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Middlefield Banc Corp. Earnings Increase 52%
MIDDLEFIELD, Ohio -- Middlefield Banc Corp., which operates Middlefield Banking Co. and Emerald Bank, reported net income of $1.523 million for the quarter ended March 31 compared to $1.002 million for the quarter ended March 31, 2011. On a per-share basis, diluted earnings were 86 cents for the 2012 first quarter, as compared to $0.62 for the comparable period of 2011.
Annualized returns on average equity and average assets for the 2012 quarter were 12.81% and 0.94%, respectively, compared with 10.50% and 0.63% for the first quarter of 2011.
For the first three months of 2012, net interest income increased $528,000, or 10.5% from the same period last year. While interest income experienced a decline of $1.7%, interest expense was $655,000, or 28%, lower in the 2012 quarter as compared to the same period of 2011.
During the quarter, management provided $600,000 to the allowance for loan losses, which compares to $865,000 for the same period of 2011. Net charge-offs for the 2012 first quarter were $152,000, or 0.04% of average loans. The allowance for loan losses at March 31, 2012 stood at $7.3 million, or 1.80% of total loans. At March 31, the allowance for loan losses was $6.7 million, representing 1.78% of total loans.
"Having finished a record earnings year in 2011, we are very pleased to report continued strong earnings during the first quarter of 2012," stated Thomas G. Caldwell, president and CEO. "We enjoyed positive growth in net interest income, while maintaining our focus on managing our non-interest expenses.
"Our efforts during the quarter are further evidenced by our efficiency ratio, which is very positive for a community-based financial company," he continued. "We are especially pleased that we achieved these results even as we increased staffing in an effort to address the increasing regulatory burden."
Total assets as of March 31 stood at $657.9 million, an increase of 0.5% over Dec. 31, 2011. Total deposits were $583.9 million, up 0.5%. Stockholders' equity was $48.5 million, and tangible book value per share was $24.78.
During the first quarter of both 2012 and 2011, Middlefield paid cash dividends of $0.26 cents per share.
Published by The Business Journal, Youngstown, Ohio.