On June 30, Riverview agreed to merge with Mid Penn Bancorp Inc. It is anticipated the merger will be completed in the fourth quarter of 2021. During the first half of 2021, SBA forgiveness of PPP loans increased causing an acceleration in the recognition of fees as these loans were paid off. Approximately 75%, amounting to $188.9 million of the outstanding PPP loans at Dec. 31 were forgiven in the first half of 2021. Net interest income generated from PPP loans totaled $2.7 million in the second quarter of 2021 and $4.1 million in the first half of 2021.
“Despite the challenging interest rate environment and continuation of the impact of the pandemic, we were able to improve both net interest income and our overall operating results,” Faulk said. “As I have stated previously, focused strategic initiatives developed and implemented by a team of dedicated and highly talented employees is the defining factor in our ability to generate record performance levels year-to-date through record earnings results in both the first and second quarters of 2021.” “I am extremely pleased with our company’s record level of financial performance during the second quarter and first half of 2021,” Riverview President and CEO Brett D. Fulk said in a statement.
Major factors impacting 2021 earnings included the acceleration of income earned on Paycheck Protection Program loans, the recognition of a deposit premium on branch sales and the recovery of provision for loan losses. For the six months ended June 30, the Harrisburg-based financial company reported record net income of $7.8 million, or 84 cents per diluted share, compared to a net loss of $23.5 million, or negative $2.54 per share, for the same period last year.
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