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

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.

Stock quotes in this article: MPB 

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