Earnings of Mid Penn Bancorp (MPB) will likely plunge this year because the prospects of an economic contraction will drive provisions expenses. Moreover, the federal funds rate decline will compress yields more than the funding cost. On the other hand, continued growth in gain on sale of investment securities will likely support the bottom-line. Overall, I’m expecting earnings to decline by 26% year-over-year in 2020. The December 2020 target price implies a high upside from the current market price, making MPB a feasible investment. However, the uncertainty related to the impact of the