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WKN: A0YJ09 | ISIN: US5963042040 | Ticker-Symbol:
NASDAQ
19.11.24
20:18 Uhr
30,250 US-Dollar
0,000
0,00 %
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MIDDLEFIELD BANC CORP Chart 1 Jahr
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MIDDLEFIELD BANC CORP 5-Tage-Chart
GlobeNewswire (Europe)
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(1)

Middlefield Banc Corp. Reports 2024 Nine-Month Financial Results

Finanznachrichten News

MIDDLEFIELD, Ohio, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the nine months ended September 30, 2024.

2024 Nine-Month Financial Highlights (on a year-over-year basis):

  • Net income was $10.7 million, compared to $13.8 million
  • Pre-tax, pre-provision net income(1) was $14.7 million, compared to $19.0 million
  • Earnings were $1.32 per diluted share, compared to $1.70 per diluted share
  • Net interest income after the provision for credit losses was $42.9 million, compared to $47.4 million
  • Noninterest income increased 4.1% to $5.3 million, compared to $5.1 million
  • Total loans increased 3.9% to a record $1.50 billion, compared to $1.45 billion
  • Total deposits increased 3.8% to a record $1.51 billion, compared to $1.46 billion
  • Return on average assets annualized was 0.77%, compared to 1.06%
  • Return on average equity annualized was 6.90%, compared to 9.43%
  • Return on average tangible common equity(1) was 8.68%, compared to 11.92%
  • Nonperforming assets to total assets increased to 1.62% from 0.75%
  • Allowance for credit losses was 1.50% of total loans, compared to 1.45%
  • Equity to assets strengthened to 11.34%, compared to 10.80%
  • Book value increased 9.1% to $26.11 from $23.94 per share
  • Tangible book value(1) increased 12.1% to $20.87 from $18.62 per share

(1) See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations"

Ronald L. Zimmerly, Jr., President and Chief Executive Officer, stated, "We ended the third quarter of 2024 with record total assets and deposits, as well as a record book value per share. These results reflect our team's dedication and commitment to serve customers throughout our Central, Western and Northeast Ohio markets. We ended the quarter with higher charge-offs and non-performing loans, associated with one customer. As a result, the provision for credit losses increased during the third quarter and reduced after tax earnings by $0.12 per diluted share. Despite these one-time impacts, we produced strong levels of core profitability, including the highest level of pre-tax pre-provision income in the past four quarters."

"I am pleased with the progress we are making maintaining appropriate funding costs and controlling noninterest expense, as our quarterly cost of funds declined sequentially for the first time in ten quarters, and noninterest expense was at the lowest level in six quarters. We expect the economic environment will remain fluid over the near-term, and as we look to 2025, we will continue to focus on supporting our communities, strategically allocating capital, maintaining disciplined underwriting standards, and prudently managing expenses," concluded Mr. Zimmerly.

Income Statement
Net interest income for the nine months ended September 30, 2024, decreased $4.7 million to $45.1 million, compared to $49.8 million for the same period last year. The net interest margin for the nine months ended September 30, 2024, was 3.50%, compared to 4.09% last year. Net interest income for the 2024 third quarter decreased $894,000 to $15.1 million, compared to $16.0 million for the 2023 third quarter. The net interest margin for the 2024 third quarter was 3.46%, compared to 3.82% for the same period of 2023.

For the nine months ended September 30, 2024, noninterest income increased $211,000 to $5.3 million, compared to $5.1 million for the same period in 2023. Noninterest income for the 2024 third quarter was $1.7 million, compared to $1.8 million for the same period the previous year.

Noninterest expense for the nine months ended September 30, 2024, was $35.7 million, compared to $36.0 million for the same period in 2023. For the 2024 third quarter, noninterest expense was $11.9 million, compared to $12.1 million for the 2023 third quarter.

Net income for the nine months ended September 30, 2024, was $10.7 million, or $1.32 per diluted share, compared to $13.8 million, or $1.70 per diluted share, for the same period last year. Net income for the 2024 third quarter was $2.3 million, or $0.29 per diluted share, compared to $3.8 million, or $0.47 per diluted share, for the same period last year.

For the nine months ended September 30, 2024, pre-tax, pre-provision net income was $14.7 million, compared to $19.0 million last year. For the 2024 third quarter, pre-tax, pre-provision net income was $4.9 million, compared to $5.7 million for the same period of 2023. (See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations".)

