Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial
results for the 2020 first half and second quarter ended June 30,
2020.
2020 First Half Financial Highlights versus 2019 First
Half (unless noted):
- Net interest income up 1.3% to $20.8 million
- Noninterest income increased 5.7% to $2.6 million
- Net income totaled $4.0 million and included a $3.4 million
increase in the year-to-date provision for loan losses as a result
of the COVID-19 crisis
- Book value per share was up 6.7% to a record $22.09 per
share
- Tangible book value(1) per share was up 7.7% to $19.42 per
share
- Total loans increased 11.2% to $1.11 billion
- Approved 1,343 PPP applications for $142.7 million during the
second quarter
- Net charge-offs declined 37.1% to $0.3 million
- Second quarter provision was $1.0 million, compared to $2.7
million for the first quarter
- Allowance for loan losses to nonperforming loans was 104.2%,
compared to 68.1% for the same period last year
- Equity to assets increased slightly to 10.5%
Thomas G. Caldwell, President and Chief
Executive Officer, stated: “We continue to focus on protecting our
customers and employees, while helping our communities respond to
the unprecedented challenges created by the COVID-19
pandemic. After temporarily restricting walk-in transactions
in our bank lobbies in late March, all our branches reopened for
lobby banking during the second quarter. We have implemented
safeguards to ensure we are doing our part to protect the health
and well-being of our communities. This includes requiring
all employees to wear masks, limiting the number of customers
allowed in our branches at one time, encouraging customers to
social distance, installing partitions to limit exposure, offering
special lobby hours for at-risk customers, and allowing employees
to work from home. I am extremely pleased with how our team
and customers have responded to the operational adjustments we have
made because of the pandemic.”
Mr. Caldwell continued, “At the same time we
were adapting the Bank to operate safely throughout the COVID-19
pandemic, we quickly implemented our Paycheck Protection Program
(“PPP”) process. During the second quarter, we successfully secured
$142.7 million for 1,343 small businesses throughout Ohio and
protected over 12,000 jobs. The PPP process has driven
significant loan and deposit growth during the quarter, and we are
currently adjusting our focus to help customers qualify for
forgiveness as permitted under the program. I am encouraged
that approximately 47% of PPP applicants booked were to small
businesses without a prior banking relationship demonstrating our
ability to serve our communities and the need for local and
responsive financial relationships.”
“For the second quarter, net interest income
increased 4.4% reflecting the proactive adjustments we made to
increase the yield on investment securities and reduce our cost of
funds. In addition, we were able to offset the operational
and financial challenges caused by the COVID-19 crisis and the low
rate environment. Our book value increased 6.7% from the
prior year period to a record of $22.09 per share, and noninterest
income increased 15.1% to a quarterly record of $1.5 million. While
the COVID-19 crisis continues to evolve, we remain dedicated to
managing items under our control and maximizing shareholder value
by profitably serving our Northeast and Central Ohio communities,”
concluded Mr. Caldwell.
Income StatementFor the 2020 first half, net
interest income increased 1.3% to $20.8 million, compared to $20.5
million for the same period last year. Year-to-date, the net
interest margin was 3.56%, compared to 3.67% for the same period
last year. Net interest income for the 2020 second quarter
was $10.7 million, compared to $10.3 million for the 2019 second
quarter. The 4.4% increase in net interest income for the
2020 second quarter was largely a result of a 29.6% reduction in
interest expense. The net interest margin for the 2020 second
quarter was 3.49%, compared to 3.65% for the same period of
2019.
For the 2020 first half, noninterest income was
$2.6 million, compared to $2.4 million for the same period last
year. Noninterest income for the 2020 second quarter was $1.5
million, compared to $1.3 million for the same period last
year.
For the 2020 first half, noninterest expense
decreased 0.3% to $14.9 million, compared to $15.0 million for the
same period last year. Operating costs in the 2020 second
quarter increased 2.8% to $7.7 million from $7.5 million for the
2019 second quarter.
Donald L. Stacy, Chief Financial Officer stated,
“We continue to prudently increase our allowance for loan losses
and took a $1.0 million provision in the quarter, in addition to
the $2.7 million provision incurred during the first quarter.
As a result, our allowance for loan losses to nonperforming loans
was 104.2% at June 30, 2020, compared to 68.1% at June 30,
2019. We continue working on providing temporary relief to
our customers and have modified 362 loans. We continue to
believe our asset quality was strong heading into the crisis, and
nonperforming assets are down 3.0% from the prior year period,
while year-to-date charge-offs have declined 37.1%.”
“As benchmark rates have declined, we have
quickly reduced our funding costs and our cost of funds have
improved from 1.29% at June 30, 2019 to 0.83% at June 30, 2020.
In addition, we continue to focus on proactively controlling
expenses and second quarter noninterest expenses were up less than
3.0% and expenses are down slightly through the first six months of
the year. We believe our focus on asset quality, liquidity,
and profitability provides us with the flexibility to navigate the
current economic challenges associated with the COVID-19 crisis,
while providing local, dedicated and responsive financial services
to our communities.”
Net income for the 2020 first half ended June
30, 2020, was $4.0 million, or $0.62 per diluted share, compared to
$6.3 million, or $0.97 per diluted share for the same period last
year. The decline in net income for the first half ended June
30, 2020 was primarily due to a $3.4 million increase in the
year-to-date provision for loan losses as a result of the COVID-19
crisis. Net income for the 2020 second quarter ended June 30,
2020, was $3.0 million, or $0.46 per diluted share, compared to
$3.3 million, or $0.50 per diluted share for the same period last
year. The 2020 second quarter provision for loan losses
increased $0.9 million, from the prior year period.
Balance SheetTotal assets at June 30, 2020,
increased 4.3% to approximately $1.34 billion from $1.29 billion at
June 30, 2019. Net loans at June 30, 2020, were $1.10
billion, compared to $990.9 million at June 30, 2019, and $977.5
million at December 31, 2019. The 11.0% year-over-year
improvement in net loans was primarily a result of PPP loans
originated during the quarter.
