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Press Release

Middlefield Banc Corp. Reports 2019 Nine Month Financial Results

Company Release - 10/18/2019 8:00 AM ET

MIDDLEFIELD, Ohio--(BUSINESS WIRE)-- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2019.

2019 Nine Month Financial Highlights (on a year-over-year basis unless noted):

  • Net income increased 6.3% to $9.6 million
  • Earnings per diluted share increased 5.8% to $2.94 per share
  • Tangible book value(1) per share was up 12.1% to $36.96 per share
  • Return on average tangible common equity(1) was 10.93%, compared to 11.36%
  • Total net loans increased 2.8% to $992.3 million
  • Net interest income improved 3.6% to $31.1 million
  • Total noninterest income improved 28.5% to $3.5 million
  • Noninterest expense was up only 5.4%
  • Equity to assets remains strong at 10.61%
  • Repurchased 49,416 shares at an average purchase price of $45.07 per share

“I am pleased with our third quarter and nine-month financial results, despite continued industry wide challenges including slowing loan growth and compressing net interest margin. During this period, we remain focused on our long-term strategic plan and value creation. Stability in our net interest margin, the significant year-over-year growth in noninterest income, controlled expense growth, and stable asset quality demonstrate the successful execution of our value-oriented strategies. In addition, according to the FDIC’s annual market share study, Middlefield successfully increased its market share within the state of Ohio as our annual increase in deposits was one of the strongest from June 2018 to June 2019. According to the FDIC’s annual study, we now rank as the 27th largest bank and one of the largest community banks in the State.”

“Year-to-date, we have invested $2.2 million to repurchase 49,416 shares of our common stock, while declaring $2.7 million of dividends through our quarterly dividend payments. In addition, Middlefield’s Board recently declared a two-for-one stock split that will be effective on November 8, 2019 and will increase the number of shares outstanding to approximately 6.4 million shares. We are also investing in our platform and continue to attract, develop, and retain experienced bankers that are committed to supporting the success of our local communities. All of these efforts, combined with our profit focused strategic plan, demonstrate Middlefield’s focus on creating long-term, sustainable value for shareholders,” concluded Mr. Caldwell.

Income Statement

For the 2019 nine months, net interest income increased 3.6% to $31.1 million, compared to $30.0 million for the same period last year. Year-to-date, the net interest margin was 3.69%, compared to 3.77% for the same period last year. Net interest income for the 2019 third quarter was $10.6 million, compared to $10.3 million for the 2018 third quarter. The 3.2% increase in net interest income for the 2019 third quarter was largely a result of an increase in interest and fees on loans. The net interest margin for the 2019 third quarter was 3.72%, compared to 3.72% for the same period of 2018.

For the 2019 nine months, noninterest income increased 28.5% to $3.5 million, compared to $2.8 million for the same period last year. Noninterest income for the 2019 third quarter increased 16.6% to $1.1 million, compared to $0.9 million for the same period last year.

For the 2019 nine months, noninterest expense increased 5.4% to $22.7 million, compared to $21.5 million for the same period last year. Noninterest expense in the 2019 third quarter increased 8.2% to $7.7 million from $7.1 million for the 2018 third quarter.

“Competition for both loans and deposits within many of our markets remains high and we have seen aggressive pricing dynamics from some of our competitors,” said Donald L. Stacy, Chief Financial Officer. “While this is likely to impact near-term loan and deposit growth, we remain focused on managing risk and pricing on loans, while prudently controlling our funding costs on deposits. Our loans to deposits ratio was 96.6% at September 30, 2019, compared to 96.0% at September 30, 2018, while our equity to assets increased 19 basis points over the past three months to 10.61%. In addition, I am encouraged by our growth in tangible book value(1) which has increased 12.1% to a record $36.96 per share. Our strong asset quality, ample liquidity, and compelling capitalization continues to provide us with the flexibility to pursue our growth opportunities, while supporting our business through various economic cycles.”

Balance Sheet

Total assets at September 30, 2019, increased 6.2% to $1.28 billion from over $1.21 billion at September 30, 2018. Net loans at September 30, 2019, were $992.3 million, compared to $965.5 million at September 30, 2018, and $984.7 million at December 31, 2018. The 2.8% year-over-year improvement in net loans was primarily a result of a 1.9% increase in commercial mortgage loans, a 5.5% increase in residential mortgage loans, and a 17.7% increase in real estate construction loans, partially offset by a 7.8% decline in commercial and industrial loans and a 13.8% decline in consumer installment loans.