Balance Sheet
Total assets at September 30, 2024, increased 3.6% to $1.86 billion, compared to $1.79 billion at September 30, 2023. Total loans at September 30, 2024, were $1.50 billion, compared to $1.45 billion at September 30, 2023. The 3.9% year-over-year increase in total loans was primarily due to higher non-owner occupied and residential real estate loans.

Total liabilities at September 30, 2024, increased 3.0% to $1.65 billion, compared to $1.60 billion at September 30, 2023. Total deposits at September 30, 2024, were $1.51 billion, compared to $1.46 billion at September 30, 2023. The 3.8% year-over-year increase in deposits was primarily due to growth in money market and time deposits, partially offset by declines in noninterest-bearing and interest-bearing demand and savings accounts. Noninterest-bearing demand deposits were 25.8% of total deposits at September 30, 2024, compared to 29.1% at September 30, 2023. At September 30, 2024, the Company had brokered deposits of $86.5 million, compared to $53.5 million at September 30, 2023.

The investment securities available-for-sale portfolio was $169.9 million at September 30, 2024, compared with $159.4 million at September 30, 2023.

Mr. Ranttila, Chief Financial Officer, stated, "We continue to look at opportunities to proactively strengthen our balance sheet and improve our cost of funds. In addition, since December 31, 2023, deposits have increased 6.0%, while our Federal Home Loan Bank ("FHLB") advances have decreased by 35.0%. This is the lowest level of FHLB advances in over a year. In addition, during the quarter, we received approval to use the Federal Reserve Board's discount window, adding a new and efficient liquidity provider. The combination of high levels of potentially liquid assets, cash flows from operations, and additional borrowing capacity continues to provide us with excellent liquidity levels to support our long-term growth strategies and our legacy of returning excess capital to shareholders."

Middlefield's CRE portfolio included the following categories at September 30, 2024:

Balance Percent of Percent of
CRE Category (in thousands) CRE Portfolio Loan Portfolio
Multi-Family $94,798 13.8% 6.3%
Office Space 75,149 10.9% 5.0%
Shopping Plazas 69,762 10.1% 4.6%
Self-Storage 56,041 8.1% 3.7%
Hospitality 39,840 5.8% 2.6%
Senior Living 23,069 3.3% 1.5%
Other 330,611 48.0% 22.0%
Total CRE $689,270 100.0% 45.7%

Stockholders' Equity and Dividends
At September 30, 2024, stockholders' equity was $210.7 million, compared to $193.7 million at September 30, 2023. The 8.8% year-over-year increase in stockholders' equity was primarily from higher retained earnings and an improvement in the unrealized losses on the available-for-sale investment portfolio, partially offset by stock acquired under the Company's stock repurchase program. On a per-share basis, shareholders' equity at September 30, 2024, was $26.11, compared to $23.94 at September 30, 2023.

At September 30, 2024, tangible stockholders' equity(1) was $168.5 million, compared to $150.6 million at September 30, 2023. On a per-share basis, tangible stockholders' equity(1) was $20.87 at September 30, 2024, compared to $18.62 at September 30, 2023. (1)See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations".

For the nine months ended September 30, 2024, the Company declared cash dividends of $0.60 per share, totaling $4.8 million.

For the nine months ended September 30, 2024, the Company repurchased 43,858 shares of its common stock, at an average price of $24.00 per share. There were no repurchases during the third quarter of 2024.

At September 30, 2024, the Company's equity-to-assets ratio was 11.34%, compared to 10.80% at September 30, 2023.

Asset Quality

For the nine months ended September 30, 2024, the Company recorded a provision for credit losses of $2.2 million, versus a provision for credit losses of $2.4 million for the same period last year. For the 2024 third quarter, the Company recorded a provision for credit losses of $2.2 million, compared to a provision for credit losses of $1.1 million for the same period of 2023.

Net charge-offs were $1.3 million, or 0.11% of average loans, annualized, for the nine months ended September 30, 2024, compared to net charge-offs of $87,000, or 0.01% of average loans, annualized, for the same period last year. Net charge-offs were $1.4 million, or 0.36% of average loans, annualized, for the 2024 third quarter, compared to net recoveries of $16,000, or 0.00% of average loans, annualized, for the same period of 2023. The higher net charge-offs were due to the partial charge-off of one loan during the 2024 third quarter.

