2022 Financial Highlights (on a year-over-year basis unless noted):
- Returned
$11.6 million of capital to shareholders through cash dividends and the repurchase of 229,420 shares at an average price of$26.67 per share - Net income was
$15.7 million , or$2.59 per diluted share, compared to$18.6 million , or$3.00 per diluted share - Non-GAAP(1) net income, adjusted for certain one-time items and expenses associated with the
Liberty Bancshares, Inc. merger, was$18.3 million , or$3.03 per diluted share, compared to$18.5 million , or$2.98 per diluted share - Non-GAAP(1) ROAE and ROATE, adjusted for certain one-time items and expenses associated with the
Liberty Bancshares, Inc. merger, was 13.15% and 15.12%, respectively, compared to 12.65% and 14.27%, respectively - Twelve-month pre-tax income benefited from
$1.2 million of net fees associated with the Paycheck Protection Program (“PPP”), compared to$1.1 million in the 2021 full year - Net interest margin improved by 30 basis points to 4.08%, compared to 3.78%
- Total loans were
$1.35 billion , compared to$981.7 million atDecember 31, 2021 - Total loans increased organically by
$91.4 million , or 9.6% fromDecember 31, 2021 , without the impact of PPP loan forgiveness and theLiberty Bancshares, Inc. merger - Strong asset quality with nonperforming loans to total loans of 0.52%, compared to 0.49%
- Allowance for loan losses was 1.07% of total loans, compared to 1.46%
“Middlefield experienced another excellent year of core earnings driven by a 4.08% net interest margin, a 9.6% increase in organic loans, and robust asset quality. These results reflect the execution of our strategic plan, the dedication of our skilled team members, and the value we provide our local communities. In addition, we completed the
“Our performance during 2022 was encouraging as we overcame the Federal Reserve’s rapid increase in interest rates, growing competition for deposits and increased economic uncertainty. While we expect these trends to continue throughout 2023, we are well-positioned to navigate a more challenging landscape due to our strong capital position, excellent asset quality and favorable net interest margin. Most importantly, our solid financial position allows us to support our local communities during an increasingly complex operating environment while continuing to focus on creating value and returning capital to our shareholders,” concluded
Income Statement
Net interest income for the twelve-months ended
For the 2022 twelve-month period, noninterest income was
For the 2022 twelve-month period, noninterest expense increased
Net income for the 2022 twelve-month period was
Net income for the 2022 fourth quarter was
Balance Sheet
Total assets at
Since 2020,
Total deposits at
Stockholders’ Equity and Dividends
At
Tangible stockholders’ equity(1) was
For the 2022 full year, cash dividends declared per share increased 17.4% to
At
Asset Quality
No provision for loan losses was recorded for the 2022 fourth quarter, compared to a net loan loss recovery of
Net charge-offs were
Nonperforming assets at
About
Additional information is available at www.middlefieldbank.bank
(1)NON-GAAP FINANCIAL MEASURES
This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in
FORWARD-LOOKING STATEMENTS
This press release of
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)
