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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 2017 First Half Financial Results
MIDDLEFIELD, OHIO, July 26, 2017 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2017 first half and second quarter ended June 30, 2017.
2017 First Half Financial Highlights versus 2016 First Half (unless noted):
|||Net income was up 35.0% to $4.6 million|
|||Earnings per diluted share decreased 6.9% to $1.61 per share, as a result of a 44.6% increase in the average number of diluted shares outstanding|
|||Total net loans increased 50.2% to $861.3 million|
|||Organic total net loans increased 11.0%|
|||Total interest income improved 43.0% to $21.1 million|
|||Tier 1 capital ratio remains strong at 9.95%|
Middlefields 2017 second quarter and year-to-date financial results reflect the contribution of the Liberty Bank, N.A. acquisition, robust organic loan growth throughout our Central and Northeast Ohio markets, and stable asset quality, stated Thomas G. Caldwell, President and Chief Executive Officer. Year-to-date, total net loans increased 11.0% organically, and over the past three months were up 3.7% organically. In addition, we ended the second quarter with a robust pipeline of potential new loans. I am encouraged by recent loan growth and demand trends, which demonstrates Middlefields growing banking franchise and stable economic trends within our local geographies. While total net loans increased 50.2%, our asset quality remains strong as nonperforming loans to total loans has declined to 1.45% at June 30, 2017 from 1.64% for the same period last year. As a result of Middlefields strong year-to-date performance, we expect 2017 will be another good year for the Bank.
For the 2017 first half, net interest income increased 42.4% to $18.0 million, compared to $12.7 million for the same period last year. Year-to-date, the net interest margin was 3.82%, compared to 3.82% for the same period last year. Net interest income for the 2017 second quarter was $9.3 million, compared to $6.3 million for the 2016 second quarter.
The following information was filed by Middlefield Banc Corp (MBCN) on Wednesday, July 26, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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