Middlefield Banc Corp. Reports 2019 Nine Month Financial Results
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 FDIC’s 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 FDIC’s annual study, we now rank as the 27th largest bank and one of the largest community banks in the State.”
“Year-to-date, we have invested $2.2 million to repurchase 49,416 shares of our common stock, while declaring $2.7 million of dividends through our quarterly dividend payments. In addition, Middlefield’s Board recently declared a two-for-one stock split that will be effective on November 8, 2019 and will increase the number of shares outstanding to approximately 6.4 million shares. We are also investing in our platform and continue to attract, develop, and retain experienced bankers that are committed to supporting the success of our local communities. All of these efforts, combined with our profit focused strategic plan, demonstrate Middlefield’s focus on creating long-term, sustainable value for shareholders,” concluded Mr. Caldwell.