Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial
results for the 2023 first quarter ended March 31, 2023.
2023 First Quarter Financial Highlights Include
(on a year-over-year basis unless noted):
- Net income increased 27.7% to a
quarterly record of $4.9 million
- Earnings were $0.60 per diluted
share compared to $0.65 per diluted share, reflecting a 38.4%
increase in the average diluted shares outstanding related to the
Liberty Bancshares, Inc. merger
- Adopted CECL accounting standards,
which resulted in an after-tax retained earnings adjustment of $4.4
million
- Pre-tax, pre-provision net income increased 38.8% to $6.4
million
- Net interest margin improved by 46
basis points to 4.26%, compared to 3.80%
- Total loans were $1.38 billion,
compared to $1.35 billion at December 31, 2022
- Loan growth funded by deposit
growth and robust liquidity
- Total deposits were $1.43 billion,
compared to $1.40 billion at December 31, 2022
- Uninsured deposits to total assets
of approximately 19% at March 31, 2023
- Return on average assets was 1.16%,
compared to 1.17%
- Return on average equity was
10.19%, compared to 10.75%
- Return on average tangible common
equity(1) was 12.77%, compared to 12.13%
- Strong asset quality with
nonperforming assets to total assets of 0.73%, compared to
0.89%
- Allowance for credit losses was
1.46% of total loans, compared to 1.48%
- Equity to assets increased to
11.30%, from 10.40%
“Middlefield’s first-quarter results and record
quarterly net income demonstrate our strong balance sheet, robust
asset quality, and diverse core deposit base, as well as the
benefits and added scale of the Liberty Bancshares, Inc. merger.
Despite macro-level concerns related to the health of the banking
system, higher interest rates, and a slowing economy, we remained
focused on successfully integrating the Liberty Bancshares merger
and serving our customers across our Central, Western, and
Northeast Ohio communities. I am encouraged by the deposit, loan,
and earnings growth we achieved over the past three months, all of
which is a testament to the experience of our management team and
the dedication of our team members,” stated James R. Heslop, II,
Chief Executive Officer.
“We expect higher rates and competition for
deposits will continue to increase our cost of funds in the coming
quarters, but we believe our compelling net interest margin and
larger loan portfolio will support strong levels of interest income
throughout the year. I am pleased to report that we achieved the
highest quarterly net interest margin in over 20 years and the
fourth consecutive quarter above 4%. As the year progresses, we
remain focused on growth opportunities across our expanded Ohio
markets, adding talented bankers to our platform, and maintaining
strong asset quality,” concluded Mr. Heslop.
Income StatementNet interest
income for the 2023 first quarter was $16.5 million, compared to
$11.5 million for the 2022 first quarter. The net interest margin
for the 2023 first quarter was 4.26%, compared to 3.80% for the
same period of 2022. For the 2023 first quarter, noninterest income
increased 19.6% to $1.7 million from $1.4 million for the same
period of 2022.
Noninterest expense was $11.8 million for the
2023 first quarter compared to $8.3 million for the 2022 first
quarter. During the first quarter of 2023, the Company incurred
$245,000 of additional operating expenses associated with the
Liberty Bancshares, Inc.
Pre-tax income during last year’s first quarter
benefited from $640,000 of accelerated net fees associated with the
Paycheck Protection Program (“PPP”).
Net income for the 2023 first quarter was a
quarterly record of $4.9 million, or $0.60 per diluted share,
compared to $3.8 million, or $0.65 per diluted share, for the same
period last year.
Pre-tax, pre-provision net income was a
quarterly record of $6.4 million, an increase of 38.8% from $4.6
million last year.
Balance SheetTotal assets at
March 31, 2023, increased 30.6% to $1.73 billion, compared to $1.32
billion at March 31, 2022. Net loans at March 31, 2023, increased
41.5% to $1.36 billion, compared to $963.2 million at March 31,
2022. Total assets increased 2.4% from December 31, 2022.
Total deposits at March 31, 2023, were $1.43
billion, compared to $1.17 billion at March 31, 2022. The 22.1%
deposit increase was primarily due to the Liberty Bancshares, Inc.
merger. Total deposits at March 31, 2023, increased 1.7% from
December 31, 2022.
Donald L. Stacy, Chief Financial Officer, stated, “We ended the
quarter with a net loan-to-deposit ratio of 95.6%, $66.7 million in
cash and cash equivalents, and $169.6 million in investment
securities. In addition, our unrealized losses on all securities at
the end of the month were a modest 9.0% of total capital.
Considering our strong capital levels, robust liquidity, and
diverse loan and deposit portfolios, along with our maximum
borrowing capacity of $560 million at the Federal Home Loan Bank,
we decided not to use the Federal Reserve’s Bank Term Funding
Program. During the first quarter, we repurchased 164,221 shares at
an average of $27.44 per share and have 293,910 shares remaining
under our February 2023 repurchase program.”
