Mid Penn Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 26, 2018 at 09:24 pm
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Mid Penn Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net Interest Income was $9,487,000 compared to $9,129,000 a year ago. Net income was $501,000 compared to $2,076,000 a year ago. Basic and diluted earnings per common share was $0.12 compared to $0.49 a year ago. Adjusted earnings per common share was $0.43 compared to $0.49 a year ago. Return on average equity was 2.58% compared to 11.19% a year ago.
For the year, the company reported total Interest Income of $43,892,000 compared to $40,212,000 a year ago. Net Interest Income was $37,588,000 compared to $34,845,000 a year ago. Income before provision for income taxes was $11,589,000 compared to $10,081,000 a year ago. Net income was $7,089,000 compared to $7,804,000 a year ago. Basic and diluted earnings per common share was $1.67 compared to $1.85 a year ago. Adjusted earnings per common share was $2.09 compared to $1.85 a year ago. Return on average equity was 9.48% compared to 10.71% a year ago. Book value per share was $17.85 compared to $16.65 a year ago. Tangible book value per share was $16.82 compared to $15.59 a year ago.
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.