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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 Full Year and Fourth Quarter Financial Results
MIDDLEFIELD, OHIO, January 23, 2018 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and twelve months ended December 31, 2017.
2017 Financial Highlights (on a year-over-year basis unless noted):
|||Net income increased 47.4% to $9.5 million|
|||Earnings per diluted share increased 2.3% to $3.10 per share, which includes a 43.7% increase in the average number of diluted shares outstanding|
|||Return on average tangible common equity was 10.15%, compared to 10.01%|
|||Total loans increased 51.6% to $923.2 million|
|||Nonperforming assets to total assets declined to 1.23% from 1.65%|
|||Net interest income improved 44.7% to $37.3 million|
|||Equity to assets was 10.83%, compared to 9.77%|
We continued to enhance our operating and financial platform during 2017, which will be the base of our long-term success going forward, stated Thomas G. Caldwell, President and Chief Executive Officer. During the year, we successfully integrated the Liberty Bank N.A. merger, and significantly grew our loan portfolio, which included a $44.7 million increase during the past three months. We ended the year with record total assets and net income, despite one-time merger related expenses, and the write down in our deferred tax asset.
Middlefields community-oriented banking values and customer-centric approach is helping us differentiate the Bank within our Northeast and Central Ohio markets. To this end, I am pleased with the growth we are achieving in Central Ohio. In 12 months and ahead of schedule, Middlefields Sunbury location that was opened during the 2016 fourth quarter has become profitable. We expect Middlefields brand will continue to grow throughout Central Ohio, and we anticipate opening our fourth Central Ohio location in Powell during 2018.
The following information was filed by Middlefield Banc Corp (MBCN) on Wednesday, January 24, 2018 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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