Middlefield's CRE portfolio included the following categories at
March 31, 2023:
CRE Category |
|
Balance(in thousands) |
|
Percent of CRE Portfolio |
|
Percent of Loan Portfolio |
Office Space |
|
|
105,726 |
|
16.3% |
|
7.7% |
Shopping Plazas |
|
$ |
84,995 |
|
13.1% |
|
6.1% |
Multi-Family |
|
$ |
63,892 |
|
9.8% |
|
4.6% |
Self-Storage |
|
$ |
56,347 |
|
8.7% |
|
4.1% |
Senior Living |
|
$ |
42,589 |
|
6.5% |
|
3.1% |
Hospitality |
|
$ |
34,869 |
|
5.4% |
|
2.5% |
Other |
|
$ |
261,449 |
|
40.2% |
|
18.9% |
Total CRE |
|
$ |
649,867 |
|
100.0% |
|
47.0% |
Stockholders’ Equity and
DividendsAt March 31, 2023, stockholders’ equity was
$195.2 million compared to $137.6 million at March 31, 2022. The
41.8% year-over-year increase in stockholders’ equity is primarily
due to the Liberty Bancshares, Inc. merger, partially offset by an
increase in the unrealized loss on the available-for-sale
investment portfolio and the Company’s stock repurchase program. On
a per-share basis, shareholders’ equity at March 31, 2023, was
$24.13 compared to $23.43, an increase of 3.0% over the same period
last year.
At March 31, 2023, tangible stockholders’
equity(1) was $156.0 million for the 2023 first quarter, compared
to $121.2 million at March 31, 2022. On a per-share basis, tangible
stockholders’ equity(1) was $19.29 at March 31, 2023, compared to
$20.64 at March 31, 2022.
For the 2023 first quarter, cash dividends
declared per share increased 17.6% to $0.20 per share totaling $1.6
million, compared to $0.17 per share or $1.0 million, for the first
quarter last year.
At March 31, 2023, the Company had an
equity-to-assets leverage ratio of 11.30%, compared to 10.40% at
March 31, 2022.
Asset QualityThe Company
recorded a provision for loan losses of $507,000 for the 2023 first
quarter versus no provision for loan losses for the same period
last year.
On January 1, 2023, Middlefield adopted ASU
2016-13 - Measurement of Credit Losses on Financial Instruments and
implemented the current expected credit losses (“CECL”) accounting
standards. Upon adoption, the reserve for credit losses on loans
and leases increased by $5.3 million, the reserve for credit losses
for unfunded commitments increased by $622,000. This resulted in an
after-tax retained earnings adjustment of $4.4 million. During the
quarter ended March 31, 2023, the Corporation recorded CECL related
charges of $507,000, including a provision for credit losses on
loans and leases of $334,000 and a reserve for unfunded commitments
of $173,000.
Net recoveries were $8,000, or 0.00% of average
loans, annualized, during the 2023 first quarter, compared to net
recoveries of $150,000, or 0.06% of average loans, annualized, at
March 31, 2022.
Nonperforming assets at March 31, 2023, were
$12.7 million, compared to $11.7 million at March 31, 2022.
Nonperforming loans at March 31, 2023, increased to $6.9 million,
from $4.7 million at March 31, 2022 primarily due to the additional
loans from the Liberty Bancshares, Inc. merger. The allowance for
credit losses at March 31, 2023, stood at $20.2 million, or 1.46%
of total loans, compared to $14.5 million, or 1.48% of total loans
at March 31, 2022.
About Middlefield Banc
Corp.Middlefield Banc Corp., headquartered in Middlefield,
Ohio, is the Bank holding Company of The Middlefield Banking
Company, with total assets of $1.73 billion at March 31, 2023. The
Bank operates 21 full-service banking centers and an LPL Financial®
brokerage office serving Ada, Beachwood, Bellefontaine, Chardon,
Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville,
Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury,
Twinsburg, and Westerville. The Bank also operates a Loan
Production Office in Mentor, Ohio.
Additional information is available at
www.middlefieldbank.bank
(1) NON-GAAP
FINANCIAL MEASURESThis press release
includes disclosure of Middlefield Banc Corp.’s tangible book value
per share, return on average tangible equity, and pre-tax,
pre-provision for loan losses income, which are financial measures
not prepared in accordance with generally accepted accounting
principles in the United States (GAAP). A non-GAAP financial
measure is a numerical measure of historical or future financial
performance, financial position or cash flows that excludes or
includes amounts that are required to be disclosed by GAAP.
Middlefield Banc Corp. believes that these non-GAAP financial
measures provide both management and investors a more complete
understanding of the underlying operational results and trends and
Middlefield Banc Corp.’s marketplace performance. The presentation
of this additional information is not meant to be considered in
isolation or as a substitute for the numbers prepared in accordance
with GAAP. The reconciliations of non-GAAP financial measures are
included in the tables following Consolidated Financial Highlights
below.
FORWARD-LOOKING STATEMENTSThis
press release of Middlefield Banc Corp. and the reports Middlefield
Banc Corp. files with the Securities and Exchange Commission often
contain “forward-looking statements” relating to present or future
trends or factors affecting the banking industry and, specifically,
the financial operations, markets and products of Middlefield Banc
Corp. These forward-looking statements involve certain risks and
uncertainties. There are a number of important factors that could
cause Middlefield Banc Corp.’s future results to differ materially
from historical performance or projected performance. These factors
include, but are not limited to: (1) a significant increase in
competitive pressures among financial institutions; (2) changes in
the interest rate environment that may reduce interest margins; (3)
changes in prepayment speeds, charge-offs and loan loss provisions;
(4) less favorable than expected general economic conditions; (5)
legislative or regulatory changes that may adversely affect
businesses in which Middlefield Banc Corp. is engaged; (6)
technological issues which may adversely affect Middlefield Banc
Corp.’s financial operations or customers; (7) changes in the
securities markets; or (8) risk factors mentioned in the reports
and registration statements Middlefield Banc Corp. files with the
Securities and Exchange Commission. Middlefield Banc Corp.
undertakes no obligation to release revisions to these
forward-looking statements or to reflect events or circumstances
after the date of this press release.
