MIDDLEFIELD, Ohio -- Middlefield Banc Corp., parent of The Middlefield Banking Co. and Emerald Bank, posted fourth quarter net income of $1.33 million, up 91.5% from a year ago. Net income for 2011 of $4.13 million is a 64.1% increase over 2010.
Other notable results for the year reported by the company include:
Annualized returns on average equity and average assets for the fourth quarter were 12.33% and 0.81%, respectively, compared with 6.80% and 0.43% for the fourth quarter of 2010. For the full year, they were 10.24% and 0.65%, respectively. Comparable results for 2010 were 6.44% and 0.41%, respectively.
"Looking forward, the core of our company is strong," said Thomas G. Caldwell, president and CEO. "We are confident of our abilities to address the three primary threats expected for the near term: a continued sluggish economy, historically low interest rates and increased regulatory costs, especially those associated with increased compliance regulations. Despite these challenges, we will continue to remain focused on delivering excellent customer service, increasing value to our shareholders, and operating our company under safe and sound banking principles."
The company's total assets ended 2011 at $654.6 million, an increase of 3.5% over the $632.2 million in total assets reported at Dec. 31, 2010. Net loans at Dec. 31, 2011, were $394.6 million, up $28.3 million, or 7.7%, over the previous year. Total deposits were $581 million, or 2.8% greater than the deposit level of $565.3 million for the previous year.