Banking & Finance

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.

Published by The Business Journal, Youngstown, Ohio.