Balance Sheets (period end) | 2022 | 2022 | 2022 | 2022 | 2021 | |||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 51,404 | $ | 119,777 | $ | 60,114 | $ | 78,804 | $ | 97,172 | ||||
Federal funds sold | 2,405 | 8,800 | 19,039 | 29,474 | 22,322 | |||||||||
Cash and cash equivalents | 53,809 | 128,577 | 79,153 | 108,278 | 119,494 | |||||||||
Equity securities, at fair value | 915 | 972 | 779 | 851 | 818 | |||||||||
Investment securities available for sale, at fair value | 164,967 | 162,064 | 171,958 | 175,216 | 170,199 | |||||||||
Loans held for sale | - | - | - | 9 | 1,051 | |||||||||
Loans: | ||||||||||||||
Commercial real estate: | ||||||||||||||
Owner occupied | 191,748 | 120,912 | 120,771 | 113,590 | 111,470 | |||||||||
Non-owner occupied | 380,580 | 285,419 | 288,334 | 293,745 | 283,618 | |||||||||
Multifamily | 58,251 | 38,063 | 29,152 | 29,385 | 31,189 | |||||||||
Residential real estate | 296,308 | 247,612 | 246,453 | 244,747 | 240,089 | |||||||||
Commercial and industrial | 195,602 | 146,987 | 137,398 | 131,683 | 148,812 | |||||||||
Home equity lines of credit | 128,065 | 114,344 | 111,730 | 106,300 | 104,355 | |||||||||
Construction and other | 94,199 | 33,748 | 35,988 | 50,152 | 54,148 | |||||||||
Consumer installment | 8,119 | 8,110 | 8,171 | 8,118 | 8,010 | |||||||||
Total loans | 1,352,872 | 995,195 | 977,997 | 977,720 | 981,691 | |||||||||
Less allowance for loan and lease losses | 14,438 | 14,532 | 14,550 | 14,492 | 14,342 | |||||||||
Net loans | 1,338,434 | 980,663 | 963,447 | 963,228 | 967,349 | |||||||||
Premises and equipment, net | 21,961 | 16,215 | 17,030 | 17,142 | 17,272 | |||||||||
31,735 | 15,071 | 15,071 | 15,071 | 15,071 | ||||||||||
Core deposit intangibles | 7,701 | 1,171 | 1,249 | 1,326 | 1,403 | |||||||||
Bank-owned life insurance | 33,811 | 17,382 | 17,274 | 17,166 | 17,060 | |||||||||
Other real estate owned | 5,821 | 6,792 | 6,792 | 6,992 | 6,992 | |||||||||
Accrued interest receivable and other assets | 28,528 | 22,104 | 20,624 | 18,019 | 14,297 | |||||||||
TOTAL ASSETS | $ | 1,687,682 | $ | 1,351,011 | $ | 1,293,377 | $ | 1,323,298 | $ | 1,331,006 | ||||
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||
LIABILITIES | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing demand | $ | 503,907 | $ | 383,675 | $ | 379,872 | $ | 361,251 | $ | 334,171 | ||||
Interest-bearing demand | 164,677 | 160,112 | 154,788 | 162,010 | 196,308 | |||||||||
Money market | 187,498 | 162,052 | 185,494 | 187,807 | 177,281 | |||||||||
Savings | 307,917 | 247,466 | 252,179 | 264,784 | 260,125 | |||||||||
Time | 238,020 | 177,182 | 174,833 | 191,320 | 198,725 | |||||||||
Total deposits | 1,402,019 | 1,130,487 | 1,147,166 | 1,167,172 | 1,166,610 | |||||||||
Short-term borrowings | 65,000 | 80,000 | - | - | - | |||||||||
Other borrowings | 12,059 | 12,107 | 12,910 | 12,975 | 12,901 | |||||||||
Accrued interest payable and other liabilities | 10,913 | 5,562 | 5,081 | 5,507 | 6,160 | |||||||||
TOTAL LIABILITIES | 1,489,991 | 1,228,156 | 1,165,157 | 1,185,654 | 1,185,671 | |||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||
Common stock, no par value; 10,000,000 shares authorized, 9,916,466 | ||||||||||||||
shares issued, 8,245,235 shares outstanding as of | 161,029 | 87,640 | 87,562 | 87,562 | 87,131 | |||||||||
Retained earnings | 94,154 | 93,166 | 89,900 | 86,804 | 83,971 | |||||||||
