Income down, assets up at Middlefield Banc Corp.
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.