Mid Penn Bancorp, Inc. (MPB) has reported a 19.55 percent rise in profit for the year ended Dec. 31, 2016. The company has earned $7.80 million, or $1.85 a share in the year, compared with $6.53 million, or $1.47 a share for the last year.
Revenue during the year grew 11.36 percent to $38.90 million from $34.93 million in the previous year. Net interest income for the quarter rose 9.29 percent over the prior year period to $34.84 million. Non-interest income for the year rose 44.03 percent over the last year to $5.92 million.
Mid Penn Bancorp, Inc. has made provision of $1.87 million for loan losses during the year, up 75.59 percent from $1.06 million in the same period last year.
Net interest margin contracted 21 basis points to 3.82 percent in the year from 4.03 percent in the last year. Efficiency ratio for the year improved to 68.97 percent from 69.32 percent in the previous year. A decline in efficiency ratio indicates a rise in profitability.
Rory G. Ritrievi president & chief executive officer stated "I am very pleased to report Mid Penn's record earnings for both the fourth quarter of 2016 and for the entire fiscal year. We are proud that our earnings reflect a Return on Average Equity of over 10% for both the quarter and the year. In my comments at the end of 2015, I noted that “we acknowledge that there is much work to do and we are focused on continuing the positive momentum throughout 2016.” This earnings report reflects the excellent work by our team to not only continue this positive momentum, but to increase it during 2016. By effectively implementing our community banking approach, we achieved significant increases in core banking revenues and fee-based income through highly-qualitative relationships with commercial, retail, and wealth management customers."
Liabilities outpace assets growth
Total assets stood at $1,032.60 million as on Dec. 31, 2016, up 10.84 percent compared with $931.64 million on Dec. 31, 2015. On the other hand, total liabilities stood at $962.13 million as on Dec. 31, 2016, up 11.67 percent from $861.57 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $808.70 million as on Dec. 31, 2016, up 10.32 percent compared with $733.02 million on Dec. 31, 2015. Deposits stood at $935.37 million as on Dec. 31, 2016, up 20.38 percent compared with $777.04 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $122.81 million or 13.13 percent of total deposits on Dec. 31, 2016, compared with $103.72 million or 13.35 percent of total deposits on Dec. 31, 2015.
Investments stood at $133.62 million as on Dec. 31, 2016, down 1.54 percent or $2.10 million from year-ago. Shareholders equity stood at $70.47 million as on Dec. 31, 2016, up 0.57 percent or $0.40 million from year-ago.
At the same time, return on average equity increased 155 basis points to 10.71 percent in the year from 9.16 percent in the last year.
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