UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JuneSeptember 30, 2001
Commission file number 0-20141
Mid Penn Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1666413
(State or other jurisdiction of (IRS Employer ID No)
Incorporation or Organization)
349 Union Street, Millersburg, PA 17061
(Address of principal executive offices) (Zip Code)
(717) 692-2133
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
[ X ] Yes [ ] No
Indicate the number of shares outstanding of each of the classes of common
stock, as of the latest practical date.
3,037,3613,036,181 shares of Common Stock, $1.00 par value per share, were outstanding as
of JuneSeptember 30, 2001.
MID PENN BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited; Dollars in thousands)
June 30, Dec. 31,
2001 2000
-------- -------
ASSETS:
Cash and due from banks 8,806 5,986
Interest-bearing balances 47,955 42,376
Available-for-sale securities 57,746 73,885
Federal funds sold 3,600 0
Loans 192,056 184,211
Less, Allowance for loan losses 2,841 2,815
------- -------
Net loans 189,215 181,396
------- -------
Bank premises and equipment, net 3,480 3,581
Other real estate 168 70
Accrued interest receivable 2,151 2,502
Cash surrender value of life insurance 4,387 4,288
Deferred income taxes 773 1,069
Other assets 631 431
------- -------
Total Assets 318,912 315,584
======= =======
LIABILITIES & STOCKHOLDERS' EQUITY:
Deposits:
Demand 23,633 23,274
NOW 28,916 28,293
Money Market 24,076 17,494
Savings 25,930 25,912
Time 142,131 136,435
------- -------
Total deposits 244,686 231,408
------- -------
Short-term borrowings 6,018 22,738
Accrued interest payable 2,112 1,546
Other liabilities 966 1,025
Long-term debt 34,156 29,241
------- -------
Total Liabilities 287,938 285,958
------- -------
STOCKHOLDERS' EQUITY:
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued
(3,056,501 shares at June 30, 2001 and
December 31, 2000 3,057 3,057
Additional paid-in capital 20,368 20,368
Retained earnings 7,851 7,078
Accumulated other comprehensive income (loss) 231 (344)
Treasury stock at cost (19,140 and 19,057 shs., resp.) (533) (533)
------- -------
Total Stockholders' Equity 30,974 29,626
------- -------
Total Liabilities & Equity 318,912
MID PENN BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited; Dollars in thousands)
Sept. 30, Dec. 31,
2001 2000
-------- --------
ASSETS:
Cash and due from banks 7,210 5,986
Interest-bearing balances 52,227 42,376
Available-for-sale securities 55,395 73,885
Federal funds sold 0 0
Loans 200,425 184,211
Less,
Allowance for loan losses 2,896 2,815
------- -------
Net loans 197,529 181,396
------- -------
Bank premises and equip't, net 3,449 3,581
Other real estate 193 70
Accrued interest receivable 2,144 2,502
Cash surrender value of life insurance 4,448 4,288
Deferred income taxes 892 1,069
Other assets 242 431
------- -------
Total Assets 323,729 315,584
======= =======
LIABILITIES & STOCKHOLDERS' EQUITY:
Deposits:
Demand 25,257 23,274
NOW 30,164 28,293
Money Market 26,497 17,494
Savings 25,444 25,912
Time 137,797 136,435
------- -------
Total deposits 245,159 231,408
------- -------
Short-term borrowings 9,698 22,738
Accrued interest payable 2,417 1,546
Other liabilities 2,059 1,025
Long-term debt 32,612 29,241
------- -------
Total Liabilities 291,945 285,958
------- -------
STOCKHOLDERS' EQUITY:
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued
3,056,501 shares at Sept. 30, 2001 and
December 31, 2000 3,057 3,057
Additional paid-in capital 20,368 20,368
Retained earnings 8,307 7,078
Accumulated other comprehensive inc(loss) 607 (344)
Treasury stock at cost
(20,320 and 19,057 shs., resp.) (555) (533)
------- -------
Total Stockholders' Equity 31,784 29,626
------- ------
Total Liabilities & Equity 323,729 315,584
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
Note: The balance sheet at December 31, 2000, has been derived from the audited
financial statements at that date but does not include all the information and
notes required by generally accepted accounting principles for complete
financial statements.
