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Press Release

Middlefield Banc Corp. Reports Record 2019 Full Year Earnings

Company Release - 1/24/2020 8:00 AM ET

MIDDLEFIELD, Ohio--(BUSINESS WIRE)-- Middlefield Banc Corp. (NASDAQ: MBCN) today reported record financial results for the twelve months ended December 31, 2019.

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

  • Net income increased 2.3% to a record $12.7 million
  • Earnings per diluted share increased 2.1% to a record $1.95 per share
  • Return on average common equity was 9.35%, compared to 9.94%
  • Return on average tangible common equity(1) was 10.72%, compared to 11.57%
  • Book value per share was up 8.5% to a record $21.45 per share
  • Tangible book value(1) per share was up 10.0% to a record $18.78 per share
  • Total net loans decreased 0.7% to $977.5 million
  • Net interest income improved 2.3% to $41.4 million
  • Total noninterest income was up 29.9% to $4.8 million
  • Noninterest expense was up only 4.5%
  • Equity to assets strengthened to 11.65%, compared to 10.28%
  • All per share data has been adjusted to reflect the November 8, 2019 two-for-one stock split

“Middlefield achieved record annual earnings, earnings per share, and book value for the year ended December 31, 2019, despite a more challenging banking landscape,” stated Thomas G. Caldwell, President and Chief Executive Officer. “During the year, we were able to successfully offset macro related pressures related to a declining rate environment and significant competition for loans and deposits, as annual noninterest income increased nearly 30%, core asset quality improved, and noninterest expenses only increased 4.5%, compared to the prior year. We continue to invest in developing new products and services for our customers, and further expanded our footprint in Central Ohio with our new Plain City branch that opened during the 2019 fourth quarter.

“During 2019, the Company repurchased 98,832 shares of our common stock, increased our quarterly cash dividend by 7.1%, and completed a two-for-one stock split to improve our trading liquidity. These actions reflect management and the board’s optimism for our future and commitment to creating value for all shareholders.

“As we look to 2020 and beyond, we expect market conditions will remain competitive. During this period, our strategy will remain focused on balancing loan growth with a conservative approach to risk. In addition, we will continue to pursue strategies aimed at diversifying sources of income, expanding our presence in Central Ohio, increasing our market share in our core Northeast Ohio markets, and investing in our platform to support our long-term growth opportunity,” concluded Mr. Caldwell.

Income Statement

For the 2019 full year, net interest income increased 2.3% to $41.4 million, compared to $40.4 million for the same period last year. The net interest margin for the 2019 twelve-month period was 3.68%, compared to 3.77% for the same period last year. Net interest income for the 2019 fourth quarter was $10.3 million, compared to $10.5 million for the 2018 fourth quarter. The net interest margin for the 2019 fourth quarter was 3.66%, compared to 3.76% for the same period of 2018.

For the 2019 full year, noninterest income increased 29.9% to $4.8 million, compared to $3.7 million for the same period last year. Noninterest income for the 2019 fourth quarter was $1.3 million, compared to $1.0 million for the 2018 fourth quarter.

For the 2019 full year, noninterest expense increased 4.5% to $30.0 million, compared to $28.7 million last year. For the 2019 fourth quarter, noninterest expense was $7.4 million, compared to $7.2 million for the same period last year.

“We have remained focused on managing risk and pricing on loans, while prudently controlling our funding costs on deposits,” said Donald L. Stacy, Chief Financial Officer. “During the 2019 fourth quarter charge-offs were higher as a result of charging off $566,000 of acquired student loans during the quarter. We believe this was a one-time issue, and as our nonperforming assets at December 31, 2019 indicate, we expect charge-offs will return to more historical levels during the 2020 first quarter. Looking at our deposits, I am encouraged by the growth we experienced in core deposits during the fourth quarter, and we ended the quarter with a loan-to-deposit ratio of 96.4% at December 31, 2019 compared to 97.6% at December 31, 2018.”

