Mid Penn Bank has reported net income to common shareholders (earnings) for the year ended Dec. 31, 2018 of $10,494,000 or $1.48 per common share basic and diluted, compared to earnings of $7,089,000 or $1.67 per common share basic and diluted for the year ended Dec. 31, 2017.
Earnings for the quarter ended Dec. 31, 2018 were $4,585,000 or $0.54 per common share basic and diluted, compared to earnings of $501,000 or $0.12 per common share basic and diluted for the quarter ended Dec. 31, 2017.
The results for the three and 12 months ended Dec. 31, 2018 included merger and acquisition expenses resulting from Mid Penn’s acquisitions of First Priority Financial Corp., which was announced on Jan. 16, 2018 and legally closed on July 31, 2018, and The Scottdale Bank & Trust Company, which was announced during the first quarter of 2017 and legally closed on Jan. 8, 2018.
Earnings for the three and 12 months ended Dec. 31, 2017 included certain merger-related costs for the Scottdale acquisition, and earnings were also impacted by a one-time non-cash reduction in the value of Mid Penn’s deferred tax asset, which resulted in a charge of $1,169,000 included in the provision for income taxes. This income tax adjustment was a result of the Tax Cuts and Jobs Act enacted on Dec. 22, 2017, which lowered Mid Penn’s maximum corporate tax rate from 34 percent in 2017 to 21 percent in 2018 and future periods.
Mid Penn also reported total assets of $2,077,981,000 as of Dec. 31, 2018, reflecting an increase of $907,627,000 or 78 percent compared to total assets of $1,170,354,000 as of Dec. 31, 2017.