MID PENN BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited; dollars in thousands)
Three Months SixNine Months
Ended JuneSept 30, Ended JuneSept 30,
2001 2000 2001 2000
----- ----- ------ ------
INTEREST INCOME:
-------- -------- --------- ---------
Interest & fees on loans 4,152 3,946 8,229 7,721
Interest-bearing4,047 3,933 12,276 11,654
Int.-bearing balances 781 498 1,528 997786 616 2,314 1,613
Treas. & Agency securities 392 547 883 1,111268 581 1,151 1,692
Municipal securities 441 360 850 705470 377 1,320 1,082
Other securities 54 56 114 103
Fed.45 57 160 160
Fed funds sold and repos. 20repos 55 0 2075 0
--------- --------- --------- -------------- ----- ------ ------
Total Int. Income 5,840 5,407 11,624 10,637
--------- --------- --------- ---------5,671 5,564 17,296 16,201
----- ----- ------ ------
INTEREST EXPENSE:
Deposits 2,389 2,191 4,754 4,2262,306 2,325 7,061 6,551
Short-term borrowings 87 152 380 39136 202 416 593
Long-term borrowings 545 400 1,035 778
--------- --------- --------- ---------543 403 1,578 1,181
----- ----- ------ ------
Total Int. Expense 3,021 2,743 6,169 5,395
--------- --------- --------- ---------2,885 2,930 9,055 8,325
----- ----- ------ ------
Net Int. Income 2,819 2,664 5,455 5,2422,786 2,634 8,241 7,876
PROVISION FOR LOAN LOSSES 100 75 100 150 175
--------- --------- --------- ---------250 250
----- ----- ------ ------
Net Int. Inc. after Prov. 2,744 2,564 5,305 5,067
--------- --------- --------- ---------2,686 2,559 7,991 7,626
----- ----- ------ ------
NON-INTEREST INCOME:
Trust dept. 32 45 68 98dept 24 60 93 158
Service chgs. on deposits 222 144 435 297228 143 662 440
Investment sec. gains (losses), net (7) (4) (18)4 0 (14) (4)
Gain on sale of loans 0 310 0 31
Other 190 181 390 389
--------- --------- --------- ---------223 171 613 560
----- ----- ------ ------
Total Non-Interest Income 437 397 875 811
--------- --------- --------- ---------479 374 1,354 1,185
----- ----- ------ ------
NON-INTEREST EXPENSE:
Salaries and benefits 1,039 964 2,036 1,8911,044 971 3,080 2,862
Occupancy, net 97 80 212 18193 308 274
Equipment 127 129 238 247126 137 364 384
PA Bank Shares tax 6566 68 130 135196 203
Other 524 443 973 883
--------- --------- --------- ---------
Total Non-Interest Expense 1,852 1,684 3,589 3,337
--------- --------- --------- ---------465 437 1,439 1,320
----- ----- ------ ------
Tot. Non-int. Exp. 1,798 1,706 5,387 5,043
----- ----- ------ ------
Income before income taxes 1,329 1,277 2,591 2,5411,367 1,227 3,958 3,768
INCOME TAX EXPENSE 312 308 603 624
--------- --------- --------- ---------303 280 906 904
----- ----- ------ ------
NET INCOME 1,017 969 1,988 1,917
========= ========= ========= =========1,064 947 3,052 2,864
===== ===== ====== ======
NET INCOME PER SHARE 0.33 0.32 .65 .63
========= ========= ========= =========0.35 0.31 1.00 .94
===== ===== ====== ======
DIVIDENDS PER SHARE 0.20 0.20 .40 .40
========= ========= ========= =========.60 .60
===== ===== ====== ======
Weighted Average NumberNo. of
Shares Outstanding 3,039,438 3,035,403 3,039,180 3,035,300
3,036,843 3,038,401
3,036,387 3,035,665
The accompanying notes are an integral part of these consolidated financial
statements.
