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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 Third Quarter and Nine Month Financial Results
MIDDLEFIELD, OHIO, October 24, 2017 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2017.
2017 Nine Month Financial Highlights (on a year-over-year basis unless noted):
|||Net income increased 48.6% to $7.1 million|
|||Earnings per diluted share increased 3.0% to $2.37 per share, which includes a 44.0% increase in the average number of diluted shares outstanding|
|||Total loans increased 49.8% to $878.5 million|
|||Nonperforming assets to total assets declined to 1.17% from 1.25%|
|||Organic total net loans increased 16.1%|
|||Net interest income improved 44.6% to $27.5 million|
|||Tier 1 leverage ratio remains strong at 10.06%|
The continued strength in our operating and financial results are due to the successful integration of the Liberty Bank N.A. merger, organic loan growth of 16.1%, and the continued focus on increasing profitability by controlling costs, managing risk, and diversifying our revenues, stated Thomas G. Caldwell, President and Chief Executive Officer. I am pleased we have been able to grow our margin throughout the year by proactively managing our cost of funds and growing our yield, despite rising rates and a highly competitive banking environment. Middlefields community-oriented banking values and customer-centric approach is helping differentiate us within our markets. As a result, our pipeline of new loans in both our Northeast and Central Ohio markets remains robust, and we are excited about Middlefields long-term growth opportunities within each of these markets.
Net income for the nine months ended September 30, 2017 was $7.1 million, or $2.37 per diluted share, compared to net income for the nine months ended September 30, 2016 of $4.8 million, or $2.30 per diluted share. Net income for the 2017 third quarter was $2.5 million, or $0.76 per diluted share, compared to net income for the 2016 third quarter of $1.3 million, or $0.60 per diluted share.
The following information was filed by Middlefield Banc Corp (MBCN) on Wednesday, October 25, 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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