Middlefield Banc Corp. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the same periods in 2023. The company recorded a net income of $2.34 million for Q3 2024, a decrease of 39% from $3.84 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $10.67 million, down 22.8% from $13.83 million in the prior year. Diluted earnings per share for the nine-month period were $1.32, compared to $1.70 in 2023.
Total revenue sources from interest income and noninterest income for the nine months ended September 30, 2024, comprised 94.5% of the company's total revenue. Interest and fees on loans increased by 11% for Q3 2024, contributing to a total interest and dividend income of $25.61 million, up from $23.07 million in Q3 2023. However, net interest income for Q3 2024 decreased by 5.6% to $15.07 million, with a net interest margin of 3.46%, down from 3.82% in the prior year.
Interest expense surged significantly, increasing by 48.4% to $10.54 million in Q3 2024, primarily due to a rise in deposit expenses. For the nine-month period, interest expense rose by 87.4%, driven by higher costs associated with deposits and borrowings. The provision for credit losses for Q3 2024 was $2.2 million, reflecting an increase from $1.1 million in Q3 2023.
Total assets as of September 30, 2024, reached $1.86 billion, an increase of $34.8 million from December 31, 2023. Total loans increased by 1.8% to $1.50 billion, while total deposits rose by $86.17 million to $1.51 billion. The company’s stockholders' equity increased by 2.4% to $210.7 million.
Middlefield Banc Corp. continues to manage its credit risk, with an allowance for credit losses of 1.50% of total loans as of September 30, 2024, compared to 1.45% at the end of 2023. Nonperforming loans increased to $30.08 million, representing 2.00% of total loans, up from 0.74% at the end of 2023.
Strategically, the company has been active in managing its capital structure, having repurchased a total of 349,948 shares of common stock under its repurchase program. The company also continues to focus on enhancing its liquidity, with total net available liquidity increasing to $859 million as of September 30, 2024.
About MIDDLEFIELD BANC CORP
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