MIDDLEFIELD BANC
CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Selected
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in
thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
Balance Sheets (period end) |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
59,609 |
|
|
$ |
51,404 |
|
|
$ |
119,777 |
|
|
$ |
60,114 |
|
|
$ |
78,804 |
|
Federal funds sold |
|
7,048 |
|
|
|
2,405 |
|
|
|
8,800 |
|
|
|
19,039 |
|
|
|
29,474 |
|
Cash and cash equivalents |
|
66,657 |
|
|
|
53,809 |
|
|
|
128,577 |
|
|
|
79,153 |
|
|
|
108,278 |
|
Equity securities, at fair value |
|
777 |
|
|
|
915 |
|
|
|
972 |
|
|
|
779 |
|
|
|
851 |
|
Investment securities available for sale, at fair value |
|
169,605 |
|
|
|
164,967 |
|
|
|
162,064 |
|
|
|
171,958 |
|
|
|
175,216 |
|
Loans held for sale |
|
104 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
|
185,661 |
|
|
|
191,748 |
|
|
|
120,912 |
|
|
|
120,771 |
|
|
|
113,590 |
|
Non-owner occupied |
|
400,314 |
|
|
|
380,580 |
|
|
|
285,419 |
|
|
|
288,334 |
|
|
|
293,745 |
|
Multifamily |
|
63,892 |
|
|
|
58,251 |
|
|
|
38,063 |
|
|
|
29,152 |
|
|
|
29,385 |
|
Residential real estate |
|
306,179 |
|
|
|
296,308 |
|
|
|
247,612 |
|
|
|
246,453 |
|
|
|
244,747 |
|
Commercial and industrial |
|
195,024 |
|
|
|
195,602 |
|
|
|
146,987 |
|
|
|
137,398 |
|
|
|
131,683 |
|
Home equity lines of credit |
|
126,555 |
|
|
|
128,065 |
|
|
|
114,344 |
|
|
|
111,730 |
|
|
|
106,300 |
|
Construction and other |
|
97,406 |
|
|
|
94,199 |
|
|
|
33,748 |
|
|
|
35,988 |
|
|
|
50,152 |
|
Consumer installment |
|
7,816 |
|
|
|
8,119 |
|
|
|
8,110 |
|
|
|
8,171 |
|
|
|
8,118 |
|
Total loans |
|
1,382,847 |
|
|
|
1,352,872 |
|
|
|
995,195 |
|
|
|
977,997 |
|
|
|
977,720 |
|
Less allowance for credit losses |
|
20,162 |
|
|
|
14,438 |
|
|
|
14,532 |
|
|
|
14,550 |
|
|
|
14,492 |
|
Net loans |
|
1,362,685 |
|
|
|
1,338,434 |
|
|
|
980,663 |
|
|
|
963,447 |
|
|
|
963,228 |
|
Premises and equipment, net |
|
21,775 |
|
|
|
21,961 |
|
|
|
16,215 |
|
|
|
17,030 |
|
|
|
17,142 |
|
Goodwill |
|
31,735 |
|
|
|
31,735 |
|
|
|
15,071 |
|
|
|
15,071 |
|
|
|
15,071 |
|
Core deposit intangibles |
|
7,436 |
|
|
|
7,701 |
|
|
|
1,171 |
|
|
|
1,249 |
|
|
|
1,326 |
|
Bank-owned life insurance |
|
34,015 |
|
|
|
33,811 |
|
|
|
17,382 |
|
|
|
17,274 |
|
|
|
17,166 |
|
Other real estate owned |
|
5,792 |
|
|
|
5,821 |
|
|
|
6,792 |
|
|
|
6,792 |
|
|
|
6,992 |
|
Accrued interest receivable and other assets |
|
27,258 |
|
|
|
28,528 |
|
|
|
22,104 |
|
|
|
20,624 |
|
|
|
18,019 |
|
TOTAL ASSETS |
$ |
1,727,839 |
|
|
$ |
1,687,682 |
|
|
$ |
1,351,011 |
|
|
$ |
1,293,377 |
|
|
$ |
1,323,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
474,977 |
|
|
$ |
503,907 |
|
|
$ |
383,675 |
|
|
$ |
379,872 |
|
|
$ |
361,251 |
|
Interest-bearing demand |
|
196,086 |
|
|
|
164,677 |
|
|
|
160,112 |
|
|
|
154,788 |
|
|
|
162,010 |
|
Money market |
|
221,723 |
|
|
|
187,498 |
|
|
|
162,052 |
|
|
|
185,494 |
|
|
|
187,807 |
|
Savings |
|
287,859 |
|
|
|
307,917 |
|
|
|
247,466 |
|
|
|
252,179 |
|
|
|
264,784 |
|
Time |
|
244,962 |
|
|
|
238,020 |
|
|
|
177,182 |
|
|
|
174,833 |
|
|
|
191,320 |
|
Total deposits |
|
1,425,607 |
|
|
|
1,402,019 |
|
|
|
1,130,487 |
|
|
|
1,147,166 |
|
|
|
1,167,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
85,000 |
|
|
|
65,000 |
|
|
|
80,000 |
|
|
|
- |
|
|
|
- |
|
Other borrowings |
|
12,010 |
|
|
|
12,059 |
|
|
|
12,107 |
|
|
|
12,910 |
|
|
|
12,975 |
|
Accrued interest payable and other liabilities |
|
10,057 |
|
|
|
10,913 |
|
|
|
5,562 |
|
|
|
5,081 |
|
|
|
5,507 |
|
TOTAL LIABILITIES |
|
1,532,674 |
|
|
|
1,489,991 |
|
|
|
1,228,156 |
|
|
|
1,165,157 |
|
|
|
1,185,654 |
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par value; 10,000,000 shares authorized,
9,924,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares issued, 8,088,793 shares outstanding as of March 31,
