Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial
results for the three and nine months ended September 30, 2023.
2023 Nine-Month Financial Highlights (on a
year-over-year basis unless noted):
- Net income increased 13.6% to a
record $13.8 million
- Earnings were $1.70 per diluted
share compared to $2.08 per diluted share, reflecting a 38.6%
increase in the average diluted shares outstanding related to the
Liberty Bancshares, Inc. merger
- Pre-tax, pre-provision net income increased 28.6% to a record
$19.0 million(1)
- Net interest income increased 38.0%
to a record $49.8 million
- Net interest margin improved by 13
basis points to 4.15%, compared to 4.02%
- Noninterest income increased 17.5%
to $5.1 million
- Total loans were a record $1.45
billion, compared to $1.35 billion at December 31, 2022
- Total deposits were a record $1.46
billion, compared to $1.40 billion at December 31, 2022
- Return on average assets was 1.06%,
compared to 1.24%
- Return on average equity was 9.43%,
compared to 11.96%
- Return on average tangible common
equity(1) was 11.92%, compared to 13.59%
- Strong asset quality with
nonperforming assets to total assets of 0.75%, compared to
0.78%
- Allowance for credit losses was
1.45% of total loans, compared to 1.46%
- Equity to assets increased to
10.80% from 9.09%
(1)See non-GAAP reconciliation under the section “GAAP to
Non-GAAP Reconciliations”
"Our third quarter performance reflects record
loans, stable asset quality, and controlled operating expenses.
Throughout the year, we have added proven executives to our
leadership team to help support our growth. We have also added
experienced lenders and treasury management professionals to grow
Middlefield's brand and drive loan and deposit growth across our
Northeast, Central, and Western Ohio markets. As a result of our
team's efforts, we ended the third quarter with record total loans
and assets and a 103-basis point year-over-year increase in our
yield on earning assets. While this has produced strong levels of
interest income, the higher rate environment and significant
competition for deposits increased our funding costs at a faster
rate and pressured net interest income during the quarter. We
expect increased competition for deposits and higher funding costs
to continue throughout 2023 and into 2024," stated James R. Heslop,
II, Chief Executive Officer.
"We continue prudently managing our balance
sheet and closely monitoring our loan portfolio. Despite the higher
rate environment, economic activity remains stable across our Ohio
markets, supported by low unemployment and large-scale, multi-year
economic development projects. Our local presence in attractive
Ohio markets, combined with $840 million in maximum borrowing
capacity and a proven team of banking professionals, allows us to
support the local needs of our communities while continuing to
invest in our long-term growth initiatives," concluded Mr.
Heslop.
Income StatementNet interest income for the
2023 nine-month period increased 38.0% to $49.8 million, compared
to $36.1 million for the same period last year. Year-to-date, the
net interest margin was 4.15%, compared to 4.02% for the same
period last year. Net interest income for the 2023 third quarter
increased 26.7% to $16.0 million, compared to $12.6 million for the
2022 third quarter. The net interest margin for the 2023 third
quarter was 3.88%, compared to 4.23% for the same period of
2022.
Pre-tax income for the 2022 nine-month period benefited from
$1.2 million of accelerated net fees associated with the Paycheck
Protection Program ("PPP").
For the 2023 nine-month period, noninterest income was $5.1
million, compared to $4.3 million for the same period last year.
Noninterest income for the 2023 third quarter was $1.8 million,
compared to $1.5 million for the same period the previous year.
For the 2023 nine-month period, noninterest expense was $36.0
million, compared to $25.7 million for the same period last year.
Noninterest expense in the 2023 third quarter were $12.1 million,
compared to $8.9 million for the 2022 third quarter. Higher 2023
third-quarter and year-to-date expenses were primarily associated
with the Liberty Bancshares, Inc. merger.
Net income for the 2023 nine-month period ended September 30,
2023, was $13.8 million, or $1.70 per diluted share, compared to
$12.2 million, or $2.08 per diluted share for the same period last
year. Net income for the 2023 third quarter ended September 30,
2023, was $3.8 million, or $0.47 per diluted share, compared to
$4.2 million, or $0.73 per diluted share, for the same period last
year.
Pre-tax, pre-provision net income for the 2023 nine-months was
$19.0 million, an increase of 28.6% from $14.7 million last year.
For the 2023 third quarter, pre-tax, pre-provision net income was
$5.7 million, an increase of 7.7% from $5.3 million last year. (See
non-GAAP reconciliation under the section “GAAP to Non-GAAP
Reconciliations”).
Balance SheetTotal assets at September 30,
2023, increased 32.7% to $1.79 billion, compared to $1.35 billion
at September 30, 2022. Total loans at September 30, 2023, increased
45.6% to $1.45 billion, compared to $995.2 million at September 30,
2022. The 45.6% year-over-year increase in total loans was due to
the Liberty Bancshares, Inc. merger and organic loan growth. At
September 30, 2023, total loans have increased organically by
approximately 9.4% on an annualized basis.
Total deposits at September 30, 2023, were $1.46 billion,
compared to $1.13 billion at September 30, 2022. The 28.9%
year-over-year increase in deposits was primarily due to the
Liberty Bancshares, Inc. merger. Noninterest-bearing deposits were
29.1% of total deposits at September 30, 2023, compared to 33.9% at
September 30, 2022. At September 30, 2023, the Company had brokered
deposits of $53.5 million, compared to $5.0 million at September
30, 2022.
The investment securities portfolio was $159.4 million at
September 30, 2023, compared with $162.1 million at September 30,
2022.
Michael Ranttila, Chief Financial Officer,
stated, "Our balance sheet remains strong, and during the quarter,
we continued to benefit from stable asset quality, ample capital
levels, and limited exposure to unrealized losses within our
investment portfolio. Reflecting the stability of our loan
portfolio, at September 30, 2023, nonperforming assets to total
assets were 0.75%, compared to 0.78% at September 30, 2022. In
addition, we ended the quarter with $65.5 million in cash and cash
equivalents, $159.4 million in available for sale investment
securities, and $570.8 million of maximum borrowing capacity at the
Federal Home Loan Bank, demonstrating ample liquidity levels.
Finally, we maintained a modest level of unrealized losses on all
securities, which was 13.6% of total capital at September 30, 2023,
compared to 20.4% at September 30, 2022. We are confident we have
sufficient liquidity to navigate a more complex economic
environment while supporting our growth strategies and capital
allocation priorities."