Balance Sheet

Total assets at December 31, 2019, decreased 5.3% to $1.18 billion, from $1.25 billion at December 31, 2018. Net loans at December 31, 2019, were $977.5 million, compared to $984.7 million at December 31, 2018. The 0.7% year-over-year decrease in total net loans was a result of a 14.2% decline in consumer installment loans, and a 5.7% decline in commercial real estate loans, partially offset by an 11.5% increase in real estate construction loans, a 6.8% increase in commercial and industrial loans, and a 3.1% increase in residential real estate loans.

Total deposits at December 31, 2019, were $1.02 billion, compared to $1.02 billion at December 31, 2018. The 0.5% year-over-year increase in deposits was primarily a result of higher time deposits and interest-bearing deposits. The investment portfolio, which is entirely classified as available for sale, was $105.7 million at December 31, 2019, compared with $98.3 million at December 31, 2018.

Stockholders’ Equity and Dividends

At December 31, 2019, stockholders’ equity increased 7.4% to $137.8 million, compared to $128.3 million at December 31, 2018. On a per share basis, shareholders’ equity at December 31, 2019, was a record $21.45 compared to $19.77 at the same period last year.

At December 31, 2019, tangible stockholders’ equity(1) increased 8.9% to $120.6 million, compared to $110.8 million at December 31, 2018. On a per share basis, tangible stockholders’ equity(1) was $18.78 at December 31, 2019, compared to $17.08 at December 31, 2018.

For the 2019 full year, the company declared cash dividends of $0.57 per share, compared to $0.59 per share for the same period last year. The dividend payout ratio for the 2019 twelve-month period was 28.99%. At December 31, 2019, the company had an equity to assets leverage ratio of 11.65%, compared to 10.28% at December 31, 2018.

Asset Quality

The provision for loan losses for the 2019 fourth quarter was $460,000 versus $210,000 for the same period last year. Nonperforming assets at December 31, 2019, were $8.8 million, compared to $7.8 million at December 31, 2018. Net charge-offs for the 2019 fourth quarter were $693,000, or 0.28% of average loans, annualized, compared to $276,000, or 0.11% of average loans, annualized at December 31, 2018.

The provision for loan losses for the year ended December 31, 2019 was $890,000 compared to $840,000 for the year ended December 31, 2018. For the 2019 twelve-month period, net charge-offs were $1.6 million, or 0.16% of average loans, compared to $602,000, or 0.06% of average loans for the 2018 twelve-month period. The allowance for loan losses at December 31, 2019, stood at $6.8 million, or 0.69% of total loans, compared to $7.4 million or 0.75% of total loans at December 31, 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 $1.18 billion at December 31, 2019. 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) 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)

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

Balance Sheets (period end)

2019

 

2019

 

2019

 

2019

 

2018

ASSETS
Cash and due from banks

$

35,113

 

$

118,956

 

$

133,372

 

$

121,045

 

$

107,933

 

Federal funds sold

-

 

1,069

 

2,010

 

-

 

-

 

Cash and cash equivalents

35,113

 

120,025

 

135,382

 

121,045

 

107,933

 

Equity securities, at fair value

710

 

628

 

660

 

674

 

616

 

Investment securities available for sale, at fair value

105,733

 

105,041

 

98,809

 

98,114

 

98,322

 

Loans held for sale

1,220

 

791

 

431

 

1,230

 

597

 

Loans

984,258

 

999,282

 

998,232

 

1,004,484

 

992,109

 

Less allowance for loan and lease losses

6,768

 

7,001

 

7,304

 

7,206

 

7,428

 

Net loans

977,490

 

992,281

 

990,928

 

997,278

 

984,681

 

Premises and equipment, net

17,874

 

17,182

 

16,788

 

15,741

 

13,003

 

Goodwill

15,071

 

15,071

 

15,071

 

