Middlefield Banc 3Q Net Income Increases to $7.16M
MIDDLEFIELD, Ohio – Middlefield Banc Corp., holding company of The Middlefield Banking Co., reports its third-quarter net income increased 48.6% to $7.16 million, or $2.38 per basic common share.
This compares to net income for the quarter ended Sept. 30, 2016, of $4.76 million, or $2.31 per basic common share.
Middlefield cited these highlights in comparing the third quarter to the year-ago quarter:
- Earnings per diluted share increased 3.0% to $2.37 per share, which includes a 44.0% increase in the average number of diluted shares.
- Total loans increased 49.8% to $878.54 million.
- Nonperforming assets to total assets declined to 1.17% from 1.25%.
- Organic total net loans increased 16.1%.
- Net interest income improved 44.6% to $27.55 million.
Said the president and CEO, Thomas G. Caldwell, in a prepared statement, “The continued strength in our operating and financial results are due to the successful integration of the Liberty Bank N.A. merger, organic loan growth of 16.1%, and the continued focus on increasing profitability by controlling costs, managing risk, and diversifying our revenues.”
Key performance ratios for the quarters ended Sept. 30, 2017 and 2016:
- Return on average assets, 0.89%, 0.85%.
- Return on average equity, 8.82%, 9.07%.
- Net interest margin, 3.82%, 3.78%.
- Efficiency, 65.57%, 68.42%.
Total assets reached a record $1.080 billion at Sept. 30, up from $787.82 million at Dec. 31 and $762.25 million Sept. 30, 2016.
Total deposits also rose to $897.65 million, up from $629.93 million at year-end and $639.34 million a year ago.
Through the first nine months, Middlefield paid cash dividends of 81 cents a share, a payout ratio of 35.22%, the company noted. Total stockholders’ equity increased to $118.59 million compared to $78.29 for the year-ago quarter.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.