Middlefield's CRE portfolio included the following categories at
September 30, 2023:
CRE Category |
|
Balance(in thousands) |
|
Percent of CRE Portfolio |
|
Percent of Loan Portfolio |
Office Space |
|
$ |
76,048 |
|
11.7% |
|
5.3% |
Shopping Plazas |
|
$ |
76,036 |
|
11.7% |
|
5.3% |
Multi-Family |
|
$ |
82,578 |
|
12.7% |
|
5.7% |
Self-Storage |
|
$ |
59,734 |
|
9.2% |
|
4.1% |
Hospitality |
|
$ |
40,450 |
|
6.2% |
|
2.8% |
Senior Living |
|
$ |
23,629 |
|
3.6% |
|
1.6% |
Other |
|
$ |
292,372 |
|
44.9% |
|
20.2% |
Total CRE |
|
$ |
650,847 |
|
100.0% |
|
45.0% |
|
|
|
|
|
|
|
|
Middlefield's commercial real estate office
credit exposure represented 5.3% of the Company's total loan
portfolio at September 30, 2023, with a weighted average
loan-to-value of approximately 53%.
Stockholders' Equity and DividendsAt September
30, 2023, stockholders' equity was $193.7 million compared to
$122.9 million at September 30, 2022. The 57.7% year-over-year
increase in stockholders' equity was 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
acquisition of stock under the Company's stock repurchase program.
On a per-share basis, shareholders' equity at September 30, 2023,
was $23.94 compared to $21.30 at September 30, 2022.
At September 30, 2023, tangible stockholders' equity(1) was
$150.6 million, compared to $106.6 million at September 30, 2022.
On a per-share basis, tangible stockholders' equity(1) was $18.62
at September 30, 2023, compared to $18.48 at September 30, 2022.
(See non-GAAP reconciliation under the section “GAAP to Non-GAAP
Reconciliations”).
Through the 2023 nine-month period, the Company declared cash
dividends of $0.60 per share, a 17.6% increase from $0.51 per share
for the same period last year.
At September 30, 2023, the Company had an equity-to-assets ratio
of 10.80%, compared to 9.09% at September 30, 2022.
Asset QualityFor the 2023 nine-month period and
third quarter, the Company recorded provisions for credit losses of
$2.4 million and $1.1 million, respectively, versus no provisions
for credit losses for the same periods last year. The increase is
largely due to growth in unfunded commitments.
Net recoveries were $16,000 or 0.00% of average
loans, annualized, during the 2023 third quarter, compared to net
charge-offs of $18,000, or 0.01% of average loans, annualized, at
September 30, 2022. Year-to-date net charge-offs were $87,000, or
0.01% of average loans, annualized, compared to net recoveries of
$190,000, or 0.02% of average loans, annualized, for the
nine-months ended September 30, 2022.
Nonperforming loans at September 30, 2023, were
$7.7 million, compared to $3.7 million at September 30, 2022.
Nonperforming assets at September 30, 2023, were $13.5 million,
compared to $10.5 million at September 30, 2022. The allowance for
credit losses at September 30, 2023, stood at $21.0 million, or
1.45% of total loans, compared to $14.5 million, or 1.46% of total
loans at September 30, 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 $1.79 billion at September 30, 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
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) |
|
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
|
|
|
Balance Sheets (period end) |
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
|
56,228 |
|
|
$ |
|
49,422 |
|
|
$ |
59,609 |
|
|
$ |
|
51,404 |
|
|
$ |
|
119,777 |
|
|
|
|
|
|
|
Federal funds sold |
|
|
9,274 |
|
|
|
|
9,654 |
|
|
|
7,048 |
|
|
|
|
2,405 |
|
|
|
|
8,800 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
65,502 |
|
|
|
|
59,076 |
|
|
|
66,657 |
|
|
|
|
53,809 |
|
|
|
|
128,577 |
|
|
|
|
|
|
|
Investment securities available for sale, at fair value |
|
|
159,414 |
|
|
|
|
167,209 |
|
|
|
169,605 |
|
|
|
|
164,967 |
|
|
|
|
162,064 |
|
|
|
|
|
|
|
Other investments |
|
|
958 |
|
|
|
|
711 |
|
|
|
777 |
|
|
|
|
915 |
|
|
|
|
972 |
|
|
|
|
|
|
|
Loans held for sale |
|
|
632 |
|
|
|
|
171 |
|
|
|
104 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
|
|
185,593 |
|
|
|
|
187,919 |
|
|
|
185,661 |
|
|
|
|
191,748 |
|
|
|
|
120,912 |
|
|
|
|
|
|
|
Non-owner occupied |
|
|
382,676 |
|
|
|
|
385,846 |
|
|
|
400,314 |
|
|
|
|
380,580 |
|
|
|
|
285,419 |
|
|
|
|
|
|
|
Multifamily |
|
|
82,578 |
|
|
|
|
58,579 |
|
|
|
63,892 |
|
|
|
|
58,251 |
|
|
|
|
38,063 |
|
|
|
|
|
|
|
Residential real estate |
|
|
321,331 |
|
|
|
|
312,196 |
|
|
|
306,179 |
|
|
|
|
296,308 |
|
|
|
|
247,612 |
|
|
|
|
|
|
|
Commercial and industrial |
|
|
214,334 |
|
|
|
|
209,349 |
|
|
|
195,024 |
|
|
|
|
195,602 |
|
|
|
|
146,987 |
|
|
|
|
|
|
|
Home equity lines of credit |
|
|
127,494 |
|
|
|
|
126,894 |
|
|
|
126,555 |
|
|
|
|
128,065 |
|
|
|
|
114,344 |
|
|
|
|
|
|
|
