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 Full Year and Fourth Quarter 2013 Results
MIDDLEFIELD, OHIO, February 3, 2014¿¿¿¿ Middlefield Banc Corp. (OTCQB: MBCN), parent of The Middlefield Banking Company, today reported financial results for the fourth quarter and full year ended December 31, 2013.
For the year ended December 31, 2013, the company earned $7.0 million, representing an increase of 11.9% from the net income of $6.3 million for the year ended December 31, 2012. Net Income for the fourth quarter was $1.8 million, which compares to the $1.3 million reported for the fourth quarter of 2012, an increase of 43.4%.
Diluted earnings per share for the full year of 2013 were $3.47, which was 5.8% above the twelve month 2012 result of $3.28. The company reported diluted earnings per share for the fourth quarter of 2013 at $0.90, while the same period of 2012 saw diluted earnings per share of $0.64.
Annualized returns on average equity (ROE) and average assets (ROA) for 2013 were 13.17% and 1.06%, respectively, compared with 11.98% and 0.95% for 2012. For the fourth quarter, ROE and ROA were 13.45% and 1.10%, respectively. For the 2012 three-month period the results were 9.11% and 0.75%, respectively.
For Middlefield Banc Corp., 2013 was a year highlighted by solid success. Our net income in excess of $7.0 million was the highest level ever recorded in the companys history, stated Thomas G. Caldwell, President and Chief Executive Officer, Our results were achieved despite significant expense impact driven by regulatory-related revenue burdens. The success that we experienced during 2013 is a direct result of the efforts of the entire team at Middlefield Banc Corp.
The core of our company is strong. We have maintained our net interest margin, improved asset quality and expanded our loan portfolio. This was accomplished despite a continued sluggish economy, historically low interest rates, and increased regulatory costs, especially those associated with increased compliance regulations, continued Caldwell. 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 Tuesday, February 4, 2014 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.