Mid Penn Bancorp, Inc. Declares Dividend and Reports 2007 Earnings
23 Janvier 2008 - 9:52PM
Business Wire
The Board of Directors of Mid Penn Bancorp, Inc. (AMEX:MBP), parent
company of Mid Penn Bank, declared a quarterly cash dividend of 20
cents per share, payable Monday, February 25, 2008, to shareholders
of record Wednesday, February 6, 2008. Mid Penn Bancorp, Inc.
reported net income for the year 2007 of $4,491,000, compared to
net income of $4,888,000 for the year 2006. Net income on a per
share basis decreased by 7.9% to $1.28 for 2007, compared to $1.39
for 2006. The return on average equity was 11.4% for the year 2007
and 12.9% for 2006. The decrease in income was primarily
attributable to an increase in the provision for possible loan and
lease losses of $190,000 during the year. The fourth quarter
provision alone was $550,000 in 2007 based on a detailed analysis
of non-performing assets. This increased provision represents the
downgrading of a few large commercial loan relationships during the
fourth quarter, as well as deteriorating economic conditions. Mid
Penn Bank has not originated sub-prime loans, and therefore has not
experienced losses attributable to this type of lending or
investment. Other major factors affecting earnings during the year
were the investment in two new offices in Middletown and Steelton
in December 2006, the relocation of our Elizabethville Office in
the spring of 2007, and the opening of a new office on Market
Street in Camp Hill, Pennsylvania, in the fall of 2007, along with
the associated initial facilities, staffing, and promotional
expenses. Earnings for the fourth quarter of 2007 totaled
$1,018,000 compared to $1,374,000 earned in the fourth quarter of
2006. Earnings per share were $.29 per share compared to $.41 per
share for the fourth quarter of 2006. The decline was primarily
attributable to the increased loan loss provision. Total assets at
December 31, 2007, were approximately $509 million, an increase of
3.7% from the prior year. Total loans of $377 million as of
December 31, 2007, increased by $18 million, or 5.0%, from the
prior year. Total deposits as of December 31, 2007, of $373 million
remained fairly flat during the year. Mid Penn Bancorp, through its
subsidiary, Mid Penn Bank, operates 15 offices in Dauphin,
Northumberland, Schuylkill, and Cumberland Counties. For more
information, visit www.midpennbank.com and view the Investor
Relations page where comprehensive information is available
concerning the corporation.
Mid Penn Bancorp (AMEX:MBP)
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