Construction and other |
|
|
127,106 |
|
|
|
|
118,851 |
|
|
|
97,406 |
|
|
|
|
94,199 |
|
|
|
|
33,748 |
|
|
|
|
|
|
|
Consumer installment |
|
|
7,481 |
|
|
|
|
9,801 |
|
|
|
7,816 |
|
|
|
|
8,119 |
|
|
|
|
8,110 |
|
|
|
|
|
|
|
Total loans |
|
|
1,448,593 |
|
|
|
|
1,409,435 |
|
|
|
1,382,847 |
|
|
|
|
1,352,872 |
|
|
|
|
995,195 |
|
|
|
|
|
|
|
Less allowance for credit losses |
|
|
20,986 |
|
|
|
|
20,591 |
|
|
|
20,162 |
|
|
|
|
14,438 |
|
|
|
|
14,532 |
|
|
|
|
|
|
|
Net loans |
|
|
1,427,607 |
|
|
|
|
1,388,844 |
|
|
|
1,362,685 |
|
|
|
|
1,338,434 |
|
|
|
|
980,663 |
|
|
|
|
|
|
|
Premises and equipment, net |
|
|
21,708 |
|
|
|
|
21,629 |
|
|
|
21,775 |
|
|
|
|
21,961 |
|
|
|
|
16,215 |
|
|
|
|
|
|
|
Goodwill |
|
|
36,197 |
|
|
|
|
36,197 |
|
|
|
31,735 |
|
|
|
|
31,735 |
|
|
|
|
15,071 |
|
|
|
|
|
|
|
Core deposit intangibles |
|
|
6,906 |
|
|
|
|
7,171 |
|
|
|
7,436 |
|
|
|
|
7,701 |
|
|
|
|
1,171 |
|
|
|
|
|
|
|
Bank-owned life insurance |
|
|
34,153 |
|
|
|
|
34,235 |
|
|
|
34,015 |
|
|
|
|
33,811 |
|
|
|
|
17,382 |
|
|
|
|
|
|
|
Other real estate owned |
|
|
5,792 |
|
|
|
|
5,792 |
|
|
|
5,792 |
|
|
|
|
5,821 |
|
|
|
|
6,792 |
|
|
|
|
|
|
|
Accrued interest receivable and other assets |
|
|
34,551 |
|
|
|
|
30,472 |
|
|
|
27,258 |
|
|
|
|
28,528 |
|
|
|
|
22,104 |
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
|
1,793,420 |
|
|
$ |
|
1,751,507 |
|
|
$ |
1,727,839 |
|
|
$ |
|
1,687,682 |
|
|
$ |
|
1,351,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
|
424,055 |
|
|
$ |
|
441,102 |
|
|
$ |
474,977 |
|
|
$ |
|
503,907 |
|
|
$ |
|
383,675 |
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
243,973 |
|
|
|
|
229,633 |
|
|
|
196,086 |
|
|
|
|
164,677 |
|
|
|
|
160,112 |
|
|
|
|
|
|
|
Money market |
|
|
275,766 |
|
|
|
|
241,537 |
|
|
|
221,723 |
|
|
|
|
187,498 |
|
|
|
|
162,052 |
|
|
|
|
|
|
|
Savings |
|
|
216,453 |
|
|
|
|
231,508 |
|
|
|
287,859 |
|
|
|
|
307,917 |
|
|
|
|
247,466 |
|
|
|
|
|
|
|
Time |
|
|
296,732 |
|
|
|
|
287,861 |
|
|
|
244,962 |
|
|
|
|
238,020 |
|
|
|
|
177,182 |
|
|
|
|
|
|
|
Total deposits |
|
|
1,456,979 |
|
|
|
|
1,431,641 |
|
|
|
1,425,607 |
|
|
|
|
1,402,019 |
|
|
|
|
1,130,487 |
|
|
|
|
|
|
|
Short-term borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
|
118,000 |
|
|
|
|
100,000 |
|
|
|
85,000 |
|
|
|
|
65,000 |
|
|
|
|
80,000 |
|
|
|
|
|
|
|
Other borrowings |
|
|
11,912 |
|
|
|
|
11,961 |
|
|
|
12,010 |
|
|
|
|
12,059 |
|
|
|
|
12,107 |
|
|
|
|
|
|
|
Accrued interest payable and other liabilities |
|
|
12,780 |
|
|
|
|
10,678 |
|
|
|
10,057 |
|
|
|
|
10,913 |
|
|
|
|
5,562 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
1,599,671 |
|
|
|
|
1,554,280 |
|
|
|
1,532,674 |
|
|
|
|
1,489,991 |
|
|
|
|
1,228,156 |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par value; 25,000,000 shares authorized,
9,928,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares issued, 8,092,576 shares outstanding as of September 30,
2023 |
|
161,312 |
|
|
|
|
161,211 |
|
|
|
161,248 |
|
|
|
|
161,029 |
|
|
|
|
87,640 |
|
|
|
|
|
|
|
Retained earnings |
|
|
98,717 |
|
|
|
|
96,500 |
|
|
|
93,024 |
|
|
|
|
94,154 |
|
|
|
|
93,166 |
|
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
(26,426 |
) |
|
|
|
(20,630 |
) |
|
|
(19,253 |
) |
|
|
|
(22,144 |
) |
|
|
|
(25,080 |
) |
|
|
|
|
|
|
Treasury stock, at cost; 1,835,452 shares as of September 30,
2023 |
|
|
(39,854 |
) |
|
|
|
(39,854 |
) |
|
|
(39,854 |
) |
|
|
|
(35,348 |
) |
|
|
|
(32,871 |
) |
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
193,749 |
|
|
|
|
197,227 |
|
|
|
195,165 |
|
|
|
|
197,691 |
|
|
|
|
122,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
|
1,793,420 |
|
|
$ |
|
1,751,507 |
|
|
$ |
1,727,839 |
|
|
$ |
|
1,687,682 |
|
|
$ |
|
1,351,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC
CORP. |
Consolidated Selected Financial
Highlights |
(Dollar amounts in thousands, unaudited) |
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
September 30, |
|
|
September 30, |
Statements of Income |
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
|
20,899 |
|
|
$ |
|
20,762 |
|
|
$ |
18,275 |
|
|
$ |
|
14,368 |
|
|
$ |
|
11,892 |
|
|
$ |
59,935 |
|
|
$ |
34,145 |
|
Interest-earning deposits in other institutions |
|
|
300 |
|
|
|
|
369 |
|
|
|
250 |
|
|
|
|
240 |
|
|
|
|
134 |
|
|
|
920 |
|
|
|
232 |
|
Federal funds sold |
|
|
266 |
|
|
|
|
158 |
|
|
|
253 |
|
|
|
|
119 |
|
|
|
|
51 |
|
|
|
678 |
|
|
|
100 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
477 |
|
|
|
|
479 |
|
|
|
458 |
|
|
|
|
477 |
|
|
|
|
449 |
|
|
|
1,415 |
|
|
|
1,334 |
|
Tax-exempt interest |
|
|
980 |
|
|
|
|
978 |
|
|
|
980 |
|
|
|
|
986 |
|
|
|
|
982 |
|
|
|
2,938 |
|
|
|
2,721 |
|
Dividends on stock |