Accumulated other comprehensive (loss) income | (22,144) | (25,080) | (17,591) | (6,674) | 3,462 | |||||||||
(35,348) | (32,871) | (31,651) | (30,048) | (29,229) | ||||||||||
TOTAL STOCKHOLDERS' EQUITY | 197,691 | 122,855 | 128,220 | 137,644 | 145,335 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,687,682 | $ | 1,351,011 | $ | 1,293,377 | $ | 1,323,298 | $ | 1,331,006 |
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, except per share and share amounts, unaudited)
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
Statements of Income | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
Interest and fees on loans | $ | 14,368 | $ | 11,892 | $ | 11,268 | $ | 10,985 | $ | 11,586 | $ | 48,513 | $ | 47,896 | ||||||
Interest-earning deposits in other institutions | 240 | 134 | 74 | 24 | 30 | 472 | 90 | |||||||||||||
Federal funds sold | 119 | 51 | 46 | 3 | 1 | 219 | 3 | |||||||||||||
Investment securities: | ||||||||||||||||||||
Taxable interest | 477 | 449 | 442 | 443 | 438 | 1,811 | 1,679 | |||||||||||||
Tax-exempt interest | 986 | 982 | 955 | 784 | 732 | 3,707 | 2,565 | |||||||||||||
Dividends on stock | 68 | 59 | 33 | 24 | 23 | 184 | 102 | |||||||||||||
Total interest and dividend income | 16,258 | 13,567 | 12,818 | 12,263 | 12,810 | 54,906 | 52,335 | |||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Deposits | 1,771 | 812 | 709 | 726 | 783 | 4,018 | 3,913 | |||||||||||||
Short-term borrowings | 263 | 44 | - | - | - | 307 | - | |||||||||||||
Other borrowings | 142 | 112 | 81 | 69 | 67 | 404 | 282 | |||||||||||||
Total interest expense | 2,176 | 968 | 790 | 795 | 850 | 4,729 | 4,195 | |||||||||||||
NET INTEREST INCOME | 14,082 | 12,599 | 12,028 | 11,468 | 11,960 | 50,177 | 48,140 | |||||||||||||
Provision for loan losses | - | - | - | - | (200) | - | 700 | |||||||||||||
NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||||||
FOR LOAN LOSSES | 14,082 | 12,599 | 12,028 | 11,468 | 12,160 | 50,177 | 47,440 | |||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Service charges on deposit accounts | 976 | 1,004 | 956 | 914 | 906 | 3,850 | 3,425 | |||||||||||||
(Losses) gains on equity securities | (77) | (57) | (72) | 33 | (14) | (173) | 209 | |||||||||||||
Earnings on bank-owned life insurance | 137 | 108 | 108 | 106 | 106 | 459 | 546 | |||||||||||||
(Losses) gains on sale of loans | (4) | 7 | 18 | 3 | 118 | 24 | 1,240 | |||||||||||||
Revenue from investment services | 147 | 233 | 153 | 141 | 198 | 674 | 727 | |||||||||||||
Other income | 1,235 | 251 | 220 | 206 | 221 | 1,912 | 1,059 | |||||||||||||
Total noninterest income | 2,414 | 1,546 | 1,383 | 1,403 | 1,535 | 6,746 | 7,206 | |||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Salaries and employee benefits | 4,886 | 4,491 | 3,785 | 4,386 | 4,088 | 17,548 | 17,151 | |||||||||||||
Occupancy expense | 487 | 458 | 583 | 505 | 542 | 2,033 | 2,048 | |||||||||||||
Equipment expense | 252 | 233 | 274 | 315 | 358 | 1,074 | 1,361 | |||||||||||||
Data processing costs | 1,050 | 985 | 822 | 844 | 851 | 3,701 | 3,298 | |||||||||||||
279 | 293 | 292 | 293 | 285 | 1,157 | 1,144 | ||||||||||||||
Federal deposit insurance expense | 105 | 84 | 90 | 50 | 50 | 329 | 494 | |||||||||||||
Professional fees | 382 | 280 | 383 | 455 | 435 | 1,500 | 1,313 | |||||||||||||
