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Middlefield Banc Corp. Reports 2019 First Half Financial Results

Company Release - 7/19/2019 8:00 AM ET

MIDDLEFIELD, Ohio--(BUSINESS WIRE)-- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2019 first half and second quarter ended June 30, 2019.

2019 First Half Financial Highlights versus 2018 First Half (unless noted):

  • Net income increased 10.5% to $6.3 million
  • Earnings per diluted share increased 9.7% to $1.93 per share
  • Return on average equity increased 16 basis points to 9.58%
  • Return on average tangible common equity(1) was 11.02%, in line with the prior year
  • Book value per share was up 9.1% to $41.41 per share
  • Tangible book value(1) per share was up 11.0% to $36.07 per share
  • Total loans increased 5.8% to $998.2 million
  • Total interest income improved 13.2% to $27.2 million

“Our second quarter financial results demonstrate the strength of our financial model as earnings per diluted share increased 5.2% from the same period a year ago to a second quarter record of $1.01 per diluted share, while our year-to-date tangible book value increased 11.0% to a record $36.07 per share,” stated Thomas G. Caldwell, President and Chief Executive Officer. “This is the first quarter in 12 quarters where our total loan portfolio contracted. While the local economies in our Central and Northeast Ohio markets remain stable, we believe businesses and consumers have become more cautious resulting in slower investments and a reduction in borrowings. We continue to focus on proactively managing risk, growing market share, and driving improvements in profitability and our second quarter and first half financial results reflect the continued successful execution of our profit focused strategic plan.”

“In addition, I am pleased with the progress we are making to diversify our income streams and grow noninterest income. Noninterest income increased 32.6% for the six months ended June 30, 2019, compared with the same period last year. We expect further improvements in noninterest income throughout the year as additional strategies are implemented.”

Income Statement

For the 2019 first half, net interest income increased 4.0% to $20.5 million, compared to $19.7 million for the same period last year. Year-to-date, the net interest margin was 3.67%, compared to 3.78% for the same period last year. Net interest income for the 2019 second quarter was $10.3 million, compared to $9.8 million for the 2018 second quarter. The 4.8% increase in net interest income for the 2019 second quarter was largely a result of a 13.5% increase in interest and fees on loans due to both an increase in the average balance of loans and an increase in the yield on loans. The net interest margin for the 2019 second quarter was 3.65%, compared to 3.74% for the same period of 2018.

For the 2019 first half, noninterest income was $2.4 million, compared to $1.8 million for the same period last year. Noninterest income for the 2019 second quarter was $1.3 million, compared to $1.0 million for the same period last year.

For the 2019 first half, noninterest expense increased 4.0% to $15.0 million, compared to $14.4 million for the same period last year. Operating costs in the 2019 second quarter increased 5.9% to $7.5 million from $7.1 million for the 2018 second quarter.

“Low quarterly charge-offs demonstrates continued strength in asset quality as a result of conservative underwriting and pricing standards, balanced portfolio composition, and stable economic trends in both of our Ohio markets,” said Donald L. Stacy, Chief Financial Officer. “While we have seen competition increase for both loans and deposits, we remain focused on managing risk and pricing on loans, while prudently managing our funding costs on deposits. Our loans to deposits ratio was 94.9% at June 30, 2019, compared to a 101.2% June 30, 2018, while our equity to assets increased 14 basis points over the past three months to 10.42%. Our strong asset quality, ample liquidity, and compelling capitalization provides us with the flexibility to pursue our growth opportunities, while supporting our business through various economic cycles.”

Balance Sheet

Total assets at June 30, 2019, increased 10.5% to approximately $1.29 billion from $1.17 billion at June 30, 2018.

Net loans at June 30, 2019, were $990.9 million, compared to $936.2 million at June 30, 2018, and $984.7 million at December 31, 2018. The 5.8% year-over-year improvement in net loans was primarily a result of an 8.6% increase in commercial mortgage loans, a 7.8% increase in residential mortgage loans, a 19.7% increase in real estate construction loans, partially offset by a 12.0% decline in consumer installment loans and a 16.1% decline in commercial and industrial loans.

Total deposits at June 30, 2019, was $1.05 billion, compared to $932.2 million at June 30, 2018. The 12.8% increase in deposits was a result of higher money market and time deposits, offset by lower noninterest-bearing demand deposits. The investment portfolio, which is entirely classified as available for sale, was $98.8 million June 30, 2019, compared with $100.0 million at June 30, 2018.

