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 $0.81 per common share, during the same period in 2011.
|2012 Financial Highlights|
|(dollars in thousands, except per share data)|
|Quarter Ended||Year-to-Date Ended|
|Net Interest Income||$ 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%|
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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