Financial Services

Middlefield Bank Reports $6.3M Income in 2Q

MIDDLEFIELD, Ohio – Middlefield Banc Corp. reported second-quarter net income of $6.3 million, a 10% increase from the same period last year.

“Our second quarter financial results demonstrate the strength of our financial model as earnings per diluted share increased 5.2% from the same period a year ago to a second quarter record of $1.01 per diluted share, while our year-to-date tangible book value increased 11.0% to a record $36.07 per share,” said President and CEO Thomas G. Caldwell in a statement.

Total assets as of June 30 were $1.29 billion, up from both the previous quarter level of $1.28 billion and the $1.17 billion the second quarter of 2018.

Deposits for Middlefield Banc Corp., the parent company of Middlefield Bank, were $1.05 billion in the second quarter, up from $1.04 billion in the first quarter and $932.2 million in the year-ago quarter.

Among other highlights were earnings per diluted share increasing 9.7% to $1.93 per share and total loans increasing 5.8% to $998.2 million.

Key performance ratios for the quarters ended June 30, March 31 and June 30, 2018 include:

  • Return on average assets: 1.09%, 1.01%, 1.11%.
  • Return on average equity: 9.79%, 9.36%, 10.08%.
  • Net interest margin: 3.65%, 3.7%, 3.74%.
  • Efficiency: 63.03%, 64.3%, 63.43%.

Published by The Business Journal, Youngstown, Ohio.