Nonperforming loans at September 30, 2024, were $30.1 million, compared to $7.7 million at September 30, 2023. Nonperforming assets at September 30, 2024, were $30.1 million, compared to $13.5 million at September 30, 2023. The increase in nonperforming assets is primarily the result of a $13.5 million loan moved to nonaccrual in the 2024 third quarter, subsequent to the partial charge-off noted in the previous paragraph. The allowance for credit losses at September 30, 2024, stood at $22.5 million, or 1.50% of total loans, compared to $21.0 million, or 1.45% of total loans at September 30, 2023. The increase in the allowance for credit losses was mainly from changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data, as well as an overall increase in total loans.

Michael Ranttila stated, "Nonperforming assets during the third quarter were impacted by a $13.5 million loan. Combined with the two previously disclosed relationships that moved to nonaccrual in the second quarter of 2024, these three customers accounted for $20.2 million of nonperforming assets at September 30, 2024. We believe these relationships do not indicate a trend in the markets we serve, our portfolio, or underwriting standards. Despite this increase, we remain well reserved for potential credit losses with an allowance for credit losses to total loans of 1.50% at September 30, 2024, which was up slightly from both the same period a year ago, and the quarter ended June 30, 2024."

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 $1.86 billion at September 30, 2024. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, 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

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 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 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 following Consolidated Financial Highlights tables below.

FORWARD-LOOKING STATEMENTS
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 several 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.

Company Contact:Investor and Media Contact:
Ronald L. Zimmerly, Jr.
President and Chief Executive Officer
Middlefield Banc Corp.
(419) 673-1217
rzimmerly@middlefieldbank.com
Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com

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

September 30, June 30, March 31, December 31, September 30,
Balance Sheets (period end) 2024 2024 2024 2023 2023
ASSETS
Cash and due from banks $61,851 $50,496 $44,816 $56,397 $56,228
Federal funds sold 12,022 1,762 1,438 4,439 9,274
Cash and cash equivalents 73,873 52,258 46,254 60,836 65,502
Investment securities available for sale, at fair value 169,895 166,424 167,890 170,779 159,414
Other investments 895 881 907 955 958
Loans held for sale 249 - - - 632
Loans:
Commercial real estate:
Owner occupied 187,313 182,809 178,543 183,545 185,593
Non-owner occupied 407,159 385,648 398,845 401,580 382,676
Multifamily 94,798 86,951 81,691 82,506 82,578
Residential real estate 345,748 337,121 331,480 328,854 321,331
Commercial and industrial 213,172 234,702 227,433 221,508 214,334
Home equity lines of credit 137,761 131,047 129,287 127,818 127,494
Construction and other 111,550 132,530 135,716 125,105 127,106
Consumer installment 7,030 6,896 7,131 7,214 7,481
Total loans 1,504,531 1,497,704 1,490,126 1,478,130 1,448,593
Less allowance for credit losses 22,526 21,795 21,069 21,693 20,986
Net loans 1,482,005 1,475,909 1,469,057 1,456,437 1,427,607
Premises and equipment, net 20,528 20,744 21,035 21,339 21,708
Goodwill 36,356 36,356 36,356 36,356 36,197
Core deposit intangibles 5,869 6,126 6,384 6,642 6,906
Bank-owned life insurance 35,049 34,802 34,575 34,349 34,153
Other real estate owned - - - - 5,792
Accrued interest receivable and other assets 32,916 34,686 34,210 35,190 34,551
TOTAL ASSETS $1,857,635 $1,828,186 $1,816,668 $1,822,883 $1,793,420
September 30, June 30, March 31, December 31, September 30,
2024 2024 2024 2023 2023
LIABILITIES
Deposits:
Noninterest-bearing demand $390,933 $387,024 $390,185 $401,384 $424,055
Interest-bearing demand 218,002 206,542 209,015 205,582 243,973
Money market 376,619 355,630 318,823 274,682 275,766
Savings 199,984 192,472 196,721 210,639 216,453
Time 327,231 327,876 332,165 334,315 296,732
Total deposits 1,512,769 1,469,544 1,446,909 1,426,602 1,456,979
Federal Home Loan Bank advances 106,000 125,000 137,000 163,000 118,000
Other borrowings 11,711 11,762 11,812 11,862 11,912
Accrued interest payable and other liabilities 16,450 15,092 15,372 15,738 12,780
TOTAL LIABILITIES 1,646,930 1,621,398 1,611,093 1,617,202 1,599,671
STOCKHOLDERS' EQUITY
Common stock, no par value; 25,000,000 shares authorized, 9,950,342
shares issued, 8,071,032 shares outstanding as of September 30, 2024 161,916 161,823 161,823 161,388 161,312
Additional paid-in capital 108 - - - -
Retained earnings 106,067 105,342 102,791 100,237 98,717
Accumulated other comprehensive loss (16,477) (19,468) (18,130) (16,090) (26,426)
Treasury stock, at cost; 1,879,310 shares as of September 30, 2024 (40,909) (40,909) (40,909) (39,854) (39,854)
TOTAL STOCKHOLDERS' EQUITY 210,705 206,788 205,575 205,681 193,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,857,635 $1,828,186 $1,816,668 $1,822,883 $1,793,420

