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Mid Penn Bancorp, Inc. Reports Second Quarter Earnings Growth Of 13%

MILLERSBURG, Pa., July 22, 2010 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. ("Mid Penn") (Nasdaq:MPB), the parent company of Mid Penn Bank, today reported earnings available to common shareholders for the second quarter of $662,000, or $0.19 per common share, an increase of 13.4% over the net income available to common shareholders of $584,000, or $0.17 per common share, reported during the same period of 2009. Through the first six months of 2010, Mid Penn's earnings available to common shareholders were $1,269,000, or $0.36 per common share. During the same period in 2009, Mid Penn recorded earnings available to common shareholders of $669,000, or $0.19 per common share. Mid Penn also reported increases of 20.2% in deposits, 6.2% in total assets, and 0.9% in net loans for the period ended June 30, 2010, over the same period in 2009.
2010 Financial Highlights
(dollars in thousands, except per share data)
  06/30/10 06/30/09 % Change      
Total Assets  $ 615,496  $ 579,416 6.2%      
Total Loans (net) 464,671 460,679 0.9%      
Total Deposits 532,120 442,574 20.2%      
  Quarter Ended Year-to-Date Ended
  06/30/10 06/30/09 % Change 06/30/10 06/30/09 % Change
Net Interest Income  $ 5,025  $ 4,731 6.2%  $ 9,526  $ 8,687 9.7%
Net Income Available to Common Shareholders 662 584 13.4% 1,269 669 89.7%
Diluted Earnings per Common Share 0.19 0.17 11.8% 0.36 0.19 89.5%
Return on Average Equity 6.65% 5.65% 17.7% 6.48% 3.51% 84.6%

President's Statement

I am pleased to report continued progress in Mid Penn's performance, both for the second quarter of 2010 and for the first six months of 2010, compared to the same time periods in 2009. Net interest income, net income available to common shareholders, diluted earnings per common share, return on average equity, and total deposits all showed considerable growth as evidenced by the table above. Our success in core deposit growth has driven down the cost of funds, which in turn has improved net interest margin and net interest income -- our key source of income.

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