Middlefield Banc Corp. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014
January 27, 2015 at 09:05 pm
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Middlefield Banc Corp. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported interest and fees on loans of $5,811,000 compared to $5,620,000 a year ago. Total interest income was $7,055,000 compared to $7,043,000 a year ago. Net interest income was $6,050,000 compared to $5,907,000 a year ago. Income before income taxes was $2,438,000 compared to $2,321,000 a year ago. Net income was $1,888,000 or $0.92 per basic and diluted common share compared to $1,821,000 or $0.90 per basic and diluted common share a year ago. Return on average assets was 1.10% compared to 1.10% a year ago. Return on average equity was 11.98% compared to 13.45% a year ago.
For the year, the company reported interest and fees on loans of $22,726,000 compared to $22,496,000 a year ago. Total interest income was $27,874,000 compared to $28,178,000 a year ago. Net interest income was $23,804,000 compared to $22,928,000 a year ago. The third quarter and nine month increases in net interest income were driven by a reduction in funding costs, primarily time deposits. Income before income taxes was $9,172,000 compared to $9,007,000 a year ago. Net income was $7,180,000 or $3.50 per diluted common share compared to $7,028,000 or $3.47 per diluted common share, a year ago. Book value per share as on December 31, 2014 was $31.12 compared to $26.31 as on December 31, 2013. Tangible book value per share as on December 31, 2014 was $28.84 compared to $23.99 as on December 31, 2013. Return on average assets was 1.07% compared to 1.06% a year ago. Return on average equity was 12.17% compared to 13.17% a year ago. The fourth quarter and twelve month increases in net interest income were driven by a reduction in funding costs, primarily time deposits.
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.