Mid Penn Bancorp Inc. Declares Dividend for the Fourth Quarter of 2014, Payable on February 23, 2015; Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 28, 2015 at 09:31 pm
Share
Mid Penn Bancorp Inc. declared a cash dividend of $0.10 per common share based on fourth quarter earnings. The dividend is payable on February 23, 2015 to shareholders of record on February 11, 2015.
The company reported earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net interest income of $6,633,000 against $6,179,000 a year ago. Net income available to common shareholders was $801,000 or $0.23 basic earnings per share against $1,313,000 or $0.37 basic earnings per share a year ago. Return on average equity was 5.92% against 10.45% a year ago. The decrease in net income available to common shareholders was driven by fourth quarter merger-related expenses associated with the pending acquisition of Phoenix Bancorp Inc. of $562,000. Excluding these charges, and the corresponding tax impact, net income available to common shareholders for the three months ended December 31, 2014 would have been $1,202,000, a decrease of 8.5% from the same period in 2013.
For the year, the company reported net interest income of $26,200,000 against $23,926,000 a year ago. Net income available to common shareholders was $5,351,000 or $1.53 basic earnings per share against $4,616,000 or $1.32 basic earnings per share a year ago. Return on average equity was 9.95% against 9.37% a year ago. Net interest income increased due to strong loan growth, higher investment yields, and a lower cost of funds.
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.
Mid Penn Bancorp Inc. Declares Dividend for the Fourth Quarter of 2014, Payable on February 23, 2015; Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2014