|
|
148 |
|
|
|
|
91 |
|
|
|
88 |
|
|
|
|
68 |
|
|
|
|
59 |
|
|
|
326 |
|
|
|
116 |
|
Total interest and dividend income |
|
|
23,070 |
|
|
|
|
22,837 |
|
|
|
20,304 |
|
|
|
|
16,258 |
|
|
|
|
13,567 |
|
|
|
66,212 |
|
|
|
38,648 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
5,632 |
|
|
|
|
3,851 |
|
|
|
2,990 |
|
|
|
|
1,771 |
|
|
|
|
812 |
|
|
|
12,472 |
|
|
|
2,247 |
|
Short-term borrowings |
|
|
1,258 |
|
|
|
|
1,462 |
|
|
|
653 |
|
|
|
|
263 |
|
|
|
|
44 |
|
|
|
3,373 |
|
|
|
44 |
|
Other borrowings |
|
|
213 |
|
|
|
|
170 |
|
|
|
155 |
|
|
|
|
142 |
|
|
|
|
112 |
|
|
|
539 |
|
|
|
262 |
|
Total interest expense |
|
|
7,103 |
|
|
|
|
5,483 |
|
|
|
3,798 |
|
|
|
|
2,176 |
|
|
|
|
968 |
|
|
|
16,384 |
|
|
|
2,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
15,967 |
|
|
|
|
17,354 |
|
|
|
16,506 |
|
|
|
|
14,082 |
|
|
|
|
12,599 |
|
|
|
49,828 |
|
|
|
36,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
1,127 |
|
|
|
|
814 |
|
|
|
507 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2,449 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
|
14,840 |
|
|
|
|
16,540 |
|
|
|
15,999 |
|
|
|
|
14,082 |
|
|
|
|
12,599 |
|
|
|
47,379 |
|
|
|
36,095 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
954 |
|
|
|
|
940 |
|
|
|
987 |
|
|
|
|
976 |
|
|
|
|
1,004 |
|
|
|
2,880 |
|
|
|
2,874 |
|
Gain (loss) on equity |
|
|
48 |
|
|
|
|
(67 |
) |
|
|
(138 |
) |
|
|
|
(77 |
) |
|
|
|
(57 |
) |
|
|
(157 |
) |
|
|
(96 |
) |
Gain on other real estate owned |
|
|
- |
|
|
|
|
- |
|
|
|
2 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
Earnings on bank-owned life insurance |
|
|
207 |
|
|
|
|
220 |
|
|
|
200 |
|
|
|
|
137 |
|
|
|
|
108 |
|
|
|
627 |
|
|
|
322 |
|
Gain (loss) on sale of loans |
|
|
45 |
|
|
|
|
6 |
|
|
|
23 |
|
|
|
|
(4 |
) |
|
|
|
7 |
|
|
|
74 |
|
|
|
28 |
|
Revenue from investment services |
|
|
190 |
|
|
|
|
174 |
|
|
|
186 |
|
|
|
|
147 |
|
|
|
|
233 |
|
|
|
550 |
|
|
|
527 |
|
Gross rental income |
|
|
110 |
|
|
|
|
77 |
|
|
|
102 |
|
|
|
|
951 |
|
|
|
|
- |
|
|
|
290 |
|
|
|
- |
|
Other income |
|
|
263 |
|
|
|
|
242 |
|
|
|
318 |
|
|
|
|
284 |
|
|
|
|
251 |
|
|
|
822 |
|
|
|
677 |
|
Total noninterest income |
|
|
1,817 |
|
|
|
|
1,592 |
|
|
|
1,680 |
|
|
|
|
2,414 |
|
|
|
|
1,546 |
|
|
|
5,088 |
|
|
|
4,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,994 |
|
|
|
|
6,019 |
|
|
|
5,852 |
|
|
|
|
4,886 |
|
|
|
|
4,491 |
|
|
|
17,865 |
|
|
|
12,662 |
|
Occupancy expense |
|
|
699 |
|
|
|
|
659 |
|
|
|
696 |
|
|
|
|
487 |
|
|
|
|
458 |
|
|
|
2,054 |
|
|
|
1,546 |
|
Equipment expense |
|
|
297 |
|
|
|
|
354 |
|
|
|
317 |
|
|
|
|
252 |
|
|
|
|
233 |
|
|
|
969 |
|
|
|
822 |
|
Data processing costs |
|
|
1,209 |
|
|
|
|
1,137 |
|
|
|
1,070 |
|
|
|
|
1,050 |
|
|
|
|
985 |
|
|
|
3,587 |
|
|
|
2,650 |
|
Ohio state franchise tax |
|
|
398 |
|
|
|
|
398 |
|
|
|
385 |
|
|
|
|
279 |
|
|
|
|
293 |
|
|
|
1,180 |
|
|
|
878 |
|
Federal deposit insurance expense |
|
|
207 |
|
|
|
|
249 |
|
|
|
120 |
|
|
|
|
105 |
|
|
|
|
84 |
|
|
|
576 |
|
|
|
224 |
|
Professional fees |
|
|
545 |
|
|
|
|
550 |
|
|
|
538 |
|
|
|
|
382 |
|
|
|
|
280 |
|
|
|
1,633 |
|
|
|
1,118 |
|
Other real estate owned writedowns |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
1,000 |
|
|
|
|
- |
|
|
|
- |
|
|
|
215 |
|
Advertising expense |
|
|
414 |
|
|
|
|
415 |
|
|
|
486 |
|
|
|
|
308 |
|
|
|
|
268 |
|
|
|
1,315 |
|
|
|
725 |
|
Software amortization expense |
|
|
24 |
|
|
|
|
23 |
|
|
|
26 |
|
|
|
|
28 |
|
|
|
|
27 |
|
|
|
73 |
|
|
|
115 |
|
Core deposit intangible amortization |
|
|
265 |
|
|
|
|
265 |
|
|
|
265 |
|
|
|
|
140 |
|
|
|
|
78 |
|
|
|
794 |
|
|
|
232 |
|
Gross other real estate owned expenses |
|
|
195 |
|
|
|
|
63 |
|
|
|
132 |
|
|
|
|
692 |
|
|
|
|
1 |
|
|
|
390 |
|
|
|
- |
|
Merger-related costs |
|
|
22 |
|
|
|
|
206 |
|
|
|
245 |
|
|
|
|
1,413 |
|
|
|
|
390 |
|
|
|
300 |
|
|
|
969 |
|
Other expense |
|
|
1,849 |
|
|
|
|
1,716 |
|
|
|
1,661 |
|
|
|
|
1,321 |
|
|
|
|
1,298 |
|
|
|
5,228 |
|
|
|
3,531 |
|
Total noninterest expense |
|
|
12,118 |
|
|
|
|
12,054 |
|
|
|
11,793 |
|
|
|
|
12,343 |
|
|
|
|
8,886 |
|
|
|
35,964 |
|
|
|
25,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
4,539 |
|
|
|
|
6,078 |
|
|
|
5,886 |
|
|
|
|
4,153 |
|
|
|
|
5,259 |
|
|
|
16,503 |
|
|
|
14,740 |
|
Income taxes |
|
|
703 |
|
|
|
|
986 |
|
|
|
989 |
|
|
|
|
651 |
|
|
|
|
1,010 |
|
|
|
2,678 |
|
|
|
2,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
$ |
|
3,836 |
|
|
$ |
|
5,092 |
|
|
$ |
4,897 |
|
|
$ |
|
3,502 |
|
|
$ |
|
4,249 |
|
|
$ |
13,825 |
|
|
$ |
12,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTPP (1) |
$ |
|
5,666 |
|
|
$ |
|
6,892 |
|
|
$ |
6,393 |
|
|
$ |
|
4,153 |
|
|
$ |
|
5,259 |
|
|
$ |