Stockholders’ Equity and Dividends

At the end of the 2019 second quarter, shareholders’ equity increased 9.4% to $134.3 million compared to $122.7 million at June 30, 2018. On a per share basis, shareholders’ equity at June 30, 2019, was $41.41 compared to $37.95 at the same period last year. Tangible stockholders’ equity(1) increased 11.3% to $117.0 million for the 2019 second quarter, compared to $105.1 million at June 30, 2018. On a per-share basis, tangible stockholders’ equity(1) was $36.07 at June 30, 2019, compared to $32.49 at June 30, 2018.

Through the first six months of 2019, the company declared cash dividends of $0.56 per share, compared to $0.61 per share for the same period last year. The dividend payout ratio for the 2019 six-month period was 28.9% compared to 34.5% for the same period last year.

At June 30, 2019, the company had an equity to assets leverage ratio of 10.42%, compared to 10.52% at June 30, 2018.

Asset Quality

The provision for loan losses for the 2019 second quarter was $110,000 versus $210,000 for the same period last year. Nonperforming assets at June 30, 2019, were $10.8 million, compared to $8.6 million at June 30, 2018. Net charge-offs for the 2019 second quarter were $12,000, or 0.00% of average loans, annualized, compared to $259,000, or 0.11% of average loans, annualized at June 30, 2018.

Underwriting standards are being maintained in the face of competitive pressures and potential problem credits are being proactively addressed resulting in some exits that has enhanced the overall health of the loan portfolio.

Year-to-date net charge-offs were $474,000, or 0.10% of average loans, annualized compared to $108,000, or 0.02% of average loans, annualized for the same period last year. The allowance for loan losses at June 30, 2019, stood at $7.3 million, or 0.73% of total loans, compared to $7.5 million or 0.79% of total loans at June 30, 2018.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.29 billion at June 30, 2019. The bank operates 15 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, 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) 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)

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

Balance Sheets (period end)

2019

 

2019

 

2018

 

2018

 

2018

ASSETS
Cash and due from banks

$

 

133,372

 

$

 

121,045

 

$

 

107,933

 

$

 

81,951

 

$

 

42,451

 

Federal funds sold

2,010

 

-

 

-

 

-

 

28,795

 

Cash and cash equivalents

135,382

 

121,045

 

107,933

 

81,951

 

71,246

 

Equity securities, at fair value

660

 

674

 

616

 

671

 

656

 

Investment securities available for sale, at fair value

98,809

 

98,114

 

98,322

 

99,717

 

100,028

 

Loans held for sale

431

 

1,230

 

597

 

925

 

1,132

 

Loans

998,232

 

1,004,484

 

992,109

 

972,968

 

943,674

 

Less allowance for loan and lease losses

7,304

 

7,206

 

7,428

 

7,494

 

7,502

 

Net loans

990,928

 

997,278

 

984,681

 

965,474

 

936,172

 

Premises and equipment, net

16,788

 

15,741

 

13,003

 

13,002

 

12,978

 

Goodwill

15,071

 

15,071

 

15,071

 

15,071

 

15,071

 

Core deposit intangibles

2,227

 

2,312

 

2,397

 

2,484

 

2,571

 

Bank-owned life insurance

16,294

 

16,185

 

16,080

 

15,970

 

15,862

 

Accrued interest receivable and other assets

11,832

 

13,285

 

9,698

 

11,063

 

10,363

 

TOTAL ASSETS

$

 

1,288,422

 

$

 

1,280,935

 

$

 

1,248,398

 

$

 

1,206,328

 

$

 

1,166,079

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

2019

 

2019

 

2018

 

2018

 

2018

LIABILITIES
Deposits:
Noninterest-bearing demand

$

 

198,817

 

$

 

194,298

 

$

 

203,410

 

$

 

202,580

 

$

 

205,192

 

Interest-bearing demand

94,266

 

107,246

 

92,104

 

99,342

 

94,715

 

Money market

152,885

 

178,668

 

196,685

 

191,261

 

137,572

 

Savings

194,505

 

184,662

 

222,954

 

224,704

 

204,408

 

Time

411,034

 

375,357

 

300,914

 

295,874

 

290,359

 

Total deposits

1,051,507

 

1,040,231

 