Total deposits at June 30, 2020, were $1.16
billion, compared to $1.05 billion at June 30, 2019. The
10.2% increase in deposits was driven by PPP deposits and pandemic
uncertainty. The investment portfolio, which is entirely
classified as available for sale, was $112.5 million June 30, 2020,
compared with $98.8 million at June 30, 2019.
Stockholders’ Equity and DividendsAt the end of
the 2020 second quarter, shareholders’ equity increased 4.8% to
$140.7 million compared to $134.3 million at June 30, 2019.
On a per share basis, shareholders’ equity at June 30, 2020, was
$22.09 compared to $20.70 at the same period last year.
Tangible stockholders’ equity(1) increased 5.8%
to $123.7 million for the 2020 second quarter, compared to $117.0
million at June 30, 2019. On a per-share basis, tangible
stockholders’ equity(1) was $19.42 at June 30, 2020, compared to
$18.04 at June 30, 2019.
Through the first six months of 2020, the
company declared cash dividends of $0.30 per share, compared to
$0.28 per share for the same period last year.
At June 30, 2020, the company had an equity to
assets leverage ratio of 10.47%, compared to 10.42% at June 30,
2019.
Asset QualityThe provision for loan losses for
the 2020 second quarter was $1.0 million versus $110,000 for the
same period last year. Most of the increased provision is the
result of increases to the economic conditions qualitative
factors. Nonperforming assets at June 30, 2020, were $10.5
million, compared to $10.8 million at June 30, 2019.
Net charge-offs for the 2020 second quarter were
$34,000, or 0.01% of average loans, annualized, compared to
$12,000, or 0.00% of average loans, annualized at June 30,
2019. Year-to-date net charge-offs were $298,000, or 0.06% of
average loans, annualized compared to $474,000, or 0.10% of average
loans, annualized for the same period last year. The allowance for
loan losses at June 30, 2020, stood at $10.2 million, or 0.92% of
total loans, compared to $7.3 million, or 0.73% of total loans at
June 30, 2019.
COVID-19 UpdateThe following
table provides information with respect to our commercial loans by
type at June 30, 2020.
At Risk Loans at June 30, 2020 |
Loan Type |
|
Number ofLoans |
|
Balance(in thousands) |
|
% of Total Loans |
Retail |
|
270 |
|
$ |
195,550 |
|
17.6 |
% |
Multifamily & Residential
NOO |
|
354 |
|
|
120,697 |
|
10.9 |
% |
Ambulatory Care,
Nursing/Rehabilitation and Social Assistance |
|
218 |
|
|
81,491 |
|
7.3 |
% |
Hospitality & tourism |
|
58 |
|
|
44,923 |
|
4.0 |
% |
Restaurant/food
service/bar |
|
136 |
|
|
24,938 |
|
2.3 |
% |
Other |
|
219 |
|
|
20,208 |
|
1.8 |
% |
Total |
|
1,255 |
|
$ |
487,807 |
|
43.9 |
% |
The Coronavirus Aid, Relief, and Economic
Security Act, or CARES Act, was signed into law on March 27, 2020,
and as a qualified SBA lender, we were automatically authorized to
originate PPP loans.
As of June 30, 2020, we approved 1,343
applications for up to $142.7 million of loans under the PPP.
As of June 30, 2020, we modified 362 loans
aggregating $214.8 million primarily consisting of the deferral of
principal and interest payments and the extension of the maturity
date.
Details with respect to actual loan
modifications are as follows:
Deferrals at June 30, 2020 |
Loan Type |
|
Number ofLoans |
|
Balance(in thousands) |
|
% of Total Loans |
Retail |
|
58 |
|
$ |
89,438 |
|
8.1 |
% |
Multifamily & Residential
NOO |
|
16 |
|
|
7,628 |
|
0.7 |
% |
Ambulatory Care,
Nursing/Rehabilitation and Social Assistance |
|
10 |
|
|
22,456 |
|
2.0 |
% |
Hospitality & tourism |
|
23 |
|
|
35,700 |
|
3.2 |
% |
Restaurant/food
service/bar |
|
10 |
|
|
5,216 |
|
0.5 |
% |
Other |
|
245 |
|
|
54,379 |
|
4.9 |
% |
Total |
|
362 |
|
$ |
214,817 |
|
19.4 |
% |
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 $1.34 billion at June 30, 2020. The bank operates
16 full-service banking centers and an LPL Financial® brokerage
office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville,
Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon,
Sunbury, Twinsburg, and Westerville. The Bank also operates a
Loan Production Office in Mentor, Ohio.
Additional information is available at
www.middlefieldbank.bank
(1) This press release
includes disclosure of Middlefield Banc Corp.’s tangible book value
per share and return on average tangible equity, 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.
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 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) the
effect of the COVID-19 pandemic, including on our credit quality
and business operations, as well as its impact on general economic
and financial market conditions; (8) changes in the securities
markets; or (9) 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.
Company Contact: |
Investor and Media Contact: |
Thomas G. CaldwellPresident/Chief
Executive OfficerMiddlefield Banc Corp.(440) 632-1666 Ext.
