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Middlefield Banc Corp. Reports Record Asset Levels; Earnings Increase

Middlefield Banc Corp. 2002 Press Releases

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Contact Info: Thomas G. Caldwell
President and CEO
440.632.1666 Ext. 3200
Donald L. Stacy
Treasurer and Chief Financial Officer
440.632.1666 Ext. 3231
Date: January 21, 2002

MIDDLEFIELD, OHIO  Middlefield Banc Corp. (MBCN) today reported assets at the end of 2001 had grown to a record level of $197,858,000. This represents an increase of 12.11% over year-end 2000 and a 47.80% growth over the last five years.

Thomas G. Caldwell, President and Chief Executive Officer noted, "It is very rewarding to be able to report these growth results to our shareholders. During 2001, we experienced growth on both sides of our balance sheet, an indication of the efforts we have made to be a full service, responsive community bank."

Net loan growth during 2001 was 13.30% or $17,724,000. Deposits, at year-end, totaled $167,383,000, representing an increase of 13.74% during the year. Stockholders’ Equity increased 8.46% to $19,787,000.

Basic earnings per share for 2001 totaled $2.06, while the cash dividend paid was $0.70. This compares with year 2000 figures of $2.02 and $0.54, respectively.

"Pressure on our net interest margin, lead by the rate decreases instituted by the Federal Reserve, was the major factor in our modest earnings increase," stated Donald L. Stacy, Chief Financial Officer of MBCN. "However, we are satisfied that we were able to increase earnings despite the rapidly changing rate environment, the additional capital expenditures that we incurred related to the opening of our fifth banking office and the introduction of Internet Banking."

Net income for the year 2001 was $2,271,000, up 1.52% from 2000’s $2,237,000. Net interest income was $6,885,000, which compares to $6,860,000 for 2000. Noninterest income increased from the year earlier by 29.04% to $1,268,000. Noninterest expense grew 7.55% to $4,741,000. The increase in noninterest expense is primarily attributable to equipment expense as well as expenses related to the startup of a new branch office and internet banking.

During the fourth quarter of 2001, net income was $582,000, which was 4.61% higher than the same quarter in 2000. Net interest income increased 0.99%, while noninterest expense grew 5.88%. Noninterest income was up in the period, gaining $85,000.

President Caldwell reported that credit quality remained within established guidelines. "Although the economy during 2001, especially the fourth quarter, proved to be very challenging, I am pleased that our
losses on loans remained at minimal levels and that our delinquency was less than one percent of loans at year-end. This is reflective of the strong asset quality within our organization."

At December 31, 2001, the allowance for loan losses was $2,062,000, representing 1.35% of gross loans outstanding. Loans thirty days and more delinquent totaled 0.93% of total loans.

Headquartered in Middlefield, Ohio, Middlefield Banc Corp. is a one-bank holding company for The Middlefield Banking Company. The Middlefield Banking Company, which operates offices in Chardon, Garrettsville, Mantua and Middlefield, celebrated its 100th Anniversary on September 16th, 2001. Middlefield Banc Corp. trades under the symbol MBCN.

The information contained in this press release contains forward-looking statements regarding future performance which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward looking statements.

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31,

 

 

 

2001

 

 

2000

 

% Change

Earnings (in 000s)

 

 

 

 

 

 

 

 

   Total interest income

 

$

3,363

 

$

3,310

 

1.60%

   Total interest expense

 

 

1,636

 

 

1,600

 

2.25%

   Net interest income

 

 

1,726

 

 

1,709

 

0.99%

   Provision for loan losses

 

 

45

 

 

50

 

-10.00%

   Total noninterest income

 

 

376

 

 

291

 

29.05%

   Total noninterest expense

 

 

1,264

 

 

1,194

 

5.88%

   Net income

 

 

582

 

 

556

 

4.61%

 

 

 

 

 

 

 

 

 

Per share (1)

 

 

 

 

 

 

 

 

   Earnings per common share - Basic

$

0.53

 

$

0.50

 

5.54%

   Earnings per common share - Diluted

 

0.53

 

 

0.50

 

5.49%

   Cash dividends paid

 

 

0.28

 

 

0.22

 

30.23%

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

 

 

 

 

 

 

   Average - Basic

 

 

1,102,954

 

 

1,101,663

 

---

   Average - Diluted

 

 

1,103,395

 

 

1,101,663

 

---

 

 

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2001

 

 

2000

 

% Change

Earnings (in 000s)

 

 

 

 

 

 

 

 

   Total interest income

 

$

13,633

 

$

12,770

 

6.75%

   Total interest expense

 

 

6,748

 

 

5,910

 

14.18%

   Net interest income

 

 

6,885

 

 

6,860

 

0.36%

   Provision for loan losses

 

 

170

 

 

275

 

-38.18%

   Total noninterest income

 

 

1,268

 

 

983

 

29.04%

   Total noninterest expense

 

 

4,741

 

 

4,409

 

7.55%

   Net income

 

 

2,271

 

 

2,237

 

1.52%

 

 

 

 

 

 

 

 

 

Per share (1)

 

 

 

 

 

 

 

 

   Earnings per common share - Basic

$

2.06

 

$

2.02

 

1.91%

   Earnings per common share - Diluted

 

2.06

 

 

2.02

 

1.79%

   Cash dividends paid

 

 

0.70

 

 

0.54

 

29.63%

   Book value (end of period)

 

 

17.94

 

 

16.51

 

8.66%

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

 

 

 

 

 

 

   Average - Basic

 

 

1,102,954

 

 

1,104,806

 

---

   Average - Diluted

 

 

1,104,100

 

 

1,104,806

 

---

 

 

 

 

 

 

 

 

 

At period end (in 000s)

 

 

 

 

 

 

 

 

   Total assets

 

$

197,858

 

$

176,489

 

12.11%

   Total deposits

 

 

167,383

 

 

147,166

 

13.74%

   Net loans receivable

 

 

150,991

 

 

133,267

 

13.30%

   Securities

 

 

32,465

 

 

30,724

 

5.67%

   Shareholders equity

 

 

19,787

 

 

18,243

 

8.46%

 

 

 

 

 

 

 

 

 

Key performance ratios

 

 

 

 

 

 

 

 

   Return on average assets

 

 

1.22%

 

 

1.31%

 

-6.87%

   Return on average equity

 

 

11.90%

 

 

12.44%

 

-4.34%

   Efficiency ratio

 

 

58.16%

 

 

56.21%

 

3.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Per share data has been restated to reflect the two-for-one stock split effected in 2000.