Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial
results for the six months ended June 30, 2024.
2024 Six-Month Financial
Highlights (on a year-over-year basis):
- Net income was $8.3 million, compared to
$10.0 million
- Pre-tax, pre-provision net income(1) was $9.7 million,
compared to $13.3 million
- Earnings were $1.03 per diluted share, compared to $1.23
per diluted share
- Net interest income after the provision for credit losses was
$30.1 million, compared to $32.5 million
- Noninterest income increased 8.7% to $3.6 million,
compared to $3.3 million
- Total loans increased 6.3% to a record $1.50
billion, compared to $1.41 billion
- Total deposits increased 2.6% to a record $1.47
billion, compared to $1.43 billion
- Return on average assets annualized was 0.91%, compared to
1.16%
- Return on average equity annualized was 8.16%, compared to
9.64%
- Return on average tangible common equity(1) was 10.30%,
compared to 11.92%
- Asset quality remains at historically low levels with
nonperforming assets to total assets of 0.87%, compared to
0.74%
- Allowance for credit losses was 1.46% of total loans, compared
to 1.46%
- Equity to assets remained strong at 11.31%, compared to
11.26%
- Book value increased 5.1% to $25.63 from
$24.38 per share
- Tangible book
value(1) increased 7.1% to $20.37 from $19.02 per
share
(1) See non-GAAP
reconciliation under the section “GAAP to Non-GAAP
Reconciliations”
Ronald L. Zimmerly, Jr., President and Chief
Executive Officer, stated, “Throughout our Central, Western and
Northeast Ohio markets, Middlefield’s team members are dedicated to
providing leading community-oriented financial services to our
customers. This long-standing commitment supports the
financial success of our local communities, which is especially
important as uncertainty about FOMC monetary policies and economic
conditions has increased. Despite these macro trends, we
remain focused on supporting our communities, managing expenses,
and maintaining a strong balance sheet. I am pleased with the
progress we are making as total loans at June 30, 2024, increased
6.3% year-over-year to a record $1.50 billion, year-to-date
noninterest expense is in line with the prior year period, and we
remain extremely ‘well-capitalized’ under applicable banking
requirements.”
“We also continue to pursue our multi-year
strategic growth goals, which are focused on increasing revenue
opportunities, improving our customer experience, and advancing
operational performance to create lasting value for our
shareholders. For the 2024 second quarter, noninterest income
increased 10.6% over the same period a year ago, and total deposits
were up 2.6% over the past year to a record $1.47 billion, as we
successfully diversify our revenue and increase our market
share. In addition, our tangible book value(1) has grown
7.1% to $20.37 per share, reflecting stable
profitability, limited accumulated other comprehensive income
(AOCI) impacts, and asset quality in line with historical
performance. While we expect the near-term banking environment to
remain challenging, we continue to focus on supporting our
communities, strategically allocating capital, maintaining
disciplined underwriting standards, and prudently managing
expenses,” concluded Mr. Zimmerly. (1)See non-GAAP reconciliation
under the section "GAAP to Non-GAAP Reconciliations".
Income StatementNet interest income for the
2024 first half decreased $3.8 million to
$30.1 million, compared to $33.9 million for the same
period last year. The net interest margin for the 2024 first half
was 3.53%, compared to 4.23% last year.
For the 2024 first half, noninterest
income increased $0.3 million to $3.6 million,
compared to $3.3 million for the same period in 2023.
Noninterest expense for the 2024 first half was $23.9
million, compared to $23.8 million for the 2023 first half.
Net income for the six months ended June 30, 2024, was
$8.3 million, or $1.03 per diluted share, compared to
$10.0 million, or $1.23 per diluted share, for the same period last
year.
For the 2024 first half, pre-tax, pre-provision net income was
$9.7 million, compared to $13.3 million last year. (See non-GAAP
reconciliation under the section “GAAP to Non-GAAP
Reconciliations”.)
Balance SheetTotal assets at June 30, 2024,
increased 4.4% to $1.83 billion, compared to $1.75 billion at June
30, 2023. Total loans at June 30, 2024, were $1.50 billion,
compared to $1.41 billion at June 30, 2023. The 6.3% year-over-year
increase in total loans was primarily due to higher commercial and
industrial, residential real estate, and multifamily
loans.
Total liabilities at June 30, 2024, increased 4.3% to $1.62
billion, compared to $1.55 billion at June 30, 2023. Total deposits
at June 30, 2024, were $1.47 billion, compared to $1.43 billion at
June 30, 2023. The 2.6% year-over-year increase in deposits was
primarily due to growth in money market and time deposits,
partially offset by declines in noninterest-bearing and
interest-bearing demand and savings accounts. Noninterest-bearing
demand deposits were 26.3% of total deposits at June 30, 2024,
compared to 30.8% at June 30, 2023. At June 30, 2024, the Company
had brokered deposits of $90.4 million, compared to $90.3 million
at June 30, 2023.
The investment securities available for sale portfolio was
$166.4 million at June 30, 2024, compared with $167.2 million at
June 30, 2023.
Michael Ranttila, Chief Financial Officer,
stated, “Asset quality remains stable. We have achieved four
consecutive quarters with net quarter-to-date recoveries, and
nonperforming assets to total assets at June 30, 2024, were 0.87%,
compared to 0.74% at June 30, 2023. The slight uptick in
nonperforming assets to total assets was due primarily to two
relationships in the freight and industrial segments that moved to
nonaccrual in the second quarter. We believe these relationships do
not indicate a trend in the markets we serve, our portfolio, or
underwriting standards. Despite this increase, we remain well
reserved for potential credit losses with an allowance for credit
losses to total loans of 1.46% at June 30, 2024, which was in line
with the same period a year ago, and up slightly from the quarter
ended March 31, 2024.”
Mr. Ranttila continued, “We also remain focused
on identifying opportunities to improve our cost of funds, pay down
higher-cost capital, and grow core deposits to support loan demand.
Year-to-date, total deposits increased 3.0%, while our Federal Home
Loan Bank (FHLB) advances decreased by 23.3%. At June 30, 2024,
additional borrowing capacity at the FHLB was $440.3 million, with
the potential to acquire additional brokered deposits of
approximately $187.8 million. The combination of high levels of
potentially liquid assets, cash flows from operations, and
additional borrowing capacity provides us with excellent liquidity
levels to support our long-term growth strategies and our legacy of
returning excess capital to shareholders.”
