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Mid Penn Bancorp, Inc. Reports Third Quarter Earnings And Declares Dividend

Stocks in this article: MPB

MILLERSBURG, Pa., Oct. 24, 2012 (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 quarter ended September 30, 2012 of $1,138,000, or $0.33 per common share, an increase of 13.3% over the net income available to common shareholders of $1,004,000, or $0.29 per common share, reported during the same period in 2011. Through the first nine months of 2012, Mid Penn's earnings available to common shareholders were $3,375,000, or $0.97 per common share, an increase of 20.3% over the $2,806,000 earnings available to common shareholders, or $0.81 per common share, during the same period in 2011.

2012 Financial Highlights
(dollars in thousands, except per share data)
  Quarter Ended Year-to-Date Ended
      Change     Change
  9/30/2012 9/30/2011  $   %  9/30/2012 9/30/2011  $   % 
Net Interest Income  $ 5,770  $ 5,619  $ 151 2.7%  $17,470  $16,192  $1,278 7.9%
Provision for Loan and Lease Losses  150  405  (255) -63.0%  675  1,155  (480) -41.6%
Total Noninterest Income  1,057  764  293 38.4%  2,726  2,227  499 22.4%
Total Noninterest Expense  5,082  4,534  548 12.1%  14,767  13,242  1,525 11.5%
Net Income Available to Common Shareholders 1,138 1,004 134 13.3% 3,375 2,806 569 20.3%
Diluted Earnings per Common Share 0.33 0.29 0.04 13.8% 0.97 0.81 0.16 19.8%
Return on Average Equity 8.91% 8.69% N/A 2.5% 9.08% 8.53% N/A 6.4%

President's Statement

I am pleased to report earnings available to common shareholders of $1,138,000 for the third quarter of 2012; our fifth consecutive quarter with over $1,000,000 in such earnings. Our performance in 2012 continues to be driven by steady improvement in cost of funds; a good year in most noninterest income business lines; continued stability in loan portfolio quality; and success in managing controllable noninterest expenses. While we are satisfied with a double digit percentage increase in earnings available to common shareholders over 2011, we know we can achieve more. We remain confident in our ability to deliver.

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