MIDDLEFIELD, Ohio--(BUSINESS WIRE)--
Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results
for the three and twelve months ended December 31, 2017.
2017 Financial Highlights (on a year-over-year basis unless
noted):
-
Net income increased 47.4% to $9.5 million
-
Earnings per diluted share increased 2.3% to $3.10 per share, which
includes a 43.7% increase in the average number of diluted shares
outstanding
-
Return on average tangible common equity was 10.15%, compared to 10.01%
-
Total loans increased 51.6% to $923.2 million
-
Nonperforming assets to total assets declined to 1.23% from 1.65%
-
Net interest income improved 44.7% to $37.3 million
-
Equity to assets was 10.83%, compared to 9.77%
“We continued to enhance our operating and financial platform during
2017, which will be the base of our long-term success going forward,”
stated Thomas G. Caldwell, President and Chief Executive Officer. During
the year, we successfully integrated the Liberty Bank N.A. merger, and
significantly grew our loan portfolio, which included a $44.7 million
increase during the past three months. We ended the year with record
total assets and net income, despite one-time merger related expenses,
and the write down in our deferred tax asset.”
“Middlefield’s community-oriented banking values and customer-centric
approach is helping us differentiate the Bank within our Northeast and
Central Ohio markets. To this end, I am pleased with the growth we are
achieving in Central Ohio. In 12 months and ahead of schedule,
Middlefield’s Sunbury location that was opened during the 2016 fourth
quarter has become profitable. We expect Middlefield’s brand will
continue to grow throughout Central Ohio, and we anticipate opening our
fourth Central Ohio location in Powell during 2018.”
Mr. Caldwell concluded, “Our core Northeast Ohio and growing Central
Ohio markets, both offer significant expansion opportunities and we
believe we are well positioned to increase Middlefield’s market share
throughout our footprint. Within the organization, we remain committed
to providing our communities with a customer-centric, community-oriented
banking approach. As we look to the new year, we are optimistic 2018
will be another good year for the Bank.”
Net income for the twelve months ended December 31, 2017, was $9.5
million, or $3.10 per diluted share, compared to net income for the
twelve months ended December 31, 2016, of $6.4 million, or $3.03 per
diluted share. Net income for the 2017 fourth quarter was $2.4 million,
or $0.73 per diluted share, compared to net income for the 2016 fourth
quarter of $1.7 million, or $0.73 per diluted share.
Annualized returns on average equity (“ROE”) and average assets (“ROA”)
were 8.52% and 0.88%, respectively, for the 2017 twelve-month period,
compared with 9.33% and 0.85% for the same period last year. ROE and ROA
for the 2017 fourth quarter were 7.72% and 0.86%, respectively, compared
with 9.02% and 0.85% for the 2016 fourth quarter.
Return on average tangible common equity(1) was 10.15% for
the 2017 twelve-month period, compared with 10.01%. Return on average
tangible common equity(1) for the 2017 fourth quarter was
9.05%, compared to 9.69% for the 2016 fourth quarter.
As a result of the Tax Cut and Jobs Act that was signed into law on
December 22, 2017, during the 2017 fourth quarter, the Company had a
write down to its deferred tax asset of $547 thousand. This one-time,
non-cash item impacted 2017 fourth quarter and twelve-month earnings by
$0.18 per diluted share. In addition, during the 2017 fourth quarter and
twelve-month period, the Company incurred one-time merger related costs
associated with the Liberty merger of $28 thousand, and $1.1 million,
respectively.
Income Statement
Net interest income for the 2017 twelve-month period increased 44.7% to
$37.3 million, compared to $25.8 million for the same period last year.
The net interest margin for the 2017 twelve-month period was 3.82%,
compared to 3.79% for the same period last year. Net interest income for
the 2017 fourth quarter was $9.8 million, compared to $6.7 million for
the 2016 fourth quarter. The net interest margin for the 2017 fourth
quarter was 3.84%, compared to 3.84% for the same period of 2016. The
45.3% increase in net interest income for the 2017 fourth quarter was
largely a result of a 56.2% increase in interest and fees on loans.