Total deposits at September 30, 2019, were $1.03 billion, compared to $1.01 billion at September 30, 2018. The 2.0% year-over-year increase in deposits was primarily a result of higher interest-bearing demand and time deposits, offset by decreases in money market and savings accounts. The investment portfolio, which is entirely classified as available for sale, was $105.0 million at September 30, 2019, compared with $99.7 million at September 30, 2018.

Stockholders’ Equity and Dividends

At the end of the 2019 third quarter, shareholders’ equity increased 9.4% to $135.9 million compared to $124.2 million at September 30, 2018. On a per share basis, shareholders’ equity at September 30, 2019, increased 10.3% to $42.32 from $38.38 for the same period last year. Tangible stockholders’ equity(1) increased 11.3% to $118.7 million for the 2019 third quarter, compared to $106.7 million at September 30, 2018. On a per-share basis, tangible stockholders’ equity(1) increased 12.1% to $36.96 at September 30, 2019, from $32.96 at September 30, 2018.

Through the first nine months of 2019, the company declared cash dividends of $0.84 per share, compared to $0.89 per share for the same period last year, which included a one-time special cash dividend on $0.05 per share. The dividend payout ratio for the 2019 nine-month period was 28.4% compared to 31.9% for the same period last year.

At September 30, 2019, the company had an equity to assets leverage ratio of 10.61%, compared to 10.30% at September 30, 2018.

Asset Quality

The provision for loan losses for the 2019 third quarter was $80,000 versus $210,000 for the same period last year. Nonperforming assets at September 30, 2019, were $10.1 million, compared to $7.5 million at September 30, 2018. Net charge-offs for the 2019 third quarter were $383,000, or 0.15% of average loans, annualized, compared to $218,000, or 0.09% of average loans, annualized at September 30, 2018.

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

Year-to-date net charge-offs were $857,000, or 0.11% of average loans, annualized compared to $326,000, or 0.05% of average loans, annualized for the same period last year. The allowance for loan losses at September 30, 2019, stood at $7.0 million, or 0.70% of total loans, compared to $7.5 million or 0.77% of total loans at September 30, 2018.

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 $1.28 billion at September 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)
 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

Balance Sheets (period end)  

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

ASSETS  
Cash and due from banks  

$

118,956

 

$

133,372

 

$

121,045

 

$

107,933

 

$

81,951

 

Federal funds sold  

1,069

 

2,010

 

-

 

-

 

-

 

Cash and cash equivalents  

120,025

 

135,382

 

121,045

 

107,933

 

81,951

 

Equity securities, at fair value  

628

 

660

 

674

 

616

 

671

 

Investment securities available for sale, at fair value  

105,041

 

98,809

 

98,114

 

98,322

 

99,717

 

Loans held for sale  

791

 

431

 

1,230

 

597

 

925

 

Loans  

999,282

 

998,232

 

1,004,484

 

992,109

 

972,968

 

Less allowance for loan and lease losses  

7,001

 

7,304

 

7,206

 

7,428

 

7,494

 

Net loans  

992,281

 

990,928

 

997,278

 

984,681

 

965,474

 

Premises and equipment, net  

17,182

 

16,788

 

15,741

 

13,003

 

13,002

 

Goodwill  

15,071

 

15,071

 

15,071

 

15,071

 

15,071

 

Core deposit intangibles  

2,141

 

2,227

 

2,312

 

2,397

 

2,484

 

Bank-owned life insurance  

16,403

 

16,294

 

16,185

 

16,080

 

15,970

 

Accrued interest receivable and other assets  

11,015

 

11,832

 

13,285

 

9,698

 

11,063

 

TOTAL ASSETS  

$

1,280,578

 

$

1,288,422

 

$

1,280,935

 

$

1,248,398

 

$

1,206,328

 

   
 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

LIABILITIES  
Deposits:  
Noninterest-bearing demand  

$

199,235

 

$

198,817

 

$

194,298

 

$

203,410

 

$

202,580

 