Net loss (gain) on other real estate owned | 1,692 | 1 | 206 | 8 | (66) | 1,907 | 11 | |||||||||||||
Advertising expense | 308 | 268 | 229 | 228 | 221 | 1,033 | 885 | |||||||||||||
Software amortization expense | 28 | 27 | 40 | 48 | 119 | 143 | 361 | |||||||||||||
Core deposit intangible amortization | 140 | 78 | 77 | 77 | 80 | 372 | 321 | |||||||||||||
Merger-related costs | 1,413 | 390 | 579 | - | - | 2,382 | - | |||||||||||||
Other expense | 1,321 | 1,298 | 1,175 | 1,057 | 868 | 4,851 | 3,561 | |||||||||||||
Total noninterest expense | 12,343 | 8,886 | 8,535 | 8,266 | 7,831 | 38,030 | 31,948 | |||||||||||||
Income before income taxes | 4,153 | 5,259 | 4,876 | 4,605 | 5,864 | 18,893 | 22,698 | |||||||||||||
Income taxes | 651 | 1,010 | 787 | 772 | 1,027 | 3,220 | 4,065 | |||||||||||||
NET INCOME | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | $ | 4,837 | $ | 15,673 | $ | 18,633 | ||||||
PTPP (1) | $ | 4,153 | $ | 5,259 | $ | 4,876 | $ | 4,605 | $ | 5,664 | $ | 18,893 | $ | 23,398 | ||||||
(1) The pre-tax pre-provision (PTPP) is the income before income taxes before provision for loan losses considerations, for reconciliation of non-GAAP measures. |
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, except per share and share amounts, unaudited)
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Per common share data | ||||||||||||||||||||
Net income per common share - basic | $ | 0.53 | $ | 0.73 | $ | 0.70 | $ | 0.65 | $ | 0.81 | $ | 2.60 | $ | 3.01 | ||||||
Net income per common share - diluted | $ | 0.53 | $ | 0.73 | $ | 0.70 | $ | 0.65 | $ | 0.81 | $ | 2.59 | $ | 3.00 | ||||||
Dividends declared per share | $ | 0.30 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.21 | $ | 0.81 | $ | 0.69 | ||||||
Book value per share (period end) | $ | 23.98 | $ | 21.30 | $ | 22.07 | $ | 23.43 | $ | 24.68 | $ | 23.98 | $ | 24.68 | ||||||
Tangible book value per share (period end) (2) (3) | $ | 19.19 | $ | 18.48 | $ | 19.26 | $ | 20.64 | $ | 21.88 | $ | 19.19 | $ | 21.88 | ||||||
Dividends declared | $ | 2,514 | $ | 983 | $ | 993 | $ | 1,000 | $ | 1,242 | $ | 5,490 | $ | 4,240 | ||||||
Dividend yield | 4.34% | 2.49% | 2.71% | 2.78% | 3.37% | 2.96% | 2.79% | |||||||||||||
Dividend payout ratio | 71.79% | 23.13% | 24.28% | 26.09% | 25.68% | 35.03% | 22.76% | |||||||||||||
Average shares outstanding - basic | 6,593,616 | 5,792,773 | 5,851,422 | 5,879,025 | 5,951,838 | 6,027,091 | 6,186,666 | |||||||||||||
Average shares outstanding - diluted | 6,610,907 | 5,805,799 | 5,860,098 | 5,889,836 | 5,975,333 | 6,044,382 | 6,211,076 | |||||||||||||
Period ending shares outstanding | 8,245,235 | 5,767,803 | 5,810,351 | 5,873,565 | 5,888,737 | 8,245,235 | 5,888,737 | |||||||||||||
Selected ratios | ||||||||||||||||||||
Return on average assets | 0.97% | 1.32% | 1.25% | 1.17% | 1.41% | 1.17% | 1.36% | |||||||||||||
Return on average equity | 9.35% | 12.94% | 12.30% | 10.75% | 13.17% | 11.25% | 12.74% | |||||||||||||
Return on average tangible common equity (2) (4) | 11.13% | 14.79% | 14.02% | 12.13% | 14.85% | 12.95% | 14.38% | |||||||||||||
Efficiency (1) | 72.75% | 61.07% | 61.83% | 62.54% | 56.56% | 64.96% | 56.38% | |||||||||||||
Equity to assets at period end | 11.71% | 9.09% | 9.91% | 10.40% | 10.92% | 11.71% | 10.92% | |||||||||||||
Noninterest expense to average assets | 0.86% | 0.69% | 0.65% | 0.62% | 0.58% | 2.84% | 2.33% | |||||||||||||