MID PENN BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited; Dollars in thousands)
For the six months ended:
June 30, June 30,
2001 2000
-------- -------
Operating Activities:
Net Income 1,988 1,917
Adjustments to reconcile net income
to net cash provided by operating
activities:
Provision for loan losses 150 175
Depreciation 183 211
Increase in cash-surrender value of life insurance (99) (95)
Loss (gain) on sale of investment
securities 18
MID PENN BANCORP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited; Dollars in thousands)
For the nine months ended:
Sept. 30, Sept. 30,
2001 2000
-------- --------
Operating Activities:
Net Income 3,052 2,864
Adjustments to reconcile net income
to net cash provided by operating
activities:
Provision for loan losses 250 250
Depreciation 275 318
Incr. in cash-surr. value of life ins. (160) (148)
Loss (gain) on sale of investment
securities 14 4
Loss (gain) on sale/disposal of bank
premises and equipment 0 0
Loss (gain) on the sale of foreclosed
assets 0 (40)
Loss (gain) on the sale of loans 0 (31)
Change in interest receivable 351 (130)
Change in other assets (200) (298)
Change in interest payable 566 636
Change in other liabilities (59) 188
------ ------
Net cash provided by
operating activities 2,898 2,537
------ ------
Investing Activities:
Net (increase) decrease in interest-bearing balances (5,579) 13
Increase in federal funds sold (3,600) 0
Proceeds from sale of securities 11,284 3,515
Proceeds from the maturity of securities 12,458 2,200
Purchase of investment securities (6,750) (6,417)
Proceeds from the sale of loans 0 3,622
Net increase in loans (8,067) (8,311)
Purchases of fixed assets (82) (67)
Proceeds from sale of other real estate 0 68
Capitalized additions - ORE 0 0
------ ------
Net cash used in
investing activities (336) (5,377)
------ ------
Financing Activities:
Net (decrease) increase in demand & savings deposits 7,582 (3,317)
Net increase (decrease) in time deposits 5,696 12,141
Net decrease in short-term borrowings (16,720) (12,637)
Net increase (decrease) in long-term borrowings 4,915 7,922
Cash dividend declared (1,215) (1,213)
Net sale of treasury stock 0 23
------ ------
Net cash provided by (used in)
financing activities 258 2,919
------ ------
Net increase in cash & due from banks 2,820 79
Cash & due from banks, beginning of period 5,986 7,474
------ ------
Cash & due from banks, end of period 8,806 7,553
====== ======
Supplemental Noncash Disclosures:
Loan charge-offs 139 32
Transfers to other real estate 98 0 0
Loss (gain) on the sale of foreclosed
assets (16) (40)
Loss (gain) on the sale of loans 0 (31)
Change in interest receivable 358 (75)
Change in other assets (124) (205)
Change in interest payable 871 1,136
Change in other liabilities 1,034 671
------- -------
Net cash provided by
operating activities: 5,554 4,744
------- -------
Investing Activities:
Net (incr)decr in int-bearing balances (9,851) (6,616)
Incr. in federal funds sold 0 0
Proceeds from sale of securities 11,284 3,515
Proceeds from the maturity of secs. 19,071 2,315
Purchase of investment securities (10,438) (8,709)
Proceeds from the sale of loans 0 3,622
Net increase in loans (16,571) (11,525)
Purchases of fixed assets (143) (523)
Proceeds from sale of other real estate 81 68
Capitalized additions - ORE 0 0
------- -------
Net cash used in
investing activities (6,629) (17,853)
------- -------
Financing Activities:
Net (decr)incr in demand & svngs deps. 12,389 (4,389)
Net incr(decr) in time deposits 1,362 16,163
Net decrease in sh-term borrowings (13,040) (6,305)
Net incr(decr) in long-term borrowings 3,371 7,882
Cash dividend declared (1,823) (1,821)
Net sale of treasury stock (22) 15
------- -------
Net cash provided by(used in)
financing activities 2,237 11,545
------- -------
Net increase in cash & due from banks 1,224 (1,564)
Cash & due from banks, beg of period 5,986 7,474
------- -------
Cash & due from banks, end of period 7,210 5,910
======= =======
Supplemental Noncash Disclosures:
Loan charge-offs 193 60
Transfers to other real estate 188 35
The accompanying notes are an integral part of these consolidated financial
statements.
Mid Penn Bancorp, Inc.
Notes to Consolidated Financial Statements
1. The consolidated interim financial statements have been prepared by the
Corporation, without audit, according to the rules and regulations of the
Securities and Exchange Commission with respect to Form 10-Q. The financial
information reflects all adjustments (consisting only of normal recurring
adjustments) which are, in our opinion, necessary for a fair statement of
results for the periods covered. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted according to these
rules and regulations. We believe, however, that the disclosures are adequate so
that the information is not misleading. You should read these interim financial
statements along with the financial statements including the notes included in
the Corporation's most recent Form 10-K.
2. Interim statements are subject to possible adjustments in connection with the
annual audit of the Corporation's accounts for the full fiscal year. In our
opinion, all necessary adjustments have been included so that the interim
financial statements are not misleading.
3. The results of operations for the interim periods presented are not
necessarily an indicator of the results expected for the full year.
4. Management considers the allowance for loan losses to be adequate at this
time.