For the 2017 full year, noninterest income increased 22.7% to $4.9
million, compared to $4.0 million for the same period last year.
Noninterest income for the 2017 fourth quarter was up 2.0% to $918
thousand, compared to the fourth quarter of 2016.
Noninterest expense for the 2017 full year increased 31.7% to $27.5
million, compared to $20.9 million last year. For the 2017 fourth
quarter, noninterest expense increased 25.4% to $6.2 million, compared
to $5.0 million for the same period last year.
“Asset quality remains strong despite the significant increase in assets
we have experienced as a result of year-over-year organic loan growth
and the contribution of Liberty’s loan portfolio. At December 31, 2017,
nonperforming assets to total assets declined to 1.23%, from 1.65% for
the same period last year,” said Donald L. Stacy, Chief Financial
Officer. “Economic activity within our local economies remains stable,
while conservative underwriting practices, and proactive risk management
continues to help improve loan quality. During 2017, Middlefield
incurred $1.1 million of nonrecurring merger related expenses. As we
enter 2018, we do not anticipate any additional costs associated with
the Liberty merger. As a result, given our current cost structure and
outlook, we believe profitability should improve throughout 2018.”
Balance Sheet
Total assets at December 31, 2017, increased 40.4% to $1.11 billion,
from $787.8 million at December 31, 2016. Net loans at December 31,
2017, were $916.0 million, compared to $602.5 million at December 31,
2016. The 52.0% year-over-year increase in total net loans was across
all loan categories, and was a result of organic growth and the
contribution of the Liberty merger. Specifically, commercial mortgage
loans increased 75.5%, residential mortgage loans increased 17.5%,
commercial and industrial loans increased 67.2%, real estate
construction loans increased 98.3%, and consumer installment loans
increased 318.3%.
Total deposits at December 31, 2017, increased 39.4% to $878.2 million
from $629.9 million at December 31, 2016. The company continued to
proactively manage its cost of funds. The investment portfolio, which is
entirely classified as available for sale, was $95.3 million at December
31, 2017, compared with $114.4 million at December 31, 2016.
Stockholders’ Equity, Dividends and Shares Outstanding
At December 31, 2017, stockholders’ equity was $119.9 million, an
increase of 55.7% from $77.0 million at December 31, 2016. Tangible
stockholders’ equity(1) at December 31, 2017 was $102.0
million, an increase of 41.0% from $72.4 million at December 31, 2016.
On a per share basis, tangible stockholders’ equity was $31.71 at
December 31, 2017, compared to $32.10 at December 31, 2016. The 1.2%
decline in tangible book value per share reflects the increase in the
number of shares outstanding as a result of the private placement of
stock that closed in May 2017. For 2017, the company paid cash dividends
of $1.08 per share. The dividend payout ratio for 2017 was 35.52%,
compared to 36.18% last year.
At December 31, 2017, the company had an equity to assets leverage ratio
of 10.83%, compared to 9.77% at December 31, 2016.
Asset Quality
The provision for loan losses was $430 thousand for the 2017 fourth
quarter, compared to $255 thousand for the 2016 fourth quarter.
Nonperforming assets at December 31, 2017, were $13.6 million, compared
to $13.0 million at December 31, 2016. Net charge-offs for the 2017
fourth quarter were $92 thousand, or 0.04% of average loans, annualized,
compared to a net recovery of $9 thousand, or (0.01)% of average loans,
annualized for the same 2016 period. For 2017, net charge-offs were $453
thousand, or 0.05% of average loans compared to $357 thousand, or 0.06%
of average loans for 2016. The allowance for loan losses at December 31,
2017, stood at $7.2 million, or 0.78% of total loans, compared to $6.6
million, or 1.08% of total loans at December 31, 2016.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank
holding company with total assets of $1.11 billion at December 31, 2017.