3200tcaldwell@middlefieldbank.com |
Andrew M. BergerManaging
DirectorSM Berger & Company, Inc. (216)
464-6400andrew@smberger.com |
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) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks |
$ |
55,741 |
|
$ |
53,533 |
|
$ |
35,113 |
|
$ |
118,956 |
|
$ |
133,372 |
Federal funds sold |
|
2,520 |
|
|
1,800 |
|
|
- |
|
|
1,069 |
|
|
2,010 |
Cash and cash equivalents |
|
58,261 |
|
|
55,333 |
|
|
35,113 |
|
|
120,025 |
|
|
135,382 |
Equity securities, at fair value |
|
581 |
|
|
550 |
|
|
710 |
|
|
628 |
|
|
660 |
Investment securities available for sale, at fair value |
|
112,529 |
|
|
102,959 |
|
|
105,733 |
|
|
105,041 |
|
|
98,809 |
Loans
held for sale |
|
4,151 |
|
|
513 |
|
|
1,220 |
|
|
791 |
|
|
431 |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
|
110,134 |
|
|
113,272 |
|
|
102,386 |
|
|
106,839 |
|
|
109,944 |
Non-owner occupied |
|
300,577 |
|
|
292,775 |
|
|
302,180 |
|
|
312,049 |
|
|
307,562 |
Multifamily |
|
37,604 |
|
|
52,276 |
|
|
62,028 |
|
|
70,633 |
|
|
75,252 |
Residential real estate |
|
227,427 |
|
|
233,900 |
|
|
234,798 |
|
|
236,280 |
|
|
232,168 |
Commercial and industrial |
|
240,096 |
|
|
106,797 |
|
|
89,527 |
|
|
85,861 |
|
|
85,520 |
Home equity lines of credit |
|
117,196 |
|
|
114,933 |
|
|
112,248 |
|
|
111,459 |
|
|
113,662 |
Construction and other |
|
66,015 |
|
|
71,186 |
|
|
66,680 |
|
|
60,957 |
|
|
58,161 |
Consumer installment |
|
11,210 |
|
|
12,861 |
|
|
14,411 |
|
|
15,204 |
|
|
15,963 |
Total loans |
|
1,110,259 |
|
|
998,000 |
|
|
984,258 |
|
|
999,282 |
|
|
998,232 |
Less allowance for loan and lease losses |
|
10,210 |
|
|
9,244 |
|
|
6,768 |
|
|
7,001 |
|
|
7,304 |
Net loans |
|
1,100,049 |
|
|
988,756 |
|
|
977,490 |
|
|
992,281 |
|
|
990,928 |
Premises and equipment, net |
|
18,962 |
|
|
17,653 |
|
|
17,874 |
|
|
17,182 |
|
|
16,788 |
Goodwill |
|
15,071 |
|
|
15,071 |
|
|
15,071 |
|
|
15,071 |
|
|
15,071 |
Core
deposit intangibles |
|
1,890 |
|
|
1,973 |
|
|
2,056 |
|
|
2,141 |
|
|
2,227 |
Bank-owned life insurance |
|
16,723 |
|
|
16,618 |
|
|
16,511 |
|
|
16,403 |
|
|
16,294 |
Accrued interest receivable and other assets |
|
15,078 |
|
|
14,513 |
|
|
10,697 |
|
|
11,015 |
|
|
11,832 |
TOTAL ASSETS |
$ |
1,343,295 |
|
$ |
1,213,939 |
|
$ |
1,182,475 |
|
$ |
1,280,578 |
|
$ |
1,288,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
March 31, |
|
|
|
December 31, |
|
|
|
September 30, |
|
|
|
June 30, |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
270,738 |
|
|
$ |
206,372 |
|
|
$ |
191,370 |
|
|
$ |
199,235 |
|
|
$ |
198,817 |
|
Interest-bearing demand |
|
136,722 |
|
|
|
125,184 |
|
|
|
107,844 |
|
|
|
107,033 |
|
|
|
94,266 |
|
Money market |
168,842 |
|
|
|
156,556 |
|
|
|
160,826 |
|
|
|
155,419 |
|
|
|
152,885 |
|
Savings |
218,545 |
|
|
|
175,468 |
|
|
|
192,003 |
|
|
|
182,005 |
|
|
|
194,505 |
|
Time |
|
363,420 |
|
|
|
340,130 |
|
|
|
368,800 |
|
|
|
390,721 |
|
|
|
411,034 |
|
Total deposits |
1,158,267 |
|
|
|
1,003,710 |
|
|
|
1,020,843 |
|
|
|
1,034,413 |
|
|
|
1,051,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
20,417 |
|
|
|
60,000 |
|
|
|
5,075 |
|
|
|
92,000 |
|
|
|
85,000 |
|
Other borrowings |
17,162 |
|
|
|
12,662 |
|
|
|
12,750 |
|
|
|
12,359 |
|
|
|
12,449 |
|
Accrued interest payable and other liabilities |
|
6,779 |
|
|
|
4,880 |
|
|
|
6,032 |
|
|
|
5,893 |
|
|
|
5,206 |
|
TOTAL LIABILITIES |
|
1,202,625 |
|
|
|
1,081,252 |
|
|
|
1,044,700 |
|
|
|
1,144,665 |
|
|
|
1,154,162 |
|
STOCKHOLDERS' EQUITY * |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par value; 10,000,000 shares authorized,
7,298,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares issued, 6,369,467 shares outstanding as of June 30,
2020 |
|
86,722 |
|
|
|
86,722 |
|
|
|
86,617 |
|
|
|
86,617 |
|
|
|
86,590 |
|
Retained earnings |
|
67,125 |
|
|
|
65,140 |
|
|
|
65,063 |
|
|
|
62,886 |
|
|
|
60,517 |
|
Accumulated other comprehensive income (loss) |
|
3,761 |
|
|
|
(2,237 |
) |
|
|
1,842 |
|
|
|
2,157 |
|
|
|
1,377 |
|
Treasury stock, at cost; 929,362 shares as of June 30, 2020 |
|
(16,938 |
) |
|
|
(16,938 |
) |
|
|
(15,747 |
) |
|
|
(15,747 |
) |
|
|
(14,224 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
140,670 |
|
|
|
132,687 |
|
|
|
137,775 |
|
|
|
135,913 |
|
|
|
134,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
1,343,295 |
|
|
$ |
1,213,939 |
|
|
$ |
1,182,475 |
|
|
$ |
1,280,578 |
|
|
$ |
