Mid Penn Bancorp, Inc. operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and IRAs. It also provides a range of loan products comprising mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development loans, loans to non-profit entities, and local government loans. In addition, the company offers online banking, telephone banking, cash management, and automated teller services, as well as safe deposit boxes; and trust and wealth management services. As of December 31, 2021, it operated sixty full-service retail banking locations in Berks, Blair, Bucks, Centre, Chester, Clearfield, Cumberland, Dauphin, Fayette, Huntingdon, Lancaster, Lehigh, Luzerne, Lycoming, Montgomery, Northumberland, Perry, Schuylkill, and Westmoreland counties, Pennsylvania. The company was founded in 1868 and is headquartered in Harrisburg, Pennsylvania.
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Here are 1-2 brief analogies for Mid Penn Bancorp (MPB):
- PNC Bank, but focused on local communities in central Pennsylvania.
- A localized version of Citizens Financial Group, serving specific markets in Pennsylvania.
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- Deposit Accounts: Services for individuals and businesses to securely save funds, including checking, savings, money market, and certificate of deposit accounts.
- Commercial Loans: Financial credit provided to businesses for various purposes such as real estate, equipment, working capital, and expansion.
- Consumer & Residential Mortgage Loans: Lending solutions offered to individuals for personal needs, including home purchases, home equity, and other personal financing.
- Wealth Management & Trust Services: Comprehensive financial planning, investment management, and trust administration for individuals and businesses.
- Cash Management Services: Tools and services designed for businesses to efficiently manage their cash flow, payments, and liquidity.
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Mid Penn Bancorp (MPB) - Customer Categories
Mid Penn Bancorp (symbol: MPB) is a bank holding company that operates Mid Penn Bank. As a financial institution, it primarily serves a broad base of customers rather than a few major corporate clients. Its revenue is derived from interest on a multitude of loans and fees from numerous accounts across various segments. Therefore, it serves primarily distinct categories of customers, rather than specific named companies.
The major categories of customers that Mid Penn Bancorp serves include:
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Individual Consumers: This segment encompasses individuals and households seeking a wide range of personal banking services. This includes checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, personal loans, mortgages, home equity lines of credit, and other consumer credit products.
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Small to Medium-sized Businesses (SMBs) and Commercial Clients: Mid Penn Bancorp provides comprehensive financial solutions to local and regional businesses across various industries. Services for this category include commercial loans, lines of credit, business checking and savings accounts, treasury management services, merchant services, and other specialized business financing options.
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Commercial Real Estate Developers and Investors: The bank is also a significant provider of financing for clients involved in commercial real estate. This includes offering loans for the acquisition, development, construction, and refinancing of various commercial properties such as office buildings, retail centers, industrial facilities, and multi-family residential projects.
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Rory G. Ritrievi Chair, President and Chief Executive Officer, Mid Penn Bancorp, Inc. and Mid Penn Bank
Mr. Ritrievi joined Mid Penn Bank and parent company Mid Penn Bancorp, Inc. in 2009 as President and Chief Executive Officer and has served as Chair of the Board since July 2021. Prior to joining Mid Penn, he served as Market President and Chief Lending Officer of Commerce Bank, Harrisburg. He has over 38 years of experience in the financial services industry and is a licensed, but non-practicing, attorney in the Commonwealth of Pennsylvania. Mr. Ritrievi has led the company through significant growth, including the acquisition of Phoenix Bancorp, Inc. in 2014 and William Penn Bancorporation in 2025.
Justin T. Webb Chief Financial Officer; Senior Executive Vice President and Chief Financial Officer of the Bank
Mr. Webb was appointed Chief Financial Officer of Mid Penn Bancorp, Inc. and Mid Penn Bank effective January 8, 2024. He joined Mid Penn Bank in 2012 and most recently served as Senior Executive Vice President and Chief Operating Officer. Mr. Webb has over two decades of experience in the financial services industry, and his tenure at Mid Penn includes involvement in credit, security, corporate strategy, operations, and mergers and acquisitions.