18,952 |
|
|
$ |
14,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See section “GAAP to Non-GAAP Reconciliations” for the
reconciliation of GAAP performance measures to 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 |
|
|
For the Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Per common share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
$ |
|
0.47 |
|
|
$ |
|
0.63 |
|
|
$ |
0.60 |
|
|
$ |
|
0.53 |
|
|
$ |
|
0.73 |
|
|
$ |
1.71 |
|
|
$ |
2.08 |
|
Net income per common share - diluted |
$ |
|
0.47 |
|
|
$ |
|
0.63 |
|
|
$ |
0.60 |
|
|
$ |
|
0.53 |
|
|
$ |
|
0.73 |
|
|
$ |
1.70 |
|
|
$ |
2.08 |
|
Dividends declared per share |
$ |
|
0.20 |
|
|
$ |
|
0.20 |
|
|
$ |
0.20 |
|
|
$ |
|
0.30 |
|
|
$ |
|
0.17 |
|
|
$ |
0.60 |
|
|
$ |
0.51 |
|
Book value per share (period end) |
$ |
|
23.94 |
|
|
$ |
|
24.38 |
|
|
$ |
24.13 |
|
|
$ |
|
23.98 |
|
|
$ |
|
21.30 |
|
|
$ |
23.94 |
|
|
$ |
21.30 |
|
Tangible book value per share (period end) (1) (2) |
$ |
|
18.62 |
|
|
$ |
|
19.02 |
|
|
$ |
19.29 |
|
|
$ |
|
19.19 |
|
|
$ |
|
18.48 |
|
|
$ |
18.62 |
|
|
$ |
18.48 |
|
Dividends declared |
$ |
|
1,619 |
|
|
$ |
|
1,616 |
|
|
$ |
1,605 |
|
|
$ |
|
2,514 |
|
|
$ |
|
983 |
|
|
$ |
4,841 |
|
|
$ |
2,976 |
|
Dividend yield |
|
|
3.12 |
% |
|
|
|
2.99 |
% |
|
|
2.89 |
% |
|
|
|
4.34 |
% |
|
|
|
2.49 |
% |
|
|
3.16 |
% |
|
|
2.52 |
% |
Dividend payout ratio |
|
|
42.21 |
% |
|
|
|
31.74 |
% |
|
|
32.78 |
% |
|
|
|
71.79 |
% |
|
|
|
23.13 |
% |
|
|
35.02 |
% |
|
|
24.45 |
% |
Average shares outstanding - basic |
|
|
8,092,494 |
|
|
|
|
8,088,793 |
|
|
|
8,138,771 |
|
|
|
|
6,593,616 |
|
|
|
|
5,792,773 |
|
|
|
8,106,517 |
|
|
|
5,840,757 |
|
Average shares outstanding - diluted |
|
|
8,101,306 |
|
|
|
|
8,101,984 |
|
|
|
8,152,629 |
|
|
|
|
6,610,907 |
|
|
|
|
5,805,799 |
|
|
|
8,115,329 |
|
|
|
5,853,783 |
|
Period ending shares outstanding |
|
|
8,092,576 |
|
|
|
|
8,088,793 |
|
|
|
8,088,793 |
|
|
|
|
8,245,235 |
|
|
|
|
5,767,803 |
|
|
|
8,092,576 |
|
|
|
5,767,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (Annualized) |
|
|
0.86 |
% |
|
|
|
1.17 |
% |
|
|
1.16 |
% |
|
|
|
0.97 |
% |
|
|
|
1.32 |
% |
|
|
1.06 |
% |
|
|
1.24 |
% |
Return on average equity (Annualized) |
|
|
7.73 |
% |
|
|
|
10.41 |
% |
|
|
10.19 |
% |
|
|
|
9.35 |
% |
|
|
|
12.94 |
% |
|
|
9.43 |
% |
|
|
11.96 |
% |
Return on average tangible common equity (1) (3) |
|
|
9.91 |
% |
|
|
|
13.12 |
% |
|
|
12.77 |
% |
|
|
|
11.13 |
% |
|
|
|
14.79 |
% |
|
|
11.92 |
% |
|
|
13.59 |
% |
Efficiency (4) |
|
|
65.65 |
% |
|
|
|
61.27 |
% |
|
|
62.44 |
% |
|
|
|
72.75 |
% |
|
|
|
61.07 |
% |
|
|
63.10 |
% |
|
|
61.79 |
% |
Equity to assets at period end |
|
|
10.80 |
% |
|
|
|
11.26 |
% |
|
|
11.30 |
% |
|
|
|
11.71 |
% |
|
|
|
9.09 |
% |
|
|
10.80 |
% |
|
|
9.09 |
% |
Noninterest expense to average assets |
|
|
0.68 |
% |
|
|
|
0.69 |
% |
|
|
0.69 |
% |
|
|
|
0.86 |
% |
|
|
|
0.69 |
% |
|
|
2.06 |
% |
|
|
1.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See section “GAAP to Non-GAAP Reconciliations” for the
reconciliation of GAAP performance measures to non-GAAP
measures. |
(2) Calculated by dividing tangible common equity by shares
outstanding. |
(3) Calculated by dividing annualized net income for each period by
average tangible common
equity. |
(4) 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC
CORP. |
Consolidated Selected Financial
Highlights |
(Unaudited) |
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
September 30, |
|
September 30, |
Yields |
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
|
5.82 |
% |
|
|
|
5.96 |
% |
|
|
5.45 |
% |
|
|
|
5.11 |
% |
|
|
|
4.78 |
% |
|
|
5.75 |
% |
|
|
4.66 |
% |
Investment securities (1) |
|
|
4.09 |
% |
|
|
|
4.08 |
% |
|
|
4.11 |
% |
|
|
|
3.83 |
% |
|
|
|
3.90 |
% |
|
|
4.08 |
% |
|
|
3.69 |
% |
Interest-earning deposits with other banks |
|
|
4.13 |
% |
|
|
|
3.98 |
% |
|
|
3.46 |
% |
|
|
|
3.42 |
% |
|
|
|
2.06 |
% |
|
|
3.85 |
% |
|
|
0.82 |
% |
Total interest-earning assets |
|
|
5.58 |
% |
|
|
|
5.69 |
% |
|
|
5.22 |
% |
|
|
|
4.88 |
% |
|
|
|
4.55 |
% |
|
|
5.50 |
% |
|
|
4.30 |
% |
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
|
1.51 |
% |
|
|
|
1.11 |
% |
|
|
0.83 |
% |
|
|
|
0.83 |
% |
|
|
|
0.22 |
% |
|
|
1.20 |
% |
|
|
0.17 |
% |
Money market deposits |
|
|
2.94 |
% |
|
|
|
2.21 |
% |
|
|
1.52 |
% |
|
|
|
1.00 |
% |
|
|
|
0.46 |
% |
|
|
2.29 |
% |
|
|
0.47 |
% |
Savings deposits |
|
|
0.58 |
% |
|
|
|
0.73 |
% |
|
|
1.03 |
% |
|
|
|
0.49 |
% |
|
|
|
0.19 |
% |
|
|
0.80 |
% |
|
|
0.10 |
% |
Certificates of deposit |
|
|
3.27 |
% |
|
|
|
2.35 |
% |
|
|
1.71 |
% |
|
|
|
1.30 |
% |
|
|
|
0.96 |
% |
|
|
2.50 |
% |
|
|
0.89 |
% |
Total interest-bearing deposits |
|
|