The bank operates 14 full-service banking centers and an LPL Financial®
brokerage office serving Beachwood, Chardon, Cortland, Dublin,
Garrettsville, Mantua, Middlefield, Newbury, Orwell, 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) |
| (2017 unaudited) |
|
| | December 31, |
| | September 30, |
| | June 30, |
| | March 31, |
| | December 31, |
| Balance Sheets (period end) | | | 2017 | | | 2017 | | | 2017 | | | 2017 | | | 2016 |
|
ASSETS
| | | | | | | | | | | | | | | |
|
Cash and due from banks
| |
$
|
39,886
| | |
$
|
47,731
| | |
$
|
37,971
| | |
$
|
61,364
| | |
$
|
31,395
| |
|
Federal funds sold
| | |
-
|
| | |
1,200
|
| | |
1,600
|
| | |
1,000
|
| | |
1,100
|
|
|
Cash and cash equivalents
| | |
39,886
| | | |
48,931
| | | |
39,571
| | | |
62,364
| | | |
32,495
| |
|
Investment securities available for sale, at fair value
| | |
95,283
| | | |
98,334
| | | |
104,951
| | | |
110,452
| | | |
114,376
| |
|
Loans held for sale
| | |
463
| | | |
5,930
| | | |
9,791
| | | |
9,462
| | | |
634
| |
|
Loans
| | |
923,213
| | | |
878,541
| | | |
867,864
| | | |
837,158
| | | |
609,140
| |
|
Less allowance for loan and lease losses
| | |
7,190
|
| | |
6,852
|
| | |
6,605
|
| | |
6,720
|
| | |
6,598
|
|
|
Net loans
| | |
916,023
| | | |
871,689
| | | |
861,259
| | | |
830,438
| | | |
602,542
| |
|
Premises and equipment, net
| | |
11,853
| | | |
11,768
| | | |
11,511
| | | |
11,481
| | | |
11,203
| |
| Goodwill | | |
15,071
| | | |
15,299
| | | |
15,435
| | | |
15,646
| | | |
4,559
| |
|
Core deposit intangibles
| | |
2,749
| | | |
2,848
| | | |
2,948
| | | |
3,051
| | | |
36
| |
|
Bank-owned life insurance
| | |
15,652
| | | |
15,542
| | | |
15,432
| | | |
15,334
| | | |
13,540
| |
|
Other real estate owned
| | |
212
| | | |
557
| | | |
650
| | | |
1,634
| | | |
934
| |
|
Accrued interest and other assets
| | |
9,144
|
| | |
9,928
|
| | |
9,528
|
| | |
9,605
|
| | |
7,502
|
|
|
TOTAL ASSETS
| |
$
|
1,106,336
|
| |
$
|
1,080,826
|
| |
$
|
1,071,076
|
| |
$
|
1,069,467
|
| |
$
|
787,821
|
|
| | | | | | | | | | | | | | |
|
| | | December 31, | | | September 30, | | | June 30, | | | March 31, | | | December 31, |
| | | 2017 | | | 2017 | | | 2017 | | | 2017 | | | 2016 |
|
LIABILITIES
| | | | | | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | | | | | | |
|
Noninterest-bearing demand
| |
$
|
192,438
| | |
$
|
181,550
| | |
$
|
172,199
| | |
$
|
162,614
| | |
$
|
133,630
| |
|
Interest-bearing demand
| | |
83,990
| | | |
91,184
| | | |
87,084
| | | |
94,605
| | | |
59,560
| |
|
Money market
| | |
150,277
| | | |
161,101
| | | |
160,858
| | | |
162,843
| | | |
74,940
| |
|
Savings
| | |
208,502
| | | |
212,371
| | | |
181,259
| | | |
183,845
| | | |
172,370
| |
|
Time
| | |
242,987
|
| | |
251,449
|
| | |
245,383
