Mid Penn Bancorp reports Q4 EPS 73c, consensus 59c

Reports Q4 tangible book value per share $24.74. Reports Q4 net charge-offs .004%. Reports Q4 CET1 capital ratio 9.7%. “Our performance in the fourth quarter of 2023, while an improvement over the linked third quarter of 2023, was still heavily impacted by the continuation of an inverted yield curve and the rigorous competition for core deposits,” Chair, President, and CEO Rory Ritrievi said. “The measures we implemented in the third quarter, such as slowing down organic loan growth and cutting operating expenses, helped shape the fourth quarter improvement while positioning our strategy for fiscal year 2024.”