2.16 |
% |
|
|
|
1.60 |
% |
|
|
1.28 |
% |
|
|
|
0.87 |
% |
|
|
|
0.43 |
% |
|
|
1.70 |
% |
|
|
0.39 |
% |
Non-Deposit Funding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
5.66 |
% |
|
|
|
5.26 |
% |
|
|
4.78 |
% |
|
|
|
4.25 |
% |
|
|
|
2.94 |
% |
|
|
5.30 |
% |
|
|
2.61 |
% |
Total interest-bearing liabilities |
|
|
2.48 |
% |
|
|
|
2.02 |
% |
|
|
1.52 |
% |
|
|
|
1.02 |
% |
|
|
|
0.50 |
% |
|
|
2.03 |
% |
|
|
0.43 |
% |
Cost of deposits |
|
|
1.53 |
% |
|
|
|
1.09 |
% |
|
|
0.84 |
% |
|
|
|
0.57 |
% |
|
|
|
0.29 |
% |
|
|
1.16 |
% |
|
|
0.26 |
% |
Cost of funds |
|
|
1.80 |
% |
|
|
|
1.43 |
% |
|
|
1.02 |
% |
|
|
|
0.68 |
% |
|
|
|
0.34 |
% |
|
|
1.42 |
% |
|
|
0.29 |
% |
Net interest margin (2) |
|
|
3.88 |
% |
|
|
|
4.34 |
% |
|
|
4.26 |
% |
|
|
|
4.23 |
% |
|
|
|
4.23 |
% |
|
|
4.15 |
% |
|
|
4.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were determined using an effective tax rate of
21%. |
(2) Net interest margin represents net interest income as a
percentage of average interest-earning
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
|
|
|
Asset quality data |
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
|
|
|
|
(Dollar amounts in thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans (1) |
$ |
|
7,717 |
|
|
$ |
|
7,116 |
|
|
$ |
6,882 |
|
|
$ |
|
2,111 |
|
|
$ |
|
3,692 |
|
|
|
|
|
|
|
Other real estate owned |
|
|
5,792 |
|
|
|
|
5,792 |
|
|
|
5,792 |
|
|
|
|
5,821 |
|
|
|
|
6,792 |
|
|
|
|
|
|
|
Nonperforming assets |
$ |
|
13,509 |
|
|
$ |
|
12,908 |
|
|
$ |
12,674 |
|
|
$ |
|
7,932 |
|
|
$ |
|
10,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
$ |
|
20,986 |
|
|
$ |
|
20,591 |
|
|
$ |
20,162 |
|
|
$ |
|
14,438 |
|
|
$ |
|
14,532 |
|
|
|
|
|
|
|
Allowance for credit losses/total loans |
|
|
1.45 |
% |
|
|
|
1.46 |
% |
|
|
1.46 |
% |
|
|
|
1.07 |
% |
|
|
|
1.46 |
% |
|
|
|
|
|
|
Net charge-offs (recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
$ |
|
(16 |
) |
|
$ |
|
111 |
|
|
$ |
(8 |
) |
|
$ |
|
94 |
|
|
$ |
|
18 |
|
|
|
|
|
|
|
Year-to-date |
|
|
87 |
|
|
|
|
103 |
|
|
|
(8 |
) |
|
|
|
(96 |
) |
|
|
|
(190 |
) |
|
|
|
|
|
|
Net charge-offs (recoveries) to average loans, annualized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
|
0.00 |
% |
|
|
|
0.03 |
% |
|
|
0.00 |
% |
|
|
|
0.03 |
% |
|
|
|
0.01 |
% |
|
|
|
|
|
|
Year-to-date |
|
|
0.01 |
% |
|
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
|
(0.01 |
%) |
|
|
|
(0.02 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans/total loans |
|
|
0.53 |
% |
|
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
|
0.16 |
% |
|
|
|
0.37 |
% |
|
|
|
|
|
|
Allowance for credit losses/nonperforming loans |
|
|
271.95 |
% |
|
|
|
289.36 |
% |
|
|
292.97 |
% |
|
|
|
683.94 |
% |
|
|
|
393.61 |
% |
|
|
|
|
|
|
Nonperforming assets/total assets |
|
|
0.75 |
% |
|
|
|
0.74 |
% |
|
|
0.73 |
% |
|
|
|
0.47 |
% |
|
|
|
0.78 |
% |
|
|
|
|
|
|
(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) |
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
$ |
|
193,749 |
|
|
$ |
|
197,227 |
|
|
$ |
195,165 |
|
|
$ |
|
197,691 |
|
|
$ |
|
122,855 |
|
|
|
|
|
|
|
Less goodwill and other intangibles |
|
|
43,103 |
|
|
|
|
43,368 |
|
|
|
39,171 |
|
|
|
|
39,436 |
|
|
|
|
16,242 |
|
|
|
|
|
|
|
Tangible common equity |
$ |
|
150,646 |
|
|
$ |
|
153,859 |
|
|
$ |
155,994 |
|
|
$ |
|
158,255 |
|
|
$ |
|
106,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
8,092,576 |
|
|
|
|
8,088,793 |
|
|
|
8,088,793 |
|
|
|
|
8,245,235 |
|
|
|
|
5,767,803 |
|
|
|
|
|
|
|
Tangible book value per share |
$ |
|
18.62 |
|
|
$ |
|
19.02 |
|
|
$ |
19.29 |
|
|
$ |
|
19.19 |
|
|
$ |
|
18.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Average Equity to Return on Average
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity |
$ |
|
196,795 |
|
|
$ |
|
196,183 |
|
|
$ |
194,814 |
|
|
$ |
|
148,616 |
|
|
$ |
|
130,263 |
|
|
$ |
196,074 |
|
|
$ |
136,090 |
|
Less average goodwill and other intangibles |
|
|
43,232 |
|
|
|
|
40,522 |
|
|
|
39,300 |
|
|
|
|
23,731 |
|
|
|
|
16,280 |
|
|
|
41,018 |
|
|
|
16,357 |
|
Average tangible common equity |
$ |
|
153,563 |
|
|
$ |
|
155,661 |
|
|
$ |
155,514 |
|
|
$ |
|
124,885 |
|
|
$ |
|
113,983 |
|
|
$ |
155,056 |
|
|
$ |
119,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
|
3,836 |
|
|
$ |
|
5,092 |
|
|
$ |
4,897 |
|
|
$ |
|
4,896 |
|
|
$ |
|
3,502 |
|
|
$ |
13,825 |
|
|
$ |
12,171 |
|
Return on average tangible common equity (annualized) |
|
|
9.91 |
% |
|
|
|
13.12 |
% |
|
|
12.77 |
% |
|
|
|
11.13 |
% |
|
|
|
14.79 |
% |
|
|
11.92 |
% |
|
|
13.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Pre-Provision Income
(PTPP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
|
3,836 |