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

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 2024 2024 2024 2023 2023 2024 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans $23,441 $23,422 $22,395 $22,027 $20,899 $69,258 $59,935
Interest-earning deposits in other institutions 348 386 437 370 300 1,171 920
Federal funds sold 143 122 152 94 266 417 678
Investment securities:
Taxable interest 528 505 467 479 477 1,500 1,415
Tax-exempt interest 962 966 972 976 980 2,900 2,938
Dividends on stock 191 198 189 144 148 578 326
Total interest and dividend income 25,613 25,599 24,612 24,090 23,070 75,824 66,212
INTEREST EXPENSE
Deposits 8,792 8,423 7,466 6,522 5,632 24,681 12,472
Short-term borrowings 1,575 1,920 1,993 2,013 1,258 5,488 3,373
Other borrowings 173 173 184 179 213 530 539
Total interest expense 10,540 10,516 9,643 8,714 7,103 30,699 16,384
NET INTEREST INCOME 15,073 15,083 14,969 15,376 15,967 45,125 49,828
Provision (Recovery of) for credit losses 2,234 87 (136) 554 1,127 2,185 2,449
NET INTEREST INCOME AFTER PROVISION
(RECOVERY OF) FOR CREDIT LOSSES 12,839 14,996 15,105 14,822 14,840 42,940 47,379
NONINTEREST INCOME
Service charges on deposit accounts 959 971 909 997 954 2,839 2,880
Gain (loss) on equity securities 14 (27) (52) (4) 48 (65) (157)
(Loss) gain on other real estate owned - - - (172) - - 2
Earnings on bank-owned life insurance 246 227 227 196 207 700 627
Gain on sale of loans 56 69 10 23 45 135 74
Revenue from investment services 206 269 204 193 190 679 550
Gross rental income 3 - 67 132 110 70 290
Other income 259 251 431 237 263 941 822
Total noninterest income 1,743 1,760 1,796 1,602 1,817 5,299 5,088
NONINTEREST EXPENSE
Salaries and employee benefits 6,201 6,111 6,333 6,646 5,994 18,645 17,865
Occupancy expense 627 601 552 512 699 1,780 2,054
Equipment expense 203 261 240 273 297 704 969
Data processing costs 1,248 1,168 1,249 1,348 1,209 3,665 3,415
Ohio state franchise tax 399 397 397 397 398 1,193 1,180
Federal deposit insurance expense 255 256 251 285 207 762 576
Professional fees 539 557 558 660 545 1,654 1,633
Advertising expense 283 508 419 162 414 1,210 1,315
Software amortization expense 74 21 22 22 24 117 73
Core deposit intangible amortization 257 258 258 264 265 773 794
Gross other real estate owned expenses - - 99 120 195 99 390
Merger-related costs - - - - 22 - 472
Other expense 1,785 1,764 1,587 1,483 1,849 5,136 5,228
Total noninterest expense 11,871 11,902 11,965 12,172 12,118 35,738 35,964
Income before income taxes 2,711 4,854 4,936 4,252 4,539 12,501 16,503
Income taxes 371 690 769 709 703 1,830 2,678
NET INCOME $2,340 $4,164 $4,167 $3,543 $3,836 $10,671 $13,825
PTPP (1) $4,945 $4,941 $4,800 $4,806 $5,666 $14,686 $18,952