2023 |
|
161,248 |
|
|
|
161,029 |
|
|
|
87,640 |
|
|
|
87,562 |
|
|
|
87,562 |
|
Retained earnings |
|
93,024 |
|
|
|
94,154 |
|
|
|
93,166 |
|
|
|
89,900 |
|
|
|
86,804 |
|
Accumulated other comprehensive loss |
|
(19,253 |
) |
|
|
(22,144 |
) |
|
|
(25,080 |
) |
|
|
(17,591 |
) |
|
|
(6,674 |
) |
Treasury stock, at cost; 1,835,452 shares as of March 31, 2023 |
|
(39,854 |
) |
|
|
(35,348 |
) |
|
|
(32,871 |
) |
|
|
(31,651 |
) |
|
|
(30,048 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
195,165 |
|
|
|
197,691 |
|
|
|
122,855 |
|
|
|
128,220 |
|
|
|
137,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ |
1,727,839 |
|
|
$ |
1,687,682 |
|
|
$ |
1,351,011 |
|
|
$ |
1,293,377 |
|
|
$ |
1,323,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC
CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Selected
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in
thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
Statements of Income |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST AND DIVIDEND
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
18,275 |
|
|
$ |
14,368 |
|
|
$ |
11,892 |
|
|
$ |
11,268 |
|
|
$ |
10,985 |
|
Interest-earning deposits in other institutions |
|
250 |
|
|
|
240 |
|
|
|
134 |
|
|
|
74 |
|
|
|
24 |
|
Federal funds sold |
|
253 |
|
|
|
119 |
|
|
|
51 |
|
|
|
46 |
|
|
|
3 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
458 |
|
|
|
477 |
|
|
|
449 |
|
|
|
442 |
|
|
|
443 |
|
Tax-exempt interest |
|
980 |
|
|
|
986 |
|
|
|
982 |
|
|
|
955 |
|
|
|
784 |
|
Dividends on stock |
|
88 |
|
|
|
68 |
|
|
|
59 |
|
|
|
33 |
|
|
|
24 |
|
Total interest and dividend income |
|
20,304 |
|
|
|
16,258 |
|
|
|
13,567 |
|
|
|
12,818 |
|
|
|
12,263 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,990 |
|
|
|
1,771 |
|
|
|
812 |
|
|
|
709 |
|
|
|
726 |
|
Short-term borrowings |
|
653 |
|
|
|
263 |
|
|
|
44 |
|
|
|
- |
|
|
|
- |
|
Other borrowings |
|
155 |
|
|
|
142 |
|
|
|
112 |
|
|
|
81 |
|
|
|
69 |
|
Total interest expense |
|
3,798 |
|
|
|
2,176 |
|
|
|
968 |
|
|
|
790 |
|
|
|
795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
16,506 |
|
|
|
14,082 |
|
|
|
12,599 |
|
|
|
12,028 |
|
|
|
11,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses |
|
507 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER
PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN LOSSES |
|
15,999 |
|
|
|
14,082 |
|
|
|
12,599 |
|
|
|
12,028 |
|
|
|
11,468 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
987 |
|
|
|
976 |
|
|
|
1,004 |
|
|
|
956 |
|
|
|
914 |
|
(Loss) gain on equity securities |
|
(138 |
) |
|
|
(77 |
) |
|
|
(57 |
) |
|
|
(72 |
) |
|
|
33 |
|
Gain on other real estate owned |
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Earnings on bank-owned life insurance |
|
200 |
|
|
|
137 |
|
|
|
108 |
|
|
|
108 |
|
|
|
106 |
|
Gains (losses) on sale of loans |
|
23 |
|
|
|
(4 |
) |
|
|
7 |
|
|
|
18 |
|
|
|
3 |
|
Revenue from investment services |
|
186 |
|
|
|
147 |
|
|
|
233 |
|
|
|
153 |
|
|
|
141 |
|
Gross rental income |
|
102 |
|
|
|
951 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other income |
|
318 |
|
|
|
284 |
|
|
|
251 |
|
|
|
220 |
|
|
|
206 |
|
Total noninterest income |
|
1,678 |
|
|
|
2,414 |
|
|
|
1,546 |
|
|
|
1,383 |
|
|
|
1,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
5,852 |
|
|
|
4,886 |
|
|
|
4,491 |
|
|
|
3,785 |
|
|
|
4,386 |
|
Occupancy expense |
|
696 |
|
|
|
487 |
|
|
|
458 |
|
|
|
583 |
|
|
|
505 |
|
Equipment expense |
|
317 |
|
|
|
252 |
|
|
|
233 |
|
|
|
274 |
|
|
|
315 |
|
Data processing costs |
|
1,070 |
|
|
|
1,050 |
|
|
|
985 |
|
|
|
822 |
|
|
|
844 |
|
Ohio state franchise tax |
|
385 |
|
|
|
279 |
|
|
|
293 |
|
|
|
292 |
|
|
|
293 |
|
Federal deposit insurance expense |
|
120 |
|
|
|
105 |
|
|
|
84 |
|
|
|
90 |
|
|
|
50 |
|
Professional fees |
|
538 |
|
|
|
382 |
|
|
|