Middlefield's CRE portfolio included the following categories at
June 30, 2024:
|
|
Balance |
|
|
Percent of |
|
|
Percent of |
|
CRE Category |
|
(in thousands) |
|
|
CRE Portfolio |
|
|
Loan Portfolio |
|
Multi-Family |
|
$ |
86,951 |
|
|
|
13.3 |
% |
|
|
5.8 |
% |
Office Space |
|
|
76,341 |
|
|
|
11.6 |
% |
|
|
5.1 |
% |
Shopping Plazas |
|
|
70,556 |
|
|
|
10.9 |
% |
|
|
4.7 |
% |
Self-Storage |
|
|
55,267 |
|
|
|
8.4 |
% |
|
|
3.7 |
% |
Hospitality |
|
|
39,540 |
|
|
|
6.0 |
% |
|
|
2.6 |
% |
Senior Living |
|
|
28,911 |
|
|
|
4.4 |
% |
|
|
1.9 |
% |
Other |
|
|
297,842 |
|
|
|
45.4 |
% |
|
|
19.9 |
% |
Total CRE |
|
$ |
655,408 |
|
|
|
100.0 |
% |
|
|
43.7 |
% |
Stockholders' Equity and DividendsAt June 30,
2024, stockholders' equity was $206.8 million compared to $197.2
million at June 30, 2023. The 4.8% year-over-year increase in
stockholders' equity was primarily due to higher retained earnings
and an improvement in the unrealized losses on the
available-for-sale investment portfolio, partially offset by stock
acquired under the Company's stock repurchase program. On a
per-share basis, shareholders' equity at June 30, 2024, was $25.63
compared to $24.38 at June 30, 2023.
At June 30, 2024, tangible stockholders' equity(1) was $164.3
million, compared to $153.9 million at June 30, 2023. On a
per-share basis, tangible stockholders' equity(1) was $20.37 at
June 30, 2024, compared to $19.02 at June 30, 2023. (1)See non-GAAP
reconciliation under the section “GAAP to Non-GAAP
Reconciliations”.
For the 2024 first half, the Company declared cash dividends of
$0.40 per share, totaling $3.2 million.
For the 2024 first half, the Company repurchased 43,858 shares
of its common stock, at an average price of $24.00 per share. There
were no repurchases during the second quarter of 2024.
At June 30, 2024, the Company's equity-to-assets ratio was
11.31%, compared to 11.26% at June 30, 2023.
Asset QualityFor the 2024 first
half, the Company recorded a recovery of credit losses of $49,000
versus a provision for credit losses of $1.3 million for the
same period last year.
Net recoveries were $97,000, or (0.01%) of
average loans, annualized, during the first half of 2024, compared
to net charge-offs of $103,000, or 0.01% of average loans,
annualized, at June 30, 2023.
Nonperforming loans at June 30, 2024, were $16.0 million,
compared to $7.1 million at June 30, 2023. Nonperforming assets at
June 30, 2024, were $16.0 million, compared to $12.9 million at
June 30, 2023. The allowance for credit losses at June 30, 2024,
stood at $21.8 million, or 1.46% of total loans, compared to $20.6
million, or 1.46% of total loans at June 30, 2023. The increase in
the allowance for credit losses was mainly due to changes in
projected loss drivers, prepayment assumptions, and curtailment
expectations over the reasonable and supportable forecast period as
well as an overall increase in total loans.
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 $1.83 billion at June 30, 2024. 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 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 following Consolidated Financial
Highlights tables 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 several 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) |
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
Balance Sheets (period
end) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
50,496 |
|
|
$ |
44,816 |
|
|
$ |
56,397 |
|
|
$ |
56,228 |
|
|
$ |
49,422 |
|
Federal funds sold |
|
|
1,762 |
|
|
|
1,438 |
|
|
|
4,439 |
|
|
|
9,274 |
|
|
|
9,654 |
|
Cash and cash equivalents |
|
|
52,258 |
|
|
|
46,254 |
|
|
|
60,836 |
|
|
|
65,502 |
|
|
|
59,076 |
|
Investment securities
available for sale, at fair value |
|
|
166,424 |
|
|
|
167,890 |
|
|
|
170,779 |
|
|
|
159,414 |
|
|
|
167,209 |
|
Other investments |
|
|
881 |
|
|
|
907 |
|
|
|
955 |
|
|
|
958 |
|
|
|
711 |
|
Loans held for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
632 |
|
|
|
171 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
|
|
182,809 |
|
|
|
178,543 |
|
|
|
183,545 |
|
|
|
185,593 |
|
|
|
187,919 |
|
Non-owner occupied |
|
|
385,648 |
|
|
|
398,845 |
|
|
|
401,580 |
|
|
|
382,676 |
|
|
|
385,846 |
|
Multifamily |
|
|
86,951 |
|
|
|
81,691 |
|
|
|
82,506 |
|
|
|
82,578 |
|
|
|
58,579 |
|
Residential real estate |
|
|
337,121 |
|
|
|
331,480 |
|
|
|
328,854 |
|
|
|
321,331 |
|
|
|
312,196 |
|