(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 |
Consolidated Selected Financial Highlights
(unaudited)
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
Yields | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans receivable (2) | 5.11% | 4.78% | 4.66% | 4.53% | 4.61% | 4.79% | 4.56% | |||||||||||||
Investment securities (2) | 3.83% | 3.90% | 3.76% | 3.41% | 3.30% | 3.73% | 3.45% | |||||||||||||
Interest-earning deposits with other banks | 3.42% | 2.06% | 0.77% | 0.23% | 0.20% | 1.31% | 0.20% | |||||||||||||
Total interest-earning assets | 4.88% | 4.55% | 4.28% | 4.06% | 4.07% | 4.45% | 4.11% | |||||||||||||
Deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | 0.83% | 0.22% | 0.15% | 0.14% | 0.12% | 0.34% | 0.13% | |||||||||||||
Money market deposits | 1.00% | 0.46% | 0.49% | 0.47% | 0.47% | 0.61% | 0.47% | |||||||||||||
Savings deposits | 0.49% | 0.19% | 0.06% | 0.06% | 0.06% | 0.20% | 0.06% | |||||||||||||
Certificates of deposit | 1.30% | 0.96% | 0.83% | 0.87% | 0.90% | 1.00% | 1.13% | |||||||||||||
Total interest-bearing deposits | 0.87% | 0.43% | 0.36% | 0.37% | 0.36% | 0.51% | 0.44% | |||||||||||||
Non-Deposit Funding: | ||||||||||||||||||||
Borrowings | 4.25% | 2.94% | 2.51% | 2.16% | 2.09% | 3.35% | 2.10% | |||||||||||||
Total interest-bearing liabilities | 1.02% | 0.50% | 0.39% | 0.39% | 0.37% | 0.59% | 0.47% | |||||||||||||
Cost of deposits | 0.57% | 0.29% | 0.24% | 0.25% | 0.26% | 0.34% | 0.32% | |||||||||||||
Cost of funds | 0.68% | 0.34% | 0.27% | 0.27% | 0.27% | 0.40% | 0.34% | |||||||||||||
Net interest margin (1) | 4.23% | 4.23% | 4.02% | 3.80% | 3.81% | 4.08% | 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%. |
For the Three Months Ended | ||||||||||||||
Asset quality data | 2022 | 2022 | 2022 | 2022 | 2021 | |||||||||
(Dollar amounts in thousands, unaudited) | ||||||||||||||
Nonperforming loans (1) | $ | 7,013 | $ | 3,692 | $ | 4,670 | $ | 4,728 | $ | 4,859 | ||||
Other real estate owned | 5,821 | 6,792 | 6,792 | 6,992 | 6,992 | |||||||||
Nonperforming assets | $ | 12,834 | $ | 10,484 | $ | 11,462 | $ | 11,720 | $ | 11,851 | ||||
Allowance for loan losses | $ | 14,438 | $ | 14,532 | $ | 14,550 | $ | 14,492 | $ | 14,342 | ||||
Allowance for loan losses/total loans | 1.07% | 1.46% | 1.49% | 1.48% | 1.46% | |||||||||
Net charge-offs (recoveries): | ||||||||||||||
Quarter-to-date | $ | 94 | $ | 18 | $ | (58) | $ | (150) | $ | (308) | ||||
Year-to-date | (96) | (190) | (208) | (150) | (183) | |||||||||
Net charge-offs (recoveries) to average loans, annualized: | ||||||||||||||
Quarter-to-date | 0.03% | 0.01% | -0.02% | -0.06% | -0.12% | |||||||||
Year-to-date | -0.01% | -0.02% | -0.04% | -0.06% | -0.02% | |||||||||
Nonperforming loans/total loans | 0.52% | 0.37% | 0.48% | 0.48% | 0.49% | |||||||||
Allowance for loan losses/nonperforming loans | 205.87% | 393.61% | 311.56% | 306.51% | 295.16% | |||||||||
Nonperforming assets/total assets | 0.76% | 0.78% | 0.89% | 0.89% | 0.89% | |||||||||
(1) Nonperforming loans exclude troubled debt restructurings that are performing in accordance with their terms over a prescribed period of time. |
Reconciliation of Common Stockholders' Equity to Tangible Common Equity | ||||||||||||||
For the Period Ended | ||||||||||||||
(Dollar amounts in thousands, unaudited) | ||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||