|
| | |
243,944
|
| | |
189,434
|
|
|
Total deposits
| | |
878,194
| | | |
897,655
| | | |
846,783
| | | |
847,851
| | | |
629,934
| |
|
Short-term borrowings
| | |
74,707
| | | |
20,274
| | | |
63,388
| | | |
76,213
| | | |
68,359
| |
|
Other borrowings
| | |
29,065
| | | |
39,273
| | | |
39,346
| | | |
39,388
| | | |
9,437
| |
|
Accrued interest and other liabilities
| | |
4,507
|
| | |
5,130
|
| | |
4,357
|
| | |
6,700
|
| | |
3,131
|
|
|
TOTAL LIABILITIES
| | |
986,473
|
| | |
962,332
|
| | |
953,874
|
| | |
970,152
|
| | |
710,861
|
|
|
STOCKHOLDERS' EQUITY
| | | | | | | | | | | | | | | |
|
Common equity
| | |
84,859
| | | |
84,722
| | | |
84,587
| | | |
69,123
| | | |
47,943
| |
|
Retained earnings
| | |
47,431
| | | |
45,913
| | | |
44,318
| | | |
42,678
| | | |
41,334
| |
|
Accumulated other comprehensive income
| | |
1,091
| | | |
1,377
| | | |
1,815
| | | |
1,032
| | | |
1,201
| |
| Treasury stock
| | |
(13,518
|
)
| | |
(13,518
|
)
| | |
(13,518
|
)
| | |
(13,518
|
)
| | |
(13,518
|
)
|
|
TOTAL STOCKHOLDERS' EQUITY
| | |
119,863
|
| | |
118,494
|
| | |
117,202
|
| | |
99,315
|
| | |
76,960
|
|
| | | | | | | | | | | | | | |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
| |
$
|
1,106,336
|
| |
$
|
1,080,826
|
| |
$
|
1,071,076
|
| |
$
|
1,069,467
|
| |
$
|
787,821
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| MIDDLEFIELD BANC CORP. |
| Consolidated Selected Financial Highlights |
| (Dollar amounts in thousands) |
| (2017 unaudited) |
| | | 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 | | | 2017 | |
| 2017 | |
| 2017 | |
| 2017 | |
| 2016 | | | 2017 | | | 2016 |
| | | | | | | | | | | | | | | | | | | | |
|
|
INTEREST AND DIVIDEND INCOME
| | | | | | | | | | | | | | | | | | | | | |
|
Interest and fees on loans
| |
$
|
10,696
| | |
$
|
10,443
| |
$
|
9,916
| |
$
|
9,180
| |
$
|
6,849
| | |
$
|
40,235
| |
$
|
25,798
| |
|
Interest-bearing deposits in other institutions
| | |
80
| | | |
107
| | |
92
| | |
49
| | |
11
| | | |
328
| | |
53
| |
|
Federal funds sold
| | |
6
| | | |
5
| | |
1
| | |
3
| | |
4
| | | |
15
| | |
20
| |
|
Investment securities:
| | | | | | | | | | | | | | | | | | | | | |
|
Taxable interest
| | |
162
| | | |
159
| | |
223
| | |
218
| | |
241
| | | |
762
| | |
1,106
| |
|
Tax-exempt interest
| | |
560
| | | |
579
| | |
630
| | |
637
| | |
686
| | | |
2,406
| | |
2,913
| |
|
Dividends on stock
| | |
60
|
| | |
37
| | |
40
| | |
112
| | |
30
|
| | |
249
| | |
104
|
|
|
Total interest and dividend income
| | |
11,564
|
| | |
11,330
| | |
10,902
| | |
10,199
| | |
7,821
|
| | |
43,995
| | |
29,994
|
|
|
INTEREST EXPENSE
| | | | | | | | | | | | | | | | | | | | | |
|
Deposits
| | |
1,530
| | | |
1,468
| | |
1,227
| | |
1,125
| | |
953
| | | |
5,350
| | |
3,618
| |
|