280 |
|
|
|
383 |
|
|
|
455 |
|
Other real estate owned writedowns |
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
|
200 |
|
|
|
- |
|
Gain on other real estate owned |
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Advertising expense |
|
486 |
|
|
|
308 |
|
|
|
268 |
|
|
|
229 |
|
|
|
228 |
|
Software amortization expense |
|
26 |
|
|
|
28 |
|
|
|
27 |
|
|
|
40 |
|
|
|
48 |
|
Core deposit intangible amortization |
|
265 |
|
|
|
140 |
|
|
|
78 |
|
|
|
77 |
|
|
|
77 |
|
Gross other real estate owned expenses |
|
132 |
|
|
|
692 |
|
|
|
1 |
|
|
|
6 |
|
|
|
8 |
|
Merger-related costs |
|
245 |
|
|
|
1,413 |
|
|
|
390 |
|
|
|
579 |
|
|
|
- |
|
Other expense |
|
1,662 |
|
|
|
1,321 |
|
|
|
1,298 |
|
|
|
1,175 |
|
|
|
1,057 |
|
Total noninterest expense |
|
11,792 |
|
|
|
12,343 |
|
|
|
8,886 |
|
|
|
8,535 |
|
|
|
8,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
5,885 |
|
|
|
4,153 |
|
|
|
5,259 |
|
|
|
4,876 |
|
|
|
4,605 |
|
Income taxes |
|
989 |
|
|
|
651 |
|
|
|
1,010 |
|
|
|
787 |
|
|
|
772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
$ |
4,896 |
|
|
$ |
3,502 |
|
|
$ |
4,249 |
|
|
$ |
4,089 |
|
|
$ |
3,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTPP (1) |
$ |
6,392 |
|
|
$ |
4,153 |
|
|
$ |
5,259 |
|
|
$ |
4,876 |
|
|
$ |
4,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
pre-tax pre-provision (PTPP) is the income before income taxes
before provision for credit losses considerations, for
reconciliation of non-GAAP measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC
CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Selected
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in
thousands, except per share and share amounts, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Per common share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share -
basic |
$ |
0.60 |
|
|
$ |
0.53 |
|
|
$ |
0.73 |
|
|
$ |
0.70 |
|
|
$ |
0.65 |
|
Net income per common share -
diluted |
$ |
0.60 |
|
|
$ |
0.53 |
|
|
$ |
0.73 |
|
|
$ |
0.70 |
|
|
$ |
0.65 |
|
Dividends declared per
share |
$ |
0.20 |
|
|
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
Book value per share (period
end) |
$ |
24.13 |
|
|
$ |
23.98 |
|
|
$ |
21.30 |
|
|
$ |
22.07 |
|
|
$ |
23.43 |
|
Tangible book value per share
(period end) (2) (3) |
$ |
19.29 |
|
|
$ |
19.19 |
|
|
$ |
18.48 |
|
|
$ |
19.26 |
|
|
$ |
20.64 |
|
Dividends declared |
$ |
1,605 |
|
|
$ |
2,514 |
|
|
$ |
983 |
|
|
$ |
993 |
|
|
$ |
1,000 |
|
Dividend yield |
|
2.89 |
% |
|
|
4.34 |
% |
|
|
2.49 |
% |
|
|
2.71 |
% |
|
|
2.78 |
% |
Dividend payout ratio |
|
32.78 |
% |
|
|
71.79 |
% |
|
|
23.13 |
% |
|
|
24.28 |
% |
|
|
26.09 |
% |
Average shares outstanding -
basic |
|
8,138,771 |
|
|
|
6,593,616 |
|
|
|
5,792,773 |
|
|
|
5,851,422 |
|
|
|
5,879,025 |
|
Average shares outstanding -
diluted |
|
8,152,629 |
|
|
|
6,610,907 |
|
|
|
5,805,799 |
|
|
|
5,860,098 |
|
|
|
5,889,836 |
|
Period ending shares
outstanding |
|
8,088,793 |
|
|
|
8,245,235 |
|
|
|
5,767,803 |
|
|
|
5,810,351 |
|
|
|
5,873,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.16 |
% |
|
|
0.97 |
% |
|
|
1.32 |
% |
|
|
1.25 |
% |
|
|
1.17 |
% |
Return on average equity |
|
10.19 |
% |
|
|
9.35 |
% |
|
|
12.94 |
% |
|
|
12.30 |
% |
|
|
10.75 |
% |
Return on average tangible
common equity (2) (4) |
|
12.77 |
% |
|
|
11.13 |
% |
|
|
14.79 |
% |
|
|
14.02 |
% |
|
|
12.13 |
% |
Efficiency (1) |
|
62.44 |
% |
|
|
72.75 |
% |
|
|
61.07 |
% |
|
|
61.83 |
% |
|
|
62.54 |
% |
Equity to assets at period
end |
|
11.30 |
% |
|
|
11.71 |
% |
|
|
9.09 |
% |
|
|
9.91 |
% |
|
|
10.40 |
% |
Noninterest expense to average
assets |
|
0.69 |
% |
|
|
0.86 |
% |
|
|
0.69 |
% |
|
|
0.65 |
% |
|
|
0.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
efficiency ratio is calculated by dividing noninterest expense less
amortization of intangibles by the sum of net interest income on a