Interest-bearing demand  

107,033

 

94,266

 

107,246

 

92,104

 

99,342

 

Money market  

155,419

 

152,885

 

178,668

 

196,685

 

191,261

 

Savings  

182,005

 

194,505

 

184,662

 

222,954

 

224,704

 

Time  

390,721

 

411,034

 

375,357

 

300,914

 

295,874

 

Total deposits  

1,034,413

 

1,051,507

 

1,040,231

 

1,016,067

 

1,013,761

 

   
Short-term borrowings  

92,000

 

85,000

 

91,000

 

90,398

 

55,304

 

Other borrowings  

12,359

 

12,449

 

11,518

 

8,803

 

8,956

 

Accrued interest payable and other liabilities  

5,893

 

5,206

 

6,487

 

4,840

 

4,074

 

TOTAL LIABILITIES  

1,144,665

 

1,154,162

 

1,149,236

 

1,120,108

 

1,082,095

 

STOCKHOLDERS' EQUITY  
Common stock, no par value; 10,000,000 shares authorized, 3,647,146 shares issued, 3,211,565 shares outstanding as of September 30, 2019  

86,617

 

86,590

 

86,437

 

85,925

 

85,687

 

Retained earnings  

62,886

 

60,517

 

58,139

 

56,037

 

53,520

 

Accumulated other comprehensive income (loss)  

2,157

 

1,377

 

641

 

(154

)

(1,456

)

Treasury stock, at cost; 435,581 shares as of September 30, 2019  

(15,747

)

(14,224

)

(13,518

)

(13,518

)

(13,518

)

TOTAL STOCKHOLDERS' EQUITY  

135,913

 

134,260

 

131,699

 

128,290

 

124,233

 

   
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  

$

1,280,578

 

$

1,288,422

 

$

1,280,935

 

$

1,248,398

 

$

1,206,328

 

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands)
 

For the Three Months Ended

 

 

For the Nine Months Ended

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

Statements of Income  

2019

 

 

2019

 

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2018

   
INTEREST AND DIVIDEND INCOME  
Interest and fees on loans  

$

12,804

 

$

12,706

 

$

12,488

$

12,467

 

$

11,821

$

37,998

$

34,109

Interest-earning deposits in other institutions  

193

 

169

 

187

146

 

178

549

412

Federal funds sold  

24

 

25

 

7

17

 

8

56

29

Investment securities:  
Taxable interest  

206

 

214

 

179

182

 

167

599

506

Tax-exempt interest  

613

 

553

 

565

589

 

598

1,731

1,673

Dividends on stock  

45

 

53

 

58

58

 

57

156

169

Total interest and dividend income  

13,885

 

13,720

 

13,484

13,459

 

12,829

41,089

36,898

INTEREST EXPENSE  
Deposits  

3,173

 

3,277

 

2,945

2,828

 

2,178

9,395

5,803

Short-term borrowings  

42

 

79

 

213

78

 

296

334

764

Other borrowings  

92

 

95

 

96

92

 

104

283

344

Total interest expense  

3,307

 

3,451

 

3,254

2,998

 

2,578

10,012

6,911

   
NET INTEREST INCOME  

10,578

 

10,269

 

10,230

10,461

 

10,251

31,077

29,987

   
Provision for loan losses  

80

 

110

 

240

210

 

210

430

630

   
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  

10,498

 

10,159

 

9,990

10,251

 

10,041

30,647

29,357

NONINTEREST INCOME  
Service charges on deposit accounts  

571

 

530

 

508

498

 

491

1,609

1,416

Investment securities gains on sale, net  

4

 

190

 

-

-

 

-

194

-

(Loss) gain on equity securities  

(32

)

(14

)

58

(55

)

15

12

46

Earnings on bank-owned life insurance  

109

 

109

 

105

110

 

108

323

318

Gains on sale of loans  

128

 

98

 

59

67

 

43

285

164

Other income  

325

 

386

 

402

357

 

291

1,113

807

Total noninterest income  

1,105

 

1,299

 

1,132

977

 

948

3,536

2,751

   
NONINTEREST EXPENSE  
Salaries and employee benefits  

4,272

 

4,078

 

4,124

4,065

 

3,839

12,474

11,684

Occupancy expense  

535

 