Commercial and industrial |
|
|
234,702 |
|
|
|
227,433 |
|
|
|
221,508 |
|
|
|
214,334 |
|
|
|
209,349 |
|
Home equity lines of credit |
|
|
131,047 |
|
|
|
129,287 |
|
|
|
127,818 |
|
|
|
127,494 |
|
|
|
126,894 |
|
Construction and other |
|
|
132,530 |
|
|
|
135,716 |
|
|
|
125,105 |
|
|
|
127,106 |
|
|
|
118,851 |
|
Consumer installment |
|
|
6,896 |
|
|
|
7,131 |
|
|
|
7,214 |
|
|
|
7,481 |
|
|
|
9,801 |
|
Total loans |
|
|
1,497,704 |
|
|
|
1,490,126 |
|
|
|
1,478,130 |
|
|
|
1,448,593 |
|
|
|
1,409,435 |
|
Less allowance for credit
losses |
|
|
21,795 |
|
|
|
21,069 |
|
|
|
21,693 |
|
|
|
20,986 |
|
|
|
20,591 |
|
Net loans |
|
|
1,475,909 |
|
|
|
1,469,057 |
|
|
|
1,456,437 |
|
|
|
1,427,607 |
|
|
|
1,388,844 |
|
Premises and equipment,
net |
|
|
20,744 |
|
|
|
21,035 |
|
|
|
21,339 |
|
|
|
21,708 |
|
|
|
21,629 |
|
Goodwill |
|
|
36,356 |
|
|
|
36,356 |
|
|
|
36,356 |
|
|
|
36,197 |
|
|
|
36,197 |
|
Core deposit intangibles |
|
|
6,126 |
|
|
|
6,384 |
|
|
|
6,642 |
|
|
|
6,906 |
|
|
|
7,171 |
|
Bank-owned life insurance |
|
|
34,802 |
|
|
|
34,575 |
|
|
|
34,349 |
|
|
|
34,153 |
|
|
|
34,235 |
|
Other real estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,792 |
|
|
|
5,792 |
|
Accrued interest receivable
and other assets |
|
|
34,686 |
|
|
|
34,210 |
|
|
|
35,190 |
|
|
|
34,551 |
|
|
|
30,472 |
|
TOTAL ASSETS |
|
$ |
1,828,186 |
|
|
$ |
1,816,668 |
|
|
$ |
1,822,883 |
|
|
$ |
1,793,420 |
|
|
$ |
1,751,507 |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
387,024 |
|
|
$ |
390,185 |
|
|
$ |
401,384 |
|
|
$ |
424,055 |
|
|
$ |
441,102 |
|
Interest-bearing demand |
|
|
206,542 |
|
|
|
209,015 |
|
|
|
205,582 |
|
|
|
243,973 |
|
|
|
229,633 |
|
Money market |
|
|
355,630 |
|
|
|
318,823 |
|
|
|
274,682 |
|
|
|
275,766 |
|
|
|
241,537 |
|
Savings |
|
|
192,472 |
|
|
|
196,721 |
|
|
|
210,639 |
|
|
|
216,453 |
|
|
|
231,508 |
|
Time |
|
|
327,876 |
|
|
|
332,165 |
|
|
|
334,315 |
|
|
|
296,732 |
|
|
|
287,861 |
|
Total deposits |
|
|
1,469,544 |
|
|
|
1,446,909 |
|
|
|
1,426,602 |
|
|
|
1,456,979 |
|
|
|
1,431,641 |
|
Federal Home Loan Bank
advances |
|
|
125,000 |
|
|
|
137,000 |
|
|
|
163,000 |
|
|
|
118,000 |
|
|
|
100,000 |
|
Other borrowings |
|
|
11,762 |
|
|
|
11,812 |
|
|
|
11,862 |
|
|
|
11,912 |
|
|
|
11,961 |
|
Accrued interest payable and other liabilities |
|
|
15,092 |
|
|
|
15,372 |
|
|
|
15,738 |
|
|
|
12,780 |
|
|
|
10,678 |
|
TOTAL LIABILITIES |
|
|
1,621,398 |
|
|
|
1,611,093 |
|
|
|
1,617,202 |
|
|
|
1,599,671 |
|
|
|
1,554,280 |
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par value; 25,000,000 shares authorized,
9,946,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares issued, 8,067,144 shares outstanding as of June 30,
2024 |
|
|
161,823 |
|
|
|
161,823 |
|
|
|
161,388 |
|
|
|
161,312 |
|
|
|
161,211 |
|
Retained earnings |
|
|
105,342 |
|
|
|
102,791 |
|
|
|
100,237 |
|
|
|
98,717 |
|
|
|
96,500 |
|
Accumulated other comprehensive loss |
|
|
(19,468 |
) |
|
|
(18,130 |
) |
|
|
(16,090 |
) |
|
|
(26,426 |
) |
|
|
(20,630 |
) |
Treasury stock, at cost; 1,879,310 shares as of June 30, 2024 |
|
|
(40,909 |
) |
|
|
(40,909 |
) |
|
|
(39,854 |
) |
|
|
(39,854 |
) |
|
|
(39,854 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
206,788 |
|
|
|
205,575 |
|
|
|
205,681 |
|
|
|
193,749 |
|
|
|
197,227 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
1,828,186 |
|
|
$ |
1,816,668 |
|
|
$ |
1,822,883 |
|
|
$ |
1,793,420 |
|
|
$ |
1,751,507 |
|
|
|
MIDDLEFIELD BANC CORP.Consolidated
Selected Financial Highlights(Dollar amounts in thousands,
unaudited) |
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
Statements of Income |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
23,422 |
|
|
$ |
22,395 |
|
|
$ |
22,027 |
|
|
$ |
20,899 |
|
|
$ |
20,762 |
|
|
$ |
45,817 |
|
|
$ |
39,037 |
|
Interest-earning deposits in other institutions |
|
|
386 |
|
|
|
437 |
|
|
|
370 |
|
|
|
300 |
|
|
|
369 |
|
|
|
823 |
|
|
|
620 |
|
Federal funds sold |
|
|
122 |
|
|
|
152 |
|
|
|
94 |
|
|
|
266 |
|
|
|
158 |
|
|
|
274 |
|
|
|
411 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
505 |
|
|
|
467 |
|
|
|
479 |
|
|
|
477 |
|
|
|
479 |
|
|
|
972 |
|
|
|
937 |
|
Tax-exempt interest |
|
|
966 |
|
|
|
972 |
|
|
|
976 |
|
|
|
980 |
|
|
|
978 |
|
|
|
1,938 |
|
|
|
1,958 |
|
Dividends on stock |
|
|
198 |
|
|
|
189 |
|
|
|
144 |
|
|
|
148 |
|
|
|
91 |
|
|
|
387 |
|
|
|
179 |
|
Total interest and dividend income |
|
|
25,599 |
|
|
