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15985 East High Street
P. O. Box 35
Middlefield, Ohio 44062
Phone: (440) 632-1666 FAX: (440) 632-1700
|Company Contact:||Investor and Media Contact:|
Thomas G. Caldwell
President/Chief Executive Officer
Middlefield Banc Corp.
(440) 632-1666 Ext. 3200
Andrew M. Berger
SM Berger & Company, Inc.
Middlefield Banc Corp. Reports Record 2019 Full Year Earnings
MIDDLEFIELD, OHIO, January 24, 2020 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported record financial results for the twelve months ended December 31, 2019.
2019 Financial Highlights (on a year-over-year basis unless noted):
Net income increased 2.3% to a record $12.7 million
Earnings per diluted share increased 2.1% to a record $1.95 per share
Return on average common equity was 9.35%, compared to 9.94%
Return on average tangible common equity(1) was 10.72%, compared to 11.57%
Book value per share was up 8.5% to a record $21.45 per share
Tangible book value(1) per share was up 10.0% to a record $18.78 per share
Total net loans decreased 0.7% to $977.5 million
Net interest income improved 2.3% to $41.4 million
Total noninterest income was up 29.9% to $4.8 million
Noninterest expense was up only 4.5%
Equity to assets strengthened to 11.65%, compared to 10.28%
All per share data has been adjusted to reflect the November 8, 2019 two-for-one stock split
Middlefield achieved record annual earnings, earnings per share, and book value for the year ended December 31, 2019, despite a more challenging banking landscape, stated Thomas G. Caldwell, President and Chief Executive Officer. During the year, we were able to successfully offset macro related pressures related to a declining rate environment and significant competition for loans and deposits, as annual noninterest income increased nearly 30%, core asset quality improved, and noninterest expenses only increased 4.5%, compared to the prior year. We continue to invest in developing new products and services for our customers, and further expanded our footprint in Central Ohio with our new Plain City branch that opened during the 2019 fourth quarter.
The following information was filed by Middlefield Banc Corp (MBCN) on Friday, January 24, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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