Mid Penn, Procter & Gamble post earnings gains
Mid Penn Bancorp Inc., the parent company of Mid Penn Bank, reported a year-over-year net income available increase of 128 percent in first-quarter results.
In a news release Wednesday, Mid Penn reported net income available to common shareholders of $1.42 million, or 41 cents per share,compared to net income available of $624,000, or 18 cents per common share, reported during the same period in 2013.
The net income represented Mid Penn's highest first-quarter earnings ever and the second-highest quarterly earnings figure in its 146-year history, noted Rory G. Ritrievi, president and CEO of Mid Penn Bancorp.
"These improvements over the first quarter of 2013 allowed us to absorb an increase in provision for loan and lease losses over the same period last year," Ritrievi said in the release. "We are encouraged by the first quarter's financial results and remain focused on quality asset growth, expanding low-cost sources of funds, control of operating expenses, and increased non-interest income."
Mid Penn declared an increased cash dividend of 10 cents per common share, an increase from the 5 cents per common share dividend declared in the first quarter of 2013. It represents the company's 14th consecutive quarter of paying a cash dividend. The dividend is payable on May 26 to shareholders of record on May 7.
Mid Penn also reported a $53.99 million, or 11 percent,increase in net loans over the same period in 2013.
Procter & Gamble, which is building a distribution hub outside Shippensburg, posted third-quarter earnings today of $1.04 a share.
For the three months ended March 31, the maker of Tide detergent and Gillette razors earned $2.61 billion, or 90 cents per share.That compares with $2.57 billion, or 88 cents per share, last year. Subtracting restructuring charges and other items brought the earnings to $1.04 per share.
Net sales were $20.6 billion, which was unchanged from the same period last year.
The world's largest consumer products firm, Procter & Gamble is nearing the final phases of construction on a 1.7-million-square-foot distribution center near Shippensburg.
Procter & Gamble trades on the Nasdaq under the ticker symbol PG.