1,016,067

 

1,013,761

 

932,246

 

 
Short-term borrowings

85,000

 

91,000

 

90,398

 

55,304

 

87,833

 

Other borrowings

12,449

 

11,518

 

8,803

 

8,956

 

18,996

 

Accrued interest payable and other liabilities

5,206

 

6,487

 

4,840

 

4,074

 

4,288

 

TOTAL LIABILITIES

1,154,162

 

1,149,236

 

1,120,108

 

1,082,095

 

1,043,363

 

STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized, 3,646,497 shares issued, 3,242,585 shares outstanding as of June 30, 2019

86,590

 

86,437

 

85,925

 

85,687

 

85,544

 

Retained earnings

60,517

 

58,139

 

56,037

 

53,520

 

51,121

 

Accumulated other comprehensive income (loss)

1,377

 

641

 

(154

)

(1,456

)

(431

)

Treasury stock, at cost; 403,912 shares as of June 30, 2019

(14,224

)

(13,518

)

(13,518

)

(13,518

)

(13,518

)

TOTAL STOCKHOLDERS' EQUITY

134,260

 

131,699

 

128,290

 

124,233

 

122,716

 

 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

 

1,288,422

 

$

 

1,280,935

 

$

 

1,248,398

 

$

 

1,206,328

 

$

 

1,166,079

 

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands)

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

2019

 

2019

 

2018

 

2018

 

2018

 

2019

 

2018

 
INTEREST AND DIVIDEND INCOME
Interest and fees on loans

$

12,706

$

12,488

$

12,467

$

11,821

$

11,197

$

25,194

$

22,251

Interest-earning deposits in other institutions

169

187

146

178

115

356

234

Federal funds sold

25

7

17

8

7

32

21

Investment securities:
Taxable interest

214

179

182

167

170

393

339

Tax-exempt interest

553

565

589

598

550

1,118

1,075

Dividends on stock

53

58

58

57

53

111

112

Total interest and dividend income

13,720

13,484

13,459

12,829

12,092

27,204

24,032

INTEREST EXPENSE
Deposits

3,277

2,945

2,828

2,178

1,979

6,222

3,619

Short-term borrowings

79

213

78

296

192

292

468

Other borrowings

95

96

92

104

118

191

240

Total interest expense

3,451

3,254

2,998

2,578

2,289

6,705

4,327

 
NET INTEREST INCOME

10,269

10,230

10,461

10,251

9,803

20,499

19,705

 
Provision for loan losses

110

240

210

210

210

350

420

 
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES NONINTEREST INCOME

10,159

9,990

10,251

10,041

9,593

20,149

19,285

 
Service charges on deposit accounts

530

508

498

491

472

1,038

925

Investment securities gains on sale, net

190

-

-

-

-

190

-

Gain (loss) on equity securities

(14)

58

(55)

15

13

44

31

Earnings on bank-owned life insurance

109

105

110

108

98

214

210

Gains on sale of loans

98

59

67

43

154

157

158

Other income

386

402

357

291

311

788

510

Total noninterest income

1,299

1,132

977

948

1,048

2,431

1,834

 
NONINTEREST EXPENSE
Salaries and employee benefits

4,078

4,124

4,065

3,839

3,866

8,202

7,845

Occupancy expense

496

553

465

460

472

1,049

1,008

Equipment expense

291

235

273

262

201

526

434

Data processing costs

549

465

446

481

402

1,014

879

Ohio state franchise tax

261

259

220

244

244

520

359

Federal deposit insurance expense

100

130

100

150

150

230

300

Professional fees

403

431

364

346

327

834

772

Advertising expense

200

203

227

236

230

403

458

Software amortization expense

152

145

145

155

155

297

305

Core deposit intangible amortization

85

85

87

87

87

170

178

Other expense

867

870

851

832

929

1,737

1,870

Total noninterest expense

7,482

7,500

7,243

7,092

7,063

14,982

14,408

 
Income before income taxes

3,976

3,622

3,985

3,897

3,578

7,598

6,711

Income taxes

686

611

560

593

481

1,297

1,009

 
NET INCOME

$

3,290

$

3,011

$

3,425

$

3,304

$

3,097

$

6,301

$

5,702

 

 

 

 

 

 

 

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, except per share and share amounts)

 

For the Three Months Ended

 

For the Six Months Ended

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

June 30,

 