1,288,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* All share and per
share information has been adjusted for a two-for-one stock split
completed on November 8, 2019 |
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 |
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST AND
DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
12,281 |
|
$ |
12,078 |
|
|
$ |
12,392 |
|
$ |
12,804 |
|
|
$ |
12,706 |
|
|
$ |
24,359 |
|
|
$ |
25,194 |
Interest-earning deposits in other institutions |
|
7 |
|
|
94 |
|
|
|
124 |
|
|
193 |
|
|
|
169 |
|
|
|
101 |
|
|
|
356 |
Federal funds sold |
|
- |
|
|
21 |
|
|
|
22 |
|
|
24 |
|
|
|
25 |
|
|
|
21 |
|
|
|
32 |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
206 |
|
|
157 |
|
|
|
197 |
|
|
206 |
|
|
|
214 |
|
|
|
363 |
|
|
|
393 |
Tax-exempt interest |
|
634 |
|
|
629 |
|
|
|
661 |
|
|
613 |
|
|
|
553 |
|
|
|
1,263 |
|
|
|
1,118 |
Dividends on stock |
|
27 |
|
|
30 |
|
|
|
40 |
|
|
45 |
|
|
|
53 |
|
|
|
57 |
|
|
|
111 |
Total interest and dividend income |
|
13,155 |
|
|
13,009 |
|
|
|
13,436 |
|
|
13,885 |
|
|
|
13,720 |
|
|
|
26,164 |
|
|
|
27,204 |
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,336 |
|
|
2,865 |
|
|
|
3,014 |
|
|
3,173 |
|
|
|
3,277 |
|
|
|
5,201 |
|
|
|
6,222 |
Short-term borrowings |
|
32 |
|
|
35 |
|
|
|
34 |
|
|
42 |
|
|
|
79 |
|
|
|
67 |
|
|
|
292 |
Other
borrowings |
|
62 |
|
|
76 |
|
|
|
80 |
|
|
92 |
|
|
|
95 |
|
|
|
138 |
|
|
|
191 |
Total interest expense |
|
2,430 |
|
|
2,976 |
|
|
|
3,128 |
|
|
3,307 |
|
|
|
3,451 |
|
|
|
5,406 |
|
|
|
6,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME |
|
10,725 |
|
|
10,033 |
|
|
|
10,308 |
|
|
10,578 |
|
|
|
10,269 |
|
|
|
20,758 |
|
|
|
20,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
1,000 |
|
|
2,740 |
|
|
|
460 |
|
|
80 |
|
|
|
110 |
|
|
|
3,740 |
|
|
|
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES |
|
9,725 |
|
|
7,293 |
|
|
|
9,848 |
|
|
10,498 |
|
|
|
10,159 |
|
|
|
17,018 |
|
|
|
20,149 |
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
566 |
|
|
553 |
|
|
|
577 |
|
|
571 |
|
|
|
530 |
|
|
|
1,119 |
|
|
|
1,038 |
Investment securities gains on sale, net |
|
- |
|
|
- |
|
|
|
- |
|
|
4 |
|
|
|
190 |
|
|
|
- |
|
|
|
190 |
Gain
(loss) on equity securities |
|
31 |
|
|
(160 |
) |
|
|
82 |
|
|
(32 |
) |
|
|
(14 |
) |
|
|
(129 |
) |
|
|
44 |
Earnings on bank-owned life insurance |
|
105 |
|
|
107 |
|
|
|
108 |
|
|
109 |
|
|
|
109 |
|
|
|
212 |
|
|
|
214 |
Gains
on sale of loans |
|
381 |
|
|
114 |
|
|
|
148 |
|
|
128 |
|
|
|
98 |
|
|
|
495 |
|
|
|
157 |
Other
income |
|
412 |
|
|
460 |
|
|
|
390 |
|
|
325 |
|
|
|
386 |
|
|
|
872 |
|
|
|
788 |
Total noninterest income |
|
1,495 |
|
|
1,074 |
|
|
|
1,305 |
|
|
1,105 |
|
|
|
1,299 |
|
|
|
2,569 |
|
|
|
2,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
4,076 |
|
|
3,524 |
|
|
|
4,049 |
|
|
4,272 |
|
|
|
4,078 |
|
|
|
7,600 |
|
|
|
8,202 |
Occupancy expense |
|
483 |
|
|
550 |
|
|
|
580 |
|
|
535 |
|
|
|
496 |
|
|
|
1,033 |
|
|
|
1,049 |
Equipment expense |
|
307 |
|
|
273 |
|
|
|
270 |
|
|
244 |
|
|
|
291 |
|
|
|
580 |
|
|
|
526 |
Data
processing costs |
|
684 |
|
|
666 |
|
|
|
614 |
|
|
580 |
|
|
|
549 |
|
|
|
1,350 |
|
|
|
1,014 |
Ohio
state franchise tax |
|
281 |
|
|
268 |
|
|
|
262 |
|
|
262 |
|
|
|
261 |
|
|
|
549 |
|
|
|
520 |
Federal deposit insurance expense |
|
74 |
|
|
123 |
|
|
|
- |
|
|
- |
|
|
|
100 |
|
|
|
197 |
|
|
|
230 |
Professional fees |
|
369 |
|
|
349 |
|
|
|
448 |
|
|
401 |
|
|
|
403 |
|
|
|
718 |
|
|
|
834 |
Advertising expense |
|
217 |
|
|
209 |
|
|
|
128 |
|
|
202 |
|
|
|
200 |
|
|
|
426 |
|
|
|
403 |
Software amortization expense |
|
74 |
|
|
141 |
|
|
|
159 |
|
|
182 |
|
|
|
152 |
|
|
|
215 |
|
|
|
297 |
Core
deposit intangible amortization |
|
83 |
|
|
83 |
|
|
|
85 |
|
|
86 |
|
|
|
85 |
|
|
|
166 |
|
|
|
170 |
Other
expense |
|
1,041 |
|
|
1,066 |
|
|
|
783 |
|
|
909 |
|
|
|
867 |
|
|
|
2,107 |
|
|
|
1,737 |
Total noninterest expense |
|
7,689 |
|
|
7,252 |
|
|
|
7,378 |
|
|
7,673 |
|
|
|
7,482 |
|
|
|
14,941 |
|
|
|
14,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
3,531 |
|
|
1,115 |
|
|
|
3,775 |
|
|
3,930 |
|
|
|
3,976 |
|
|
|
4,646 |
|
|
|
7,598 |
Income
taxes |
|
565 |
|
|
74 |
|
|
|
634 |
|
|
661 |
|
|
|
686 |
|
|
|
639 |
|
|
|
1,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
$ |
2,966 |
|
$ |
1,041 |
|
|
$ |
3,141 |
|
$ |
3,269 |
|
|
$ |
3,290 |
|
|
$ |
4,007 |
|
|
$ |
