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15985 East High Street
P. O. Box 35
Middlefield, Ohio 44062
Phone: 440/632-1666 FAX: 440/632-1700
|Contact:||James R. Heslop, 2nd|
Executive Vice President/Chief Operating Officer
(440) 632-1666 Ext. 3219
Middlefield Banc Corp. Reports Record Earnings Performance for 2011
MIDDLEFIELD, OHIO, February 7, 2012 ¿¿¿¿ Middlefield Banc Corp. (OTCQB: MBCN), parent of The Middlefield Banking Company and Emerald Bank, today reported financial results for the fourth quarter and full year ended December 31, 2011.
Net Income for the fourth quarter was $1,329,000, an increase of 91.5% from the $694,000 reported for the fourth quarter of 2010. For the twelve months of 2011 net income totaled $4,130,000, a 64.1% increase from net income of $2,517,000 for the year ended December 31, 2010. Other notable results for the year include:
Total assets increased $22.4 million, or 3.5%, from December 31, 2010.
Net interest income in a year-to-year comparison grew $2.9 million or 16.1%.
Total deposits stood at $581.0 million, an increase of 2.8% from year-end 2010.
Net loans grew $28.3 million during the year, ending up 7.7%.
Efficiency ratio improved to 62.5% from 66.7% during 2011.
Diluted earnings per common share for the year were $2.45, up 53.1% from 2010s $1.60 per share.
Annualized returns on average equity (ROE) and average assets (ROA) for the quarter were 12.33% and 0.81%, respectively, compared with 6.80% and 0.43% for the fourth quarter of 2010. ROE and ROA were 10.24% and 0.65%, respectively, for the twelve-month period of 2011. Comparable results for the 2010 twelve-month period were 6.44% and 0.41%, respectively.
We are pleased to report record earnings during 2011. The $4.1 million of net income for the year is indicative of our continued focus on maintaining the financial strength of our company, which is a fundamental key to all we do, stated Thomas G. Caldwell, President and Chief Executive Officer, We have seen continued improvement in our net interest margin and our efficiency ratio. The success that we experienced during 2011 is a direct result of the efforts of the entire team at Middlefield Banc Corp.
The following information was filed by Middlefield Banc Corp (MBCN) on Thursday, February 9, 2012 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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