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.
Mid Penn Bancorp (AMEX:MBP)
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Mid Penn Bancorp (AMEX:MBP)
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