496

 

553

465

 

460

1,584

1,468

Equipment expense  

244

 

291

 

235

273

 

262

770

696

Data processing costs  

580

 

549

 

465

446

 

481

1,594

1,360

Ohio state franchise tax  

262

 

261

 

259

220

 

244

782

603

Federal deposit insurance expense  

-

 

100

 

130

100

 

150

230

450

Professional fees  

401

 

403

 

431

364

 

346

1,235

1,118

Advertising expense  

202

 

200

 

203

227

 

236

605

694

Software amortization expense  

182

 

152

 

145

145

 

155

479

460

Core deposit intangible amortization  

86

 

85

 

85

87

 

87

256

265

Other expense  

909

 

867

 

870

851

 

832

2,646

2,702

Total noninterest expense  

7,673

 

7,482

 

7,500

7,243

 

7,092

22,655

21,500

   
Income before income taxes  

3,930

 

3,976

 

3,622

3,985

 

3,897

11,528

10,608

Income taxes  

661

 

686

 

611

560

 

593

1,958

1,602

   
NET INCOME  

$

3,269

 

$

3,290

 

$

3,011

$

3,425

 

$

3,304

$

9,570

$

9,006

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, except per share and share amounts)
   
 

For the Three Months Ended

 

 

For the Nine Months Ended

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2018

Per common share data  
Net income per common share - basic  

$

1.01

$

1.01

$

0.93

$

1.06

$

1.02

$

2.95

$

2.79

Net income per common share - diluted  

$

1.01

$

1.01

$

0.92

$

1.05

$

1.02

$

2.94

$

2.78

Dividends declared per share  

$

0.28

$

0.28

$

0.28

$

0.28

$

0.28

$

0.84

$

0.89

Book value per share (period end)  

$

42.32

$

41.41

$

40.44

$

39.54

$

38.38

$

42.32

$

38.38

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

$

36.96

$

36.07

$

35.11

$

34.16

$

32.96

$

36.96

$

32.96

Dividends declared  

$

900

$

912

$

909

$

908

$

905

$

2,721

$

2,871

Dividend yield  

2.37%

2.74%

2.76%

2.62%

2.36%

2.40%

2.53%

Dividend payout ratio  

27.53%

27.72%

30.19%

26.51%

27.39%

28.43%

31.88%

Average shares outstanding - basic  

3,229,129

3,251,254

3,249,139

3,239,180

3,234,393

3,243,101

3,226,845

Average shares outstanding - diluted  

3,239,533

3,257,473

3,255,284

3,250,149

3,248,326

3,253,419

3,242,299

Period ending shares outstanding  

3,211,565

3,242,585

3,256,370

3,244,332

3,236,689

3,211,565

3,236,689

   
Selected ratios  
Return on average assets  

1.07%

1.09%

1.01%

1.15%

1.13%

1.06%

1.06%

Return on average equity  

9.41%

9.79%

9.36%

10.52%

10.33%

9.52%

9.73%

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

10.76%

11.23%

10.80%

12.17%

12.00%

10.93%

11.36%

Efficiency (1)  

63.93%

63.03%

64.30%

61.60%

61.65%

63.75%

63.96%

Equity to assets at period end  

10.61%

10.42%

10.28%

10.28%

10.30%

10.61%

10.30%

Noninterest expense to average assets  

0.64%

0.62%

0.62%

0.62%

0.61%

1.88%

1.90%

(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 Nine Months Ended

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2018

Yields
Interest-earning assets:
Loans receivable (2)

5.09%

5.08%

5.07%

5.09%

4.89%

5.08%

4.85%

Investment securities (2)