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

For the Three Months Ended For the Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30, September 30,
2024 2024 2024 2023 2023 2024 2023
Per common share data
Net income per common share - basic $0.29 $0.52 $0.52 $0.44 $0.47 $1.32 $1.71
Net income per common share - diluted $0.29 $0.52 $0.51 $0.44 $0.47 $1.32 $1.70
Dividends declared per share $0.20 $0.20 $0.20 $0.25 $0.20 $0.60 $0.60
Book value per share (period end) $26.11 $25.63 $25.48 $25.41 $23.94 $26.11 $23.94
Tangible book value per share (period end) (1) (2) $20.87 $20.37 $20.18 $20.10 $18.62 $20.87 $18.62
Dividends declared $1,615 $1,613 $1,613 $2,023 $1,619 $4,841 $4,841
Dividend yield 2.76% 3.34% 3.37% 3.06% 3.12% 2.78% 3.16%
Dividend payout ratio 69.02% 38.74% 38.71% 57.10% 42.21% 45.37% 35.02%
Average shares outstanding - basic 8,071,032 8,067,144 8,091,203 8,093,478 8,092,494 8,076,440 8,106,517
Average shares outstanding - diluted 8,105,131 8,072,499 8,096,317 8,116,261 8,101,306 8,110,539 8,115,329
Period ending shares outstanding 8,071,032 8,067,144 8,067,144 8,095,252 8,092,576 8,071,032 8,092,576
Selected ratios
Return on average assets (Annualized) 0.50% 0.91% 0.92% 0.78% 0.86% 0.77% 1.06%
Return on average equity (Annualized) 4.45% 8.15% 8.16% 7.13% 7.73% 6.90% 9.43%
Return on average tangible common equity (1) (3) 5.58% 10.29% 10.30% 9.11% 9.91% 8.68% 11.92%
Efficiency (4) 67.93% 67.97% 68.68% 68.99% 65.65% 68.19% 63.10%
Equity to assets at period end 11.34% 11.31% 11.32% 11.28% 10.80% 11.34% 10.80%
Noninterest expense to average assets 0.66% 0.64% 0.66% 0.68% 0.68% 1.94% 2.06%
(1) See section "GAAP to Non-GAAP Reconciliations" for the reconciliation of GAAP performance measures to non-GAAP measures.
(2) Calculated by dividing tangible common equity by shares outstanding.
(3) Calculated by dividing annualized net income for each period by average tangible common equity.
(4) 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.
For the Three Months Ended For the Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30, September 30,
Yields 2024 2024 2024 2023 2023 2024 2023
Interest-earning assets:
Loans receivable (1) 6.19% 6.27% 6.11% 6.01% 5.82% 6.19% 5.75%
Investment securities (1) (2) 3.59% 3.59% 3.52% 3.52% 3.51% 3.57% 3.54%
Interest-earning deposits with other banks 4.27% 4.59% 4.88% 3.71% 4.13% 4.58% 3.85%
Total interest-earning assets 5.84% 5.92% 5.77% 5.64% 5.49% 5.84% 5.41%
Deposits:
Interest-bearing demand deposits 2.16% 1.93% 1.86% 1.67% 1.51% 1.99% 1.20%
Money market deposits 3.93% 3.95% 3.81% 3.58% 2.94% 3.90% 2.29%
Savings deposits 0.71% 0.64% 0.58% 0.59% 0.58% 0.64% 0.80%
Certificates of deposit 4.49% 4.57% 4.06% 3.68% 3.27% 4.37% 2.50%
Total interest-bearing deposits 3.17% 3.15% 2.88% 2.56% 2.16% 3.07% 1.70%
Non-Deposit Funding:
Borrowings 5.54% 5.60% 5.61% 5.57% 5.66% 5.58% 5.30%
Total interest-bearing liabilities 3.41% 3.45% 3.23% 2.96% 2.48% 3.37% 2.03%
Cost of deposits 2.33% 2.30% 2.08% 1.81% 1.53% 2.24% 1.16%
Cost of funds 2.58% 2.61% 2.42% 2.18% 1.80% 2.54% 1.42%
Net interest margin (3) 3.46% 3.51% 3.54% 3.63% 3.82% 3.50% 4.09%
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%.
(2) Yield is calculated on the basis of amortized cost.
(3) Net interest margin represents net interest income as a percentage of average interest-earning assets.

