Mid Penn Declares Cash Dividend on Fourth Quarter Earnings and Special Dividend, Payable February 22, 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 27, 2016 at 03:59 pm
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Mid Penn declared a cash dividend of $0.12 per common share based on fourth quarter earnings and a special dividend of $0.10 per common share based upon 2015's total earnings. The dividends will be payable February 22, 2016 to shareholders of record as of February 10, 2016.
The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net interest income was $8,170,000 compared with $6,633,000 for the same period last year. Net income available to common shareholders was $1,408,000 or $0.35 basic per share compared with $801,000 or $0.23 basic per share for the same period last year. Return on average equity was 8.68% compared with 5.92% for the same period last year.
For the full year, the company reported total interest income was $36,490,000 compared with $30,627,000 for the same period last year. Net interest income was $31,883,000 compared with $26,200,000 for the same period last year. Income before provision for income taxes was $8,172,000 compared with $7,163,000 for the same period last year. Net income available to common shareholders was $6,038,000 or $1.47 basic per share compared with $5,351,000 or $1.53 basic per share for the same period last year. Net interest income increased 21.7 was positively impacted by the Phoenix acquisition and also increased due to strong loan growth and a lower cost of funds in 2015. Return on average equity was 9.16% compared with 9.95% for the same period 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.
Mid Penn Declares Cash Dividend on Fourth Quarter Earnings and Special Dividend, Payable February 22, 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015