6,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2020 |
|
|
2020 |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Per common share data (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - basic |
$ |
0.47 |
|
|
$ |
0.16 |
|
|
$ |
0.48 |
|
|
$ |
0.51 |
|
|
$ |
0.51 |
|
|
$ |
0.63 |
|
|
$ |
0.97 |
|
Net income
per common share - diluted |
$ |
0.46 |
|
|
$ |
0.16 |
|
|
$ |
0.48 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.62 |
|
|
$ |
0.97 |
|
Dividends
declared per share |
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.30 |
|
|
$ |
0.28 |
|
Book value
per share (period end) |
$ |
22.09 |
|
|
$ |
20.83 |
|
|
$ |
21.45 |
|
|
$ |
21.16 |
|
|
$ |
20.70 |
|
|
$ |
22.09 |
|
|
$ |
20.70 |
|
Tangible
book value per share (period end) (2) (3) |
$ |
19.42 |
|
|
$ |
18.16 |
|
|
$ |
18.78 |
|
|
$ |
18.48 |
|
|
$ |
18.04 |
|
|
$ |
19.42 |
|
|
$ |
18.04 |
|
Dividends
declared |
$ |
956 |
|
|
$ |
964 |
|
|
$ |
964 |
|
|
$ |
900 |
|
|
$ |
912 |
|
|
$ |
1,920 |
|
|
$ |
1,821 |
|
Dividend
yield |
|
2.91 |
% |
|
|
3.82 |
% |
|
|
2.28 |
% |
|
|
2.37 |
% |
|
|
2.74 |
% |
|
|
2.91 |
% |
|
|
2.75 |
% |
Dividend
payout ratio |
|
32.23 |
% |
|
|
92.60 |
% |
|
|
30.69 |
% |
|
|
27.53 |
% |
|
|
27.72 |
% |
|
|
47.92 |
% |
|
|
28.90 |
% |
Average
shares outstanding - basic |
|
6,369,467 |
|
|
|
6,417,109 |
|
|
|
6,423,543 |
|
|
|
6,458,258 |
|
|
|
6,502,508 |
|
|
|
6,393,288 |
|
|
|
6,500,406 |
|
Average
shares outstanding - diluted |
|
6,388,118 |
|
|
|
6,429,443 |
|
|
|
6,455,387 |
|
|
|
6,479,066 |
|
|
|
6,514,946 |
|
|
|
6,412,585 |
|
|
|
6,513,050 |
|
Period
ending shares outstanding |
|
6,369,467 |
|
|
|
6,369,467 |
|
|
|
6,423,630 |
|
|
|
6,423,130 |
|
|
|
6,485,170 |
|
|
|
6,369,467 |
|
|
|
6,485,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
0.90 |
% |
|
|
0.35 |
% |
|
|
1.04 |
% |
|
|
1.07 |
% |
|
|
1.09 |
% |
|
|
0.78 |
% |
|
|
1.05 |
% |
Return on
average equity |
|
8.56 |
% |
|
|
3.01 |
% |
|
|
8.87 |
% |
|
|
9.41 |
% |
|
|
9.79 |
% |
|
|
5.79 |
% |
|
|
9.58 |
% |
Return on
average tangible common equity (2) (4) |
|
9.76 |
% |
|
|
3.43 |
% |
|
|
10.11 |
% |
|
|
10.76 |
% |
|
|
11.23 |
% |
|
|
6.59 |
% |
|
|
11.02 |
% |
Efficiency
(1) |
|
61.29 |
% |
|
|
63.47 |
% |
|
|
61.75 |
% |
|
|
63.93 |
% |
|
|
63.03 |
% |
|
|
62.33 |
% |
|
|
63.66 |
% |
Equity to
assets at period end |
|
10.47 |
% |
|
|
10.93 |
% |
|
|
11.65 |
% |
|
|
10.61 |
% |
|
|
10.42 |
% |
|
|
10.47 |
% |
|
|
10.42 |
% |
Noninterest
expense to average assets |
|
0.58 |
% |
|
|
0.61 |
% |
|
|
0.61 |
% |
|
|
0.64 |
% |
|
|
0.62 |
% |
|
|
1.44 |
% |
|
|
1.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The efficiency
ratio is calculated by dividing noninterest expense less
amortization of intangibles by the sum of net interest income on a
fully taxable equivalent basis plus noninterest income |
(2) See reconciliation
of non-GAAP measures below |
(3) Calculated by
dividing tangible common equity by shares outstanding |
(4) Calculated by
dividing annualized net income for each period by average tangible
common equity |
(5) All share and per
share information has been adjusted for the two-for-one stock split
completed on November 8, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDDLEFIELD
BANC CORP. |
Consolidated
Selected Financial Highlights |
(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, |
Yields |
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
2020 |
|
|
2019 |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable (2) |
|
4.53 |
% |
|
|
4.95 |
% |
|
|
4.97 |
% |
|
|
5.09 |
% |
|
|
5.09 |
% |
|
|
4.73 |
% |
|
|
5.08 |
% |
Investment securities (2) |
|
3.76 |
% |
|
|
3.62 |
% |
|
|
3.94 |
% |
|
|
3.80 |
% |
|
|
3.70 |
% |
|
|
3.69 |
% |
|
|
3.71 |
% |
Interest-earning deposits with other banks |
|
0.23 |
% |
|
|
1.40 |
% |
|
|
1.65 |
% |
|
|
2.31 |
% |
|
|
2.21 |
% |
|
|
0.72 |
% |
|
|
2.24 |
% |
Total
interest-earning assets |
|
4.27 |
% |
|
|
4.69 |
% |
|
|
4.75 |
% |
|
|
4.86 |
% |
|
|
4.86 |
% |
|
|
4.47 |
% |
|
|
4.85 |
% |
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
0.35 |
% |
|
|
0.42 |
% |
|
|
0.41 |
% |
|
|
0.39 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
0.33 |
% |
Money
market deposits |
|
0.93 |
% |
|
|
1.41 |
% |
|
|
1.41 |
% |
|
|
1.43 |
% |
|
|
1.40 |
% |
|
|
1.17 |
% |
|
|
1.50 |
% |
Savings deposits |
|
0.21 |
% |
|
|
0.50 |
% |
|
|
0.62 |
% |
|
|
0.68 |
% |
|
|
0.69 |
% |
|
|
0.35 |
% |
|
|
0.75 |
% |
