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John E. Noone, a director at Mid Penn Bancorp Inc. (NASDAQ:MPB), recently acquired 1,000 shares of the company’s common stock, according to a recent SEC filing. The $527 million market cap bank currently trades near its undervalued levels according to InvestingPro analysis. The shares were purchased at an average price of $28.2345 each, totaling $28,234. Following this transaction, Noone holds a total of 42,400 shares indirectly through the John E. Noone Trust. Additionally, he maintains direct ownership of 22,327.017 shares, which includes shares acquired through the Dividend Reinvestment Plan, and holds further shares through various retirement accounts. The bank has maintained dividend payments for 15 consecutive years, currently offering a 2.93% yield. InvestingPro subscribers can access additional insights, including 5 more ProTips about MPB’s valuation and growth prospects.
In other recent news, Mid Penn Bancorp reported a strong financial performance for the first quarter of 2025, with net income available to common shareholders reaching $13.7 million, or $0.71 per diluted common share, surpassing the consensus analyst estimate of $0.63 per share. The company’s net interest margin increased to 3.37% from 2.97% the previous year, attributed to lower deposit costs following Federal Reserve rate cuts. Mid Penn also announced a $0.20 cash dividend per common share, marking its 58th consecutive quarterly dividend. Additionally, the company has received all necessary regulatory and shareholder approvals for its merger with William Penn Bancorporation, expected to close in the middle of the second quarter of 2025. This merger, which has been approved by over 96% of William Penn and 98% of Mid Penn shareholders, is anticipated to expand Mid Penn’s market reach and increase its assets to approximately $6.3 billion. Furthermore, Mid Penn held its Annual Meeting of Shareholders, where five directors were elected, and RSM US LLP was ratified as the independent accounting firm for 2025. These developments are based on statements from Mid Penn Bancorp’s press releases and SEC filings.
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