Exhibit 99

 

LOGO

15985 East High Street

P. O. Box 35

Middlefield, Ohio 44062

Phone: (440) 632-1666    FAX: (440) 632-1700

www.middlefieldbank.bank

 

 

 

PRESS RELEASE

 

 

Company Contact:    Investor and Media Contact:

Thomas G. Caldwell

President/Chief Executive Officer

Middlefield Banc Corp.

(440) 632-1666 Ext. 3200

tcaldwell@middlefieldbank.com

  

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

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.”

“Middlefield’s 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, Middlefield’s Sunbury location that was opened during the 2016 fourth quarter has become profitable. We expect Middlefield’s 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.

View differences made from one year to another to evaluate Middlefield Banc Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Middlefield Banc Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account