|
24,612 |
|
|
|
24,090 |
|
|
|
23,070 |
|
|
|
22,837 |
|
|
|
50,211 |
|
|
|
43,142 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
8,423 |
|
|
|
7,466 |
|
|
|
6,522 |
|
|
|
5,632 |
|
|
|
3,851 |
|
|
|
15,889 |
|
|
|
6,841 |
|
Short-term borrowings |
|
|
1,920 |
|
|
|
1,993 |
|
|
|
2,013 |
|
|
|
1,258 |
|
|
|
1,462 |
|
|
|
3,913 |
|
|
|
2,114 |
|
Other borrowings |
|
|
173 |
|
|
|
184 |
|
|
|
179 |
|
|
|
213 |
|
|
|
170 |
|
|
|
357 |
|
|
|
326 |
|
Total interest expense |
|
|
10,516 |
|
|
|
9,643 |
|
|
|
8,714 |
|
|
|
7,103 |
|
|
|
5,483 |
|
|
|
20,159 |
|
|
|
9,281 |
|
NET INTEREST INCOME |
|
|
15,083 |
|
|
|
14,969 |
|
|
|
15,376 |
|
|
|
15,967 |
|
|
|
17,354 |
|
|
|
30,052 |
|
|
|
33,861 |
|
Provision (Recovery of) for
credit losses |
|
|
87 |
|
|
|
(136 |
) |
|
|
554 |
|
|
|
1,127 |
|
|
|
814 |
|
|
|
(49 |
) |
|
|
1,321 |
|
NET INTEREST INCOME AFTER
PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(RECOVERY OF) FOR CREDIT LOSSES |
|
|
14,996 |
|
|
|
15,105 |
|
|
|
14,822 |
|
|
|
14,840 |
|
|
|
16,540 |
|
|
|
30,101 |
|
|
|
32,540 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
971 |
|
|
|
909 |
|
|
|
997 |
|
|
|
954 |
|
|
|
940 |
|
|
|
1,880 |
|
|
|
1,926 |
|
(Loss) gain on equity securities |
|
|
(27 |
) |
|
|
(52 |
) |
|
|
(4 |
) |
|
|
48 |
|
|
|
(67 |
) |
|
|
(79 |
) |
|
|
(205 |
) |
(Loss) gain on other real estate owned |
|
|
- |
|
|
|
- |
|
|
|
(172 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
Earnings on bank-owned life insurance |
|
|
227 |
|
|
|
227 |
|
|
|
196 |
|
|
|
207 |
|
|
|
220 |
|
|
|
454 |
|
|
|
420 |
|
Gain on sale of loans |
|
|
69 |
|
|
|
10 |
|
|
|
23 |
|
|
|
45 |
|
|
|
6 |
|
|
|
79 |
|
|
|
29 |
|
Revenue from investment services |
|
|
269 |
|
|
|
204 |
|
|
|
193 |
|
|
|
190 |
|
|
|
174 |
|
|
|
473 |
|
|
|
359 |
|
Gross rental income |
|
|
- |
|
|
|
67 |
|
|
|
132 |
|
|
|
110 |
|
|
|
77 |
|
|
|
67 |
|
|
|
179 |
|
Other income |
|
|
251 |
|
|
|
431 |
|
|
|
237 |
|
|
|
263 |
|
|
|
242 |
|
|
|
682 |
|
|
|
560 |
|
Total noninterest income |
|
|
1,760 |
|
|
|
1,796 |
|
|
|
1,602 |
|
|
|
1,817 |
|
|
|
1,592 |
|
|
|
3,556 |
|
|
|
3,270 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
6,111 |
|
|
|
6,333 |
|
|
|
6,646 |
|
|
|
5,994 |
|
|
|
6,019 |
|
|
|
12,444 |
|
|
|
11,871 |
|
Occupancy expense |
|
|
601 |
|
|
|
552 |
|
|
|
512 |
|
|
|
699 |
|
|
|
659 |
|
|
|
1,153 |
|
|
|
1,355 |
|
Equipment expense |
|
|
261 |
|
|
|
240 |
|
|
|
273 |
|
|
|
297 |
|
|
|
354 |
|
|
|
501 |
|
|
|
672 |
|
Data processing costs |
|
|
1,168 |
|
|
|
1,249 |
|
|
|
1,348 |
|
|
|
1,209 |
|
|
|
1,137 |
|
|
|
2,417 |
|
|
|
2,207 |
|
Ohio state franchise tax |
|
|
397 |
|
|
|
397 |
|
|
|
397 |
|
|
|
398 |
|
|
|
398 |
|
|
|
794 |
|
|
|
783 |
|
Federal deposit insurance expense |
|
|
256 |
|
|
|
251 |
|
|
|
285 |
|
|
|
207 |
|
|
|
249 |
|
|
|
507 |
|
|
|
369 |
|
Professional fees |
|
|
557 |
|
|
|
558 |
|
|
|
660 |
|
|
|
545 |
|
|
|
550 |
|
|
|
1,115 |
|
|
|
1,088 |
|
Advertising expense |
|
|
508 |
|
|
|
419 |
|
|
|
162 |
|
|
|
414 |
|
|
|
415 |
|
|
|
927 |
|
|
|
901 |
|
Software amortization expense |
|
|
21 |
|
|
|
22 |
|
|
|
22 |
|
|
|
24 |
|
|
|
23 |
|
|
|
43 |
|
|
|
49 |
|
Core deposit intangible amortization |
|
|
258 |
|
|
|
258 |
|
|
|
264 |
|
|
|
265 |
|
|
|
265 |
|
|
|
516 |
|
|
|
529 |
|
Gross other real estate owned expenses |
|
|
- |
|
|
|
99 |
|
|
|
120 |
|
|
|
195 |
|
|
|
63 |
|
|
|
99 |
|
|
|
195 |
|
Merger-related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22 |
|
|
|
206 |
|
|
|
- |
|
|
|
449 |
|
Other expense |
|
|
1,764 |
|
|
|
1,587 |
|
|
|
1,483 |
|
|
|
1,849 |
|
|
|
1,716 |
|
|
|
3,351 |
|
|
|
3,378 |
|
Total noninterest expense |
|
|
11,902 |
|
|
|
11,965 |
|
|
|
12,172 |
|
|
|
12,118 |
|
|
|
12,054 |
|
|
|
23,867 |
|
|
|
23,846 |
|
Income before income
taxes |
|
|
4,854 |
|
|
|
4,936 |
|
|
|
4,252 |
|
|
|
4,539 |
|
|
|
6,078 |
|
|
|
9,790 |
|
|
|
11,964 |
|
Income taxes |
|
|
690 |
|
|
|
769 |
|
|
|
709 |
|
|
|
703 |
|
|
|
986 |
|
|
|
1,459 |
|
|
|
1,975 |
|
NET INCOME |
|
$ |
4,164 |
|
|
$ |
4,167 |
|
|
$ |
3,543 |
|
|
$ |
3,836 |
|
|
$ |
5,092 |
|
|
$ |
8,331 |
|
|
$ |
9,989 |
|
PTPP (1) |
|
$ |
4,941 |
|
|
$ |
4,800 |
|
|
$ |
4,806 |
|
|
$ |
5,666 |
|
|
$ |
6,892 |
|
|
$ |
9,741 |
|
|
$ |
13,285 |
|
|
|
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 Six Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Per common share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share -
basic |
|
$ |
