MILLERSBURG, Pa., July 24, 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 quarter ended June 30, 2013 of $1,279,000, or $0.37 per common share, an increase of 3.9% over the net income available to common shareholders of $1,231,000, or $0.35 per common share, reported during the same period in 2012. Through the first six months of 2013, Mid Penn's net income available to common shareholders was $1,903,000, or $0.55 per common share. Mid Penn reported increases of $32,994,000 in total loans and $8,715,000 in total assets over the same period in 2012.
|2013 Financial Highlights|
|(dollars in thousands, except per share data)|
|Total Assets||$ 705,649||$ 696,934||$ 8,715||1.3%|
|Total Loans (net)||512,391||479,397||32,994||6.9%|
|Quarter Ended||Year-to-Date Ended|
|Net Interest Income||$ 5,847||$ 6,023||$ (176)||-2.9%||$ 11,306||$ 11,700||$ (394)||-3.4%|
|Provision for Loan and Lease Losses||415||225||190||84.4%||910||525||385||73.3%|
|Total Noninterest Income||838||931||(93)||-10.0%||1,688||1,669||19||1.1%|
|Total Noninterest Expense||4,612||4,947||(335)||-6.8%||9,649||9,685||(36)||-0.4%|
|Net Income Available to Common Shareholders||1,279||1,231||48||3.9%||1,903||2,237||(334)||-14.9%|
|Diluted Earnings per Common Share||0.37||0.35||0.02||5.7%||0.55||0.64||(0.09)||-14.1%|
|Return on Average Equity||10.33%||9.96%||N/A||3.7%||7.81%||9.22%||N/A||-15.3%|
Mid Penn's earnings for the second quarter of 2013 showed modest improvement from the same period in 2012. Loans outstanding have increased 6.9% year over year, rebounding nicely from the slow start earlier in the year. The protracted low rate environment challenges our net interest income; however, we anticipate a continued increase in interest income from growth in earning assets going forward. The provision for loan and lease losses is reflective of specific issues, as well as growth in the portfolio.
We have had positive resolutions of some troubled assets during the quarter, and controllable expenses are being diligently managed. We continue to have a positive outlook for the Bank's earnings and growth prospects for the remainder of the year.
On behalf of the Board of Directors, I announce today that Mid Penn Bancorp, Inc. is declaring a cash dividend of $0.05 per share on our common stock, our eleventh consecutive quarter of paying a cash dividend. The dividend is payable August 26, 2013 to shareholders of record August 7, 2013.
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company's consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this press release may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mid Penn to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect", "anticipate", "intend", "plan", "believe", "estimate", and similar expressions are intended to identify such forward-looking statements.
Mid Penn's actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:
All written or oral forward-looking statements attributable to Mid Penn are expressly qualified in their entirety by these cautionary statements.
CONTACT: Rory G. Ritrievi President Chief Executive Officer Kevin W. Laudenslager Chief Financial Officer Mid Penn Bancorp, Inc. 349 Union Street Millersburg, PA 17061 1-866-642-7736
|Mid Penn Bancorp, Inc. Reports Third Quarter Earnings and Declares Dividend (2013/10/23)|
|Penns Woods Bancorp, Inc. Reports Second Quarter 2013 Operating Earnings ()|
|William Penn Bancorp, Inc. Announces First Quarter Earnings (2013/11/15)|
|S&T Bancorp, Inc. Announces Third Quarter Earnings and Declares an Increased Dividend (2013/10/29)|
|Premier Financial Bancorp, Inc. Reports Second Quarter 2013 Earnings (2013/8/1)|
|OmniAmerican Bancorp, Inc. Reports Second Quarter 2013 Earnings, Including Nine Percent Loan Growth ()|
|Southwest Bancorp, Inc. Reports Second Quarter 2013 Results ()|
|Chicopee Bancorp, Inc. Reports Second Quarter Results and Announces Quarterly Cash Dividend of $0.05 per Share ()|
|Porter Bancorp, Inc. Reports Second Quarter Results ()|
|Security Bancorp, Inc. Announces Second Quarter Earnings ()|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.