Correction: Middlefield Reports Nine-Month Income of $9.6M

MIDDLEFIELD, Ohio — Middlefield Banc Corp., the holding company of The Middlefield Banking Co., reports a record net income of $9.6 million for the nine months ended Sept. 30, up 6.3% year-over-year.

“Competition for both loans and deposits within many of our markets remains high and we have seen aggressive pricing dynamics from some of our competitors,” said President and CEO Thomas G. Caldwell in announcing the results. “I am pleased with our third quarter and nine-month financial results, despite continued industrywide challenges including slowing loan growth and compressing net interest margin.”

Total assets as of Sept. 30 were $1.28 billion, a 6.2% increase over $1.21 billion at Sept. 30, 2018.

Total deposits reached $1.03 billion, up from $1.01 billion year-over-year. The 2% increase was primarily a result of higher interest-bearing demand and time deposits, offset by decreases in money market and savings accounts, according to a company release.

Investments increased to $105 million, up from $99.7 million in September 2018.

Among other highlights for the nine months:

  • Earnings per diluted share increased 5.8% to $2.94 per share.
  • Tangible book value per share was up 12.1% to $36.96 per share.
  • Return on average tangible common equity was 10.93%, compared to 11.36%.
  • Total net loans increased 2.8% to $992.3 million.
  • Net interest income increased 3.6% to $31.1 million.
  • Noninterest income increased 28.5% to $3.5 million.

At the end of the third quarter, shareholders’ equity increased 9.4% to $135.9 million compared to $124.2 million at September 30, 2018. Per share equity increased 10.3% to $42.32 from $38.38 year-over-year.

Through the first nine months of 2019, the company declared cash dividends of $0.84 per share, compared to $0.89 per share for the same period last year, which included a one-time special cash dividend on $0.05 per share. The dividend payout ratio for the 2019 nine-month period was 28.4% compared to 31.9% for the same period last year. 

EDITOR’S NOTE: This story has been corrected to report that net income of $9.6 million is for the nine months of 2019, not the third quarter. We apologize for the error.

Published by The Business Journal, Youngstown, Ohio.