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Mid Penn Bancorp, Inc. Reports 2010 Earnings And Declares Dividend

MILLERSBURG, Pa., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. ("Mid Penn") (Nasdaq:MPB), the parent company of Mid Penn Bank, today reported net income available to common shareholders for the fourth quarter of $613,000, or $0.17 per common share, an increase of 116.6% over the net loss available to common shareholders of ($3,684,000), or ($1.06) per common share, reported during the same period of 2009. Mid Penn's net income available to common shareholders for the year ended December 31, 2010 was $2,234,000, or $0.64 per common share, an increase of 179.5% over the net loss available to common shareholders of ($2,809,000), or ($0.81) per common share, reported for the year ended December 31, 2009. Mid Penn also reported increases of $31,447,000, or 11.0%, in total deposits and $54,967,000, or 5.2%, in total assets at December 31, 2010 versus December 31, 2009.

 

 
2010 Financial Highlights        
(dollars in thousands, except per share data)        
                 
      Change          
  12/31/10 12/31/09  $   %         
                 
Total Assets  $ 637,457  $ 606,010  $ 31,447 5.2%        
                 
Total Loans (net) 460,674 472,699 (12,025) -2.5%        
                 
Total Deposits  554,982  500,015 54,967 11.0%        
                 
                 
  Quarter Ended Year-to-Date Ended
      Change      Change    
  12/31/10 12/31/09  $   %  12/31/10 12/31/09  $   % 
                 
Net Interest Income  $ 4,993  $ 4,675  $ 318 6.8%  $ 19,506  $ 18,032  $ 1,474 8.2%
                 
Net Income (Loss) Available to Common Shareholders 613 (3,684) 4,297 116.6% 2,234 (2,809) 5,043 179.5%
                 
Diluted Earnings (Loss) per Common Share 0.17 (1.06) 1.23 116.0% 0.64 (0.81) 1.45 179.0%
                 
Return on Average Equity 5.96% -27.94% N/A 121.3% 5.71% -4.43% N/A 228.8%

President's Statement

It is with great pleasure I announce today that Mid Penn Bancorp, Inc. is declaring a cash dividend of $0.05 per share on our common stock based upon both our results of operations for the 4th quarter and year ended December 31, 2010, the results of which are summarized above.  While 2010 presented us with asset quality, economic, regulatory, and legislative challenges, we still managed an improvement in net income available to common shareholders of $5,043,000, or $1.45 per common share, over our 2009 results.  The success of 2010 versus 2009 is attributed to better overall performance in asset quality, net interest income improvement as a result of solid deposit growth, and a mission-critical-only spending policy. 

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