MIDDLEFIELD, Ohio, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the twelve months ended December 31, 2024.
2024 Fourth Quarter Financial Highlights:
- Earnings increased 36.4% year-over-year to $0.60 per diluted share
- Return on average assets (annualized) increased 26 basis points year-over-year to 1.04%
- Asset quality remained stable compared to the 2024 third quarter with nonperforming assets to total assets of 1.62%
2024 Full Year Financial Highlights:
- Total loans increased 2.8% to a record $1.52 billion
- Book value increased 2.6% year-over-year to $26.08 per share at December 31, 2024
- Tangible book value(1) increased 3.9% year-over-year to $20.88 per share at December 31, 2024
- Returned $7.5 million back to shareholders through the Company's quarterly dividend policy and share repurchases
(1) See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations"
Ronald L. Zimmerly, Jr., President and Chief Executive Officer, stated, "Our 2024 fourth quarter marks one of the most profitable quarters in Middlefield's 124-year history, supported by the talents of our team and the strengths of our community banking platform. During the quarter, we experienced higher net interest income, grew non-interest income, achieved stable asset quality, and controlled operating expenses. These results produced record fourth quarter net income and a 26-basis point year-over-year expansion in our annualized return on average assets. I am proud of this performance, highlighting Middlefield's resilience and ability to navigate a dynamic banking environment."
"While we expect competition for deposits will continue, our loan pipeline remains robust, and our continued quarter over quarter increase in loans is indicative of strong origination activity across our Ohio markets. We believe 2025 will be another good year of profitable growth for Middlefield, reflecting our longstanding commitment to our communities, disciplined underwriting standards, and continued investments in our business," concluded Mr. Zimmerly.
Income Statement
Net interest income for the twelve months ended December 31, 2024, decreased $4.5 million to $60.7 million, compared to $65.2 million for the same period last year. The net interest margin for the twelve months ended December 31, 2024, was 3.52%, compared to 3.97% last year. Net interest income for the 2024 fourth quarter increased $179,000 to $15.6 million, compared to $15.4 million for the 2023 fourth quarter. The net interest margin for the 2024 fourth quarter was 3.56%, compared to 3.63% for the same period of 2023.
For the twelve months ended December 31, 2024, noninterest income increased $522,000 to $7.2 million, compared to $6.7 million for the same period in 2023. Noninterest income for the 2024 fourth quarter was $1.9 million, compared to $1.6 million for the same period the previous year.
Noninterest expense for the twelve months ended December 31, 2024, was $47.5 million, compared to $48.1 million for the same period in 2023. For the 2024 fourth quarter, noninterest expense was $11.8 million, compared to $12.2 million for the 2023 fourth quarter.
Net income for the twelve months ended December 31, 2024, was $15.5 million, or $1.92 per diluted share, compared to $17.4 million, or $2.14 per diluted share, for the same period last year. Net income for the 2024 fourth quarter was $4.8 million, or $0.60 per diluted share, compared to $3.5 million, or $0.44 per diluted share, for the same period last year.
For the twelve months ended December 31, 2024, pre-tax, pre-provision net income was $20.4 million, compared to $23.8 million last year. For the 2024 fourth quarter, pre-tax, pre-provision net income was $5.7 million, compared to $4.8 million for the same period of 2023. (See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations".)
Balance Sheet
Total assets at December 31, 2024, increased 1.7% to $1.85 billion, compared to $1.82 billion at December 31, 2023. Total loans at December 31, 2024, were $1.52 billion, compared to $1.48 billion at December 31, 2023. The 2.8% year-over-year increase in total loans was primarily due to originations within the residential real estate and non-owner occupied loan segments as well as home equity lines of credit, offset by a decrease in construction and other loans due to the conversion to permanent loans. The investment securities available-for-sale portfolio was $165.8 million at December 31, 2024, compared with $170.8 million at December 31, 2023.
Total liabilities at December 31, 2024, increased 1.6% to $1.64 billion, compared to $1.62 billion at December 31, 2023. Total deposits at December 31, 2024, were $1.45 billion, compared to $1.43 billion at December 31, 2023. The 1.3% year-over-year increase in deposits was primarily due to growth in money market accounts, partially offset by declines in time deposits, noninterest-bearing demand, and savings accounts. Noninterest-bearing demand deposits were 26.1% of total deposits at December 31, 2024, compared to 28.1% at December 31, 2023. At December 31, 2024, the Company had brokered deposits of $35.1 million, compared to $90.3 million at December 31, 2023.
