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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 Record Earnings
for 2018 Third Quarter and Nine Month Financial Results
MIDDLEFIELD, OHIO, October 17, 2018 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2018.
2018 Nine Month Financial Highlights (on a year-over-year basis unless noted):
Net income increased 27.4% to $9.0 million
Earnings per diluted share increased 17.3% to $2.78 per share, despite an 8.8% increase in the average number of diluted shares outstanding
For the 2018 third quarter, return on average equity was 10.33%, compared to 8.12% for the quarter ended September 30, 2017
For the 2018 third quarter, return on average tangible common equity(1) was 12.00%, compared to 9.57% for the quarter ended September 30, 2017
Book value per share was up 4.1% to $38.38 per share
Tangible book value(1) per share was up 5.6% to $32.96 per share
Total net loans increased 10.8% to $965.5 million
Total interest income improved 13.8% to $36.9 million
Noninterest expense was up only 1.1%
Equity to assets remains strong at 10.30%
Earnings per diluted share were a quarterly record during the third quarter. Middlefield also ended the third quarter with record loans and deposits, and we experienced a significant expansion in returns on average assets, equity, and tangible common equity, stated Thomas G. Caldwell, President and Chief Executive Officer. Our efficiency ratio continues to improve despite additional operating expenses associated with our new Powell, Ohio office that opened in September. Our recently opened Sunbury and Powell offices are well positioned to capitalize on favorable trends in the Central Ohio market and we are encouraged with the performance of these new locations. The economic landscape in both of our Ohio markets remains stable, supporting strong loan growth and performance.
The following information was filed by Middlefield Banc Corp (MBCN) on Wednesday, October 17, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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