Certificates of deposit |
|
2.00 |
% |
|
|
2.12 |
% |
|
|
2.18 |
% |
|
|
2.18 |
% |
|
|
2.35 |
% |
|
|
2.06 |
% |
|
|
2.27 |
% |
Total
interest-bearing deposits |
|
1.11 |
% |
|
|
1.39 |
% |
|
|
1.43 |
% |
|
|
1.48 |
% |
|
|
1.56 |
% |
|
|
1.25 |
% |
|
|
1.51 |
% |
Non-Deposit Funding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
0.53 |
% |
|
|
1.62 |
% |
|
|
2.52 |
% |
|
|
3.03 |
% |
|
|
2.70 |
% |
|
|
0.83 |
% |
|
|
2.57 |
% |
Total
interest-bearing liabilities |
|
1.07 |
% |
|
|
1.40 |
% |
|
|
1.46 |
% |
|
|
1.51 |
% |
|
|
1.59 |
% |
|
|
1.23 |
% |
|
|
1.56 |
% |
Cost of
deposits |
|
0.85 |
% |
|
|
1.13 |
% |
|
|
1.15 |
% |
|
|
1.20 |
% |
|
|
1.26 |
% |
|
|
0.98 |
% |
|
|
1.22 |
% |
Cost of
funds |
|
0.83 |
% |
|
|
1.14 |
% |
|
|
1.17 |
% |
|
|
1.23 |
% |
|
|
1.29 |
% |
|
|
0.98 |
% |
|
|
1.27 |
% |
Net interest
margin (1) |
|
3.49 |
% |
|
|
3.63 |
% |
|
|
3.66 |
% |
|
|
3.72 |
% |
|
|
3.65 |
% |
|
|
3.56 |
% |
|
|
3.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
(2) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were determined using an effective tax rate of
21%. |
|
|
For the Three Months Ended |
|
|
June
30, |
|
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
Asset quality data |
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
2019 |
(Dollar
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
9,803 |
|
|
$ |
8,405 |
|
|
$ |
8,879 |
|
|
$ |
10,053 |
|
|
$ |
10,671 |
|
Troubled
debt restructuring |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
90 day past
due and accruing |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
58 |
|
Nonperforming loans (1) |
|
9,803 |
|
|
|
8,405 |
|
|
|
8,879 |
|
|
|
10,053 |
|
|
|
10,729 |
|
Other real
estate owned |
|
687 |
|
|
|
456 |
|
|
|
155 |
|
|
|
89 |
|
|
|
89 |
|
Nonperforming assets |
$ |
10,490 |
|
|
$ |
8,861 |
|
|
$ |
9,034 |
|
|
$ |
10,142 |
|
|
$ |
10,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses |
$ |
10,210 |
|
|
$ |
9,244 |
|
|
$ |
6,768 |
|
|
$ |
7,001 |
|
|
$ |
7,304 |
|
Allowance
for loan losses/total loans |
|
0.92 |
% |
|
|
0.93 |
% |
|
|
0.69 |
% |
|
|
0.70 |
% |
|
|
0.73 |
% |
Net
charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
$ |
34 |
|
|
$ |
264 |
|
|
$ |
693 |
|
|
$ |
383 |
|
|
$ |
12 |
|
Year-to-date |
|
298 |
|
|
|
264 |
|
|
|
1,550 |
|
|
|
857 |
|
|
|
474 |
|
Net
charge-offs to average loans, annualized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
0.01 |
% |
|
|
0.11 |
% |
|
|
0.28 |
% |
|
|
0.15 |
% |
|
|
0.00 |
% |
Year-to-date |
|
0.06 |
% |
|
|
0.11 |
% |
|
|
0.16 |
% |
|
|
0.11 |
% |
|
|
0.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans/total loans |
|
0.88 |
% |
|
|
0.84 |
% |
|
|
0.90 |
% |
|
|
1.01 |
% |
|
|
1.07 |
% |
Allowance
for loan losses/nonperforming loans |
|
104.15 |
% |
|
|
109.98 |
% |
|
|
76.22 |
% |
|
|
69.64 |
% |
|
|
68.08 |
% |
Nonperforming assets/total assets |
|
0.78 |
% |
|
|
0.73 |
% |
|
|
0.76 |
% |
|
|
0.79 |
% |
|
|
0.84 |
% |
(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 |
|
|
For the Six Months Ended |
(Dollar
amounts in thousands) |
|
June
30, |
|
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
|
|
June
30, |
|
|
June
30, |
|
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
$ |
140,670 |
|
|
$ |
132,687 |
|
|
$ |
137,775 |
|
|
$ |
135,913 |
|
|
$ |
134,260 |
|
|
$ |
140,670 |
|
|
$ |
134,260 |
|
Less
Goodwill and other intangibles |
|
16,961 |
|
|
|
17,044 |
|
|
|
17,127 |
|
|
|
17,212 |
|
|
|
17,298 |
|
|
|
16,961 |
|
|
|
17,298 |
|
Tangible
Common Equity |
$ |
123,709 |
|
|
$ |
115,643 |
|
|
$ |
120,648 |
|
|
$ |
118,701 |
|
|
$ |
116,962 |
|
|
$ |
123,709 |
|
|
$ |
116,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding |
|
6,369,467 |
|
|
|
6,369,467 |
|
|
|
6,423,630 |
|
|
|
6,423,130 |
|
|
|
6,485,170 |
|
|
|
6,369,467 |
|
|
|
6,485,170 |
|
Tangible
book value per share |
$ |
19.42 |
|
|
$ |
18.16 |
|
|
$ |
18.78 |
|
|
$ |
18.48 |
|
|
$ |
18.04 |
|
|
$ |
19.42 |
|
|
$ |
18.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Stockholders' Equity |
$ |
139,287 |
|
|
$ |
139,208 |
|
|
$ |
140,475 |
|
|
$ |
137,843 |
|
|
$ |
134,836 |
|
|
$ |
139,287 |
|
|
$ |
132,643 |
|
Less Average
Goodwill and other intangibles |
|
17,002 |
|
|
|
17,085 |
|
|
|
17,169 |
|
|
|
17,254 |
|
|
|
17,339 |
|
|
|
17,043 |
|
|
|
17,381 |
|
Average
Tangible Common Equity |
$ |
122,285 |
|
|
$ |
122,123 |
|
|
$ |
123,306 |
|
|
$ |
120,589 |
|
|
$ |