fully taxable equivalent basis plus noninterest income |
(2) See reconciliation
of non-GAAP measures below |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
Calculated by dividing tangible common equity by shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
Calculated by dividing annualized net income for each period by
average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC
CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Selected
Financial Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
Yields |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (2) |
|
5.45 |
% |
|
|
5.11 |
% |
|
|
4.78 |
% |
|
|
4.66 |
% |
|
|
4.53 |
% |
Investment securities (2) |
|
4.11 |
% |
|
|
3.83 |
% |
|
|
3.90 |
% |
|
|
3.76 |
% |
|
|
3.41 |
% |
Interest-earning deposits with other banks |
|
3.46 |
% |
|
|
3.42 |
% |
|
|
2.06 |
% |
|
|
0.77 |
% |
|
|
0.23 |
% |
Total interest-earning
assets |
|
5.22 |
% |
|
|
4.88 |
% |
|
|
4.55 |
% |
|
|
4.28 |
% |
|
|
4.06 |
% |
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
0.83 |
% |
|
|
0.83 |
% |
|
|
0.22 |
% |
|
|
0.15 |
% |
|
|
0.14 |
% |
Money market deposits |
|
1.52 |
% |
|
|
1.00 |
% |
|
|
0.46 |
% |
|
|
0.49 |
% |
|
|
0.47 |
% |
Savings deposits |
|
1.03 |
% |
|
|
0.49 |
% |
|
|
0.19 |
% |
|
|
0.06 |
% |
|
|
0.06 |
% |
Certificates of deposit |
|
1.71 |
% |
|
|
1.30 |
% |
|
|
0.96 |
% |
|
|
0.83 |
% |
|
|
0.87 |
% |
Total interest-bearing
deposits |
|
1.28 |
% |
|
|
0.87 |
% |
|
|
0.43 |
% |
|
|
0.36 |
% |
|
|
0.37 |
% |
Non-Deposit
Funding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
4.78 |
% |
|
|
4.25 |
% |
|
|
2.94 |
% |
|
|
2.51 |
% |
|
|
2.16 |
% |
Total interest-bearing
liabilities |
|
1.52 |
% |
|
|
1.02 |
% |
|
|
0.50 |
% |
|
|
0.39 |
% |
|
|
0.39 |
% |
Cost of deposits |
|
0.84 |
% |
|
|
0.57 |
% |
|
|
0.29 |
% |
|
|
0.24 |
% |
|
|
0.25 |
% |
Cost of funds |
|
1.02 |
% |
|
|
0.68 |
% |
|
|
0.34 |
% |
|
|
0.27 |
% |
|
|
0.27 |
% |
Net interest margin (1) |
|
4.26 |
% |
|
|
4.23 |
% |
|
|
4.23 |
% |
|
|
4.02 |
% |
|
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
|
|
|
|
|
|
|
|
|
(2)
Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were determined using an effective tax rate of
21%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
Asset quality data |
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
(Dollar amounts in thousands,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans (1) |
$ |
6,882 |
|
|
$ |
2,111 |
|
|
$ |
3,692 |
|
|
$ |
4,670 |
|
|
$ |
4,728 |
|
Other real estate owned |
|
5,792 |
|
|
|
5,821 |
|
|
|
6,792 |
|
|
|
6,792 |
|
|
|
6,992 |
|
Nonperforming assets |
$ |
12,674 |
|
|
$ |
7,932 |
|
|
$ |
10,484 |
|
|
$ |
11,462 |
|
|
$ |
11,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
$ |
20,162 |
|
|
$ |
14,438 |
|
|
$ |
14,532 |
|
|
$ |
14,550 |
|
|
$ |
14,492 |
|
Allowance for credit
losses/total loans |
|
1.46 |
% |
|
|
1.07 |
% |
|
|
1.46 |
% |
|
|
1.49 |
% |
|
|
1.48 |
% |
Net (recoveries)
charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
$ |
(8 |
) |
|
$ |
94 |
|
|
$ |
18 |
|
|
$ |
(58 |
) |
|
$ |
(150 |
) |
Year-to-date |
|
(8 |
) |
|
|
(96 |
) |
|
|
(190 |
) |
|
|
(208 |
) |
|
|
(150 |
) |
Net (recoveries) charge-offs
to average loans, annualized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
0.00 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
-0.02 |
% |
|
|
-0.06 |
% |
Year-to-date |
|
0.00 |
% |
|
|
-0.01 |
% |
|
|
-0.02 |
% |
|
|
-0.04 |
% |
|
|
-0.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans/total
loans |
|
0.50 |
% |
|
|
0.16 |
% |
|
|
0.37 |
% |
|
|
0.48 |
% |
|
|
0.48 |
% |
Allowance for credit
losses/nonperforming loans |
|
292.97 |
% |
|
|
683.94 |
% |
|
|
393.61 |
% |
|
|
311.56 |
% |
|
|
306.51 |
% |
Nonperforming assets/total
assets |
|
0.73 |
% |
|
|
0.47 |
% |
|
|
0.78 |
% |
|
|
0.89 |
% |
|
|
0.89 |