Short-term borrowings
| | |
101
| | | |
202
| | |
273
| | |
177
| | |
34
| | | |
753
| | |
322
| |
|
Other borrowings
| | |
131
|
| | |
148
| | |
125
| | |
140
| | |
86
|
| | |
544
| | |
250
|
|
|
Total interest expense
| | |
1,762
|
| | |
1,818
| | |
1,625
| | |
1,442
| | |
1,073
|
| | |
6,647
| | |
4,190
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
NET INTEREST INCOME
| | |
9,802
| | | |
9,512
| | |
9,277
| | |
8,757
| | |
6,748
| | | |
37,348
| | |
25,804
| |
| | | | | | | | | | | | | | | | | | | | |
|
|
Provision for loan losses
| | |
430
|
| | |
280
| | |
170
| | |
165
| | |
255
|
| | |
1,045
| | |
570
|
|
| | | | | | | | | | | | | | | | | | | | |
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
| | |
9,372
|
| | |
9,232
| | |
9,107
| | |
8,592
| | |
6,493
|
| | |
36,303
| | |
25,234
|
|
|
NONINTEREST INCOME
| | | | | | | | | | | | | | | | | | | | | |
|
Service charges on deposit accounts
| | |
478
| | | |
479
| | |
449
| | |
469
| | |
497
| | | |
1,875
| | |
1,940
| |
|
Investment securities gains, net
| | |
-
| | | |
398
| | |
-
| | |
488
| | |
-
| | | |
886
| | |
303
| |
|
Earnings on bank-owned life insurance
| | |
115
| | | |
109
| | |
98
| | |
109
| | |
106
| | | |
431
| | |
403
| |
|
Gains on sale of loans
| | |
106
| | | |
255
| | |
231
| | |
234
| | |
97
| | | |
826
| | |
419
| |
|
Other income
| | |
219
|
| | |
200
| | |
211
| | |
211
| | |
200
|
| | |
841
| | |
894
|
|
|
Total noninterest income
| | |
918
|
| | |
1,441
| | |
989
| | |
1,511
| | |
900
|
| | |
4,859
| | |
3,959
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
NONINTEREST EXPENSE
| | | | | | | | | | | | | | | | | | | | | |
|
Salaries and employee benefits
| | |
3,134
| | | |
3,725
| | |
3,203
| | |
3,696
| | |
2,509
| | | |
13,758
| | |
10,249
| |
|
Occupancy expense
| | |
449
| | | |
476
| | |
433
| | |
488
| | |
319
| | | |
1,846
| | |
1,252
| |
|
Equipment expense
| | |
261
| | | |
242
| | |
266
| | |
281
| | |
291
| | | |
1,050
| | |
991
| |
|
Data processing costs
| | |
416
| | | |
468
| | |
588
| | |
320
| | |
407
| | | |
1,792
| | |
1,335
| |
| Ohio state franchise tax
| | |
186
| | | |
186
| | |
186
| | |
186
| | |
184
| | | |
744
| | |
632
| |
|
Federal deposit insurance expense
| | |
165
| | | |
165
| | |
135
| | |
68
| | |
42
| | | |
533
| | |
438
| |
|
Professional fees
| | |
522
| | | |
434
| | |
423
| | |
373
| | |
384
| | | |
1,752
| | |
1,441
| |
|
Net (gain) loss on other real estate owned
| | |
(58
|
)
| | |
18
| | |
15
| | |
55
| | |
(366
|
)
| | |
30
| | |
(119
|
)
|
|
Advertising expenses
| | |
161
| | | |
248
| | |
164
| | |
248
| | |
130
| | | |
821
| | |
734
| |
|
Core deposit intangible amortization
| | |
98
| | | |
101
| | |
103
| | |
72
| | |
10
| | | |
374
| | |
40
| |
|
Merger expense
