MIDDLEFIELD, OHIO, July 18, 2024 (GLOBE NEWSWIRE) — 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 Statement
Net 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 Sheet
Total 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 Dividends
At 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 Quality
For 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 MEASURES
This 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 STATEMENTS
This 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) |
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| 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) |
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| 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 Officer Middlefield Banc Corp. (419) 673-1217 [email protected] |
Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 [email protected] |
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