Middlefield Banc Earns Record 2012 Net Income
MIDDLEFIELD, Ohio – Middlefield Banc Corp. holding company of the Middlefield Banking Co., Monday reported fourth-quarter net income of $1.27 million, or 64 cents per diluted share, compared to $1.33 million, or 76 cents per share the same quarter in 2011.
For all of 2012, Middlefield had net income of $6.28 million, a record, exceeding 2011 net income by 52.1%. On a per share basis, the bank earned $3.28 per share in 2012 compared to $2.45 in 2011, a 33.9% increase.
Middlefield Banking Co. has an office in Cortland, Ohio.
"Our record results for 2012 reflect our commitment to maximizing shareholder value, while continuing our focus on true community banking," stated Thomas G. Caldwell, president and CEO, in a prepared statement. "The $6.3 million of net income for the year is indicative of the financial strength of our company, which is a fundamental key to all we do. Over the course of the past year, we continued our efforts to control costs, both in terms of interest expense as well as overhead.
Returns on average equity in 2012 was 11.98% and on average assets 0.95%, respectively, compared with 10.24% and 0.65% for 2011.
For the fourth quarter, return on average equity was 9.11% and on average assets 0.75%. respectively. For the comparable 2011 three-month period, the results were 12.33% and 0.81%, respectively.
Total assets at Dec. 31 were $670.3 million, an increase of 2.4% over year-end 2011.
The Middlefield Banking Co. operates full service banking ofices and an LPL Financial brokerage office that serves Chardon, Cortland, Garrettsville, Mantua, Middlefield, Newbury, and Orwell, Ohio. It also serves the central Ohio market through its Emerald Bank subsidiary, with offices in Dublin and Westerville, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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