Stockholders' Equity | $ | 197,691 | $ | 122,855 | $ | 128,220 | $ | 137,644 | $ | 145,335 | ||||
Less | 39,436 | 16,242 | 16,320 | 16,397 | 16,474 | |||||||||
Tangible Common Equity | $ | 158,255 | $ | 106,613 | $ | 111,900 | $ | 121,247 | $ | 128,861 | ||||
Shares outstanding | 8,245,235 | 5,767,803 | 5,810,351 | 5,873,565 | 5,888,737 | |||||||||
Tangible book value per share | $ | 19.19 | $ | 18.48 | $ | 19.26 | $ | 20.64 | $ | 21.88 |
Reconciliation of Average Equity to Return on Average Tangible Common Equity | ||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Average Stockholders' Equity | $ | 148,616 | $ | 130,263 | $ | 133,377 | $ | 144,630 | $ | 145,716 | $ | 139,270 | $ | 146,237 | ||||||
Less Average Goodwill and other intangibles | 23,731 | 16,280 | 16,357 | 16,435 | 16,513 | 18,200 | 16,634 | |||||||||||||
Average Tangible Common Equity | $ | 124,885 | $ | 113,983 | $ | 117,020 | $ | 128,195 | $ | 129,203 | $ | 121,070 | $ | 129,603 | ||||||
Net income | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | $ | 4,837 | $ | 15,673 | $ | 18,633 | ||||||
Return on average tangible common equity (annualized) | 11.13% | 14.79% | 14.02% | 12.13% | 14.85% | 12.95% | 14.38% | |||||||||||||
Reconciliation of Pre-Tax Pre-Provision Income (PTPP) | ||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net income | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | $ | 4,837 | $ | 15,673 | $ | 18,633 | ||||||
Add Income Taxes | 651 | 1,010 | 787 | 772 | 1,027 | 3,220 | 4,065 | |||||||||||||
Add Provision for loan losses | - | - | - | - | (200) | - | 700 | |||||||||||||
PTPP | $ | 4,153 | $ | 5,259 | $ | 4,876 | $ | 4,605 | $ | 5,664 | $ | 18,893 | $ | 23,398 | ||||||
Reconciliation of Net Income, Less Merger and Certain Items | ||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||
Net Income | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | $ | 4,837 | $ | 15,673 | $ | 18,633 |
Acquisition related costs- after tax | 1,116 | 308 | 457 | - | - | 1,882 | - | |||||||
Net loss (gain) on other real estate owned - after tax (1) | 585 | 1 | 163 | 6 | (52) | 755 | (134) | |||||||
Net Income- Adjusted | $ | 5,203 | $ | 4,558 | $ | 4,709 | $ | 3,839 | $ | 4,785 | $ | 18,310 | $ | 18,499 |
Diluted EPS excluding merger and one-time items | $ | 0.79 | $ | 0.79 | $ | 0.80 | $ | 0.65 | $ | 0.80 | $ | 3.03 | $ | 2.98 |
Return on average assets excluding merger and one-time items (annualized) | 1.44% | 1.41% | 1.43% | 1.17% | 1.40% | 1.37% | 1.35% | |||||||
Return on average equity excluding merger and one-time items (annualized) | 13.89% | 13.88% | 14.16% | 10.77% | 13.03% | 13.15% | 12.65% | |||||||
Return on average tangible common equity excluding merger and one-time items (annualized) | 16.53% | 15.86% | 16.14% | 12.15% | 14.69% | 15.12% | 14.27% | |||||||
(1) This includes net rental income earned on other real estate owned. | ||||||||||||||
Average Balance Sheets
(Dollar amounts in thousands, unaudited)
For the Three Months Ended | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||
Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans receivable (3) | $ | 1,117,221 | $ | 14,368 | 5.11% | $ | 999,229 | $ | 11,586 | 4.61% | ||||||||||
Investment securities (3) | 178,772 | 1,463 | 3.83% | 164,254 | 1,170 | 3.30% | ||||||||||||||