|
|
$ |
|
5,092 |
|
|
$ |
4,897 |
|
|
$ |
|
3,502 |
|
|
$ |
|
4,249 |
|
|
$ |
13,825 |
|
|
$ |
12,171 |
|
Add income taxes |
|
|
703 |
|
|
|
|
986 |
|
|
|
989 |
|
|
|
|
651 |
|
|
|
|
1,010 |
|
|
|
2,678 |
|
|
|
2,569 |
|
Add provision for credit losses |
|
|
1,127 |
|
|
|
|
814 |
|
|
|
507 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2,449 |
|
|
|
- |
|
PTPP |
$ |
|
5,666 |
|
|
$ |
|
6,892 |
|
|
$ |
6,393 |
|
|
$ |
|
4,153 |
|
|
$ |
|
5,259 |
|
|
$ |
18,952 |
|
|
$ |
14,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD BANC CORP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable (1) |
|
$ |
1,425,375 |
|
|
|
$ |
20,899 |
|
|
|
5.82 |
% |
|
|
$ |
987,689 |
|
|
|
$ |
11,892 |
|
|
|
4.78 |
% |
|
|
|
Investment securities (1) |
|
|
166,671 |
|
|
|
|
1,457 |
|
|
|
4.09 |
% |
|
|
|
172,316 |
|
|
|
|
1,431 |
|
|
|
3.90 |
% |
|
|
|
Interest-earning deposits with other banks (2) |
|
|
68,587 |
|
|
|
|
714 |
|
|
|
4.13 |
% |
|
|
|
46,938 |
|
|
|
|
244 |
|
|
|
2.06 |
% |
|
|
|
Total interest-earning assets |
|
|
1,660,633 |
|
|
|
|
23,070 |
|
|
|
5.58 |
% |
|
|
|
1,206,943 |
|
|
|
|
13,567 |
|
|
|
4.55 |
% |
|
|
|
Noninterest-earning assets |
|
|
115,353 |
|
|
|
|
|
|
|
|
|
|
73,753 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,775,986 |
|
|
|
|
|
|
|
|
|
$ |
1,280,696 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
256,153 |
|
|
|
$ |
975 |
|
|
|
1.51 |
% |
|
|
$ |
162,878 |
|
|
|
$ |
91 |
|
|
|
0.22 |
% |
|
|
|
Money market deposits |
|
|
259,802 |
|
|
|
|
1,928 |
|
|
|
2.94 |
% |
|
|
|
155,095 |
|
|
|
|
180 |
|
|
|
0.46 |
% |
|
|
|
Savings deposits |
|
|
225,216 |
|
|
|
|
327 |
|
|
|
0.58 |
% |
|
|
|
249,898 |
|
|
|
|
119 |
|
|
|
0.19 |
% |
|
|
|
Certificates of deposit |
|
|
291,409 |
|
|
|
|
2,402 |
|
|
|
3.27 |
% |
|
|
|
174,091 |
|
|
|
|
422 |
|
|
|
0.96 |
% |
|
|
|
Short-term borrowings |
|
|
91,201 |
|
|
|
|
1,258 |
|
|
|
5.47 |
% |
|
|
|
8,554 |
|
|
|
|
44 |
|
|
|
2.04 |
% |
|
|
|
Other borrowings |
|
|
11,940 |
|
|
|
|
213 |
|
|
|
7.08 |
% |
|
|
|
12,530 |
|
|
|
|
112 |
|
|
|
3.55 |
% |
|
|
|
Total interest-bearing liabilities |
|
|
1,135,721 |
|
|
|
|
7,103 |
|
|
|
2.48 |
% |
|
|
|
763,046 |
|
|
|
|
968 |
|
|
|
0.50 |
% |
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
431,775 |
|
|
|
|
|
|
|
|
|
|
382,351 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
11,695 |
|
|
|
|
|
|
|
|
|
|
5,036 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
196,795 |
|
|
|
|
|
|
|
|
|
|
130,263 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
1,775,986 |
|
|
|
|
|
|
|
|
|
$ |
1,280,696 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
15,967 |
|
|
|
|
|
|
|
|
|
$ |
12,599 |
|
|
|
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
|
|
3.10 |
% |
|
|
|
|
|
|
|
|
4.05 |
% |
|
|
|
Net interest margin (4) |
|
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
|
|
4.23 |
% |
|
|
|
Ratio of average interest-earning assets to average
interest-bearing liabilities |
|
|
|
|
|
|
|
146.22 |
% |
|
|
|
|
|
|
|
|
158.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were $270 and $277 for the three months ended
September 30, 2023 and 2022, respectively. |
(2) Includes dividends received on restricted
stock. |
(3) Interest rate spread represents the difference between the
average yield on interest-earning assets and the average cost of
interest-bearing
liabilities. |
(4) Includes dividends received on restricted
stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
|
|
|
|
2023 |
|
|
|
|
2023 |
|
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable (1) |
|
$ |
1,425,375 |
|
|
|
$ |
20,899 |
|
|
|
5.82 |
% |
|
|
$ |
1,400,074 |
|
|
|
$ |
20,762 |
|
|
|
5.96 |
% |
|
|
|
Investment securities (1) |
|
|
166,671 |
|
|
|
|
1,457 |
|
|
|
4.09 |
% |
|
|
|
168,890 |
|
|
|
|
1,457 |
|
|
|
4.08 |
% |
|
|
|
Interest-earning deposits with other banks (2) |
|
|
68,587 |
|
|
|
|
714 |
|
|
|
4.13 |
% |
|
|
|
62,296 |
|
|
|
|
618 |
|
|
|
3.98 |
% |
|
|
|
Total interest-earning assets |
|
|
1,660,633 |
|
|
|
|
23,070 |
|
|
|
5.58 |
% |
|
|
|
1,631,260 |
|
|
|
|
22,837 |
|
|
|
5.69 |
% |
|
|
|
Noninterest-earning assets |
|
|
115,353 |
|
|
|
|
|
|
|
|
|
|
114,120 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,775,986 |
|
|
|
|
|
|
|
|
|
$ |
1,745,380 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
256,153 |
|
|
|
$ |
975 |
|
|
|
1.51 |
% |
|
|
$ |
214,045 |
|
|
|
$ |
595 |
|
|
|
1.11 |
% |
|
|
|
Money market deposits |
|
|
259,802 |
|
|
|
|
1,928 |
|
|
|
2.94 |
% |
|
|
|
234,497 |
|
|
|
|
1,294 |
|
|
|
2.21 |
% |
|
|
|
Savings deposits |
|
|
225,216 |
|
|
|
|
327 |
|
|
|
0.58 |
% |
|
|
|
263,587 |
|
|
|
|
478 |
|
|
|
0.73 |
% |
|
|
|
Certificates of deposit |
|
|
291,409 |
|
|
|
|