0.52 |
|
|
$ |
0.52 |
|
|
$ |
0.44 |
|
|
$ |
0.47 |
|
|
$ |
0.63 |
|
|
$ |
1.04 |
|
|
$ |
1.23 |
|
Net income per common share -
diluted |
|
$ |
0.52 |
|
|
$ |
0.51 |
|
|
$ |
0.44 |
|
|
$ |
0.47 |
|
|
$ |
0.63 |
|
|
$ |
1.03 |
|
|
$ |
1.23 |
|
Dividends declared per
share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
Book value per share (period
end) |
|
$ |
25.63 |
|
|
$ |
25.48 |
|
|
$ |
25.41 |
|
|
$ |
23.94 |
|
|
$ |
24.38 |
|
|
$ |
25.63 |
|
|
$ |
24.38 |
|
Tangible book value per share
(period end) (1) (2) |
|
$ |
20.37 |
|
|
$ |
20.18 |
|
|
$ |
20.10 |
|
|
$ |
18.62 |
|
|
$ |
19.02 |
|
|
$ |
20.37 |
|
|
$ |
19.02 |
|
Dividends declared |
|
$ |
1,613 |
|
|
$ |
1,613 |
|
|
$ |
2,023 |
|
|
$ |
1,619 |
|
|
$ |
1,616 |
|
|
$ |
3,226 |
|
|
$ |
3,223 |
|
Dividend yield |
|
|
3.34 |
% |
|
|
3.37 |
% |
|
|
3.06 |
% |
|
|
3.12 |
% |
|
|
2.99 |
% |
|
|
3.34 |
% |
|
|
3.01 |
% |
Dividend payout ratio |
|
|
38.74 |
% |
|
|
38.71 |
% |
|
|
57.10 |
% |
|
|
42.21 |
% |
|
|
31.74 |
% |
|
|
38.72 |
% |
|
|
32.27 |
% |
Average shares outstanding -
basic |
|
|
8,067,144 |
|
|
|
8,091,203 |
|
|
|
8,093,478 |
|
|
|
8,092,494 |
|
|
|
8,088,793 |
|
|
|
8,079,174 |
|
|
|
8,113,645 |
|
Average shares outstanding -
diluted |
|
|
8,072,499 |
|
|
|
8,096,317 |
|
|
|
8,116,261 |
|
|
|
8,101,306 |
|
|
|
8,101,984 |
|
|
|
8,084,529 |
|
|
|
8,126,836 |
|
Period ending shares
outstanding |
|
|
8,067,144 |
|
|
|
8,067,144 |
|
|
|
8,095,252 |
|
|
|
8,092,576 |
|
|
|
8,088,793 |
|
|
|
8,067,144 |
|
|
|
8,088,793 |
|
Selected ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(Annualized) |
|
|
0.91 |
% |
|
|
0.92 |
% |
|
|
0.78 |
% |
|
|
0.86 |
% |
|
|
1.17 |
% |
|
|
0.91 |
% |
|
|
1.16 |
% |
Return on average equity
(Annualized) |
|
|
8.15 |
% |
|
|
8.16 |
% |
|
|
7.13 |
% |
|
|
7.73 |
% |
|
|
10.41 |
% |
|
|
8.16 |
% |
|
|
9.64 |
% |
Return on average tangible
common equity (1) (3) |
|
|
10.29 |
% |
|
|
10.30 |
% |
|
|
9.11 |
% |
|
|
9.91 |
% |
|
|
13.12 |
% |
|
|
10.30 |
% |
|
|
11.92 |
% |
Efficiency (4) |
|
|
67.97 |
% |
|
|
68.68 |
% |
|
|
68.99 |
% |
|
|
65.65 |
% |
|
|
61.27 |
% |
|
|
68.32 |
% |
|
|
62.73 |
% |
Equity to assets at period
end |
|
|
11.31 |
% |
|
|
11.32 |
% |
|
|
11.28 |
% |
|
|
10.80 |
% |
|
|
11.26 |
% |
|
|
11.31 |
% |
|
|
11.26 |
% |
Noninterest expense to average
assets |
|
|
0.64 |
% |
|
|
0.66 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.69 |
% |
|
|
1.30 |
% |
|
|
1.38 |
% |
(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. |
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
Yields |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
|
6.27 |
% |
|
|
6.11 |
% |
|
|
6.01 |
% |
|
|
5.82 |
% |
|
|
5.96 |
% |
|
|
6.19 |
% |
|
|
5.71 |
% |
Investment securities (1) (2) |
|
|
3.59 |
% |
|
|
3.52 |
% |
|
|
3.52 |
% |
|
|
3.51 |
% |
|
|
3.54 |
% |
|
|
3.56 |
% |
|
|
3.55 |
% |
Interest-earning deposits with other banks |
|
|
4.59 |
% |
|
|
4.88 |
% |
|
|
3.71 |
% |
|
|
4.13 |
% |
|
|
3.98 |
% |
|
|
4.74 |
% |
|
|
3.71 |
% |
Total interest-earning
assets |
|
|
5.92 |
% |
|
|
5.77 |
% |
|
|
5.64 |
% |
|
|
5.49 |
% |
|
|
5.60 |
% |
|
|
5.85 |
% |
|
|
5.37 |
% |
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
|
1.93 |
% |
|
|
1.86 |
% |
|
|
1.67 |
% |
|
|
1.51 |
% |
|
|
1.11 |
% |
|
|
1.90 |
% |
|
|
0.99 |
% |
Money market deposits |
|
|
3.95 |
% |
|
|
3.81 |
% |
|
|
3.58 |
% |
|
|
2.94 |
% |
|
|
2.21 |
% |
|
|
3.88 |
% |
|
|
1.89 |
% |
Savings deposits |
|
|
0.64 |
% |
|
|
0.58 |
% |
|
|
0.59 |
% |
|
|
0.58 |
% |
|
|
0.73 |
% |
|
|
0.61 |
% |
|
|
0.89 |
% |
Certificates of deposit |
|
|
4.57 |
% |
|
|
4.06 |
% |
|
|
3.68 |
% |
|
|
3.27 |
% |
|
|
2.35 |
% |
|
|
4.32 |
% |
|
|
2.04 |
% |
Total interest-bearing
deposits |
|
|
3.15 |
% |
|
|
2.88 |
% |
|
|
2.56 |
% |
|
|
2.16 |
% |
|
|
1.60 |
% |
|
|
3.02 |
% |
|
|
1.44 |
% |
Non-Deposit
Funding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
5.60 |
% |
|
|
5.61 |
% |
|
|
5.57 |
% |
|
|
5.66 |
% |
|
|
5.26 |
% |
|
|
5.60 |
% |
|
|
5.10 |
% |
Total interest-bearing
liabilities |
|
|
3.45 |
% |
|
|
3.23 |
% |
|
|
2.96 |
% |
|
|
2.48 |
% |
|
|
2.02 |
% |
|
|
3.34 |
% |
|
|
1.78 |
% |
Cost of deposits |
|
|
2.30 |
% |
|
|
2.08 |
% |
|
|
1.81 |
% |
|
|
1.53 |
% |
|
|
1.09 |
% |
|
|
2.19 |
% |
|
|
0.97 |
% |
Cost of funds |
|
|
2.61 |
% |
|
|
2.42 |
% |
|
|
2.18 |
% |
|
|
1.80 |
% |
|
|
1.43 |
% |
|
|
2.52 |
% |
|
|
1.23 |
% |
Net interest margin (3) |
|
|
3.51 |
% |
|
|
3.54 |
% |
