Mid Penn Bancorp, Inc. Revises 2007 Earnings Upward
05 Février 2008 - 6:39PM
Business Wire
Mid Penn Bancorp, Inc. (AMEX:MBP) reported a revised net income for
the year 2007 of $4,671,000, compared to net income of $4,888,000
for the year 2006. Net income on a per share basis decreased by
3.6% to $1.34 for 2007, compared to $1.39 for 2006. Net income for
2007, originally reported as $4,491,000, did not include the death
benefit on bank-owned life insurance (BOLI) of $180,000 received in
the first quarter of 2008. The BOLI was held on a retired bank
director as informal funding of a director retirement and fee
deferral package. The director passed away late in 2007; thus, the
death benefit, now known to be $180,000 is being recorded as
tax-free income and a receivable as of the fourth quarter of 2007.
This death benefit has a positive impact on 2007 earnings per share
of $.06. The return on average equity was 11.8% for the year 2007
and 12.9% for 2006. The decrease in 2007 income compared to the
prior year 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 $1,198,000 compared to $1,374,000 earned in the fourth
quarter of 2006. Earnings per share were $.34 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 $510 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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