| | |
28
| | | |
338
| | |
307
| | |
387
| | |
-
| | | |
1,060
| | |
-
| |
|
Other expense
| | |
855
|
| | |
896
| | |
881
| | |
1,093
| | |
1,047
|
| | |
3,725
| | |
3,879
|
|
|
Total noninterest expense
| | |
6,217
|
| | |
7,297
| | |
6,704
| | |
7,267
| | |
4,957
|
| | |
27,485
| | |
20,872
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Income before income taxes
| | |
4,073
| | | |
3,376
| | |
3,392
| | |
2,836
| | |
2,436
| | | |
13,677
| | |
8,321
| |
|
Income taxes
| | |
1,687
|
| | |
914
| | |
885
| | |
736
| | |
776
|
| | |
4,222
| | |
1,905
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
NET INCOME
| |
$
|
2,386
|
| |
$
|
2,462
| |
$
|
2,507
| |
$
|
2,100
| |
$
|
1,660
|
| |
$
|
9,455
| |
$
|
6,416
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
|
| MIDDLEFIELD BANC CORP. |
| Consolidated Selected Financial Highlights |
| (Dollar amounts in thousands, except per 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, |
| | | 2017 | | | 2017 | | | 2017 | | | 2017 | | | 2016 | | | 2017 | | | 2016 |
| Per common share data | | | | | | | | | | | | | | | | | | | | | |
|
Net income per common share - basic
| |
$
|
0.73
| |
$
|
0.77
| |
$
|
0.84
| |
$
|
0.78
| |
$
|
0.74
| |
$
|
3.12
| |
$
|
3.04
|
|
Net income per common share - diluted
| |
$
|
0.73
| |
$
|
0.76
| |
$
|
0.83
| |
$
|
0.78
| |
$
|
0.73
| |
$
|
3.10
| |
$
|
3.03
|
|
Dividends declared per share
| |
$
|
0.27
| |
$
|
0.27
| |
$
|
0.27
| |
$
|
0.27
| |
$
|
0.27
| |
$
|
1.08
| |
$
|
1.08
|
|
Book value per share (period end)
| |
$
|
37.25
| |
$
|
36.86
| |
$
|
36.49
| |
$
|
35.42
| |
$
|
34.14
| |
$
|
37.25
| |
$
|
34.14
|
|
Tangible book value per share (period end) (2) (3) | |
$
|
31.71
| |
$
|
31.21
| |
$
|
30.77
| |
$
|
28.76
| |
$
|
32.10
| |
$
|
31.71
| |
$
|
32.10
|
|
Dividend payout ratio
| | |
36.38%
| | |
35.22%
| | |
34.58%
| | |
36.00%
| | |
36.63%
| | |
35.52%
| | |
36.18%
|
|
Dividends declared
| |
$
|
868
| |
$
|
867
| |
$
|
867
| |
$
|
756
| |
$
|
608
| |
$
|
3,358
| |
$
|
2,318
|
|
Dividend yield
| | |
2.24%
| | |
2.34%
| | |
2.14%
| | |
2.39%
| | |
2.79%
| | |
2.24%
| | |
2.79%
|
|
Average shares outstanding - basic
| | |
3,215,300
| | |
3,212,335
| | |
3,000,451
| | |
2,679,816
| | |
2,251,412
| | |
3,028,950
| | |
2,107,857
|
|
Average shares outstanding - diluted
| | |
3,231,791
| | |
3,223,753
| | |
3,014,140
| | |
2,692,015
| | |
2,264,712
| | |
3,045,779
| | |
2,119,214
|
|
Period ending shares outstanding
| | |
3,217,716
| | |
3,214,737
| | |
3,211,748
| | |
2,803,557
| | |
2,254,253
| | |
3,217,716
| | |
2,254,253
|
| | | | | | | | | | | | | | | | | | | | |
|
| Selected ratios | | | | | | | | | | | | | | | | | | | | | |
|
Return on average assets
| | |
0.86%
| | |
0.90%
| | |
0.94%
| | |
0.84%
| | |
0.85%
| | |
