Middlefield Banc Corp. Announces Financial Results for 2024

Middlefield Banc Corp. has recently released its financial results for the twelve months ending December 31, 2024. The Ohio-based company reported net income of $120.8 million with diluted earnings per share of $2.75 on revenue of $406.9 million. The results indicate solid performance metrics for the period.

The company’s performance indicators for the year included a solid Pre-Tax Pre-Provision Return on Average Assets (PTPP ROA) of 2.05%, Return on Assets (ROA) of 1.31%, and Return on Tangible Common Equity (ROTCE) of 14.85%. Additionally, Middlefield Banc Corp. demonstrated financial stability through increased capital ratios, including a Common Equity Tier 1 (CET1) ratio of 11.70% and Tangible Common Equity to Tangible Assets (TCE/TA) ratio of 9.61%.

Loan growth for the company was at 3.1%, supported by a quality deposit base that increased by 3.9% year-over-year. Middlefield Banc Corp. also saw improvements in its Tangible Book Value per share, which rose by 11.7% compared to the previous year.

The report also addressed the forward-looking statements, cautioning that actual results could differ due to various factors such as economic conditions, interest rate fluctuations, competitive pressures, and governmental actions.

Exhibit 99.1 attached to the filing offers a comprehensive overview of the financial highlights and performance metrics during the period. The company emphasizes its commitment to maintaining a strong financial position while targeting market opportunities for growth.

Middlefield Banc Corp. continues to focus on its strategic priorities for 2025, which include maintaining a strong capital base, ensuring balance sheet strength, and emphasizing profitability in the face of evolving market conditions. Additionally, the company is dedicated to expanding its commercial client franchise, enhancing customer relationships, and investing in digital capabilities to enhance operational efficiency.

The company’s clear long-term strategy underscores its commitment to sustained growth, financial stability, and customer-centric approach in the competitive financial services sector.

This information was disclosed in a press release issued on January 23, 2025, by Middlefield Banc Corp., as part of its regulatory filing with the Securities and Exchange Commission.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Middlefield Banc’s 8K filing here.

About Middlefield Banc

Middlefield Banc Corp. operates as the bank holding company for The Middlefield Banking Company that provides various commercial banking services to small and medium-sized businesses, professionals, small business owners, and retail customers in northeastern and central Ohio. It offers checking, savings, negotiable order of withdrawal accounts, money market accounts, time certificates of deposit, commercial loans, real estate loans, various consumer loans, safe deposit facilities, and travelers' checks.