5. Short-term borrowings as of JuneSept. 30, 2001, and December 31, 2000,
consisted of:
(Dollars in thousands)
6/9/30/01 12/31/00
------- ---------------
Federal funds purchased $ 0$6,100 $20,800
Repurchase agreements 5,0102,594 1,459
Treasury, tax and loan note 1,0081,004 479
------ -------
$6,018$9,698 $22,738
====== =======
Securities sold under repurchase agreements generally mature between one day and
one year. Treasury, tax and loan notes are open-ended interest bearing notes
payable to the U.S. Treasury upon call. All tax deposits accepted by the Bank
are placed in the Treasury note option account.
6. Long-term debt as of the quarter ended JuneSept. 30, 2001, and the year ended
December 31, 2000, was $34,156,000$32,612,000 and $29,241,000, respectively. The Bank is a
member of the Federal Home Loan Bank of Pittsburgh (FHLB) and through its
membership, the Bank can access a number of credit products which are utilized
to provide various forms of liquidity. The Bank entered into one long-term
borrowing with the FHLB during the period: $5,000,000 in a three-year fixed-rate
borrowing at 5.20% with a final maturity of March 12, 2004.
7. Earnings per share is computed by dividing net income by the weighted average
number of common shares outstanding during each of the periods presented, giving
retroactive effect to stock dividends and stock splits, if any. The
Corporation's basic and diluted earnings per share are the same since there are
no dilutive securities outstanding.
8. The purpose of reporting comprehensive income (loss) is to report a measure
of all changes in the Corporation's equity resulting from economic events other
than transactions with stockholders in their capacity as stockholders. For the
Corporation, "comprehensive income (loss)income(loss)" includes traditional income statement
amounts as well as unrealized gains and losses on certain investments in debt
and equity securities (i.e. available for sale securities). Because unrealized
gains and losses are part of comprehensive income (loss), comprehensive income
(loss) may vary substantially between reporting periods due to fluctuations in
the market prices of securities held.
(In thousands) Three Months Six Months
Ended JuneSept 30, Ended JuneSept 30,
2001 2000 2001 2000
------ ------ ------ ---------- ---- ---- ----
Net Income $1,017 $ 969 $1,988 $1,917$1,064 $947 $3,052 $2,864
------ ------ ------ ------
Other comprehensive income (loss)income(loss):
Unrealized holding gains (losses)gains(losses)
on securities arising during
the period 51 18 854 (708)566 991 1,455 287
Less: reclassification
adjustments for (gains) losses
included in net income 7 4 18(4) 0 14 4
------ ------ ------ ------
Other comprehensive income (loss)income(loss)
before income tax (provision) benefit 58 22 872 (704)570 991 1,441 283
Income tax (provision) benefit
related to other comprehensive
income (loss) (20) (6) (297) 241income(loss) (194) (337) (490) (96)
------ ------ ------ ------
Other comprehensive income (loss) 38 16 575 (463)inc(loss) 376 654 951 187
------ ------ ------ ------
Comprehensive Income (Loss) $1,055 $ 985 $2,563 $1,454Income(Loss) $1,440 $1,601 $4,003 $3,051
====== ====== ====== ======
Mid Penn Bancorp, Inc.
Millersburg, Pennsylvania
Management's Discussion of Consolidated Financial Condition as of JuneSept. 30,
2001, compared to year-end 2000 and the Results of Operations for the secondthird
quarter and the first sixnine months of 2001 compared to the same periods in 2000.
CONSOLIDATED FINANCIAL CONDITION
Total assets as of June 30, 2001, increased to $318,912,000,$323,729,000, from $315,584,000
as of December 31, 2000.
During the first halfthree quarters of 2001, net loans outstanding increased by
$7,819,000,$16,133,000, or 4%9% from year end.
Total deposits increased by $13,278,000$13,751,000 during the first sixnine months of 2001.
Money market accounts increased by $6,582,000$9 million over year end largely due to the
popularity of a new indexed money market product offered by the bank. Time
deposits increased by $5,696,000.It appears
that many depositors are currently uneasy about investing in the stock market
and are thus depositing into bank money market and other more conservative
investments.
Short-term borrowings decreased by $16.7$13 million from year end. These borrowings
were decreased largely through funds generated by operations and through funds
generated by the sale, maturity and call of investment securities.
All components of long-term debt are advances from the FHLB. Long-term debt
advances were initiated in order to secure an adequate spread on certain pools
of loans and investments of the Bank.
As of JuneSept. 30, 2001, the Bank's capital ratios are well in excess of the
minimum and well-capitalized guidelines and the Corporation's capital ratios are
in excess of the Bank's capital ratios.