Interest-earning deposits with other banks (4) | 49,569 | 427 | 3.42% | 104,804 | 54 | 0.20% | ||||||||||||||
Total interest-earning assets | 1,345,562 | 16,258 | 4.88% | 1,268,287 | 12,810 | 4.07% | ||||||||||||||
Noninterest-earning assets | 89,740 | 90,556 | ||||||||||||||||||
Total assets | $ | 1,435,302 | $ | 1,358,843 | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 165,267 | $ | 344 | 0.83% | $ | 212,861 | $ | 66 | 0.12% | ||||||||||
Money market deposits | 172,437 | 435 | 1.00% | 180,201 | 214 | 0.47% | ||||||||||||||
Savings deposits | 266,613 | 330 | 0.49% | 257,344 | 39 | 0.06% | ||||||||||||||
Certificates of deposit | 201,972 | 662 | 1.30% | 204,904 | 464 | 0.90% | ||||||||||||||
Short-term borrowings | 25,750 | 263 | 4.05% | - | - | 0.00% | ||||||||||||||
Other borrowings | 12,086 | 142 | 4.66% | 12,934 | 67 | 2.06% | ||||||||||||||
Total interest-bearing liabilities | 844,125 | 2,176 | 1.02% | 868,244 | 850 | 0.39% | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | 428,155 | 337,900 | ||||||||||||||||||
Other liabilities | 14,406 | 6,983 | ||||||||||||||||||
Stockholders' equity | 148,616 | 145,716 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,435,302 | $ | 1,358,843 | ||||||||||||||||
Net interest income | $ | 14,082 | $ | 11,960 | ||||||||||||||||
Interest rate spread (1) | 3.86% | 3.68% | ||||||||||||||||||
Net interest margin (2) | 4.23% | 3.81% | ||||||||||||||||||
Ratio of average interest-earning assets to | ||||||||||||||||||||
average interest-bearing liabilities | 159.40% | 146.07% | ||||||||||||||||||
(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. | ||||||||||||||||||||
(2) Net interest margin represents net interest income as a percentage of average interest-earning assets. | ||||||||||||||||||||
(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were | ||||||||||||||||||||
(4) Includes dividends received on restricted stock. |
For the Three Months Ended | ||||||||||||||||||||
2022 | 2022 | |||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||
Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans receivable (3) | $ | 1,117,221 | $ | 14,368 | 5.11% | $ | 987,689 | $ | 11,892 | 4.78% | ||||||||||
Investment securities (3) | 178,772 | 1,463 | 3.83% | 172,316 | 1,431 | 3.90% | ||||||||||||||
Interest-earning deposits with other banks (4) | 49,569 | 427 | 3.42% | 46,938 | 244 | 2.06% | ||||||||||||||
Total interest-earning assets | 1,345,562 | 16,258 | 4.88% | 1,206,943 | 13,567 | 4.55% | ||||||||||||||
Noninterest-earning assets | 89,740 | 73,753 | ||||||||||||||||||
Total assets | $ | 1,435,302 | $ | 1,280,696 | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 165,267 | $ | 344 | 0.83% | $ | 162,878 | $ | 91 | 0.22% | ||||||||||
Money market deposits | 172,437 | 435 | 1.00% | 155,095 | 180 | 0.46% | ||||||||||||||
Savings deposits | 266,613 | 330 | 0.49% | 249,898 | 119 | 0.19% | ||||||||||||||
Certificates of deposit | 201,972 | 662 | 1.30% | 174,091 | 422 | 0.96% | ||||||||||||||
Short-term borrowings | 25,750 | 263 | 4.05% | 8,554 | 44 | 2.04% | ||||||||||||||
Other borrowings | 12,086 | 142 | 4.66% | 12,530 | 112 | 3.55% | ||||||||||||||
Total interest-bearing liabilities | 844,125 | 2,176 | 1.02% | 763,046 | 968 | 0.50% | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | 428,155 | 382,351 | ||||||||||||||||||
Other liabilities | 14,406 | 5,036 | ||||||||||||||||||