% |
(1) Nonperforming
loans exclude troubled debt restructurings that are performing in
accordance with their terms over a prescribed period of
time. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Common Stockholders' Equity to Tangible
Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
(Dollar amounts in thousands,
unaudited) |
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
$ |
195,165 |
|
|
$ |
197,691 |
|
|
$ |
122,855 |
|
|
$ |
128,220 |
|
|
$ |
137,644 |
|
Less Goodwill and other
intangibles |
|
39,171 |
|
|
|
39,436 |
|
|
|
16,242 |
|
|
|
16,320 |
|
|
|
16,397 |
|
Tangible Common Equity |
$ |
155,994 |
|
|
$ |
158,255 |
|
|
$ |
106,613 |
|
|
$ |
111,900 |
|
|
$ |
121,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
8,088,793 |
|
|
|
8,245,235 |
|
|
|
5,767,803 |
|
|
|
5,810,351 |
|
|
|
5,873,565 |
|
Tangible book value per
share |
$ |
19.29 |
|
|
$ |
19.19 |
|
|
$ |
18.48 |
|
|
$ |
19.26 |
|
|
$ |
20.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Average Equity to Return on Average
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders'
Equity |
$ |
194,814 |
|
|
$ |
148,616 |
|
|
$ |
130,263 |
|
|
$ |
133,377 |
|
|
$ |
144,630 |
|
Less Average Goodwill and
other intangibles |
|
39,300 |
|
|
|
23,731 |
|
|
|
16,280 |
|
|
|
16,357 |
|
|
|
16,435 |
|
Average Tangible Common
Equity |
$ |
155,514 |
|
|
$ |
124,885 |
|
|
$ |
113,983 |
|
|
$ |
117,020 |
|
|
$ |
128,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
4,896 |
|
|
$ |
3,502 |
|
|
$ |
4,249 |
|
|
$ |
4,089 |
|
|
$ |
3,833 |
|
Return on average tangible
common equity (annualized) |
|
12.77 |
% |
|
|
11.13 |
% |
|
|
14.79 |
% |
|
|
14.02 |
% |
|
|
12.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Pre-Provision Income
(PTPP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
4,896 |
|
|
$ |
3,502 |
|
|
$ |
4,249 |
|
|
$ |
4,089 |
|
|
$ |
3,833 |
|
Add Income Taxes |
|
989 |
|
|
|
651 |
|
|
|
1,010 |
|
|
|
787 |
|
|
|
772 |
|
Add Provision for credit
losses |
|
507 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
PTPP |
$ |
6,392 |
|
|
$ |
4,153 |
|
|
$ |
5,259 |
|
|
$ |
4,876 |
|
|
$ |
4,605 |
|
MIDDLEFIELD BANC
CORP. |
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheets |
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in thousands,
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Balance |
|
Interest |
|
Yield/Cost |
|
Balance |
|
Interest |
|
Yield/Cost |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (3) |
$ |
1,360,866 |
|
$ |
18,275 |
|
5.45 |
% |
|
$ |
983,853 |
|
$ |
10,985 |
|
4.53 |
% |
Investment securities (3) |
|
167,674 |
|
|
1,438 |
|
4.11 |
% |
|
|
170,829 |
|
|
1,227 |
|
3.41 |
% |
Interest-earning deposits with
other banks (4) |
|
69,308 |
|
|
591 |
|
3.46 |
% |
|
|
91,690 |
|
|
51 |
|
0.23 |
% |
Total interest-earning
assets |
|
1,597,848 |
|
|
20,304 |
|
5.22 |
% |
|
|
1,246,372 |
|
|
12,263 |
|
4.06 |
% |
Noninterest-earning
assets |
|
115,515 |
|
|
|
|
|
|
85,667 |
|
|
|
|
Total assets |
$ |
1,713,363 |
|
|
|
|
|
$ |
1,332,039 |
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
177,935 |
|
$ |
364 |
|
0.83 |
% |
|
$ |
170,353 |
|
$ |
60 |
|
0.14 |
% |
Money market deposits |
|
208,408 |
|
|
783 |
|
1.52 |
% |
|
|
184,265 |
|
|
212 |
|
0.47 |
% |
Savings deposits |
|
315,049 |
|
|
804 |
|
1.03 |
% |
|
|
260,162 |
|
|
38 |
|
0.06 |
% |
Certificates of deposit |
|
246,151 |
|
|
1,039 |
|
1.71 |
% |
|
|
193,657 |
|
|
416 |
|
0.87 |
% |
Short-term borrowings |
|
56,459 |
|
|
653 |
|
4.69 |
% |
|
|
- |
|
|
- |
|
0.00 |
% |
Other borrowings |
|
12,038 |
|
|
155 |
|
5.22 |
% |
|
|
12,943 |
|
|
69 |
|
2.16 |
% |
Total interest-bearing
liabilities |
|
1,016,040 |
|
|
3,798 |
|
1.52 |
% |
|
|
821,380 |
|
|
795 |
|
0.39 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
491,649 |
|
|
|
|
|
|
359,656 |
|
|
|
|
Other liabilities |
|
10,860 |
|
|
|
|
|
|
