XML 53 R29.htm IDEA: XBRL DOCUMENT v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents the computation of basic and diluted EPS:
(In thousands, except per share data)
202420232022
Net income$49,437 $37,397 $54,806 
Weighted average shares outstanding (basic)17,026,240 16,319,006 15,912,877 
Effect of dilutive unvested restricted stock grants44,622 31,957 21,758 
Weighted average shares outstanding (diluted)17,070,862 16,350,963 15,934,635 
Basic earnings per common share$2.90 $2.29 $3.44 
Diluted earnings per common share2.90 2.29 3.44 
There were no antidilutive shares at December 31, 2024, 2023, and 2022.
As previously announced on a Form 8-K on November 4, 2024, Mid Penn completed an underwritten public offering of 2,375,000 shares of common stock at a price of $29.50 per share, with the aggregate gross proceeds of the offering totaling $70 million before underwriting discounts and offering expenses. The net proceeds of the offering after deducting the underwriting discount and other offering expenses were $67 million.
Additionally, as previously announced on the Form 8-K on November 4, 2024, Mid Penn pursuant to an option granted to the underwriting sold an additional 356,250 shares of the Company's common stock, in full, at the public offering price less underwriting discounts and commissions, or $28.025 per share. The issuance was completed on November 5, 2024.