15,071

 

15,071

 

Core deposit intangibles

2,056

 

2,141

 

2,227

 

2,312

 

2,397

 

Bank-owned life insurance

16,511

 

16,403

 

16,294

 

16,185

 

16,080

 

Accrued interest receivable and other assets

10,697

 

11,015

 

11,832

 

13,285

 

9,698

 

TOTAL ASSETS

$

1,182,475

 

$

1,280,578

 

$

1,288,422

 

$

1,280,935

 

$

1,248,398

 

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

2019

 

2019

 

2019

 

2019

 

2018

LIABILITIES
Deposits:
Noninterest-bearing demand

$

191,370

 

$

199,235

 

$

198,817

 

$

194,298

 

$

203,410

 

Interest-bearing demand

107,844

 

107,033

 

94,266

 

107,246

 

92,104

 

Money market

160,826

 

155,419

 

152,885

 

178,668

 

196,685

 

Savings

192,003

 

182,005

 

194,505

 

184,662

 

222,954

 

Time

368,800

 

390,721

 

411,034

 

375,357

 

300,914

 

Total deposits

1,020,843

 

1,034,413

 

1,051,507

 

1,040,231

 

1,016,067

 

 
Short-term borrowings

5,075

 

92,000

 

85,000

 

91,000

 

90,398

 

Other borrowings

12,750

 

12,359

 

12,449

 

11,518

 

8,803

 

Accrued interest payable and other liabilities

6,032

 

5,893

 

5,206

 

6,487

 

4,840

 

TOTAL LIABILITIES

1,044,700

 

1,144,665

 

1,154,162

 

1,149,236

 

1,120,108

 

STOCKHOLDERS' EQUITY *
Common stock, no par value; 10,000,000 shares authorized, 7,294,792 shares issued, 6,423,630 shares outstanding as of December 31, 2019

86,617

 

86,617

 

86,590

 

86,437

 

85,925

 

Retained earnings

65,063

 

62,886

 

60,517

 

58,139

 

56,037

 

Accumulated other comprehensive income (loss)

1,842

 

2,157

 

1,377

 

641

 

(154

)

Treasury stock, at cost; 871,162 shares as of December 31, 2019

(15,747

)

(15,747

)

(14,224

)

(13,518

)

(13,518

)

TOTAL STOCKHOLDERS' EQUITY

137,775

 

135,913

 

134,260

 

131,699

 

128,290

 

 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,182,475

 

$

1,280,578

 

$

1,288,422

 

$

1,280,935

 

$

1,248,398

 

* 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)

For the Three Months Ended

 

For the Twelve Months Ended

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

December 31,

 

December 31,

Statements of Income

2019

 

2019

 

2019

 

2019

 

2018

 

2019

 

2018

 
INTEREST AND DIVIDEND INCOME
Interest and fees on loans

$

12,392

$

12,804

 

$

12,706

 

$

12,488

$

12,467

 

$

50,390

$

46,576

 

Interest-earning deposits in other institutions

124

193

 

169

 

187

146

 

673

558

 

Federal funds sold

22

24

 

25

 

7

17

 

78

46

 

Investment securities:
Taxable interest

197

206

 

214

 

179

182

 

796

688

 

Tax-exempt interest

661

613

 

553

 

565

589

 

2,392

2,262

 

Dividends on stock

40

45

 

53

 

58

58

 

196

227

 

Total interest and dividend income

13,436

13,885

 

13,720

 

13,484

13,459

 

54,525

50,357

 

INTEREST EXPENSE
Deposits

3,014

3,173

 

3,277

 

2,945

2,828

 

12,409

8,631

 

Short-term borrowings

34

42

 

79

 

213

78

 

368

842

 

Other borrowings

80

92

 

95

 

96

92

 

363

436

 

Total interest expense

3,128

3,307

 

3,451

 

3,254

2,998

 

13,140

9,909

 

