Please wait while we load the requested 10-K report or click the link below:
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 of $6.3 Million for 2012
MIDDLEFIELD, OHIO, January 28, 2013 ¿¿¿¿ 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, 2012.
For the year ended December 31, 2012, the company earned $6,281,000, representing an increase of 52.1% from the net income of $4,130,000 for the year ended December 31, 2011. Net Income for the fourth quarter was $1,269,000, which compares to the $1,329,000 reported for the fourth quarter of 2011.
Earnings per diluted share for the full year of 2012 were $3.28, which was 33.9% above the twelve month 2011 result of $2.45. The company reported diluted earnings per share for the fourth quarter of 2012 at $0.64, while the same period of 2011 saw diluted earnings per share of $0.76.
Annualized returns on average equity (ROE) and average assets (ROA) for 2012 were 11.98% and 0.95%, respectively, compared with 10.24% and 0.65% for 2011. For the fourth quarter, ROE and ROA were 9.11% and 0.75%, respectively. For the comparable 2011 three-month period, the results were 12.33% and 0.81%, respectively.
Our record results for 2012 reflect our commitment to maximizing shareholder value, while continuing our focus on true community banking. The $6.3 million of net income for the year is indicative of the financial strength of our company, which is a fundamental key to all we do, stated Thomas G. Caldwell, President and Chief Executive Officer, Over the course of the past year, we continued our efforts to control costs, both in terms of interest expense as well as overhead. The success that we experienced during 2012 is a direct result of the efforts of the entire team at Middlefield Banc Corp.
The core of our company is strong. We are confident of our abilities to address the three primary threats expected for the near-term, those three challenges being a continued sluggish economy, historically low interest rates, and increased regulatory costs, especially those associated with increased compliance regulations, continued Caldwell. Despite these challenges, we will continue to remain focused on delivering excellent customer service, increasing value to our shareholders, and operating our company under safe and sound banking principles.
The following information was filed by Middlefield Banc Corp (MBCN) on Monday, January 28, 2013 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.
View differences made from one year to another to evaluate Middlefield Banc Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Middlefield Banc Corp.