|
|
3.63 |
% |
|
|
3.82 |
% |
|
|
4.27 |
% |
|
|
3.53 |
% |
|
|
4.23 |
% |
(1) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were determined using an effective tax rate of 21%. |
(2) Yield is
calculated on the basis of amortized cost. |
(3) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
|
|
MIDDLEFIELD BANC CORP.Consolidated
Selected Financial Highlights(unaudited) |
|
|
|
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
Asset quality data |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
(Dollar amounts in thousands, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
15,961 |
|
|
$ |
10,831 |
|
|
$ |
10,877 |
|
|
$ |
7,717 |
|
|
$ |
7,116 |
|
Other real estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,792 |
|
|
|
5,792 |
|
Nonperforming assets |
|
$ |
15,961 |
|
|
$ |
10,831 |
|
|
$ |
10,877 |
|
|
$ |
13,509 |
|
|
$ |
12,908 |
|
Allowance for credit
losses |
|
$ |
21,795 |
|
|
$ |
21,069 |
|
|
$ |
21,693 |
|
|
$ |
20,986 |
|
|
$ |
20,591 |
|
Allowance for credit
losses/total loans |
|
|
1.46 |
% |
|
|
1.41 |
% |
|
|
1.47 |
% |
|
|
1.45 |
% |
|
|
1.46 |
% |
Net charge-offs
(recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
$ |
(29 |
) |
|
$ |
(68 |
) |
|
$ |
(117 |
) |
|
$ |
(16 |
) |
|
$ |
111 |
|
Year-to-date |
|
|
(97 |
) |
|
|
(68 |
) |
|
|
(31 |
) |
|
|
87 |
|
|
|
103 |
|
Net charge-offs (recoveries)
to average loans, annualized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
|
(0.01 |
%) |
|
|
(0.02 |
%) |
|
|
(0.03 |
%) |
|
|
0.00 |
% |
|
|
0.03 |
% |
Year-to-date |
|
|
(0.01 |
%) |
|
|
(0.02 |
%) |
|
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Nonperforming loans/total
loans |
|
|
1.07 |
% |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
|
0.53 |
% |
|
|
0.50 |
% |
Allowance for credit
losses/nonperforming loans |
|
|
136.55 |
% |
|
|
194.52 |
% |
|
|
199.44 |
% |
|
|
271.95 |
% |
|
|
289.36 |
% |
Nonperforming assets/total
assets |
|
|
0.87 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.75 |
% |
|
|
0.74 |
% |
|
|
MIDDLEFIELD BANC CORP.GAAP to Non-GAAP
Reconciliations |
|
|
|
Reconciliation of Common Stockholders' Equity to Tangible
Common Equity |
|
For the Three Months Ended |
|
(Dollar amounts in thousands,
unaudited) |
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Stockholders' equity |
|
$ |
206,788 |
|
|
$ |
205,575 |
|
|
$ |
205,681 |
|
|
$ |
193,749 |
|
|
$ |
197,227 |
|
Less goodwill and other
intangibles |
|
|
42,482 |
|
|
|
42,740 |
|
|
|
42,998 |
|
|
|
43,103 |
|
|
|
43,368 |
|
Tangible common equity |
|
$ |
164,306 |
|
|
$ |
162,835 |
|
|
$ |
162,683 |
|
|
$ |
150,646 |
|
|
$ |
153,859 |
|
Shares outstanding |
|
|
8,067,144 |
|
|
|
8,067,144 |
|
|
|
8,095,252 |
|
|
|
8,092,576 |
|
|
|
8,088,793 |
|
Tangible book value per
share |
|
$ |
20.37 |
|
|
$ |
20.18 |
|
|
$ |
20.10 |
|
|
$ |
18.62 |
|
|
$ |
19.02 |
|
Reconciliation of Average Equity to Return on Average
Tangible Common Equity |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Average stockholders'
equity |
|
$ |
205,379 |
|
|
$ |
205,342 |
|
|
$ |
197,208 |
|
|
$ |
196,795 |
|
|
$ |
196,183 |
|
|
$ |
205,330 |
|
|
$ |
195,826 |
|
Less average goodwill and
other intangibles |
|
|
42,607 |
|
|
|
42,654 |
|
|
|
42,972 |
|
|
|
43,232 |
|
|
|
40,522 |
|
|
|
42,609 |
|
|
|
39,911 |
|
Average tangible common
equity |
|
$ |
162,772 |
|
|
$ |
162,688 |
|
|
$ |
154,236 |
|
|
$ |
153,563 |
|
|
$ |
155,661 |
|
|
$ |
162,721 |
|
|
$ |
155,915 |
|
Net income |
|
$ |
4,164 |
|
|
$ |
4,167 |
|
|
$ |
3,543 |
|
|
$ |
3,836 |
|
|
$ |
5,092 |
|
|
$ |
8,331 |
|
|
$ |
9,989 |
|
Return on average tangible
common equity (annualized) |
|
|
10.29 |
% |
|
|
10.30 |
% |
|
|
9.11 |
% |
|
|
9.91 |
% |
|
|
13.12 |
% |
|
|
10.30 |
% |
|
|
12.92 |
% |
Reconciliation of Pre-Tax Pre-Provision Income
(PTPP) |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
4,164 |
|
|
$ |
4,167 |
|
|
$ |
3,543 |
|
|
$ |
3,836 |
|
|
$ |
5,092 |
|
|
$ |
8,331 |
|
|
$ |
9,989 |
|
Add income taxes |
|
|
690 |
|
|
|
769 |
|
|
|
709 |
|
|
|
703 |
|
|
|
986 |
|
|
|
1,459 |
|
|
|
1,975 |
|
Add provision (recovery of)
for credit losses |
|
|
87 |
|
|
|
(136 |
) |
|
|
554 |
|
|
|
1,127 |
|
|
|
814 |
|
|
|
(49 |
) |
|
|
1,321 |
|
PTPP |
|
$ |
4,941 |
|
|
$ |
4,800 |
|
|
$ |
4,806 |
|
|
$ |
5,666 |
|
|
$ |
6,892 |
|
|
$ |
9,741 |
|
|
$ |
13,285 |
|
|
|
MIDDLEFIELD BANC CORP.Average Balance
Sheets(Dollar amounts in thousands, unaudited) |
|
|
|