2,402 |
|
|
|
3.27 |
% |
|
|
|
252,785 |
|
|
|
|
1,484 |
|
|
|
2.35 |
% |
|
|
|
Short-term borrowings |
|
|
91,201 |
|
|
|
|
1,258 |
|
|
|
5.47 |
% |
|
|
|
112,349 |
|
|
|
|
1,462 |
|
|
|
5.22 |
% |
|
|
|
Other borrowings |
|
|
11,940 |
|
|
|
|
213 |
|
|
|
7.08 |
% |
|
|
|
11,992 |
|
|
|
|
170 |
|
|
|
5.69 |
% |
|
|
|
Total interest-bearing liabilities |
|
|
1,135,721 |
|
|
|
|
7,103 |
|
|
|
2.48 |
% |
|
|
|
1,089,255 |
|
|
|
|
5,483 |
|
|
|
2.02 |
% |
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
431,775 |
|
|
|
|
|
|
|
|
|
|
450,835 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
11,695 |
|
|
|
|
|
|
|
|
|
|
9,107 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
196,795 |
|
|
|
|
|
|
|
|
|
|
196,183 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
1,775,986 |
|
|
|
|
|
|
|
|
|
$ |
1,745,380 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
15,967 |
|
|
|
|
|
|
|
|
|
$ |
17,354 |
|
|
|
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
|
|
3.10 |
% |
|
|
|
|
|
|
|
|
3.67 |
% |
|
|
|
Net interest margin (4) |
|
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
|
|
4.34 |
% |
|
|
|
Ratio of average interest-earning assets to average
interest-bearing liabilities |
|
|
|
|
|
|
|
146.22 |
% |
|
|
|
|
|
|
|
|
149.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were $270 and $294 for the three months ended
September 30, 2023 and June 30, 2022, respectively. |
(2) Includes dividends received on restricted
stock. |
(3) Interest rate spread represents the difference between the
average yield on interest-earning assets and the average cost of
interest-bearing
liabilities. |
(4) Includes dividends received on restricted
stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable (1) |
|
$ |
1,395,438 |
|
|
|
$ |
59,935 |
|
|
|
5.75 |
% |
|
|
$ |
980,787 |
|
|
|
$ |
34,145 |
|
|
|
4.66 |
% |
|
|
|
Investment securities (1) |
|
|
168,049 |
|
|
|
|
4,353 |
|
|
|
4.08 |
% |
|
|
|
173,094 |
|
|
|
|
4,055 |
|
|
|
3.69 |
% |
|
|
|
Interest-earning deposits with other banks (2) |
|
|
66,730 |
|
|
|
|
1,924 |
|
|
|
3.85 |
% |
|
|
|
72,851 |
|
|
|
|
448 |
|
|
|
0.82 |
% |
|
|
|
Total interest-earning assets |
|
|
1,630,217 |
|
|
|
|
66,212 |
|
|
|
5.50 |
% |
|
|
|
1,226,732 |
|
|
|
|
38,648 |
|
|
|
4.30 |
% |
|
|
|
Noninterest-earning assets |
|
|
115,627 |
|
|
|
|
|
|
|
|
|
|
82,733 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,745,844 |
|
|
|
|
|
|
|
|
|
$ |
1,309,465 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
216,044 |
|
|
|
$ |
1,934 |
|
|
|
1.20 |
% |
|
|
$ |
164,337 |
|
|
|
$ |
210 |
|
|
|
0.17 |
% |
|
|
|
Money market deposits |
|
|
234,236 |
|
|
|
|
4,005 |
|
|
|
2.29 |
% |
|
|
|
175,024 |
|
|
|
|
620 |
|
|
|
0.47 |
% |
|
|
|
Savings deposits |
|
|
267,951 |
|
|
|
|
1,608 |
|
|
|
0.80 |
% |
|
|
|
256,762 |
|
|
|
|
197 |
|
|
|
0.10 |
% |
|
|
|
Certificates of deposit |
|
|
263,448 |
|
|
|
|
4,925 |
|
|
|
2.50 |
% |
|
|
|
184,165 |
|
|
|
|
1,220 |
|
|
|
0.89 |
% |
|
|
|
Short-term borrowings |
|
|
86,670 |
|
|
|
|
3,373 |
|
|
|
5.20 |
% |
|
|
|
2,851 |
|
|
|
|
44 |
|
|
|
2.06 |
% |
|
|
|
Other borrowings |
|
|
11,990 |
|
|
|
|
539 |
|
|
|
6.01 |
% |
|
|
|
12,806 |
|
|
|
|
262 |
|
|
|
2.74 |
% |
|
|
|
Total interest-bearing liabilities |
|
|
1,080,339 |
|
|
|
|
16,384 |
|
|
|
2.03 |
% |
|
|
|
795,945 |
|
|
|
|
2,553 |
|
|
|
0.43 |
% |
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
458,086 |
|
|
|
|
|
|
|
|
|
|
372,343 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
11,345 |
|
|
|
|
|
|
|
|
|
|
5,087 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
196,074 |
|
|
|
|
|
|
|
|
|
|
136,090 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
1,745,844 |
|
|
|
|
|
|
|
|
|
$ |
1,309,465 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
49,828 |
|
|
|
|
|
|
|
|
|
$ |
36,095 |
|
|
|
|
|
|
|
Interest rate spread (3) |
|
|
|
|
|
|
|
3.47 |
% |
|
|
|
|
|
|
|
|
3.87 |
% |
|
|
|
Net interest margin (4) |
|
|
|
|
|
|
|
4.15 |
% |
|
|
|
|
|
|
|
|
4.02 |
% |
|
|
|
Ratio of average interest-earning assets to average
interest-bearing liabilities |
|
|
|
|
|
|
|
150.90 |
% |
|
|
|
|
|
|
|
|
154.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt
securities and loans were $824 and $768 for the nine months ended
September 30, 2023 and 2022, respectively. |
|
|
|
(2) Includes dividends received on restricted
stock. |
(3) Interest rate spread represents the difference between the
average yield on interest-earning assets and the average cost of
interest-bearing
liabilities. |
(4) Net interest margin represents net interest income as a
percentage of average interest-earning
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
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