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(unaudited)

For the Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Asset quality data 2024 2024 2024 2023 2023
(Dollar amounts in thousands, unaudited)
Nonperforming loans $30,078 $15,961 $10,831 $10,877 $7,717
Other real estate owned - - - - 5,792
Nonperforming assets $30,078 $15,961 $10,831 $10,877 $13,509
Allowance for credit losses $22,526 $21,795 $21,069 $21,693 $20,986
Allowance for credit losses/total loans 1.50% 1.46% 1.41% 1.47% 1.45%
Net charge-offs (recoveries):
Quarter-to-date $1,377 $(29) $(68) $(117) $(16)
Year-to-date 1,285 (97) (68) (31) 87
Net charge-offs (recoveries) to average loans, annualized:
Quarter-to-date 0.36% (0.01%) (0.02%) (0.03%) 0.00%
Year-to-date 0.11% (0.01%) (0.02%) 0.00% 0.01%
Nonperforming loans/total loans 2.00% 1.07% 0.73% 0.74% 0.53%
Allowance for credit losses/nonperforming loans 74.89% 136.55% 194.52% 199.44% 271.95%
Nonperforming assets/total assets 1.62% 0.87% 0.60% 0.60% 0.75%

MIDDLEFIELD BANC CORP.
GAAP to Non-GAAP Reconciliations

Reconciliation of Common Stockholders' Equity to Tangible Common Equity For the Three Months Ended
(Dollar amounts in thousands, unaudited) September 30, June 30, March 31, December 31, September 30,
2024 2024 2024 2023 2023
Stockholders' equity $210,705 $206,788 $205,575 $205,681 $193,749
Less goodwill and other intangibles 42,225 42,482 42,740 42,998 43,103
Tangible common equity $168,480 $164,306 $162,835 $162,683 $150,646
Shares outstanding 8,071,032 8,067,144 8,067,144 8,095,252 8,092,576
Tangible book value per share $20.87 $20.37 $20.18 $20.10 $18.62
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,
2024 2024 2024 2023 2023 2024 2023
Average stockholders' equity $209,096 $205,379 $205,342 $197,208 $196,795 $206,691 $196,074
Less average goodwill and other intangibles 42,350 42,607 42,654 42,972 43,232 42,512 41,018
Average tangible common equity $166,746 $162,772 $162,688 $154,236 $153,563 $164,179 $155,056
Net income $2,340 $4,164 $4,167 $3,543 $3,836 $10,671 $13,825
Return on average tangible common equity (annualized) 5.58% 10.29% 10.30% 9.11% 9.91% 8.68% 11.92%
Reconciliation of Pre-Tax Pre-Provision Income (PTPP) For the Three Months Ended For the Nine Months Ended
September 30, June 30, March 31, December 31, September 30, September 30, September 30,
2024 2024 2024 2023 2023 2024 2023
Net income $2,340 $4,164 $4,167 $3,543 $3,836 $10,671 $13,825
Add income taxes 371 690 769 709 703 1,830 2,678
Add provision (recovery of) for credit losses 2,234 87 (136) 554 1,127 2,185 2,449
PTPP $4,945 $4,941 $4,800 $4,806 $5,666 $14,686 $18,952

MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)