June 30,

2019

 

2019

 

2018

 

2018

 

2018

 

2019

 

2018

Per common share data
Net income per common share - basic

$

 

1.01

 

$

 

0.93

 

$

 

1.06

 

$

 

1.02

 

$

 

0.96

 

$

 

1.94

 

$

 

1.77

 

Net income per common share - diluted

$

 

1.01

 

$

 

0.92

 

$

 

1.05

 

$

 

1.02

 

$

 

0.96

 

$

 

1.93

 

$

 

1.76

 

Dividends declared per share

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.28

 

$

 

0.56

 

$

 

0.61

 

Book value per share (period end)

$

 

41.41

 

$

 

40.44

 

$

 

39.54

 

$

 

38.38

 

$

 

37.95

 

$

 

41.41

 

$

 

37.95

 

Tangible book value per share (period end) (2) (3)

$

 

36.07

 

$

 

35.11

 

$

 

34.16

 

$

 

32.96

 

$

 

32.49

 

$

 

36.07

 

$

 

32.49

 

Dividends declared

$

 

912

 

$

 

909

 

$

 

908

 

$

 

905

 

$

 

903

 

$

 

1,821

 

$

 

1,966

 

Dividend yield

2.74

%

2.76

%

2.62

%

2.36

%

2.21

%

2.75

%

2.43

%

Dividend payout ratio

27.72

%

30.19

%

26.51

%

27.39

%

29.16

%

28.90

%

34.48

%

Average shares outstanding - basic

3,251,254

 

3,249,139

 

3,239,180

 

3,234,393

 

3,225,726

 

3,250,203

 

3,223,009

 

Average shares outstanding -diluted

3,257,473

 

3,255,284

 

3,250,149

 

3,248,326

 

3,240,329

 

3,256,525

 

3,238,236

 

Period ending shares outstanding

3,242,585

 

3,256,370

 

3,244,332

 

3,236,689

 

3,233,678

 

3,242,585

 

3,233,678

 

 
Selected ratios
Return on average assets

1.09

%

1.01

%

1.15

%

1.13

%

1.11

%

1.05

%

1.03

%

Return on average equity

9.79

%

9.36

%

10.52

%

10.33

%

10.08

%

9.58

%

9.42

%

Return on average tangible common equity (2) (4)

11.23

%

10.80

%

12.17

%

12.00

%

11.77

%

11.02

%

11.02

%

Efficiency (1)

63.03

%

64.30

%

61.60

%

61.65

%

63.43

%

63.66

%

65.20

%

Equity to assets at period end

10.42

%

10.28

%

10.28

%

10.30

%

10.52

%

10.42

%

10.52

%

Noninterest expense to average assets

0.62

%

0.62

%

0.62

%

0.61

%

0.63

%

1.24

%

1.29

%

(1) The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income.
(2) See reconciliation of non-GAAP measures below.
(3) Calculated by dividing tangible common equity by shares outstanding.
(4) Calculated by dividing annualized net income for each period by average tangible common equity.

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

 

For the Three Months Ended

 

For the Six Months Ended

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

June 30,

 

June 30,

2019

 

2019

 

2018

 

2018

 

2018

 

2019

 

2018

Yields
Interest-earning assets:
Loans receivable (2)

5.08

%

5.07

%

5.09

%

4.89

%

4.82

%

5.07

%

4.82

%

Investment securities (2)

3.79

%

3.80

%

3.73

%

3.67

%

3.68

%

3.80

%

3.64

%

Interest-earning deposits with other banks

2.21

%

2.26

%

2.08

%

1.95

%

1.72

%

2.24

%

1.78

%

Total interest-earning assets

4.86

%

4.85

%

4.82

%

4.65

%

4.60

%

4.85

%

4.60

%

Deposits:
Interest-bearing demand deposits

0.36

%

0.30

%

0.31

%

0.30

%

0.30

%

0.33

%

0.28

%

Money market deposits

1.40

%

1.58

%

1.56

%

0.99

%

0.88

%

1.50

%

0.85

%

Savings deposits

0.69

%

0.81

%

0.85

%

0.68

%

0.57

%

0.75

%

0.54

%

Certificates of deposit

2.35

%

2.15

%

1.99

%

1.84

%

1.79

%

2.27

%

1.72

%

Total interest-bearing deposits

1.56

%

1.46

%

1.38

%

1.14

%

1.07

%

1.51

%

1.01

%

Non-Deposit Funding:
Borrowings

2.70

%

2.57

%

3.54

%

2.30

%

2.59

%

2.57

%

1.97

%

Total interest-bearing liabilities

1.59

%

1.52

%

1.43

%

1.23

%

1.16

%

1.56

%

1.09

%

Cost of deposits

1.26

%

1.17

%

1.09

%

0.89

%

0.84

%

1.22

%

0.79

%

Cost of funds (3)