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,503,440 |
|
|
$ |
23,422 |
|
|
|
6.27 |
% |
|
$ |
1,400,074 |
|
|
$ |
20,762 |
|
|
|
5.96 |
% |
Investment securities (1) (2) |
|
|
193,688 |
|
|
|
1,471 |
|
|
|
3.59 |
% |
|
|
194,331 |
|
|
|
1,457 |
|
|
|
3.54 |
% |
Interest-earning deposits with other banks (3) |
|
|
61,891 |
|
|
|
706 |
|
|
|
4.59 |
% |
|
|
62,296 |
|
|
|
618 |
|
|
|
3.98 |
% |
Total interest-earning
assets |
|
|
1,759,019 |
|
|
|
25,599 |
|
|
|
5.92 |
% |
|
|
1,656,701 |
|
|
|
22,837 |
|
|
|
5.60 |
% |
Noninterest-earning
assets |
|
|
84,495 |
|
|
|
|
|
|
|
|
|
|
|
88,679 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,843,514 |
|
|
|
|
|
|
|
|
|
|
$ |
1,745,380 |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
209,965 |
|
|
$ |
1,009 |
|
|
|
1.93 |
% |
|
$ |
214,045 |
|
|
$ |
595 |
|
|
|
1.11 |
% |
Money market deposits |
|
|
337,937 |
|
|
|
3,320 |
|
|
|
3.95 |
% |
|
|
234,497 |
|
|
|
1,294 |
|
|
|
2.21 |
% |
Savings deposits |
|
|
192,577 |
|
|
|
305 |
|
|
|
0.64 |
% |
|
|
263,587 |
|
|
|
478 |
|
|
|
0.73 |
% |
Certificates of deposit |
|
|
333,542 |
|
|
|
3,789 |
|
|
|
4.57 |
% |
|
|
252,785 |
|
|
|
1,484 |
|
|
|
2.35 |
% |
Short-term borrowings |
|
|
138,656 |
|
|
|
1,920 |
|
|
|
5.57 |
% |
|
|
112,349 |
|
|
|
1,462 |
|
|
|
5.22 |
% |
Other borrowings |
|
|
11,791 |
|
|
|
173 |
|
|
|
5.90 |
% |
|
|
11,992 |
|
|
|
170 |
|
|
|
5.69 |
% |
Total interest-bearing
liabilities |
|
|
1,224,468 |
|
|
|
10,516 |
|
|
|
3.45 |
% |
|
|
1,089,255 |
|
|
|
5,483 |
|
|
|
2.02 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
396,626 |
|
|
|
|
|
|
|
|
|
|
|
450,835 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
17,042 |
|
|
|
|
|
|
|
|
|
|
|
9,107 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
205,379 |
|
|
|
|
|
|
|
|
|
|
|
196,183 |
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
1,843,514 |
|
|
|
|
|
|
|
|
|
|
$ |
1,745,380 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
$ |
15,083 |
|
|
|
|
|
|
|
|
|
|
$ |
17,354 |
|
|
|
|
|
Interest rate spread (4) |
|
|
|
|
|
|
|
|
|
|
2.47 |
% |
|
|
|
|
|
|
|
|
|
|
3.58 |
% |
Net interest margin (5) |
|
|
|
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
|
4.27 |
% |
Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
143.66 |
% |
|
|
|
|
|
|
|
|
|
|
152.09 |
% |
(1) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were $289 and $294 for the three months ended June
30, 2024 and 2023, respectively. |
(2) Yield is calculated
on the basis of amortized cost. |
(3) Includes dividends
received on restricted stock. |
(4) Interest rate spread
represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
(5) Net interest margin
represents net interest income as a percentage of average
interest-earning assets. |
|
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2024 |
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,503,440 |
|
|
$ |
23,422 |
|
|
|
6.27 |
% |
|
$ |
1,476,543 |
|
|
$ |
22,395 |
|
|
|
6.11 |
% |
Investment securities (1) (2) |
|
|
193,688 |
|
|
|
1,471 |
|
|
|
3.59 |
% |
|
|
193,810 |
|
|
|
1,439 |
|
|
|
3.52 |
% |
Interest-earning deposits with other banks (3) |
|
|
61,891 |
|
|
|
706 |
|
|
|
4.59 |
% |
|
|
64,139 |
|
|
|
778 |
|
|
|
4.88 |
% |
Total interest-earning
assets |
|
|
1,759,019 |
|
|
|
25,599 |
|
|
|
5.92 |
% |
|
|
1,734,492 |
|
|
|
24,612 |
|
|
|
5.77 |
% |
Noninterest-earning
assets |
|
|
84,495 |
|
|
|
|
|
|
|
|
|
|
|
88,192 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,843,514 |
|
|
|
|
|
|
|
|
|
|
$ |
1,822,684 |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
209,965 |
|
|
$ |
1,009 |
|
|
|
1.93 |
% |
|
$ |
211,009 |
|
|
$ |
978 |
|
|
|
1.86 |
% |
Money market deposits |
|
|
337,937 |
|
|
|
3,320 |
|
|
|
3.95 |
% |
|
|
298,479 |
|
|
|
2,827 |
|
|
|
3.81 |
% |
Savings deposits |
|
|
192,577 |
|
|
|
305 |
|
|
|
0.64 |
% |
|
|
201,080 |
|
|
|
290 |
|
|
|
0.58 |
% |
Certificates of deposit |
|
|
333,542 |
|
|
|
3,789 |
|
|
|
4.57 |
% |
|
|
333,871 |
|
|
|
3,371 |
|
|
|
4.06 |
% |
Short-term borrowings |
|
|
138,656 |
|
|
|
1,920 |
|
|
|
5.57 |
% |
|
|
144,357 |
|
|
|
1,993 |
|
|
|
5.55 |
% |
Other borrowings |
|
|
11,791 |
|
|
|
173 |
|
|
|
5.90 |
% |
|
|
11,840 |
|
|
|
184 |
|
|
|
6.25 |
% |
Total interest-bearing
liabilities |
|
|
1,224,468 |
|
|
|
10,516 |
|
|
|
3.45 |
% |
|
|
1,200,636 |
|
|
|
9,643 |
|
|
|
3.23 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
396,626 |
|
|
|
|
|
|
|
|
|
|
|