6,373 |
|
|
|
|
Stockholders' equity |
|
194,814 |
|
|
|
|
|
|
144,630 |
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,713,363 |
|
|
|
|
|
$ |
1,332,039 |
|
|
|
|
Net interest income |
|
|
$ |
16,506 |
|
|
|
|
|
$ |
11,468 |
|
|
Interest rate spread (1) |
|
|
|
|
3.70 |
% |
|
|
|
|
|
3.67 |
% |
Net interest margin (2) |
|
|
|
|
4.26 |
% |
|
|
|
|
|
3.80 |
% |
Ratio of average
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
average
interest-bearing liabilities |
|
|
|
|
157.26 |
% |
|
|
|
|
|
151.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest rate
spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
|
|
|
|
(2) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
|
|
|
|
|
|
|
|
(3)
Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were $278 and $223 for the three months
ended March 31, 2023 and 2022, respectively. |
|
|
(4) Includes dividends
received on restricted stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Balance |
|
Interest |
|
Yield/Cost |
|
Balance |
|
Interest |
|
Yield/Cost |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (3) |
$ |
1,360,866 |
|
$ |
18,275 |
|
5.45 |
% |
|
$ |
1,117,221 |
|
$ |
14,368 |
|
5.11 |
% |
Investment securities (3) |
|
167,674 |
|
|
1,438 |
|
4.11 |
% |
|
|
178,772 |
|
|
1,463 |
|
3.83 |
% |
Interest-earning deposits with
other banks (4) |
|
69,308 |
|
|
591 |
|
3.46 |
% |
|
|
49,569 |
|
|
427 |
|
3.42 |
% |
Total interest-earning
assets |
|
1,597,848 |
|
|
20,304 |
|
5.22 |
% |
|
|
1,345,562 |
|
|
16,258 |
|
4.88 |
% |
Noninterest-earning
assets |
|
115,515 |
|
|
|
|
|
|
89,740 |
|
|
|
|
Total assets |
$ |
1,713,363 |
|
|
|
|
|
$ |
1,435,302 |
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
177,935 |
|
$ |
364 |
|
0.83 |
% |
|
$ |
165,267 |
|
$ |
344 |
|
0.83 |
% |
Money market deposits |
|
208,408 |
|
|
783 |
|
1.52 |
% |
|
|
172,437 |
|
|
435 |
|
1.00 |
% |
Savings deposits |
|
315,049 |
|
|
804 |
|
1.03 |
% |
|
|
266,613 |
|
|
330 |
|
0.49 |
% |
Certificates of deposit |
|
246,151 |
|
|
1,039 |
|
1.71 |
% |
|
|
201,972 |
|
|
662 |
|
1.30 |
% |
Short-term borrowings |
|
56,459 |
|
|
653 |
|
4.69 |
% |
|
|
25,750 |
|
|
263 |
|
4.05 |
% |
Other borrowings |
|
12,038 |
|
|
155 |
|
5.22 |
% |
|
|
12,086 |
|
|
142 |
|
4.66 |
% |
Total interest-bearing
liabilities |
|
1,016,040 |
|
|
3,798 |
|
1.52 |
% |
|
|
844,125 |
|
|
2,176 |
|
1.02 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
491,649 |
|
|
|
|
|
|
428,155 |
|
|
|
|
Other liabilities |
|
10,860 |
|
|
|
|
|
|
14,406 |
|
|
|
|
Stockholders' equity |
|
194,814 |
|
|
|
|
|
|
148,616 |
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
1,713,363 |
|
|
|
|
|
$ |
1,435,302 |
|
|
|
|
Net interest income |
|
|
$ |
16,506 |
|
|
|
|
|
$ |
14,082 |
|
|
Interest rate spread (1) |
|
|
|
|
3.70 |
% |
|
|
|
|
|
3.86 |
% |
Net interest margin (2) |
|
|
|
|
4.26 |
% |
|
|
|
|
|
4.23 |
% |
Ratio of average
interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing
liabilities |
|
|
|
|
157.26 |
% |
|
|
|
|
|
159.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest rate
spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
|
|
|
|
(2) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
|
|
|
|
|
|
|
|
(3)
Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were $278 and $278 for the three months ended
March 31, 2023, and December 31, 2022, respectively. |
(4) Includes dividends
received on restricted stock. |
|
|
|
|
|
|
|
|
|
|
|
Company
Contact: |
Investor and Media
Contact: |
James R. Heslop, IIChief
Executive OfficerMiddlefield Banc Corp.(440) 632-1666 Ext.
3219JHeslop@middlefieldbank.com |
Andrew M. BergerManaging
DirectorSM Berger & Company, Inc. (216)
464-6400andrew@smberger.com |
Middlefield Banc (NASDAQ:MBCN)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Middlefield Banc (NASDAQ:MBCN)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024