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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 Nine Month Financial Results
MIDDLEFIELD, OHIO, October 18, 2019 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2019.
2019 Nine Month Financial Highlights (on a year-over-year basis unless noted):
Net income increased 6.3% to $9.6 million
Earnings per diluted share increased 5.8% to $2.94 per share
Tangible book value(1) per share was up 12.1% to $36.96 per share
Return on average tangible common equity(1) was 10.93%, compared to 11.36%
Total net loans increased 2.8% to $992.3 million
Net interest income improved 3.6% to $31.1 million
Total noninterest income improved 28.5% to $3.5 million
Noninterest expense was up only 5.4%
Equity to assets remains strong at 10.61%
Repurchased 49,416 shares at an average purchase price of $45.07 per share
I am pleased with our third quarter and nine-month financial results, despite continued industry wide challenges including slowing loan growth and compressing net interest margin. During this period, we remain focused on our long-term strategic plan and value creation. Stability in our net interest margin, the significant year-over-year growth in noninterest income, controlled expense growth, and stable asset quality demonstrate the successful execution of our value-oriented strategies. In addition, according to the FDICs annual market share study, Middlefield successfully increased its market share within the state of Ohio as our annual increase in deposits was one of the strongest from June 2018 to June 2019. According to the FDICs annual study, we now rank as the 27th largest bank and one of the largest community banks in the State.
The following information was filed by Middlefield Banc Corp (MBCN) on Friday, October 18, 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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