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Middlefield Bank Reports Net Income of $1.85M
MIDDLEFIELD, Ohio -- Middlefield Banc Corp., parent of The Middlefield Banking Co. and Emerald Bank, reported third-quarter net income of $1.85 million, or 93 cents per diluted share. Net income for the same quarter of 2011 was $1.08 million, or 63 cents per diluted share.
Returns on average equity (annualized) was 16.57% and return on average assets (annualized) was 1.12%.
Middlefield Bank has an office in Cortland.
For the first nine months, net income was $5.01 million, or $2.65 per diluted share. For the same period of 2011, net income was $2.80 million or $1.69 per diluted share.
"Our performance reflects our ongoing focus on core banking fundamentals even as the slow growth economic recovery and historically low interest rate environment continue," said Thomas G. Caldwell, president and CEO in a prepared statement. "Although we have seen many positive trends in our operations during the year, we are concerned with the interest rate environment, which the Fed has chosen to maintain. With all indications being that we are faced with this level until mid-2015, we fully anticipate that our net interest margin will begin to be flat or down moving forward. Our team has been keenly attentive to effectively managing the margin as evidenced by our positive performance with a year-to-date margin of 3.95%."
"Our performance this year has benefited by the continued improvement in our asset quality," noted Donald L. Stacy, chief financial officer. "This has permitted us to lower our provision [for loan losses] expense significantly. Additionally, we have repositioned our investment portfolio, recognizing gains in the process.
Total assets at Sept. 30 stood at $664.2 million, an increase of $9.6 million from Dec. 31. Total deposits stood at $584.7 million as of Sept. 30, an increase of $3.8 million from year-end 2011.
For the three months ended Sept. 30, management added $143,000 to the allowance for loan losses, which compares to $920,000 for the same period of 2011.
Published by The Business Journal, Youngstown, Ohio.