Scott W. Micklewright President of the Commercial and Consumer Bank and Chief Revenue Officer
Mr. Micklewright joined Mid Penn Bank in 2009 as Vice President and Senior Middle Market Loan Manager. Currently serving as Senior Executive Vice President, President of the Commercial and Consumer Bank and Chief Revenue Officer, he oversees all aspects of commercial and consumer banking, including loan and deposit activity, cash management, and credit card revenue. He has been instrumental in developing a high-performing team in commercial lending, cash management, residential mortgage, SBA, and agricultural lending during his time with Mid Penn. Mr. Micklewright has over 20 years of experience in the financial services industry.
Kenneth J. Stephon Director; Chief Corporate Development Officer of Company and Bank; Vice Chairman of the Board of Bank
Mr. Stephon joined Mid Penn Bank and parent company Mid Penn Bancorp, Inc. in 2025 as Chief Corporate Development Officer of the Company and the Bank, and was also appointed to the Boards of Directors. Prior to this, Mr. Stephon served as Chairman, President, and Chief Executive Officer of William Penn Bancorporation before its merger with Mid Penn Bancorp, Inc. He has over 40 years of banking industry experience, including previous roles as President and Chief Executive Officer of Audubon Savings Bank until its merger in 2018.
Jordan D. Space President of the Private Bank; Senior Executive Vice President and Chief Operating Officer of the Bank
Mr. Space serves as President of the Private Bank and Senior Executive Vice President and Chief Operating Officer of Mid Penn Bank.
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The key risks to Mid Penn Bancorp's business include exposure to economic downturns and associated credit risks, significant interest rate risk leading to potential net interest margin compression, and intense competition from larger financial institutions coupled with a limited geographic footprint.
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Economic Downturn and Credit Risk: As a financial institution, Mid Penn Bancorp's profitability and value are directly tied to economic growth. Borrowers' ability to demand and repay loans depends heavily on economic stability. A downturn can lead to increased bad debt, which directly impacts the bank's bottom line. The bank's ability to accurately forecast and provision for bad loans is a crucial indicator of its risk understanding, and under-provisioning suggests potential issues. Regional economic indicators, such as potential increases in unemployment rates and commercial real estate loan delinquency rates, pose specific risks to Mid Penn Bancorp's regional lending and credit markets.
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Interest Rate Risk and Net Interest Margin Compression: Fluctuations in interest rates significantly impact the banking industry. An inverted interest rate yield curve, as experienced in 2022 and 2023, can cause a bank's non-deposit borrowing costs to be substantially higher than its base loan rates, leading to significant compression of the net interest margin and challenging earnings. Additionally, rising interest rates can erode the tangible book value of banks with securities portfolios.
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Intense Competition and Limited Geographic Footprint: Mid Penn Bancorp faces considerable competitive pressure from larger national banking institutions that possess greater market capitalization and broader financial resources. With a primary operational focus and limited geographic footprint mainly within Pennsylvania, the bank is exposed to regional economic fluctuations and has a smaller market share compared to its larger competitors. Its asset size and technology infrastructure may also pose constraints when competing with more sophisticated national banks.
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The clear emerging threat for Mid Penn Bancorp (MPB) is the accelerating growth and market penetration of digital-only banks (neobanks/challenger banks) and specialized fintech platforms. These entities offer banking services and lending products primarily through mobile and online channels, leveraging lower operational overhead to potentially provide more competitive rates, lower fees, and superior digital user experiences. This trend directly challenges MPB's traditional branch-centric model, its ability to attract and retain digitally native customers, and its overall market share in deposit gathering and lending across its operating regions.
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Mid Penn Bancorp, Inc. (MPB) primarily offers commercial banking services, retail banking services, and wealth management & trust services. The company's main operating region is Pennsylvania, with a presence also in central New Jersey.
The addressable markets for their main products and services are as follows:
- Commercial Banking/Lending: The Commercial Banking industry in Pennsylvania has a market size of approximately $43.2 billion in 2025. This market has shown an average annual growth rate of 7.1% from 2020 to 2025. This market size encompasses commercial, industrial, and consumer loans, as well as deposit services for retail and business clients in Pennsylvania.