117,497 |
|
|
$ |
122,244 |
|
|
$ |
115,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
2,966 |
|
|
$ |
1,041 |
|
|
$ |
3,141 |
|
|
$ |
3,269 |
|
|
$ |
3,290 |
|
|
$ |
4,007 |
|
|
$ |
6,301 |
|
Return on
average tangible common equity (annualized) |
|
9.76 |
% |
|
|
3.43 |
% |
|
|
10.11 |
% |
|
|
10.76 |
% |
|
|
11.23 |
% |
|
|
6.59 |
% |
|
|
11.02 |
% |
* All share and per
share information has been adjusted for a two-for-one stock split
completed on November 8, 2019 |
MIDDLEFIELD
BANC CORP. |
Average
Balance Sheets |
(Dollar amounts in
thousands, unaudited) |
|
|
For the Three Months Ended |
|
|
June
30, |
|
|
June
30, |
|
|
|
2020 |
|
|
|
|
2019 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (3) |
|
$ |
1,092,095 |
|
|
$ |
12,281 |
|
|
4.53 |
% |
|
|
$ |
1,002,346 |
|
|
$ |
12,706 |
|
|
5.09 |
% |
Investment securities (3) |
|
|
107,765 |
|
|
|
840 |
|
|
3.76 |
% |
|
|
|
99,022 |
|
|
|
767 |
|
|
3.70 |
% |
Interest-earning deposits with other banks (4) |
|
|
58,541 |
|
|
|
34 |
|
|
0.23 |
% |
|
|
|
44,747 |
|
|
|
247 |
|
|
2.21 |
% |
Total
interest-earning assets |
|
|
1,258,401 |
|
|
|
13,155 |
|
|
4.27 |
% |
|
|
|
1,146,115 |
|
|
|
13,720 |
|
|
4.86 |
% |
Noninterest-earning assets |
|
|
62,976 |
|
|
|
|
|
|
|
|
|
61,267 |
|
|
|
|
|
|
Total
assets |
|
$ |
1,321,377 |
|
|
|
|
|
|
|
|
$ |
1,207,382 |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
129,917 |
|
|
$ |
112 |
|
|
0.35 |
% |
|
|
$ |
98,929 |
|
|
$ |
88 |
|
|
0.36 |
% |
Money
market deposits |
|
|
164,434 |
|
|
|
381 |
|
|
0.93 |
% |
|
|
|
159,705 |
|
|
|
558 |
|
|
1.40 |
% |
Savings deposits |
|
|
198,967 |
|
|
|
104 |
|
|
0.21 |
% |
|
|
|
195,451 |
|
|
|
336 |
|
|
0.69 |
% |
Certificates of deposit |
|
|
350,298 |
|
|
|
1,739 |
|
|
2.00 |
% |
|
|
|
390,997 |
|
|
|
2,295 |
|
|
2.35 |
% |
Short-term borrowings |
|
|
55,973 |
|
|
|
32 |
|
|
0.23 |
% |
|
|
|
13,354 |
|
|
|
79 |
|
|
2.37 |
% |
Other
borrowings |
|
|
15,615 |
|
|
|
62 |
|
|
1.60 |
% |
|
|
|
12,489 |
|
|
|
95 |
|
|
3.05 |
% |
Total
interest-bearing liabilities |
|
|
915,204 |
|
|
|
2,430 |
|
|
1.07 |
% |
|
|
|
870,925 |
|
|
|
3,451 |
|
|
1.59 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
262,575 |
|
|
|
|
|
|
|
|
|
198,234 |
|
|
|
|
|
|
Other
liabilities |
|
|
4,311 |
|
|
|
|
|
|
|
|
|
3,387 |
|
|
|
|
|
|
Stockholders' equity |
|
|
139,287 |
|
|
|
|
|
|
|
|
|
134,836 |
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
1,321,377 |
|
|
|
|
|
|
|
|
$ |
1,207,382 |
|
|
|
|
|
|
Net interest
income |
|
|
|
|
$ |
10,725 |
|
|
|
|
|
|
|
|
$ |
10,269 |
|
|
|
Interest
rate spread (1) |
|
|
|
|
|
|
|
|
3.20 |
% |
|
|
|
|
|
|
|
|
3.27 |
% |
Net interest
margin (2) |
|
|
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
3.65 |
% |
Ratio of
average interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
|
|
|
|
|
|
|
|
137.50 |
% |
|
|
|
|
|
|
|
|
131.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest rate
spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
(2) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
(3) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were $190 and $168 for the three months ended June 30, 2020
and 2019, respectively. |
(4) Includes dividends
received on restricted stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
June
30, |
|
|
March
31, |
|
|
|
2020 |
|
|
|
|
2020 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (3) |
|
$ |
1,092,095 |
|
|
$ |
12,281 |
|
|
4.53 |
% |
|
|
$ |
984,034 |
|
|
$ |
12,078 |
|
|
4.95 |
% |
Investment securities (3) |
|
|
107,765 |
|
|
|
840 |
|
|
3.76 |
% |
|
|
|
105,894 |
|
|
|
786 |
|
|
3.62 |
% |
Interest-earning deposits with other banks (4) |
|
|
58,541 |
|
|
|
34 |
|
|
0.23 |
% |
|
|
|
41,717 |
|
|
|
145 |
|
|
1.40 |
% |
Total
interest-earning assets |
|
|
1,258,401 |
|
|
|
13,155 |
|
|
4.27 |
% |
|
|
|
1,131,645 |
|
|
|
13,009 |
|
|
4.69 |
% |
Noninterest-earning assets |
|
|
62,976 |
|
|
|
|
|
|
|
|
|
65,003 |
|
|
|
|
|
|
Total
assets |
|
$ |
1,321,377 |
|
|
|
|
|
|
|
|
$ |
1,196,648 |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
129,917 |
|
|
$ |
112 |
|
|
0.35 |
% |
|
|
$ |
113,691 |
|
|
$ |
119 |
|
|
0.42 |
% |
Money
market deposits |
|
|
164,434 |
|
|
|
381 |
|
|
0.93 |
% |
|
|
|
158,008 |
|
|
|
552 |
|
|
1.41 |
% |
Savings deposits |
|
|
198,967 |
|
|
|
104 |
|
|
0.21 |
% |
|
|
|
183,137 |
|
|
|
226 |
|
|
0.50 |
% |
Certificates of deposit |
|
|
350,298 |
|
|
|
1,739 |
|
|
2.00 |
% |
|
|
|
