Middlefield Banc Corp. Reports Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2018; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2018
January 17, 2019 at 04:15 pm EST
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Middlefield Banc Corp. reported consolidated financial results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported total interest income and dividend income of USD 13,459,000 compared to USD 11,564,000 a year ago. Net interest income was USD 10,461,000 compared to USD 9,802,000 a year ago. Net income was USD 3,425,000 or USD 1.06 per basic common share compared to USD 2,386,000 or USD 0.73 per basic common share a year ago. Diluted net income per share was USD 1.05 compared to USD 0.73 a year ago.
For the year, the company reported total interest income and dividend income of USD 50,357,000 compared to USD 43,995,000 a year ago. Net interest income was USD 40,448,000 compared to USD 37,348,000 a year ago. Net income was USD 12,431,000 or USD 3.85 per basic common share compared to USD 9,455,000 or USD 3.12 per basic common share a year ago. Diluted net income per share was USD 3.83 compared to USD 3.10 a year ago.
For the quarter, the company reported net charge-offs of USD 276,000 compared to USD 92,000 a year ago.
Middlefield Banc Corp. is a bank holding company. The Company's subsidiaries include The Middlefield Banking Company (MBC) (the Bank) and EMORECO Inc. MBC is engaged in the general commercial banking business in northeastern, central, and western Ohio. MBC offers customers a range of banking services, including checking, savings, negotiable order of withdrawal (NOW) accounts, money market accounts, time deposits, commercial loans, real estate loans, a variety of consumer loans, safe deposit facilities, and travelersâ checks. MBC offers online banking and bill payment services to individuals and online cash management services to business customers through its website at www.middlefieldbank.bank. The Bank operates approximately 21 full-service banking centers and a financial brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, and others. MBC also operates a loan production office in Mentor, Ohio.
Middlefield Banc Corp. Reports Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2018; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2018
MIDDLEFIELD BANC CORP. 