1.29

%

1.24

%

1.14

%

0.98

%

0.92

%

1.27

%

0.88

%

Net interest margin (1)

3.65

%

3.70

%

3.76

%

3.72

%

3.74

%

3.67

%

3.78

%

(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%.
(3) Includes non-interest bearing funding sources in the denominator.
MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, except per share and share amounts)

For the Three Months Ended

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

End of Period Loan Balances

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2018

(Dollar amounts in thousands)
Commercial and industrial

$

85,520

$

85,756

$

83,857

$

93,144

$

101,975

Real estate - construction

54,619

58,019

56,731

48,901

45,647

Real estate - mortgage:
Residential

345,830

340,483

336,487

329,609

320,858

Commercial

496,300

504,289

498,247

483,675

457,050

Consumer installment

15,963

15,937

16,787

17,639

18,144

Total

$

998,232

$

1,004,484

$

992,109

$

972,968

$

943,674

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

Asset quality data

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2018

(Dollar amounts in thousands)
Non-accrual loans

$

10,671

$

10,472

$

6,595

$

7,288

$

8,357

90 day past due and accruing

58

-

945

-

15

Non-performing loans (4)

10,729

10,472

7,540

7,288

8,372

Other real estate owned

89

126

270

257

181

Non-performing assets

$

10,818

$

10,598

$

7,810

$

7,545

$

8,553

 
Allowance for loan losses

$

7,304

$

7,206

$

7,428

$

7,494

$

7,502

Allowance for loan losses/total loans

0.73%

0.72%

0.75%

0.77%

0.79%

Net charge-offs:
Quarter-to-date

$

12

$

462

$

276

$

218

$

259

Year-to-date

474

462

602

326

108

Net charge-offs to average loans, annualized:
Quarter-to-date

0.00%

0.19%

0.11%

0.09%

0.11%

Year-to-date

0.10%

0.19%

0.06%

0.05%

0.02%

 
Nonperforming loans/total loans

1.07%

1.04%

0.76%

0.75%

0.89%

Allowance for loan losses/nonperforming loans

68.08%

68.81%

98.51%

102.83%

89.61%

Nonperforming assets/total assets

0.84%

0.83%

0.63%

0.63%

0.73%

(4) Non-performing 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,

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2019

 

 

2018

 
Stockholders' Equity

$

134,260

$

131,699

$

128,290

$

124,233

$

122,716

$

134,260

$

122,716

Less Goodwill and other intangibles

17,298

17,383

17,468

17,555

17,642

17,298

17,642

Tangible Common Equity

$

116,962

$

114,316

$

110,822

$

106,678

$

105,074

$

116,962

$

105,074

 
Shares outstanding

3,242,585

3,256,370

3,244,332

3,236,689

3,233,678

3,242,585

3,233,678

Tangible book value per share

$

36.07

$

35.11

$

34.16

$

32.96

$

32.49

$

36.07

$

32.49

 
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,

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2019

 

 

2018

 
Average Stockholders' Equity

$

134,836

$

130,450

$

129,208

$

126,865

$

123,228

$

132,643

$

122,115

Less Average Goodwill and other intangibles

17,339

17,422

17,510

17,597

17,683

17,381

17,728

Average Tangible Common Equity

$

117,497

$

113,028

$

111,698

$

109,268

$

105,545

$

115,262

$

104,387

 
Net income

$

3,290

3,011

3,425

3,304

3,097

6,301

5,702

Return on average tangible common equity (annualized)

11.23%

10.80%

12.17%

12.00%

11.77%

11.02%

11.02%

 

 

Company Contact:
Thomas G. Caldwell
President/Chief Executive Officer
Middlefield Banc Corp.
(440) 632-1666 Ext. 3200
tcaldwell@middlefieldbank.com

Investor and Media Contact:
Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com

Source: Middlefield Banc Corp.