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

Stocks in this article: MPB

MILLERSBURG, Pa., April 29, 2013 (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 first quarter of $624,000, or $0.18 per common share. Mid Penn also reported increases of $7,233,000 in total loans, $8,805,000 in total assets, and $3,614,000 in total deposits, over the same period in 2012.

2013 Financial Highlights
(dollars in thousands, except per share data)
  3/31/2013 3/31/2012  $   % 
Total Assets  $ 726,430  $ 717,625  $ 8,805 1.2%
Total Loans (net) 489,326 482,093 7,233 1.5%
Total Deposits 640,185 636,571 3,614 0.6%
  Quarter Ended
  3/31/2013 3/31/2012  $   % 
Net Interest Income  $ 5,459  $ 5,677  $ (218) -3.8%
Provision for Loan and Lease Losses 495 300 195 65.0%
Total Noninterest Income 850 738 112 15.2%
Total Noninterest Expense 5,037 4,738 299 6.3%
Net Income Available to Common Shareholders 624 1,006 (382) -38.0%
Diluted Earnings per Common Share 0.18 0.29 (0.11) -37.9%
Return on Average Equity 5.26% 8.42% N/A -37.5%

President's Statement

Mid Penn's earnings for the first quarter of 2013 were below our expectations for the start of the new year. Loans outstanding started the year on a decline stemming from a combination of early payoffs and lack of new lending volume. This situation stabilized late in the quarter, and we were able to record an increase in loans year over year. The depressed loan levels throughout much of the first quarter contributed to the reduced net interest income, but we anticipate a rebound in interest income from the growth in earning assets going forward. The provision for loan and lease losses is reflective of specific issues, as well as the growth in the portfolio. Noninterest expenses are being negatively impacted by actual medical claims in Mid Penn's self-funded medical insurance plan.

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