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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 2019 First Quarter Financial Results
MIDDLEFIELD, OHIO, April 22, 2019 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2019 first quarter ended March 31, 2019.
2019 First Quarter Financial Highlights Include (on a year-over-year basis unless noted):
Net income increased 15.6% to a first quarter record of $3.0 million
Earnings per diluted share increased 15.0% to a first quarter record of $0.92 per share
Return on average equity increased 63 basis points to 9.36%
Return on average tangible common equity(1) increased 57 basis points to 10.80%
Total loans up 7.7% to a record $1.0 billion, and were up 5.1% (annualized) from the 2018 fourth quarter
Net interest income improved 3.5% to $10.3 million
Noninterest income up 41.2% to $1.1 million
Noninterest expenses up only 2.1%
The solid start to 2019 demonstrates strong momentum in our business and favorable economic trends throughout both our Central and Northeast Ohio markets, stated Thomas G. Caldwell, President and Chief Executive Officer. We achieved record first quarter financial results including loans, assets, and earnings and I am pleased with the 41.2% increase in noninterest income during the quarter. Diversifying our income streams is an important focus in 2019 and we expect further growth throughout the year as we implement strategies to improve noninterest income.
Mr. Caldwell continued, I am encouraged by our potential as we increase our scale, leverage our fixed costs, and drive profitable growth in 2019 and beyond. Middlefields Board of Directors recently approved a 150,000 share buyback, which reflects our optimism and dedication to return value to shareholders.
The following information was filed by Middlefield Banc Corp (MBCN) on Tuesday, April 23, 2019 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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