0.88%
| | |
0.85%
|
|
Return on average equity
| | |
7.72%
| | |
8.12%
| | |
9.34%
| | |
8.73%
| | |
9.02%
| | |
8.52%
| | |
9.33%
|
|
Return on average tangible common equity (2) (4) | | |
9.05%
| | |
9.57%
| | |
11.30%
| | |
10.49%
| | |
9.69%
| | |
10.15%
| | |
10.01%
|
|
Yield on earning assets
| | |
4.51%
| | |
4.52%
| | |
4.45%
| | |
4.45%
| | |
4.43%
| | |
4.48%
| | |
4.37%
|
|
Cost of interest bearing liabilities
| | |
0.89%
| | |
0.92%
| | |
0.83%
| | |
0.78%
| | |
0.77%
| | |
0.86%
| | |
0.75%
|
|
Net interest spread
| | |
3.62%
| | |
3.60%
| | |
3.62%
| | |
3.67%
| | |
3.66%
| | |
3.63%
| | |
3.61%
|
|
Net interest margin
| | |
3.84%
| | |
3.81%
| | |
3.80%
| | |
3.84%
| | |
3.84%
| | |
3.82%
| | |
3.79%
|
|
Efficiency (1)
| | |
55.58%
| | |
63.96%
| | |
63.30%
| | |
68.58%
| | |
62.54%
| | |
62.40%
| | |
66.63%
|
|
Equity to assets at period end
| | |
10.83%
| | |
10.96%
| | |
10.94%
| | |
9.29%
| | |
9.77%
| | |
10.83%
| | |
9.77%
|
| | | | | | | | | | | | | | | | | | | | |
|
(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
|
| |
|
|
| | |
| | |
| | |
| | | For the Three Months Ended | | | | | | |
| | | December 31, |
| | September 30, |
| | June 30, |
| | March 31, |
| | December 31, | | | | | | |
| End of Period Loan Balances | | | 2017 |
|
| 2017 |
|
| 2017 |
|
| 2017 |
|
| 2016 | | | | | | |
|
Commercial and industrial
| |
$
|
101,346
| |
$
|
99,314
| |
$
|
97,160
| |
$
|
91,777
| |
$
|
60,630
| | | | | | |
|
Real estate - construction
| | |
47,017
| | |
40,760
| | |
35,571
| | |
29,238
| | |
23,709
| | | | | | |
|
Real estate - mortgage:
| | | | | | | | | | | | | | | | | | | | | |
|
Residential
| | |
318,157
| | |
316,191
| | |
308,519
| | |
300,508
| | |
270,830
| | | | | | |
|
Commercial
| | |
437,947
| | |
403,135
| | |
406,670
| | |
395,102
| | |
249,490
| | | | | | |
|
Consumer installment
| | |
18,746
| | |
19,141
| | |
19,944
| | |
20,533
| | |
4,481
| | | | | | |
|
Total
| |
$
|
923,213
| |
$
|
878,541
| |
$
|
867,864
| |
$
|
837,158
| |
$
|
609,140
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
| | | December 31, | | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | | | | |
| Asset quality data | | | 2017 | | | 2017 | | | 2017 | | | 2017 | | | 2016 | | | | | | |
| (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | |
|
Nonaccrual loans
| |
$
|
8,433
| |
$
|
8,525
| |
$
|
10,213
| |
$
|
6,545
| |
$
|
5,892
| | | | | | |
|
Troubled debt restructuring
| | |
4,982
| | |
5,608
| | |
5,990
| | |
5,515
| | |
6,151
| | | | | | |
|
90 day past due and accruing
| | |
-
| | |
268
| | |
199
| | |
35
| | |
-
| | | | | | |
|
Nonperforming loans
| | |
13,415
| | |
14,401
| | |
16,402
| | |
12,095
| | |
12,043
| | | | | | |
|
Other real estate owned
| | |
212
| | |
557
| | |
650
