Middlefield Bank Reports Record 1Q Income of $3M
MIDDLEFIELD, Ohio – Middlefield Banc Corp., the holding company of The Middlefield Banking Co., reports a record first-quarter net income of $3 million, up 15.6% from the first quarter of 2018.
“The solid start to 2019 demonstrates strong momentum in our business and favorable economic trends throughout both our Central and Northeast Ohio markets,” said President and CEO Thomas G. Caldwell in announcing the results. “Diversifying our income streams is an important focus in 2019 and we expect further growth throughout the year as we implement strategies to improve noninterest income.”
Total assets as of March 31 reached a record $1.28 billion, up from the previous quarter’s $1.24 billion and 1Q 2018’s $1.11 billion.
Total deposits reached $1.04 billion, ahead of the $1.02 billion reported in the final quarter of 2018 and the $944 million in the first quarter of last year.
Among other highlights:
- Earnings per diluted share increased 15% to a first-quarter record $0.92 per share.
- Total loans reached a record $1 billion, up 7.7% year over year.
- Net interest income rose 3.5% to $10.3 million.
- Noninterest income up 41.2% to $1.1 million.
Key performance ratios for the first quarters of 2019 and 2018, respectively, include:
- Return on average assets, 1.01% and 0.94%.
- Return on average equity, 9.36% and 8.73%.
- Net interest margin, 3.7% and 3.8%.
- Efficiency, 64.3% and 67%.
In the first quarter, Middlefield Bank paid dividends of 28 cents per share, a payout ratio of 30.19%, the company reported.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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