Middlefield Banc Q2 EPS rises 46%

Overview

• Middlefield Banc Q2 EPS rises 46.2% yr/yr to $0.76

• Net interest income for Q2 increases 15.6% to $17.4 mln

• Total loans reach record $1.58 bln, up 5.6% yr/yr

Outlook

• Company expects loan and core deposit growth to benefit 2025 profitability

• Middlefield plans to open new Westerville branch in H2 2025

• Company focuses on expanding presence in Central Ohio markets

Result Drivers

• LOAN GROWTH - Total loans increased by $84.2 mln, driven by higher home equity lines, commercial and industrial loans, and residential real estate loans

• NET INTEREST MARGIN - Expanded by 37 basis points to 3.88%, benefiting from strong loan growth and reduced FHLB advances

• REAL ESTATE GAIN - Net income benefited from a $1.2 mln gain on the exchange of real estate related to the relocation of the Westerville branch

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Middlefield Banc Corp is $28.00, about 6.6% below its July 21 closing price of $29.84

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release: ID:nGNX7SHkXG