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Income down, assets up at Middlefield Banc Corp. | News, Sports, Jobs


Staff report
WARREN Middlefield-based, Middlefield Banc Corp., reported net income for 2020 was $8.3 million, a 34.3 percent drop from the previous year due to an increase of $9 million in the provision for loan losses brought on the viral outbreak.
The company, holding company for The Middlefield Banking Company, also reported net interest income improved 4.8 percent to $43.4 million and to noninterest income grew 23.7 percent $6 million.
Total assets at the end of the year were $1.39 billion, up 17.7 percent from the previous year, and net loans grew 11.6 percent to $1.09 billion mostly because of Paycheck Protection Program loans. The bank approved 1,414 PPP loan applications for up to $143.8 million and through Dec. 31 processed $28.9 million in PPP forgiveness. ....

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Recap: Middlefield Banc Q4 Earnings


Quarterly Results
Earnings per share decreased 20.41% over the past year to $0.39, which missed the estimate of $0.51.
Revenue of $12,881,000 higher by 10.92% from the same period last year, which missed the estimate of $13,200,000.
Outlook
Revenue guidance hasn t been issued by the company for now.
Price Action
52-week low: $12.00
Company Overview
Middlefield Banc Corp is active in the financial services sector. It serves as a holding company for its subsidiaries, The Middlefield Banking Company (MBC) and EMORECO Inc. MBC offers customers banking services including checking, savings, and negotiable order of withdrawal accounts, money market accounts, time certificates of deposit and commercial loans. EMORECO was organized to maintain, manage, and dispose of nonperforming loans and other real estates. ....

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