 
NET INTEREST INCOME

10,308

10,578

 

10,269

 

10,230

10,461

 

41,385

40,448

 

 
Provision for loan losses

460

80

 

110

 

240

210

 

890

840

 

 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

9,848

10,498

 

10,159

 

9,990

10,251

 

40,495

39,608

 

NONINTEREST INCOME
Service charges on deposit accounts

577

571

 

530

 

508

498

 

2,186

1,914

 

Investment securities gains on sale, net

-

4

 

190

 

-

-

 

194

-

 

Gain (loss) on equity securities

82

(32

)

(14

)

58

(55

)

94

(9

)

Earnings on bank-owned life insurance

108

109

 

109

 

105

110

 

431

428

 

Gains on sale of loans

148

128

 

98

 

59

67

 

433

231

 

Other income

390

325

 

386

 

402

357

 

1,503

1,164

 

Total noninterest income

1,305

1,105

 

1,299

 

1,132

977

 

4,841

3,728

 

 
NONINTEREST EXPENSE
Salaries and employee benefits

4,049

4,272

 

4,078

 

4,124

4,065

 

16,523

15,749

 

Occupancy expense

580

535

 

496

 

553

465

 

2,164

1,933

 

Equipment expense

270

244

 

291

 

235

273

 

1,040

969

 

Data processing costs

614

580

 

549

 

465

446

 

2,208

1,806

 

Ohio state franchise tax

262

262

 

261

 

259

220

 

1,044

823

 

Federal deposit insurance expense

-

-

 

100

 

130

100

 

230

550

 

Professional fees

448

401

 

403

 

431

364

 

1,683

1,482

 

Advertising expense

128

202

 

200

 

203

227

 

733

921

 

Software amortization expense

159

182

 

152

 

145

145

 

638

605

 

Core deposit intangible amortization

85

86

 

85

 

85

87

 

341

352

 

Other expense

783

909

 

867

 

870

851

 

3,429

3,553

 

Total noninterest expense

7,378

7,673

 

7,482

 

7,500

7,243

 

30,033

28,743

 

 
Income before income taxes

3,775

3,930

 

3,976

 

3,622

3,985

 

15,303

14,593

 

Income taxes

634

661

 

686

 

611

560

 

2,592

2,162

 

 
NET INCOME

$

3,141

$

3,269

 

$

3,290

 

$

3,011

$

3,425

 

$

12,711

$

12,431

 

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

For the Three Months Ended

 

For the Twelve Months Ended

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

December 31,

 

December 31,

2019

 

2019

 

2019

 

2019

 

2018

 

2019

 

2018

Per common share data (5)
Net income per common share - basic

$

0.48

 

$

0.51

 

$

0.51

 

$

0.46

 

$

0.53

 

$

1.96

 

$

1.92

 

Net income per common share - diluted

$

0.49

 

$

0.50

 

$

0.50

 

$

0.46

 

$

0.53

 

$

1.95

 

$

1.91

 

Dividends declared per share

$

0.15

 

$

0.14

 

$

0.14

 

$

0.14

 

$

0.14

 

$

0.57

 

$

0.59

 

Book value per share (period end)

$

21.45

 

$

21.16

 

$

20.70

 

$

20.22

 

$

19.77

 

$

21.45

 

$

19.77

 

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

$

18.78

 

$

18.48

 

$

18.04

 

$

17.55

 

$

17.08

 

$

18.78

 

$

17.08

 

Dividends declared

$

964

 

$

900

 

$

912

 

$

909

 

$

908

 

$

3,685

 

$

3,779

 

Dividend yield

2.28

%

2.37

%

2.74

%

2.76

%

2.62

%

2.18

%

2.76

%

Dividend payout ratio

30.69

%

27.53

%

27.72

%

30.19

%

26.51

%

28.99

%

30.40

%

Average shares outstanding - basic

6,423,543

 

