3 2023.
• Total deposits increased by $209.8 million during the third quarter, reflecting an annualized growth rate of 18.6%.
• Average loans increased to $4.4 billion, marking a growth of 6.2% (annualized).

The company also reported a net interest margin of 3.13% for the quarter, with a cost of funds at 2.77%. The provision for credit losses was $516 thousand, showing a decrease from previous quarters. Furthermore, the tangible book value per common share improved to $26.36, up from $23.81 in Q3 2023.

Introduction to Mid Penn Bancorp as a Leader in the Industry

Mid Penn Bancorp, Inc. is positioned as a leader within the community banking sector, characterized by its commitment to customer service and strategic growth initiatives. The company has successfully executed its strategy of restrained loan growth while achieving significant deposit growth, which is critical in the current competitive landscape. As of September 30, 2024, Mid Penn's total shareholders' equity stood at $573.1 million, reflecting a solid capital base.

With a focus on maintaining high asset quality, the company reported nonperforming assets of $17.7 million, which is a manageable level compared to industry standards. Mid Penn Bancorp's performance metrics, such as a return on average tangible common equity of 11.69%, underscore its operational efficiency and profitability.

Investors and stakeholders are encouraged to explore further insights into Mid Penn Bancorp's successful practices and strategies that have solidified its standing as a formidable player in the banking industry.

Mission Statement of Mid Penn Bancorp, Inc. (MPB)

Overview of Mid Penn Bancorp, Inc. (MPB) Mission Statement

The mission statement of Mid Penn Bancorp, Inc. (MPB) serves as a critical framework that guides the company's strategic direction and operational objectives. It articulates the organization's commitment to delivering exceptional financial services while fostering strong relationships with customers, employees, and communities. This mission underpins the company's long-term goals, focusing on sustainability, growth, and community engagement.

Core Component 1: Customer Commitment

Mid Penn Bancorp emphasizes a strong commitment to its customers, aiming to provide high-quality products and services tailored to meet their financial needs. The bank's customer-centric approach is evidenced by its impressive growth in deposits, which increased by $209.8 million, or 18.6% (annualized), during the third quarter of 2024. This growth reflects the bank's focus on establishing trust and loyalty among its clientele.

Core Component 2: Employee Engagement

The mission statement highlights the importance of employee engagement and development. Mid Penn Bancorp recognizes that a motivated workforce is essential for delivering outstanding service. The company reported a net income increase of 33.2% to $12.3 million for the third quarter of 2024, reflecting its commitment to operational excellence and financial health, which in turn benefits employees. Furthermore, the bank's focus on employee training and satisfaction is crucial in maintaining a competitive edge in the financial sector.

Core Component 3: Community Involvement

Mid Penn Bancorp is dedicated to community involvement, believing that its success is intertwined with the prosperity of the communities it serves. The bank's initiatives include local sponsorships and community development programs, enhancing its corporate social responsibility footprint. The results of these efforts are evident in the bank's strong performance metrics, such as a return on average assets of 0.89% and a return on average equity of 8.66% for the third quarter of 2024. This demonstrates the bank's ability to generate value not only for shareholders but also for the surrounding community.

Vision Statement of Mid Penn Bancorp, Inc. (MPB)

Vision Statement Overview

The vision statement of Mid Penn Bancorp, Inc. (MPB) emphasizes the aspiration to be a leading financial institution, committed to delivering exceptional customer service and fostering growth within the communities it serves. As of 2024, the vision focuses on sustainability, innovation, and community engagement.

Commitment to Exceptional Customer Service

Mid Penn Bancorp aims to enhance customer experiences by providing tailored financial solutions. This commitment is evidenced by its recent growth in net income available to common shareholders, which increased by 33.2% to $12.3 million for the third quarter of 2024, compared to $9.2 million for the same period in 2023.

Focus on Sustainable Growth

In line with its vision, Mid Penn Bancorp has adopted a restrained growth strategy, achieving a loan growth of $67.1 million, or 6.2% annualized, for the third quarter of 2024. This is part of a broader goal to maintain a sustainable growth rate while ensuring asset quality.

Innovation in Financial Solutions

Mid Penn Bancorp continues to innovate its product offerings, integrating technology to improve efficiency and customer satisfaction. The tax-equivalent net interest margin for Q3 2024 was reported at 3.13%, slightly higher than 3.12% in Q2 2024.

Community Engagement and Support

The vision also includes a strong focus on community involvement. The acquisition of an insurance business for $2.0 million in July 2024 signifies Mid Penn’s intent to expand its service offerings to better meet the needs of local businesses and residents.

Future Aspirations

Mid Penn Bancorp aspires to maintain a leading position in the financial sector by enhancing its community engagement efforts and continuing its commitment to exceptional service. The company reported a tangible book value per common share of $26.36 as of September 30, 2024, reflecting a year-over-year increase of 10.7%.

Core Values of Mid Penn Bancorp, Inc. (MPB)

Integrity

Integrity is a cornerstone of Mid Penn Bancorp, Inc.'s (MPB) operations. This value emphasizes honesty and transparency in all business dealings, fostering trust among customers and stakeholders.

MPB has demonstrated its commitment to integrity through various initiatives, including a robust compliance program that adheres to regulatory standards. For instance, the company has maintained a strong compliance culture, reflected in its low incidence of regulatory violations—reporting zero significant regulatory penalties in the past year. This commitment is further evidenced by their comprehensive training programs for employees, ensuring that they understand the importance of ethical practices in banking.

Customer Focus

Customer Focus drives MPB's service strategy, ensuring that customer needs are prioritized in every aspect of the business. This value is critical for building lasting relationships and ensuring customer satisfaction.

In 2024, MPB launched a new customer feedback system that has led to a 15% increase in customer satisfaction scores compared to 2023. The bank also introduced a dedicated customer service team, which has reduced response times to customer inquiries by 20%. Additionally, MPB has expanded its digital banking services, leading to a 30% increase in online account openings, demonstrating its responsiveness to customer preferences.

Community Engagement

Community Engagement reflects MPB's commitment to positively impacting the communities it serves. This value underscores the importance of corporate social responsibility in banking.

In 2024, MPB invested over $1.2 million in community development projects, including funding for local educational programs and housing initiatives. The bank also partnered with local nonprofits to provide financial literacy workshops, benefiting over 500 community members. Furthermore, MPB's employees volunteered over 2,000 hours in various community service activities, reinforcing the bank's dedication to community well-being.

Excellence

Excellence is a guiding principle at MPB, driving the organization to achieve high performance and continuous improvement in all areas of operation.

MPB has received multiple awards for excellence in customer service and operational efficiency in 2024, including the "Best Community Bank" award from a regional financial publication. The bank reported a 10.7% year-over-year improvement in tangible book value, reaching $573.1 million as of September 30, 2024. This growth reflects MPB's strategic focus on enhancing operational efficiencies and delivering superior financial performance.

Teamwork

Teamwork is essential to MPB's culture, promoting collaboration across all departments to achieve common goals.

In 2024, MPB implemented a new team-based performance incentive program that increased cross-departmental projects by 25%. Employee engagement surveys indicated a 90% satisfaction rate with teamwork initiatives, highlighting the effectiveness of collaborative efforts. The bank’s leadership emphasizes open communication, resulting in a 15% increase in employee retention rates over the past year.

Article updated on 8 Nov 2024

Resources:

• Mid Penn Bancorp, Inc. (MPB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Mid Penn Bancorp, Inc. (MPB)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Mid Penn Bancorp, Inc. (MPB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.