Mid Penn Bancorp (AMEX:MBP)
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Mid Penn Bancorp, Inc. (“Mid Penn”)
(AMEX:MBP) today reported second quarter earnings of $1,060,000,
including per share earnings of $0.30. Earnings for the second quarter
of 2007 were $1,179,000 and $0.34 per share. Net income and earnings per
share for the first six months of 2008 were $2,233,000 and $0.64
compared to $2,263,000 and $0.65 in the first half of 2007. The modest
decrease in earnings resulted from a declining net interest margin,
driven by the spreading weakness in the general economy. Mid Penn has
also been selectively adding talented employees and enhancing its
technological infrastructure to better cope with the changing financial
landscape and to continue to offer its customers the tools to meet these
challenges.
Banks continue to receive bad publicity in the media while the reality
is that most community banks did not participate in sub-prime lending.
Mid Penn did not originate sub-prime loans and has not experienced the
challenges that have accompanied this form of lending.
Total assets at the end of the second quarter of 2008 were approximately
$541 million, versus $492 million the prior year, an increase of 9.9%.
Total loans of $401 million increased by $37 million or 10.1% at June
30, 2008, compared to the prior year, while total deposits as of the
same date increased $30 million or 7.8% over the prior year. Average
earning assets have also shown strong growth, increasing 9.1% to $505
million from June 30, 2007. During the second quarter of 2008, Mid Penn
recorded a net loan recovery of $1,000 as compared to $157,000 of net
chargeoffs during the same period in 2007. Net chargeoffs for the first
six months of 2008 were $22,000 compared to $127,000 in the first half
of 2007.
“We remain encouraged by the results achieved
by Mid Penn, even in the face of the economic uncertainties we are
facing,” commented Alan W. Dakey, President
and Chief Executive Officer. “Our growth
remains strong, and we remain vigilant in examining the quality of our
loan portfolio during these challenging times, even though we had not
engaged in any of the sub-prime lending that has plagued many larger
financial institutions. This strong growth coupled with the investments
we are making in people and technology will position us for a successful
140th anniversary celebration and into the
future.”
Celebrating its 140th year of serving the
community, Mid Penn Bank has been an independently owned community bank
since 1868, and is committed to remaining a progressive, independent
community bank offering a full line of business, personal and trust
services.
Mid Penn Bancorp, Inc., through its subsidiary, Mid Penn Bank, operates
15 offices in Dauphin, Northumberland, Schuylkill, and Cumberland
Counties. For more information, visit Mid Penn’s
website at www.midpennbank.com
and view the Investor Relations page where comprehensive investor
information is available concerning Mid Penn Bancorp, Inc.
This press release contains “forward looking”
information as defined by the Private Securities Litigation Reform Act
of 1995, which is based on Mid Penn’s current
expectations, estimates and projections about future events and
financial trends affecting the financial condition of its business.
These statements are not historical facts or guarantees of future
performance, events, or results. Such statements involve potential risks
and uncertainties and, accordingly, actual performance results may
differ materially. Mid Penn undertakes no obligation to publicly update
or revise forward looking information, whether as a result of new,
updated information, future events, or otherwise.
MID PENN BANCORP, INC.
Selected Financial Information
(Dollars in thousands, except per share data) (1)
Three Months Ended
Six Months Ended
June 30,
June 30,
2008
2007
2008
2007
Consolidated Summary of Operations:
Interest income
$
7,786
$
7,780
$
15,863
$
15,485
Interest expense
3,639
3,766
7,515
7,493
Net interest income
4,147
4,014
8,348
7,992
Provision for loan losses
155
125
255
200
Net interest income after provision for loan losses
3,992
3,889
8,093
7,792
Non-interest income:
Trust department income
68
75
135
156
Service charges on deposits
437
365
845
732
Investment securities gains (losses), net
-
-
-
-
Income on bank-owned life insurance
65
66
127
135
Mortgage banking activities income
42
21
81
21
Gain on sale of other real estate
-
-
-
-
Other income
289
330
606
650
Total non-interest income
901
857
1,794
1,694
Non-interest expenses:
Salaries and employee benefits
1,794
1,601
3,611
3,324
Occupancy expense, net
239
222
528
438
Equipment expense
203
200
426
418
Pennsylvania Bank Shares tax expense
92
82
184
163
ATM/Debit card expenses
70
62
111
109
Professional fees
156
128
296
240
Director fees and benefits
90
100
168
193
Advertising expense
103
142
182
226
Computer software license and maintenance
111
85
249
234
Stationery and supplies
55
55
127
117
Other operating expenses
560
513
1,035
1,019
Total non-interest expenses
3,473
3,190
6,917
6,481
Income before income taxes
1,420
1,556
2,970
3,005
Income taxes
360
377
737
742
Net income
$
1,060
$
1,179
$
2,233
$
2,263
Consolidated Per Share Data:
Earnings per share
$
0.30
$
0.34
$
0.64
$
0.65
Book value at end of period
$
11.64
$
11.59
Allowance for loan losses to nonperforming assets
87
%
209
%
Net loan chargeoffs (recoveries)
$
(1
)
$
157
$
22
$
127
Net interest margin (FTE)
3.47
%
3.53
%
3.54
%
3.68
%
Efficiency ratio (2)
66.39
%
62.68
%
65.01
%
60.05
%
Return on average assets
0.80
%
0.96
%
0.85
%
0.93
%
Return on average stockholders' equity
10.47
%
12.24
%
11.10
%
11.83
%
MID PENN BANCORP, INC.
Selected Financial Information
(Dollars in thousands, except per share data) (1)
Consolidated Balance Sheet Data:
Three Months Ended
Six Months Ended
June 30,
June 30,
2008
2007
2008
2007
Average total loans
$
392,795
$
361,233
$
388,462
$
360,143
Average earning assets
504,741
462,652
499,199
463,120
Average assets
533,967
491,308
528,578
490,872
Average deposits
402,234
375,598
399,454
373,490
Average Stockholders' equity
40,736
38,649
40,472
38,566
Average diluted shares outstanding
3,484,073
3,496,680
3,486,449
3,502,667
6/30/2008
vs.
June 30,
December 31,
June 30,
6/30/2007
2008
2007
2007
% Change
Assets
$
540,699
$
509,757
$
492,160
9.9
%
Total loans, net of unearned income
401,110
377,128
364,150
10.1
%
Deposits
402,550
372,817
373,361
7.8
%
Stockholders' equity
40,518
40,444
38,999
3.9
%
Common shares outstanding
3,479,780
3,489,634
3,494,442
-0.4
%
(1) Per share data reflects stock dividends.
(2) The efficiency ratio does not include
net securities transactions.