Stockholders' equity | 148,616 | 130,263 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,435,302 | $ | 1,280,696 | ||||||||||||||||
Net interest income | $ | 14,082 | $ | 12,599 | ||||||||||||||||
Interest rate spread (1) | 3.86% | 4.05% | ||||||||||||||||||
Net interest margin (2) | 4.23% | 4.23% | ||||||||||||||||||
Ratio of average interest-earning assets to | ||||||||||||||||||||
average interest-bearing liabilities | 159.40% | 158.17% | ||||||||||||||||||
(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. | ||||||||||||||||||||
(2) Net interest margin represents net interest income as a percentage of average interest-earning assets. | ||||||||||||||||||||
(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were | ||||||||||||||||||||
(4) Includes dividends received on restricted stock. |
For the Twelve Months Ended | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||
Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans receivable (3) | $ | 1,014,896 | $ | 48,513 | 4.79% | $ | 1,052,351 | $ | 47,896 | 4.56% | ||||||||||
Investment securities (3) | 174,514 | 5,518 | 3.73% | 142,705 | 4,244 | 3.45% | ||||||||||||||
Interest-earning deposits with other banks (4) | 67,030 | 875 | 1.31% | 97,417 | 195 | 0.20% | ||||||||||||||
Total interest-earning assets | 1,256,440 | 54,906 | 4.45% | 1,292,473 | 52,335 | 4.11% | ||||||||||||||
Noninterest-earning assets | 84,484 | 78,802 | ||||||||||||||||||
Total assets | $ | 1,340,924 | $ | 1,371,275 | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 164,569 | $ | 554 | 0.34% | $ | 212,063 | $ | 274 | 0.13% | ||||||||||
Money market deposits | 174,377 | 1,055 | 0.61% | 186,009 | 869 | 0.47% | ||||||||||||||
Savings deposits | 259,225 | 527 | 0.20% | 255,267 | 162 | 0.06% | ||||||||||||||
Certificates of deposit | 188,617 | 1,882 | 1.00% | 231,662 | 2,608 | 1.13% | ||||||||||||||
Short-term borrowings | 8,576 | 307 | 3.58% | 85 | - | 0.00% | ||||||||||||||
Other borrowings | 12,626 | 404 | 3.20% | 13,313 | 282 | 2.12% | ||||||||||||||
Total interest-bearing liabilities | 807,990 | 4,729 | 0.59% | 898,399 | 4,065 | 0.47% | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Noninterest-bearing demand deposits | 386,296 | 320,104 | ||||||||||||||||||
Other liabilities | 7,368 | 6,535 | ||||||||||||||||||
Stockholders' equity | 139,270 | 146,237 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,340,924 | $ | 1,371,275 | ||||||||||||||||
Net interest income | $ | 50,177 | $ | 48,270 | ||||||||||||||||
Interest rate spread (1) | 3.86% | 3.64% | ||||||||||||||||||
Net interest margin (2) | 4.08% | 3.78% | ||||||||||||||||||
Ratio of average interest-earning assets to | ||||||||||||||||||||
average interest-bearing liabilities | 155.50% | 143.86% | ||||||||||||||||||
(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. | ||||||||||||||||||||
(2) Net interest margin represents net interest income as a percentage of average interest-earning assets. | ||||||||||||||||||||
(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were | ||||||||||||||||||||
(4) Includes dividends received on restricted stock. |
Company Contact: | Investor and Media Contact: |
Chief Executive Officer (440) 632-1666 Ext. 3219 JHeslop@middlefieldbank.com | Managing Director (216) 464-6400 andrew@smberger.com |
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