400,209 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
17,042 |
|
|
|
|
|
|
|
|
|
|
|
16,497 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
205,379 |
|
|
|
|
|
|
|
|
|
|
|
205,342 |
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
1,843,514 |
|
|
|
|
|
|
|
|
|
|
$ |
1,822,684 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
$ |
15,083 |
|
|
|
|
|
|
|
|
|
|
$ |
14,969 |
|
|
|
|
|
Interest rate spread (4) |
|
|
|
|
|
|
|
|
|
|
2.47 |
% |
|
|
|
|
|
|
|
|
|
|
2.54 |
% |
Net interest margin (5) |
|
|
|
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
|
3.54 |
% |
Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
143.66 |
% |
|
|
|
|
|
|
|
|
|
|
144.46 |
% |
(1) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were $289 and $282 for the three months ended June 30,
2024 and March 31, 2024, respectively. |
(2) Yield is calculated
on the basis of amortized cost. |
(3) Includes dividends
received on restricted stock. |
(4) Interest rate spread
represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
(5) Net interest margin
represents net interest income as a percentage of average
interest-earning assets. |
|
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
Average |
|
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
|
Average |
|
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (1) |
|
$ |
1,489,992 |
|
|
$ |
45,817 |
|
|
|
6.19 |
% |
|
$ |
1,380,470 |
|
|
$ |
39,037 |
|
|
|
5.71 |
% |
Investment securities (1)
(2) |
|
|
193,749 |
|
|
|
2,910 |
|
|
|
3.56 |
% |
|
|
194,181 |
|
|
|
2,895 |
|
|
|
3.55 |
% |
Interest-earning deposits with
other banks (3) |
|
|
63,015 |
|
|
|
1,484 |
|
|
|
4.74 |
% |
|
|
65,802 |
|
|
|
1,210 |
|
|
|
3.71 |
% |
Total interest-earning
assets |
|
|
1,746,756 |
|
|
|
50,211 |
|
|
|
5.85 |
% |
|
|
1,640,453 |
|
|
|
43,142 |
|
|
|
5.37 |
% |
Noninterest-earning
assets |
|
|
86,343 |
|
|
|
|
|
|
|
|
|
|
|
89,508 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,833,099 |
|
|
|
|
|
|
|
|
|
|
$ |
1,729,961 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
|
$ |
210,487 |
|
|
$ |
1,986 |
|
|
|
1.90 |
% |
|
$ |
195,990 |
|
|
$ |
960 |
|
|
|
0.99 |
% |
Money market deposits |
|
|
318,208 |
|
|
|
6,147 |
|
|
|
3.88 |
% |
|
|
221,452 |
|
|
|
2,077 |
|
|
|
1.89 |
% |
Savings deposits |
|
|
196,828 |
|
|
|
594 |
|
|
|
0.61 |
% |
|
|
289,318 |
|
|
|
1,281 |
|
|
|
0.89 |
% |
Certificates of deposit |
|
|
333,706 |
|
|
|
7,162 |
|
|
|
4.32 |
% |
|
|
249,468 |
|
|
|
2,523 |
|
|
|
2.04 |
% |
Short-term borrowings |
|
|
141,507 |
|
|
|
3,913 |
|
|
|
5.56 |
% |
|
|
84,404 |
|
|
|
2,114 |
|
|
|
5.05 |
% |
Other borrowings |
|
|
11,815 |
|
|
|
357 |
|
|
|
6.08 |
% |
|
|
12,015 |
|
|
|
326 |
|
|
|
5.47 |
% |
Total interest-bearing
liabilities |
|
|
1,212,551 |
|
|
|
20,159 |
|
|
|
3.34 |
% |
|
|
1,052,647 |
|
|
|
9,281 |
|
|
|
1.78 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
|
398,417 |
|
|
|
|
|
|
|
|
|
|
|
471,242 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
16,801 |
|
|
|
|
|
|
|
|
|
|
|
10,246 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
205,330 |
|
|
|
|
|
|
|
|
|
|
|
195,826 |
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
1,833,099 |
|
|
|
|
|
|
|
|
|
|
$ |
1,729,961 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
$ |
30,052 |
|
|
|
|
|
|
|
|
|
|
$ |
33,861 |
|
|
|
|
|
Interest rate spread (4) |
|
|
|
|
|
|
|
|
|
|
2.51 |
% |
|
|
|
|
|
|
|
|
|
|
3.59 |
% |
Net interest margin (5) |
|
|
|
|
|
|
|
|
|
|
3.53 |
% |
|
|
|
|
|
|
|
|
|
|
4.23 |
% |
Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
144.06 |
% |
|
|
|
|
|
|
|
|
|
|
155.84 |
% |
(1) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were $570 and $572 for the six months ended
June 30, 2024 and June 30, 2023, respectively. |
(2) Yield is calculated
on the basis of amortized cost. |
(3) Includes dividends
received on restricted stock. |
(4) Interest rate spread
represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
(5) Net interest margin
represents net interest income as a percentage of average
interest-earning assets. |
|
|
Company
Contact: |
Investor and Media
Contact: |
Ronald L. Zimmerly, Jr.President
and Chief Executive OfficerMiddlefield Banc Corp.(419)
673-1217rzimmerly@middlefieldbank.com |
Andrew M. BergerManaging
DirectorSM Berger & Company, Inc.(216)
464-6400andrew@smberger.com |
Middlefield Banc (NASDAQ:MBCN)
過去 株価チャート
から 6 2024 まで 7 2024
Middlefield Banc (NASDAQ:MBCN)
過去 株価チャート
から 7 2023 まで 7 2024