Mid Penn Bancorp, Inc. Reports Third Quarter Earnings Announcement
MILLERSBURG, Pa., Oct. 21, 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 third quarter of $352,000, or $0.11 per common share, an increase of 70.9% over the net income available to common shareholders of $206,000, or $0.06 per common share, reported during the same period of 2009. Through the first nine months of 2010, Mid Penn's earnings available to common shareholders were $1,621,000, or $0.47 per common share, an increase of 85.3% over the net income available to common shareholders of $875,000, or $0.25 per common share, reported during the same period of 2009. Mid Penn also reported increases of 16.3% in total deposits and 5.7% in total assets at September 30, 2010 versus September 30, 2009.
|2010 Financial Highlights|
|(dollars in thousands, except per share data)|
|Total Assets||$ 632,552||$ 598,192||5.7%|
|Total Loans (net)||461,342||477,043||-3.3%|
|Quarter Ended||Year-to-Date Ended|
|09/30/10||09/30/09||% Change||09/30/10||09/30/09||% Change|
|Net Interest Income||$ 4,987||$ 4,670||6.8%||$ 14,513||$ 13,357||8.7%|
|Net Income Available to Common Shareholders||352||206||70.9%||1,621||875||85.3%|
|Diluted Earnings per Common Share||0.11||0.06||83.3%||0.47||0.25||88.0%|
|Return on Average Equity||3.93%||2.64%||48.9%||5.61%||3.23%||73.7%|
At Mid Penn, we continue to make progress in getting back to a level of quarterly earnings that would allow the payment of a common stock dividend. This progress is directly related to clear improvements in our core operating results. The deposits we now generate are relationship driven, more dependable, and of lower cost. The loans we originate are safer and generally more profitable. Our expense management has also been responsible. Hampering our progress has been a lack of loan demand, legacy issues with respect to asset quality, and, to some extent, regulatory impact. To varying degrees, each of those negative impacts is out of our immediate control. We do feel, however, that loan demand will pick up, asset quality will continue to improve, and that our model has been adjusted to efficiently keep pace with regulatory reform. In the meantime, we will continue to work diligently to make the most of the situation in which we find ourselves three quarters of the way through 2010. We will continue to develop great and profitable relationships with our customers. We will continue to focus on the expansion of noninterest income. We will continue to employ expense management strategies.
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