Middlefield Banc Corp. Reports Strong Second Quarter Earnings and Continued Asset Growth

Midfield banc Corp announced some positive numbers today. First of all, net income has risen 55.1% up to 715,000 dollars. Total assets have increased to 12.9 million dollars while net loans grew to 4.5 million dollars. “In the second quarter, Middlefield Banc Corp. again delivered a strong financial performance in an economic environment that continues to be extremely challenging,” stated Thomas G. Caldwell, President and Chief Executive Officer, “The results for the quarter continued to demonstrate solid performance on many fronts, including continued core deposit growth, an expanded net interest margin, and additions to our capital base.” He went on to explain “Our focus remains sharply on sound, fundamental banking practices designed to deliver excellence in customer service. By so doing, we will work to ensure an increase in value to our shareholders.”

Good News In the Economy

• Economy grows again in 3rd quarter, best showing in 2 years signals end of recession
• Case-Shiller index, which tracks changes in the values of residences in 20 metropolitan areas in the U.S., is up 2.9% in the second quarter.
• The consumer confidence index was 54.5 in August, up from 47.4 in July
• Minneapolis had the greatest monthly increase in values; it’s up 3.2%, followed closely by San Francisco at 2.8%.