3.80%

3.79%

3.80%

3.73%

3.67%

3.80%

3.67%

Interest-earning deposits with other banks

2.31%

2.21%

2.26%

2.08%

1.95%

2.26%

1.84%

Total interest-earning assets

4.86%

4.86%

4.85%

4.82%

4.65%

4.86%

4.62%

Deposits:
Interest-bearing demand deposits

0.39%

0.36%

0.30%

0.31%

0.37%

0.35%

0.32%

Money market deposits

1.43%

1.40%

1.58%

1.56%

0.99%

1.47%

0.90%

Savings deposits

0.68%

0.69%

0.81%

0.85%

0.68%

0.73%

0.58%

Certificates of deposit

2.18%

2.35%

2.15%

1.99%

1.84%

2.24%

1.76%

Total interest-bearing deposits

1.48%

1.56%

1.46%

1.38%

1.15%

1.50%

1.06%

Non-Deposit Funding:
Borrowings

3.03%

2.70%

2.57%

3.54%

2.30%

4.00%

2.08%

Total interest-bearing liabilities

1.51%

1.59%

1.52%

1.43%

1.24%

1.54%

1.15%

Cost of deposits

1.20%

1.26%

1.17%

1.09%

0.90%

1.21%

0.83%

Cost of funds

1.23%

1.29%

1.24%

1.14%

0.99%

1.25%

0.92%

Net interest margin (1)

3.72%

3.65%

3.70%

3.76%

3.72%

3.69%

3.77%

(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

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

End of Period Loan Balances  

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

(Dollar amounts in thousands)  
Commercial and industrial  

$

85,861

$

85,520

$

85,756

$

83,857

$

93,144

Real estate - construction  

57,564

54,619

58,019

56,731

48,901

Real estate - mortgage:  
Residential  

347,739

345,830

340,483

336,487

329,609

Commercial  

492,914

496,300

504,289

498,247

483,675

Consumer installment  

15,204

15,963

15,937

16,787

17,639

Total  

$

999,282

$

998,232

$

1,004,484

$

992,109

$

972,968

   
 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

Asset quality data  

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

(Dollar amounts in thousands)  
Nonaccrual loans  

$

10,053

$

10,671

$

10,472

$

6,595

$

7,288

90 day past due and accruing  

-

58

-

945

-

Nonperforming loans (3)  

10,053

10,729

10,472

7,540

7,288

Other real estate owned  

89

89

126

270

257

Nonperforming assets  

$

10,142

$

10,818

$

10,598

$

7,810

$

7,545

   
Allowance for loan losses  

$

7,001

$

7,304

$

7,206

$

7,428

$

7,494

Allowance for loan losses/total loans  

0.70%

0.73%

0.72%

0.75%

0.77%

Net charge-offs:  
Quarter-to-date  

$

383

$

12

$

462

$

276

$

218

Year-to-date  

857

474

462

602

326

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

0.15%

0.00%

0.19%

0.11%

0.09%

Year-to-date  

0.11%

0.10%

0.19%

0.06%

0.05%

   
Nonperforming loans/total loans  

1.01%

1.07%

1.04%

0.76%

0.75%

Allowance for loan losses/nonperforming loans  

69.64%

68.08%

68.81%

98.51%

102.83%

Nonperforming assets/total assets  

0.79%

0.84%

0.83%

0.63%

0.63%

(3) 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 Nine Months Ended

(Dollar amounts in thousands)  

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2018

   
Stockholders' Equity  

$

135,913

$

134,260

$

131,699

$

128,290

$

124,233

$

135,913

$

124,233

Less Goodwill and other intangibles  

17,212

17,298

17,383

17,468

17,555

17,212

17,555

Tangible Common Equity  

$

118,701

$

116,962

$

114,316

$

110,822

$

106,678

$

118,701

$

106,678

   
Shares outstanding  

3,211,565

3,242,585

3,256,370

3,244,332

3,236,689

3,211,565

3,236,689

Tangible book value per share  

$

36.96

$

36.07

$

35.11

$

34.16

$

32.96

$

36.96

$

32.96

   
Reconciliation of Average Equity to Return on Average Tangible Common Equity  

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2018

   
Average Stockholders' Equity  

$

137,843

$

134,836

$

130,450

$

129,208

$

126,865

$

134,376

$

123,698

Less Average Goodwill and other intangibles  

17,254

17,339

17,422

17,510

17,597

17,338

17,685

Average Tangible Common Equity  

$

120,589

$

117,497

$

113,028

$

111,698

$

109,268

$

117,038

$

106,013

   
Net income  

$

3,269

3,290

3,011

3,425

3,304

9,570

9,006

Return on average tangible common equity (annualized)  

10.76%

11.23%

10.80%

12.17%

12.00%

10.93%

11.36%

 

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

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

Source: Middlefield Banc Corp.