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MPB, Mid Penn Bancorp

Banks financial

Mid Penn's primary business is to supervise and coordinate the business of the Bank and its nonbank subsidiaries, and to provide them with the capital and resources to fulfill their respective missions.

As of December 31, 2025, the accounts and activities of these nonbank subsidiaries were not material to warrant separate disclosure or segment reporting.

Mid Penn's consolidated financial condition and results of operations consist almost entirely of that of the Bank, which is managed as a single business segment.

Latest annual: FY2025 10-K

MPB · Mid Penn Bancorp

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$226M

+26.1% YoY · 16% 5-yr CAGR

Vital signs · FY2025, with 5-yr average

Revenue $226M 5-yr avg $175M

Return on equity 7% 5-yr avg 8%

Return on tangible equity 8% 5-yr avg 10%

Efficiency ratio 67% 5-yr avg 66%

Equity / assets 13.3% 5-yr avg 11.5%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on equity has sat below the cost of equity (median 7%, above 12% in only 0 of 10 years). It runs at a 67% efficiency ratio, about average. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25
										Income statement
$41M	$43M	$63M	$83M	$106M	$130M	$171M	$167M	$179M	$226M	RevenueRevenue
$35M	$38M	$56M	$70M	$88M	$109M	$148M	$147M	$157M	$199M	Net interest incomeNet int.
$6M	$6M	$7M	$13M	$18M	$22M	$24M	$20M	$22M	$27M	Noninterest incomeFee inc.
$2M	$325K	$500K	$1M	$4M	$3M	$4M	$4M	$2M	$1M	Credit-loss provisionProvision
$8M	$7M	$11M	$18M	$26M	$29M	$55M	$37M	$49M	$56M	Net incomeNet inc.
23%	39%	17%	17%	16%	19%	19%	16%	18%	22%	Effective tax rateTax rate
										Cash flow & returns
0.8%	0.6%	0.5%	0.8%	0.9%	0.6%	1.2%	0.7%	0.9%	0.9%	Return on assetsROA
11%	9%	5%	7%	10%	6%	11%	7%	8%	7%	Return on equityROE
8%	6%	3%	5%	8%	4%	8%	5%	5%	5%	Retained to equityRetained/eq
12%	10%	7%	10%	14%	8%	14%	9%	9%	8%	Return on tangible equityROTCE
71%	72%	79%	72%	67%	70%	58%	71%	66%	67%	Efficiency ratioEffic.
										Balance sheet
$1.0B	$1.2B	$2.1B	$2.2B	$3.0B	$4.7B	$4.5B	$5.3B	$5.5B	$6.1B	Total assetsAssets
$935M	$1.0B	$1.7B	$1.9B	$2.5B	$4.0B	$3.8B	$4.3B	$4.7B	$5.2B	DepositsDeposits
$4M	$4M	$63M	$63M	$63M	$114M	$114M	$127M	$128M	$137M	GoodwillGoodwill
$70M	$76M	$224M	$238M	$256M	$490M	$512M	$542M	$655M	$814M	Shareholders’ equityEquity
										Per share
4.2M	4.3M	7.1M	8.5M	8.4M	10.8M	15.9M	16.4M	17.1M	22.0M	Shares out (diluted)Shares
$1.85	$1.67	$1.49	$2.08	$3.10	$2.71	$3.44	$2.29	$2.90	$2.55	EPS (diluted)EPS
$0.58	$0.52	$0.64	$0.79	$0.77	$0.82	$0.80	$0.79	$0.81	$0.82	Dividends / shareDiv/sh
$16.66	$17.80	$31.52	$28.01	$30.28	$45.30	$32.14	$33.17	$38.37	$36.96	Book value / shareBVPS
$15.61	$16.78	$21.64	$19.93	$22.32	$33.90	$24.51	$25.00	$30.50	$30.10	Tangible book / shareTBVPS

The diluted share count moved ×1.67 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.47 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+0.7%/yr	−4.0%/yr
Owner earnings / share	−4.1%/yr	+22.7%/yr
EPS	+3.7%/yr	−3.8%/yr
Dividends / share	+4.0%/yr	+1.4%/yr
Capital spending / share	+8.2%/yr	−3.0%/yr
Book value / share	+9.3%/yr	+4.1%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

22Mpeak FY2025

Revenue

$226Mlow FY2016

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 7%

Below the cost of equity

Net income $56M ÷ equity $814M

Industry peers: median 12%

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 8%

Modest

Net income ÷ (equity − goodwill $137M − intangibles $15M)

Industry peers: median 14%

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio 67%

Average

Noninterest expense $152M ÷ (net interest income + fees)

Industry peers: median 62%

What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

Capital (equity / assets) 13.3%

Well capitalized

Equity $814M ÷ assets $6.1B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Deposit funding 85%

Deposit-funded

Deposits $5.2B ÷ assets $6.1B

What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
Credit cost (provision / NII) 1%

Low

Provision for credit losses $1M ÷ net interest income $199M

What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Rory G. Ritrievi	$1.1M	$1.3M	$62M
2022	Rory G. Ritrievi	$1.3M	$1.3M	$56M
2023	Rory G. Ritrievi	$1.7M	$1.5M	$50M
2024	Rory G. Ritrievi	$1.2M	$1.3M	$47M
2025	Rory G. Ritrievi	$2.2M	$2.3M	$75M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership7.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Credit & receivables, Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Banks

The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	ROE	ROTCE	Efficiency	NII / assets
HBTHBT Financial Inc.	$237M	14%	16%	57%	3.8%
GSBCGreat Southern Bancorp Inc.	$229M	12%	12%	59%	3.5%
WASHWashington Trust Bancorp Inc.	$229M	12%	15%	58%	2.4%
COFSChoiceOne Financial Services Inc.	$228M	9%	11%	69%	2.8%
MPBMid Penn Bancorp	$226M	7%	10%	70%	3.0%
IBCPIndependent Bank Corporation	$226M	14%	15%	62%	3.1%
FRSTPrimis Financial Corp.	$224M	7%	9%	66%	2.8%
SPFISouth Plains Financial Inc.	$212M	13%	14%	66%	3.4%
Group median	—	12%	13%	64%	3.1%

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Mid Penn Bancorp’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered3%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity10%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $663M on 25M shares, a 10% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh MPB against another business →

Cite: Owner Scorecard, "Mid Penn Bancorp (MPB), the owner's record," https://ownerscorecard.com/c/MPB, data as of 2026-07-09.

Manual order: ← MP its page in the Manual MPC →

Industry order: ← MFG the Banks chapter MSBI →