Mid Penn Bank Ranks Sixth on S&P’s List of Best-Performing Community Banks in the Country
Mid Penn Bank (“Bank”), a wholly-owned subsidiary of Mid Penn Bancorp, Inc. (“Mid Penn”) (Nasdaq: MPB), is pleased to announce that it ranked sixth on S&P Global Market Intelligence’s list of Best-Performing Large Community Banks for 2022. Based on the criteria evaluated, 196 institutions were eligible for ranking. Mid Penn Bank was the only Pennsylvania bank to make the list.
S&P assessed the performance of community banks and credit unions with assets between $3 billion and $10 billion for the year ended December 31, 2022. The company calculates scores based on metrics such as returns, growth, and efficiency but also places emphasis on the capital strength and risk profile of balance sheets.
Mid Penn President and CEO Rory Ritrievi said, “We are honored to be recognized by S&P as one of the best-performing community banks in the nation. Our team works diligently to ensure that our business practices are not only profitable, but sound and beneficial to the community. In these unpredictable economic times, we are proud that our institution provides a well-established and safe place for our customers’ deposits.”
The specific criteria used to calculate the scores was based on seven metrics: pretax return on tangible common equity; efficiency ratio; cost of funds; five-year average operating revenue growth; five-year average net charge-offs to average loans and leases ratio; nonperforming assets and loans 90 days or more past due as a percentage of total assets; and leverage ratio. S&P’s Global Market Intelligence division has been evaluating and ranking community banks and credit unions since 2011.
About Mid Penn Bank
Mid Penn Bank, headquartered in Millersburg, Pennsylvania, has been serving the community since 1868. The Bank operates retail locations in 17 counties throughout the Commonwealth of Pennsylvania and has total assets in excess of $4.5 billion. Mid Penn offers a comprehensive portfolio of financial products and services to meet the banking needs of the communities it serves. To learn more, please visit www.midpennbank.com.