6,458,258

 

6,502,508

 

6,498,278

 

6,478,360

 

6,470,408

 

6,459,908

 

Average shares outstanding - diluted

6,455,387

 

6,479,066

 

6,514,946

 

6,510,568

 

6,500,298

 

6,502,806

 

6,487,814

 

Period ending shares outstanding

6,423,630

 

6,423,130

 

6,485,170

 

6,512,740

 

6,488,664

 

6,423,630

 

6,488,664

 

 
Selected ratios
Return on average assets

1.04

%

1.07

%

1.09

%

1.01

%

1.15

%

1.05

%

1.09

%

Return on average equity

8.87

%

9.41

%

9.79

%

9.36

%

10.52

%

9.35

%

9.94

%

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

10.11

%

10.76

%

11.23

%

10.80

%

12.17

%

10.72

%

11.57

%

Efficiency (1)

61.75

%

63.93

%

63.03

%

64.30

%

61.60

%

63.25

%

63.29

%

Equity to assets at period end

11.65

%

10.61

%

10.42

%

10.28

%

10.28

%

11.65

%

10.28

%

Noninterest expense to average assets

0.61

%

0.64

%

0.62

%

0.62

%

0.62

%

2.49

%

2.51

%

(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 a two-for-one stock split completed on November 8, 2019
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights

For the Three Months Ended

 

 

For the Twelve Months Ended

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

2019

 

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2019

 

 

2018

Yields
Interest-earning assets:
Loans receivable (2)

4.97

%

5.09

%

5.08

%

5.07

%

5.09

%

5.06

%

4.91

%

Investment securities (2)

3.94

%

3.80

%

3.79

%

3.80

%

3.73

%

3.77

%

3.67

%

Interest-earning deposits with other banks

1.65

%

2.31

%

2.21

%

2.26

%

2.08

%

2.11

%

1.90

%

Total interest-earning assets

4.75

%

4.86

%

4.86

%

4.85

%

4.82

%

4.83

%

4.68

%

Deposits:
Interest-bearing demand deposits

0.41

%

0.39

%

0.36

%

0.30

%

0.31

%

0.36

%

0.23

%

Money market deposits

1.41

%

1.43

%

1.40

%

1.58

%

1.56

%

1.46

%

1.11

%

Savings deposits

0.62

%

0.68

%

0.69

%

0.81

%

0.85

%

0.70

%

0.65

%

Certificates of deposit

2.18

%

2.18

%

2.35

%

2.15

%

1.99

%

2.22

%

1.83

%

Total interest-bearing deposits

1.43

%

1.48

%

1.56

%

1.46

%

1.38

%

1.48

%

1.11

%

Non-Deposit Funding:
Borrowings

2.52

%

3.03

%

2.70

%

2.57

%

3.54

%

2.63

%

2.20

%

Total interest-bearing liabilities

1.46

%

1.51

%

1.59

%

1.52

%

1.43

%

1.52

%

1.18

%

Cost of deposits

1.15

%

1.20

%

1.26

%

1.17

%

1.09

%

1.20

%

0.90

%

Cost of funds

1.17

%

1.23

%

1.29

%

1.24

%

1.14

%

1.23

%

0.97

%

Net interest margin (1)

3.66

%

3.72

%

3.65

%

3.70

%

3.76

%

3.68

%

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

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

End of Period Loan Balances

2019

 

2019

 

2019

 

2019

 

2018

(Dollar amounts in thousands)
Commercial and industrial

$

89,527

 

$

85,861

 

$

85,520

 

$

85,756

 

$

83,857

 

Real estate - construction

63,246

 

57,564

 

54,619

 

58,019

 

56,731

 

Real estate - mortgage:
Residential

347,047

 

347,739

 

345,830

 

340,483

 

336,487

 

Commercial

470,027

 

492,914

 

496,300

 

504,289

 

498,247

 

Consumer installment

14,411

 