- Retail Banking: The United States retail banking market size was valued at USD 91.27 billion in 2023 and is projected to reach USD 125.1 billion by 2033, with a compound annual growth rate (CAGR) of 3.20% from 2023 to 2033. While a specific market size for retail banking solely within Mid Penn Bancorp's direct operating regions of Pennsylvania and central New Jersey is not readily available, the broader U.S. market provides context for this service segment.
- Wealth Management & Trust Services: Information on the specific addressable market size for wealth management and trust services within Mid Penn Bancorp's operating regions of Pennsylvania and central New Jersey is not available through the provided search results.
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Mid Penn Bancorp (MPB) is anticipated to drive future revenue growth over the next two to three years through several key strategies:
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Strategic Acquisitions and Market Expansion: Mid Penn Bancorp has demonstrated an aggressive acquisition strategy that is expected to significantly contribute to revenue growth. The company announced agreements to acquire 1st Colonial Bancorp, anticipated to close in the first or second quarter of 2026, and Cumberland Advisors, expected to close in the fourth quarter of 2025. These acquisitions are designed to enhance Mid Penn's market position and expand its asset management capabilities. The recently completed acquisition of William Penn Bancorporation in Q2 2025 already added $757.3 million in total assets, including $431.4 million of loans, and expanded the company's insurance offerings through the acquisition of Charis Insurance Group.
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Net Interest Margin (NIM) Expansion: Management anticipates continued improvement in its net interest margin. The NIM has consistently expanded, reaching 3.60% in the third quarter of 2025, up from 3.44% in Q2 2025 and 3.13% in Q3 2024. This expansion is primarily driven by effective management of deposit costs and improving loan yields. Mid Penn Bancorp is considered asset-sensitive, with 72% of its $4.8 billion loan portfolio tied to floating rates, positioning it for potential increases in net interest income should interest rates rise.
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Growth in Noninterest Income: The company experienced a 33.2% sequential increase in noninterest income during Q3 2025, largely due to strong performance in mortgage banking and recoveries on acquired loans. The acquisition of Cumberland Advisors is projected to add approximately $3.3 billion in assets under management, which is expected to further boost noninterest income through expanded wealth management and trust services.
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Loan Portfolio Expansion: While the organic loan portfolio saw a slight decline in Q3 2025 due to commercial real estate payoffs, overall total loans increased by 8.5% to $4.8 billion as of September 30, 2025, year-to-date. Strategic acquisitions, such as the William Penn Bancorporation, have been significant contributors to loan growth. The pending acquisition of 1st Colonial Bancorp is also expected to further expand the company's loan portfolio.
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Mid Penn Bancorp (MPB) Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Mid Penn Bancorp adopted a treasury stock repurchase program in 2020, authorizing the repurchase of up to $15.0 million of its outstanding common stock.
- As of December 31, 2024, the company had repurchased a total of 440,722 shares at an average price of $22.78 per share under the program, with approximately $5.0 million remaining available for repurchase.
- The share repurchase program has been reauthorized multiple times, most recently through April 30, 2026.
Share Issuance
- On November 4, 2024, Mid Penn Bancorp completed an underwritten public offering of 2,375,000 shares of common stock at $29.50 per share, resulting in aggregate gross proceeds of $70 million (approximately $67 million net proceeds).
- In conjunction with the public offering, the underwriters exercised their option to purchase an additional 356,250 shares of common stock.
- As part of the acquisition of William Penn Bancorporation, completed on April 30, 2025, Mid Penn Bancorp issued approximately 3.6 million shares of its common stock.
Outbound Investments
- Mid Penn Bancorp announced its intention to merge with William Penn Bancorporation in October 2024, an all-stock transaction valued at approximately $107 million, which closed on April 30, 2025.
- On September 24, 2025, Mid Penn entered into a definitive agreement to acquire 1st Colonial Bancorp, Inc. in a cash and stock transaction valued at approximately $101 million, with an expected closing in early 2026.
- On September 25, 2025, the company announced an agreement to acquire Cumberland Advisors, an RIA expected to bring approximately $3.3 billion in new assets under management, with closing anticipated in the fourth quarter of 2025.
