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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 Half Financial Results
MIDDLEFIELD, OHIO, July 19, 2019 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2019 first half and second quarter ended June 30, 2019.
2019 First Half Financial Highlights versus 2018 First Half (unless noted):
Net income increased 10.5% to $6.3 million
Earnings per diluted share increased 9.7% to $1.93 per share
Return on average equity increased 16 basis points to 9.58%
Return on average tangible common equity(1) was 11.02%, in line with the prior year
Book value per share was up 9.1% to $41.41 per share
Tangible book value(1) per share was up 11.0% to $36.07 per share
Total loans increased 5.8% to $998.2 million
Total interest income improved 13.2% to $27.2 million
Our second quarter financial results demonstrate the strength of our financial model as earnings per diluted share increased 5.2% from the same period a year ago to a second quarter record of $1.01 per diluted share, while our year-to-date tangible book value increased 11.0% to a record $36.07 per share, stated Thomas G. Caldwell, President and Chief Executive Officer. This is the first quarter in 12 quarters where our total loan portfolio contracted. While the local economies in our Central and Northeast Ohio markets remain stable, we believe businesses and consumers have become more cautious resulting in slower investments and a reduction in borrowings. We continue to focus on proactively managing risk, growing market share, and driving improvements in profitability and our second quarter and first half financial results reflect the continued successful execution of our profit focused strategic plan.
In addition, I am pleased with the progress we are making to diversify our income streams and grow noninterest income. Noninterest income increased 32.6% for the six months ended June 30, 2019, compared with the same period last year. We expect further improvements in noninterest income throughout the year as additional strategies are implemented.
The following information was filed by Middlefield Banc Corp (MBCN) on Friday, July 19, 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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