373,866 |
|
|
|
1,968 |
|
|
2.12 |
% |
Short-term borrowings |
|
|
55,973 |
|
|
|
32 |
|
|
0.23 |
% |
|
|
|
14,808 |
|
|
|
35 |
|
|
0.95 |
% |
Other
borrowings |
|
|
15,615 |
|
|
|
62 |
|
|
1.60 |
% |
|
|
|
12,703 |
|
|
|
76 |
|
|
2.41 |
% |
Total
interest-bearing liabilities |
|
|
915,204 |
|
|
|
2,430 |
|
|
1.07 |
% |
|
|
|
856,213 |
|
|
|
2,976 |
|
|
1.40 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
262,575 |
|
|
|
|
|
|
|
|
|
195,411 |
|
|
|
|
|
|
Other
liabilities |
|
|
4,311 |
|
|
|
|
|
|
|
|
|
5,816 |
|
|
|
|
|
|
Stockholders' equity |
|
|
139,287 |
|
|
|
|
|
|
|
|
|
139,208 |
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
1,321,377 |
|
|
|
|
|
|
|
|
$ |
1,196,648 |
|
|
|
|
|
|
Net interest
income |
|
|
|
|
$ |
10,725 |
|
|
|
|
|
|
|
|
$ |
10,033 |
|
|
|
Interest
rate spread (1) |
|
|
|
|
|
|
|
|
3.20 |
% |
|
|
|
|
|
|
|
|
3.29 |
% |
Net interest
margin (2) |
|
|
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
3.63 |
% |
Ratio of
average interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
|
|
|
|
|
|
|
|
137.50 |
% |
|
|
|
|
|
|
|
|
132.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest rate
spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
(2) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
(3) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were $190 and $189 for the three months ended June 30, 2020
and March 31, 2020, respectively. |
(4) Includes dividends
received on restricted stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
June
30, |
|
|
June
30, |
|
|
|
2020 |
|
|
|
|
2019 |
|
|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
|
Average |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
|
|
Balance |
|
|
Interest |
|
|
Yield/Cost |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable (3) |
|
$ |
1,038,064 |
|
|
$ |
24,359 |
|
|
4.73 |
% |
|
|
$ |
1,001,344 |
|
|
$ |
25,194 |
|
|
5.08 |
% |
Investment securities (3) |
|
|
106,829 |
|
|
|
1,626 |
|
|
3.69 |
% |
|
|
|
98,253 |
|
|
|
1,511 |
|
|
3.71 |
% |
Interest-earning deposits with other banks (4) |
|
|
50,129 |
|
|
|
179 |
|
|
0.72 |
% |
|
|
|
45,015 |
|
|
|
499 |
|
|
2.24 |
% |
Total
interest-earning assets |
|
|
1,195,022 |
|
|
|
26,164 |
|
|
4.47 |
% |
|
|
|
1,144,612 |
|
|
|
27,204 |
|
|
4.85 |
% |
Noninterest-earning assets |
|
|
63,990 |
|
|
|
|
|
|
|
|
|
60,912 |
|
|
|
|
|
|
Total
assets |
|
$ |
1,259,012 |
|
|
|
|
|
|
|
|
$ |
1,205,524 |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
$ |
121,804 |
|
|
$ |
229 |
|
|
0.38 |
% |
|
|
$ |
96,594 |
|
|
$ |
160 |
|
|
0.33 |
% |
Money
market deposits |
|
|
161,221 |
|
|
|
934 |
|
|
1.17 |
% |
|
|
|
176,970 |
|
|
|
1,313 |
|
|
1.50 |
% |
Savings deposits |
|
|
191,052 |
|
|
|
331 |
|
|
0.35 |
% |
|
|
|
201,650 |
|
|
|
753 |
|
|
0.75 |
% |
Certificates of deposit |
|
|
362,082 |
|
|
|
3,707 |
|
|
2.06 |
% |
|
|
|
355,620 |
|
|
|
3,996 |
|
|
2.27 |
% |
Short-term borrowings |
|
|
35,390 |
|
|
|
67 |
|
|
0.38 |
% |
|
|
|
24,372 |
|
|
|
292 |
|
|
2.42 |
% |
Other
borrowings |
|
|
14,159 |
|
|
|
138 |
|
|
1.96 |
% |
|
|
|
13,473 |
|
|
|
191 |
|
|
2.86 |
% |
Total
interest-bearing liabilities |
|
|
885,708 |
|
|
|
5,406 |
|
|
1.23 |
% |
|
|
|
868,679 |
|
|
|
6,705 |
|
|
1.56 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
228,993 |
|
|
|
|
|
|
|
|
|
199,332 |
|
|
|
|
|
|
Other
liabilities |
|
|
5,024 |
|
|
|
|
|
|
|
|
|
4,870 |
|
|
|
|
|
|
Stockholders' equity |
|
|
139,287 |
|
|
|
|
|
|
|
|
|
132,643 |
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
1,259,012 |
|
|
|
|
|
|
|
|
$ |
1,205,524 |
|
|
|
|
|
|
Net interest
income |
|
|
|
|
$ |
20,758 |
|
|
|
|
|
|
|
|
$ |
20,499 |
|
|
|
Interest
rate spread (1) |
|
|
|
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
|
|
|
3.29 |
% |
Net interest
margin (2) |
|
|
|
|
|
|
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
3.67 |
% |
Ratio of
average interest-earning assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
|
|
|
|
|
|
|
|
134.92 |
% |
|
|
|
|
|
|
|
|
131.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest rate
spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities. |
(2) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. |
(3) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were $379 and $338 for the six months ended June 30, 2020 and
2019, respectively. |
(4) Includes dividends
received on restricted stock. |
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