As of July 2, 2001, the Bancorp formed a new subsidiary, Mid Penn Insurance
Services, LLC, in order to sell title insurance. The subsidiary will allow the
bank to provide title insurance, currently through United General Insurance
Company, to our borrowers and generate fee income for the Corporation through
the sales. The subsidiary is expected to be profitable by year end.
RESULTS OF OPERATIONS
Net income for the first sixnine months of 2001 was $1,988,000,$3,052,000, compared with
$1,917,000$2,864,000 earned in the same period of 2000. Net income per share for the same
period of 2001 and 2000 was $.65$1.00 and $.63,$.94, respectively. Net income as a
percentage of stockholders' equity, also known as return on equity, (ROE), was
13.1%13.3% on an annualized basis for the first halfnine months of 2001 as compared to 14.4%14.1%
for the same period in 2000. The decrease in ROE is due largely to the increase
in shareholders equity resulting from the unrealized gain on investment
securities arising in the current rate environment.
Net income for the secondthird quarter of 2001 was $1,017,000,$1,064,000, compared with $969,000$947,000
earned in the same quarter of 2000. Net income per share for the secondthird quarters
of 2001 and 2000 was $.33$.35 and $.32,$.31, respectively.
Net interest income of $2,819,000$2,786,000 for the quarter ended JuneSept. 30, 2001,
increased by 5.8% compared to the $2,664,000$2,634,000 earned in the same quarter of 2000.
This rise indicates an increase in interest spread during the quarter despite
keen interest rate competition.
During the second quarter of 2001, we analyzed interest rate risk using the
Vining Sparks Asset-Liability Management Model. Using the computerized model,
management reviews interest rate risk on a periodic basis. This analysis
includes an earnings scenario whereby interest rates are increased by 200 basis
points (2 percentage points) and another whereby they are decreased by 200 basis
points. At MayJuly 31, 2001, these scenarios indicate that there would not be a
significant variance in net interest income at the one-year time frame due to
interest rate changes; however, actual results could vary significantly from the
calculations prepared by management.
The Bank made a provision for loan losses of $75,000$100,000 during the secondthird quarter
of 2001 and $100,000$75,000 during the secondthird quarter of 2000. On a quarterly basis,
senior management reviews potentially unsound loans taking into consideration
judgments regarding risk of error, economic conditions, trends and other factors
in determining a reasonable provision for the period.
Non-interest income amounted to $437,000$479,000 for the secondthird quarter of 2001 compared
to $397,000$374,000 earned during the same quarter of 2000. Service charges on deposits
grew by more than 50% during the secondthird quarter of 2001 compared to the same
period of 2000 as the bank continues to focus on fee and service charge income.
One significant contributor to non-interest income is insufficient fund (NSF)
fee income. NSF fee income contributed in excess of $354,000$546,000 during the first
halfnine months of 2001.2001, as compared to $339,000 for the same period of 2000.
Due mainly to the addition of a new Harrisburg branch office in August of 2000,
non-interest expense during the secondthird quarter of 2001 of $1,852,000$1,798,000 increased
slightly as compared to an expense of $1,684,000$1,706,000 during the same period of 2000
as we continue to strive to maintain low overhead.
LIQUIDITY
The Bank's objective is to maintain adequate liquidity while minimizing interest
rate risk. Adequate liquidity provides resources for credit needs of borrowers,
for depositor withdrawals, and for funding Corporate operations. Sources of
liquidity include maturing investment securities, overnight borrowings of
federal funds (and Flex Line), payments received on loans, and increases in
deposit liabilities.
Funds generated from operations contributed a major source of funds for the
first halfnine months of 2001. The major source of funds came from the net decrease
in investment securities of $17,010,000$19 million due to the sale, call and maturity of
bonds. As the current rate environment has dropped to very low levels, many
callable securities have been called during the quarter.period. Other major sources of
funds included a net increase in money market funds of $6,582,000$9 million mainly in the
area of our new indexed money market, and a net increase in timeother demand and
savings deposits of $5,696,000.
The$3 million.
A major use of funds during the period was a net decrease in short-term
borrowings of $16,720,000. The other$13 million. Other major uses of funds included a net increase in
loans of $8,067,000$16 million and a net increase of $5,579,000$10 million in interest bearing
balances purchased in anticipation of falling interest rates.