For the Three Months Ended
September 30, September 30,
2024 2023
Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost
Interest-earning assets:
Loans receivable ?¹? $1,507,518 $23,441 6.19% $1,425,375 $20,899 5.82%
Investment securities (1) (2) 193,659 1,490 3.59% 193,966 1,457 3.51%
Interest-earning deposits with other banks (3) 63,580 682 4.27% 68,587 714 4.13%
Total interest-earning assets 1,764,757 25,613 5.84% 1,687,928 23,070 5.49%
Noninterest-earning assets 86,733 88,058
Total assets $1,851,490 $1,775,986
Interest-bearing liabilities:
Interest-bearing demand deposits $217,124 $1,181 2.16% $256,153 $975 1.51%
Money market deposits 362,545 3,583 3.93% 259,802 1,928 2.94%
Savings deposits 198,775 357 0.71% 225,216 327 0.58%
Certificates of deposit 325,240 3,671 4.49% 291,409 2,402 3.27%
Short-term borrowings 113,812 1,575 5.51% 91,201 1,258 5.47%
Other borrowings 11,739 173 5.86% 11,940 213 7.08%
Total interest-bearing liabilities 1,229,235 10,540 3.41% 1,135,721 7,103 2.48%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits 396,456 431,775
Other liabilities 16,703 11,695
Stockholders' equity 209,096 196,795
Total liabilities and stockholders' equity $1,851,490 $1,775,986
Net interest income $15,073 $15,967
Interest rate spread (4) 2.43% 3.01%
Net interest margin (5) 3.46% 3.82%
Ratio of average interest-earning assets to average interest-bearing liabilities 143.57% 148.62%
?¹? Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $281 and $270 for the three months ended September 30, 2024 and 2023, respectively.
(2) Yield is calculated on the basis of amortized cost.
(3) Includes dividends received on restricted stock.
(4) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets.
For the Three Months Ended
September 30, June 30,
2024 2024
Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost
Interest-earning assets:
Loans receivable ?¹? $1,507,518 $23,441 6.19% $1,503,440 $23,422 6.27%
Investment securities (1) (2) 193,659 1,490 3.59% 193,688 1,471 3.59%
Interest-earning deposits with other banks (3) 63,580 682 4.27% 61,891 706 4.59%
Total interest-earning assets 1,764,757 25,613 5.84% 1,759,019 25,599 5.92%
Noninterest-earning assets 86,733 84,495
Total assets $1,851,490 $1,843,514
Interest-bearing liabilities:
Interest-bearing demand deposits $217,124 $1,181 2.16% $209,965 $1,009 1.93%
Money market deposits 362,545 3,583 3.93% 337,937 3,320 3.95%
Savings deposits 198,775 357 0.71% 192,577 305 0.64%
Certificates of deposit 325,240 3,671 4.49% 333,542 3,789 4.57%
Short-term borrowings 113,812 1,575 5.51% 138,656 1,920 5.57%
Other borrowings 11,739 173 5.86% 11,791 173 5.90%
Total interest-bearing liabilities 1,229,235 10,540 3.41% 1,224,468 10,516 3.45%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits 396,456 396,626
Other liabilities 16,703 17,041
Stockholders' equity 209,096 205,379
Total liabilities and stockholders' equity $1,851,490 $1,843,514
Net interest income $15,073 $15,083
Interest rate spread (4) 2.43% 2.47%
Net interest margin (5) 3.46% 3.51%
Ratio of average interest-earning assets to average interest-bearing liabilities 143.57% 143.66%
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $281 and $289 for the three months ended September 30, 2024 and June 30, 2024, respectively.
(2) Yield is calculated on the basis of amortized cost.
(3) Includes dividends received on restricted stock.
(4) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets.
For the Nine Months Ended
September 30, September 30,
2024 2023
Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost
Interest-earning assets:
Loans receivable ?¹? $1,495,834 $69,258 6.19% $1,395,438 $59,935 5.75%
Investment securities (1) (2) 193,719 4,400 3.57% 194,109 4,353 3.54%
Interest-earning deposits with other banks (3) 63,203 2,166 4.58% 66,730 1,924 3.85%
Total interest-earning assets 1,752,756 75,824 5.84% 1,656,277 66,212 5.41%
Noninterest-earning assets 86,473 89,567
Total assets $1,839,229 $1,745,844
Interest-bearing liabilities:
Interest-bearing demand deposits $212,699 $3,167 1.99% $216,044 $1,934 1.20%
Money market deposits 332,987 9,730 3.90% 234,236 4,005 2.29%
Savings deposits 197,477 951 0.64% 267,951 1,608 0.80%
Certificates of deposit 330,884 10,833 4.37% 263,448 4,925 2.50%
Short-term borrowings 132,275 5,488 5.54% 86,670 3,373 5.20%
Other borrowings 11,790 530 6.00% 11,990 539 6.01%
Total interest-bearing liabilities 1,218,112 30,699 3.37% 1,080,339 16,384 2.03%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits 397,764 458,086
Other liabilities 16,662 11,345
Stockholders' equity 206,691 196,074
Total liabilities and stockholders' equity $1,839,229 $1,745,844
Net interest income $45,125 $49,828
Interest rate spread (4) 2.47% 3.38%
Net interest margin (5) 3.50% 4.09%
Ratio of average interest-earning assets to average interest-bearing liabilities 143.89% 153.31%
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $851 and $824 for the nine months ended September 30, 2024 and September 30, 2023, respectively.
(2) Yield is calculated on the basis of amortized cost.
(3) Includes dividends received on restricted stock.
(4) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets.

© 2024 GlobeNewswire (Europe)
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