| | |
1,634
| | |
934
| | | | | | |
|
Nonperforming assets
| |
$
|
13,627
| |
$
|
14,958
| |
$
|
17,052
| |
$
|
13,729
| |
$
|
12,977
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Allowance for loan losses
| |
$
|
7,190
| |
$
|
6,852
| |
$
|
6,605
| |
$
|
6,720
| |
$
|
6,598
| | | | | | |
|
Allowance for loan losses/total loans
| | |
0.78%
| | |
0.78%
| | |
0.76%
| | |
0.80%
| | |
1.08%
| | | | | | |
|
Net charge-offs (recoveries):
| | | | | | | | | | | | | | | | | | | | | |
|
Quarter-to-date
| |
$
|
92
| |
$
|
33
| |
$
|
285
| |
$
|
43
| |
$
|
(9)
| | | | | | |
|
Year-to-date
| |
$
|
453
| |
$
|
361
| |
$
|
328
| |
$
|
43
| |
$
|
357
| | | | | | |
|
Net charge-offs to average loans, annualized
| | | | | | | | | | | | | | | | | | | | | |
|
Quarter-to-date
| | |
0.04%
| | |
0.02%
| | |
0.13%
| | |
0.02%
| | |
-0.01%
| | | | | | |
|
Year-to-date
| | |
0.05%
| | |
0.06%
| | |
0.08%
| | |
0.02%
| | |
0.06%
| | | | | | |
|
Nonperforming loans/total loans
| | |
1.45%
| | |
1.64%
| | |
1.89%
| | |
1.44%
| | |
1.98%
| | | | | | |
|
Allowance for loan losses/nonperforming loans
| | |
53.60%
| | |
47.58%
| | |
40.27%
| | |
55.56%
| | |
54.79%
| | | | | | |
|
Nonperforming assets/total assets
| | |
1.23%
| | |
1.38%
| | |
1.59%
| | |
1.28%
| | |
1.65%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
| Reconciliation of Common Stockholders' Equity to 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, |
| | | 2017 |
|
| 2017 |
|
| 2017 |
|
| 2017 |
|
| 2016 | | | 2017 | | | 2016 |
|
Stockholders' Equity
| |
$
|
119,863
| |
$
|
118,494
| |
$
|
117,202
| |
$
|
99,315
| |
$
|
76,960
| |
$
|
119,863
| |
$
|
76,960
|
|
Less Goodwill and other intangibles
| | |
17,820
| | |
18,147
| | |
18,383
| | |
18,697
| | |
4,595
| | |
17,820
| | |
4,595
|
|
Tangible Common Equity
| |
$
|
102,043
| |
$
|
100,347
| |
$
|
98,819
| |
$
|
80,618
| |
$
|
72,365
| |
$
|
102,043
| |
$
|
72,365
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Average Stockholders' Equity
| |
$
|
122,586
| |
$
|
120,310
| |
$
|
107,615
| |
$
|
97,585
| |
$
|
72,979
| |
$
|
110,966
| |
$
|
68,741
|
|
Less Average Goodwill and other intangibles
| | |
17,987
| | |
18,251
| | |
18,633
| | |
16,402
| | |
5,004
| | |
17,818
| | |
4,615
|
|
Average Tangible Common Equity
| |
$
|
104,599
| |
$
|
102,059
| |
$
|
88,982
| |
$
|
81,183
| |
$
|
67,975
| |
$
|
93,148
| |
$
|
64,126
|
| | | | | | | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180123006152/en/
Company Contact:
Middlefield Banc Corp.
Thomas G.
Caldwell, 440-632-1666 Ext. 3200
President/Chief Executive Officer
tcaldwell@middlefieldbank.com
or
Investor
and Media Contact:
SM Berger & Company, Inc.
Andrew M.
Berger, 216-464-6400
Managing Director
andrew@smberger.com
Source: Middlefield Banc Corp.