Mid Penn Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 26, 2017 at 08:20 am EST
Share
Mid Penn Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. The company reported net income available to common shareholders (earnings) of $7,804,000 or $1.85 per common share basic and diluted for the year ended December 31, 2016, compared to earnings of $6,038,000 or $1.47 per common share basic and diluted for the year ended December 31, 2015. The earnings per share (EPS) for 2016 increased 26% compared to the EPS for 2015, and the 2016 annual earnings are a record high for Mid Penn. For the year, net interest income was $34,845,000, an increase of $2,962,000 or 9% compared to net interest income of $31,883,000 for the year ended December 31, 2015. Total interest income was $40,212,000 against $36,490,000 reported last year. Income before provision for income taxes was $10,081,000 against $8,172,000 reported last year. Return on average equity was 10.71% against 9.16% reported last year.
For the fourth quarter of 2016, earnings were $2,076,000 or $0.49 per common share basic and diluted, compared to earnings of $1,408,000 or $0.35 per common share basic and diluted for the same period in 2015. The EPS for the fourth quarter of 2016 increased 40% compared to the EPS for the fourth quarter of 2015.
The increased revenues and earnings reported for 2016 were supported by double-digit percentage growth in both loans and lower-cost deposits, as the company exceeded the $1 billion of assets threshold during 2016. Net interest income increased $959,000 or over 11% to $9,129,000 for the three months ended December 31, 2016 compared to $8,170,000 for the three months ended December 31, 2015. Net interest income in 2016 was positively impacted by core loan growth funded by lower-cost deposits. Return on average equity was 11.19% against 8.68% reported last year. Tangible book value per share at the end of the period was $15.59 against $15.49 reported last year.
Mid Penn Bancorp, Inc. is a financial holding company. Its operations are conducted by Mid Penn Bank and its nonbank subsidiaries are engaged in commercial banking and trust business. It provides full-service commercial banking and financial services, including mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development and local government loans and various types of time and demand deposits. It offers services to commercial businesses and real estate investors, consumers, nonprofit organizations, and municipalities through its 49 full-service retail banking properties. Its investment portfolio includes the United States Treasury and United States government agencies, mortgage-backed United States government agencies, and corporate bonds. It also offers other services, such as online banking, telephone banking, cash management services, automated teller services and safe deposit boxes.