Mid Penn Bancorp, Inc. (MPB) has reported a 10.47 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.99 million, or $0.47 a share in the quarter, compared with $1.80 million, or $0.43 a share for the same period last year.
Revenue during the quarter grew 12.67 percent to $10.49 million from $9.31 million in the previous year period. Net interest income for the quarter rose 9.03 percent over the prior year period to $9.18 million. Non-interest income for the quarter rose 16.56 percent over the last year period to $1.44 million.
Mid Penn Bancorp, Inc. has made provision of $0.12 million for loan losses during the quarter, down 63.24 percent from $0.34 million in the same period last year.
Net interest margin contracted 11 basis points to 3.82 percent in the quarter from 3.93 percent in the last year period. Efficiency ratio for the quarter improved to 68.96 percent from 69.19 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Investments stood at $169.18 million as on Mar. 31, 2017. Shareholders equity was at $72.33 million as on Mar. 31, 2017.
At the same time, return on average equity increased 111 basis points to 11.33 percent in the quarter from 10.22 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