CREDIT RISK AND ALLOWANCE FOR LOAN LOSSES
Total non-performing assets increased to $2,587,000$2,700,000, representing 0.81%0.83% of total
assets at JuneSept. 30, 2001, from $2,312,000 or 0.73% of total assets at December
31, 2000. Most non-performing assets are supported by collateral value that
appears to be adequate at JuneSeptember 30, 2001.
The allowance for loan losses at JuneSept. 30, 2001, was $2,841,000$2,896,000 or 1.48%1.44% of
loans, net of unearned interest, as compared to $2,815,000 or 1.53% of loans,
net of unearned interest, at December 31, 2000.
Based upon the ongoing analysis of the Bank's loan portfolio by the loan review
department, the latest quarterly analysis of potentially unsound loans and
non-performing assets, we consider the Allowance for Loan Losses to be adequate
to absorb any reasonable, foreseeable loan losses.
MID PENN BANCORP, INC.
June 30, Dec. 31,
2001 2000
----- ------
Non-Performing Assets:
Non-accrual loans 1,291 1,116
Past due 90 days or more 506 504
Restructured loans 622 622
----- -----
Total non-performing loans 2,419 2,242
Other real estate 168 70
----- -----
Total 2,587
MID PENN BANCORP, INC.
Sept. 30, Dec. 31,
2001 2000
-------- --------
Non-Performing Assets:
Non-accrual loans 1,555 1,116
Past due 90 days or more 414 504
Restructured loans 538 622
----- -----
Total non-performing loans 2,507 2,242
Other real estate 193 70
----- -----
Total 2,700 2,312
===== =====
Percentage of total loans outstanding 1.35 1.26
Percentage of total assets 0.83 0.73
Analysis of the Allowance for Loan Losses:
Balance beginning of period 2,815 2,505
Loans charged off:
Commercial real estate, construction
and land development 30 1
Commercial, industrial and agricultural 70 12
Real estate - residential mortgage 0 0
Consumer 93 61
----- -----
Total loans charged off 193 74
----- -----
Recoveries of loans previously charged off:
Commercial real estate, construction
and land development 0 28
Commercial, industrial and agricultural 1 5
Real estate - residential mortgage 2 0
Consumer 21 26
----- -----
Total recoveries 24 59
----- -----
Net (charge-offs) recoveries (169) (15)
----- -----
Current period provision for
loan losses 250 325
----- -----
Balance end of period 2,896 2,815
===== =====
Percentage of total loans outstanding 1.35 1.26
Percentage of total assets 0.81 0.73
Analysis of the Allowance for Loan Losses:
Balance beginning of period 2,815 2,505
Loans charged off:
Commercial real estate, construction
and land development 0 1
Commercial, industrial and agricultural 65 12
Real estate - residential mortgage 0 0
Consumer 74 61
----- -----
Total loans charged off 139 74
----- -----
Recoveries of loans previously charged off:
Commercial real estate, construction
and land development 0 28
Commercial, industrial and agricultural 0 5
Real estate - residential mortgage 2 0
Consumer 13 26
----- -----
Total recoveries 15 59
----- -----
Net (charge-offs) recoveries (124) (15)
----- -----
Current period provision for loan losses 150 325
----- -----
Balance end of period 2,841 2,815
===== =====
Mid Penn Bancorp, Inc.
PART II - OTHER INFORMATION:
Item 1. Legal Proceedings - Nothing to report
Item 2. Changes in Securities - Nothing to report
Item 3. Defaults Upon Senior Securities - Nothing to report
Item 4. Submission of Matters to a Vote of Security Holders:
At the Annual Meeting of Shareholders held on April 24,
2001, a vote was held for the election of Class B
directors: Earl R. Etzweiler, William G. Nelson and
Donald E. SauveHolders
- Nothing to serve for a three-year term, and to
ratify the selection of Parente Randolph as external
auditors for the corporation for the year ending
December 31, 2001. Earl Etzweiler received 2,320,611
votes for and 7,779 votes withheld. William Nelson
received 2,315,826 votes for and 12,564 votes withheld.
Donald Sauve received 2,266,958 votes for and 61,432
votes withheld. The selection of external auditors
received 2,318,867 votes for, 2,846 votes against, and
6,677 votes abstaining.report
Item 5. Other Information - Nothing to report
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits - None.
b. Reports on Form 8-K - None.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Mid Penn Bancorp, Inc.
Registrant
/s/ Alan W. Dakey /s/ Kevin W. Laudenslager
By: Alan W. Dakey By: Kevin W. Laudenslager
President & CEO Treasurer
Date: July 26,November 8, 2001 Date: July 26,November 8, 2001