15,204

 

15,963

 

15,937

 

16,787

 

Total

$

984,258

 

$

999,282

 

$

998,232

 

$

1,004,484

 

$

992,109

 

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

Asset quality data

2019

 

2019

 

2019

 

2019

 

2018

(Dollar amounts in thousands)
Nonaccrual loans

$

8,689

 

$

10,053

 

$

10,671

 

$

10,472

 

$

6,595

 

90 day past due and accruing

-

 

-

 

58

 

-

 

945

 

Nonperforming loans (3)

8,689

 

10,053

 

10,729

 

10,472

 

7,540

 

Other real estate owned

155

 

89

 

89

 

126

 

270

 

Nonperforming assets

$

8,844

 

$

10,142

 

$

10,818

 

$

10,598

 

$

7,810

 

 
Allowance for loan losses

$

6,768

 

$

7,001

 

$

7,304

 

$

7,206

 

$

7,428

 

Allowance for loan losses/total loans

0.69

%

0.70

%

0.73

%

0.72

%

0.75

%

Net charge-offs:
Quarter-to-date

$

693

 

$

383

 

$

12

 

$

462

 

$

276

 

Year-to-date

1,550

 

857

 

474

 

462

 

602

 

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

0.28

%

0.15

%

0.00

%

0.19

%

0.11

%

Year-to-date

0.16

%

0.11

%

0.10

%

0.19

%

0.06

%

 
Nonperforming loans/total loans

0.88

%

1.01

%

1.07

%

1.04

%

0.76

%

Allowance for loan losses/nonperforming loans

77.89

%

69.64

%

68.08

%

68.81

%

98.51

%

Nonperforming assets/total assets

0.75

%

0.79

%

0.84

%

0.83

%

0.63

%

(3) 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 Twelve Months Ended

(Dollar amounts in thousands)

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

December 31,

 

December 31,

2019

 

2019

 

2019

 

2019

 

2018

 

2019

 

2018

 
Stockholders' Equity

$

137,775

 

$

135,913

 

$

134,260

 

$

131,699

 

$

128,290

 

$

137,775

 

$

128,290

 

Less Goodwill and other intangibles

17,127

 

17,212

 

17,298

 

17,383

 

17,468

 

17,127

 

17,468

 

Tangible Common Equity

$

120,648

 

$

118,701

 

$

116,962

 

$

114,316

 

$

110,822

 

$

120,648

 

$

110,822

 

 
Shares outstanding

6,423,630

 

6,423,130

 

6,485,170

 

6,512,740

 

6,488,664

 

6,423,630

 

6,488,664

 

Tangible book value per share

$

18.78

 

$

18.48

 

$

18.04

 

$

17.55

 

$

17.08

 

$

18.78

 

$

17.08

 

 
Reconciliation of Average Equity to Return on Average Tangible Common Equity

For the Three Months Ended

 

For the Twelve Months Ended

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

December 31,

 

December 31,

2019

 

2019

 

2019

 

2019

 

2018

 

2019

 

2018

 
Average Stockholders' Equity

$

140,475

 

$

137,843

 

$

134,836

 

$

130,450

 

$

129,208

 

$

135,900

 

$

125,074

 

Less Average Goodwill and other intangibles

17,169

 

17,254

 

17,339

 

17,422

 

17,510

 

17,296

 

17,641

 

Average Tangible Common Equity

$

123,306

 

$

120,589

 

$

117,497

 

$

113,028

 

$

111,698

 

$

118,604

 

$

107,433

 

 
Net income

$

3,141

 

3,269

 

3,290

 

3,011

 

3,425

 

12,711

 

12,431

 

Return on average tangible common equity (annualized)

10.11

%

10.76

%

11.23

%

10.80

%

12.17

%

10.72

%

11.57

%

* All share and per share information has been adjusted for a two-for-one stock split completed on November 8, 2019

 

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.