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Middlefield Banc Corp. announces quarterly results

MIDDLEFIELD — Middlefield Banc Corp. reported a net income loss of $1.4 million for the third quarter of 2020 and a $2.7 million loss for the first nine months of the year.

The corporation, parent company of Middlefield Bank, reported the larger decline was mostly due to a $7.3 million increase in provisions for loan losses as a result of the viral pandemic and the resolution of an isolated commercial loan.

Middlefield Banc Corp. also reported loans increased 1.3 percent to $1.12 billion during the quarter from $1.11 billion on June 30. Net interest income rose 7.4 percent to $11.4 million for the quarter and 3.3 percent to $32.1 million for the nine months.

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