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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 Earnings for
2018 Full Year and Fourth Quarter Financial Results
MIDDLEFIELD, OHIO, January 17, 2019 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported record financial results for the three and twelve months ended December 31, 2018.
2018 Financial Highlights (on a year-over-year basis unless noted):
Net income increased 31.5% to a record $12.4 million
Earnings per diluted share increased 23.5% to a record $3.83 per share
For the 2018 fourth quarter, return on average equity was 10.52%, compared to 7.72% for the quarter ended December 31, 2017
For the 2018 fourth quarter, return on average tangible common equity(1) was 12.17%, compared to 9.05% for the quarter ended December 31, 2017
For the 2018 fourth quarter, return on average assets was 1.15%, compared to 0.86% for the quarter ended December 31, 2017
Book value per share was up 6.2% to a record $39.54 per share
Tangible book value(1) per share was up 7.7% to a record $34.16 per share
Total net loans increased 7.5% to a record $984.7 million
Total interest income improved 14.5% to $50.4 million
Noninterest expense was up 4.6%
Equity to assets remains strong at 10.28%
Middlefield achieved multiple financial and operating records during 2018 including assets, deposits, net income and book value per share, stated Thomas G. Caldwell, President and Chief Executive Officer. In addition, I am pleased with the continued expansion of returns on average assets, equity, and tangible common equity. Our financial results demonstrate the continued success of our strategic growth plan and the business platform we have created.
The following information was filed by Middlefield Banc Corp (MBCN) on Friday, January 18, 2019 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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