Mid Penn Bancorp, Inc. Declares Dividend and Reports First Quarter Earnings Increase of 13.6%
27 Aprile 2006 - 5:26PM
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, May 22, 2006, to shareholders of
record Wednesday, May 10, 2006. Mid Penn Bancorp, Inc. also
announced earnings for the first quarter of 2006 of $1,155,000
compared to $1,017,000 earned in the first quarter of 2005, an
increase of 13.6%. Earnings per share were $.34 per share compared
to $.30 per share for the first quarter of 2005. The increase in
net income was largely due to increased net interest income. During
the quarter, the Bank incurred early withdrawal penalties of
$92,000 on a block of longer-term investment certificates of
deposit which management chose to redeem prior to maturity in order
to reinvest the proceeds at higher current interest rates. This
expense was offset by a $152,000 gain that was realized on the sale
of a parcel of other real estate held by the Bank. Total assets at
the end of the first quarter of 2006 were approximately $441
million, versus $403 million the prior year, an increase of 9.4%.
Total loans of $317 million increased by $36 million or 12.8% at
March 31, 2006, compared to the prior year. Total deposits as of
the same date were $323 million compared to $299 million the prior
year, an increase of 8%. Mid Penn Bank has been an independently
owned community bank since 1868 offering a full line of business,
personal and trust services. Mid Penn Bancorp, through its
subsidiary, Mid Penn Bank, operates 12 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.
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