Michael C. Ranttila, Chief Financial Officer, stated, "The rate environment was volatile during the fourth quarter, which temporarily increased our accumulated other comprehensive loss. Against this backdrop, we also strategically let brokered deposits mature during the fourth quarter to see how the market would respond to the December 2024 Fed rate cut. Despite these impacts, our capital levels continue to expand, and at December 31, 2024, our equity to assets ratio improved year-over-year and from September 30, 2024 levels. Overall liquidity remains robust with access to the Federal Reserve Board's discount window, cash and investments of $221.6 million, and additional borrowing capacity of $381.7 million on Federal Home Loan Bank advances at December 31, 2024."
Middlefield's CRE portfolio included the following categories at December 31, 2024:
| Balance | Percent of | Percent of | Weighted Average | |||||||||||||
| (in thousands) | CRE Portfolio | Loan Portfolio | Loan-to-Value | |||||||||||||
| Multi-Family | $ | 89,849 | 13.1 | % | 5.9 | % | 58.3 | % | ||||||||
| Owner Occupied | ||||||||||||||||
| Real Estate and Rental and Leasing | 62,647 | 9.2 | % | 4.1 | % | 56.0 | % | |||||||||
| Other Services (except Public Administration) | 30,320 | 4.4 | % | 2.0 | % | 53.9 | % | |||||||||
| Manufacturing | 16,617 | 2.4 | % | 1.1 | % | 49.0 | % | |||||||||
| Agriculture, Forestry, Fishing and Hunting | 12,881 | 1.9 | % | 0.8 | % | 36.9 | % | |||||||||
| Accommodation and Food Services | 11,272 | 1.6 | % | 0.7 | % | 56.5 | % | |||||||||
| Other | 47,710 | 6.9 | % | 3.1 | % | 53.8 | % | |||||||||
| Total Owner Occupied | $ | 181,447 | 26.4 | % | 11.8 | % | ||||||||||
| Non-Owner Occupied | ||||||||||||||||
| Real Estate and Rental and Leasing | 338,981 | 49.6 | % | 22.3 | % | 69.6 | % | |||||||||
| Accommodation and Food Services | 40,398 | 5.9 | % | 2.7 | % | 54.9 | % | |||||||||
| Health Care and Social Assistance | 20,144 | 2.9 | % | 1.3 | % | 56.7 | % | |||||||||
| Manufacturing | 7,108 | 1.0 | % | 0.5 | % | 51.1 | % | |||||||||
| Other | 5,660 | 1.1 | % | 0.4 | % | 73.7 | % | |||||||||
| Total Non-Owner Occupied | $ | 412,291 | 60.5 | % | 27.2 | % | ||||||||||
| Total CRE | $ | 683,587 | 100.0 | % | 44.9 | % | ||||||||||
Stockholders' Equity and Dividends
At December 31, 2024, stockholders' equity was $210.6 million, compared to $205.7 million at December 31, 2023. The 2.4% year-over-year increase in stockholders' equity was primarily from higher retained earnings, partially offset by an increase in the unrealized loss on the available-for-sale investment portfolio and stock acquired under the Company's stock repurchase program. On a per-share basis, shareholders' equity at December 31, 2024, was $26.08, compared to $25.41 at December 31, 2023.
At December 31, 2024, tangible stockholders' equity(1) was $168.6 million, compared to $162.7 million at December 31, 2023. On a per-share basis, tangible stockholders' equity(1) was $20.88 at December 31, 2024, compared to $20.10 at December 31, 2023. (1)See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations".
For the twelve months ended December 31, 2024, the Company declared cash dividends of $0.80 per share, totaling $6.5 million.
For the twelve months ended December 31, 2024, the Company repurchased 43,858 shares of its common stock, at an average price of $24.00 per share. The repurchases occurred during the first quarter of 2024.
At December 31, 2024, the Company's equity-to-assets ratio was 11.36%, compared to 11.28% at December 31, 2023.
Asset Quality
For the twelve months ended December 31, 2024, the Company recorded a provision for credit losses of $2.0 million, versus a provision for credit losses of $3.0 million for the same period last year. For the 2024 fourth quarter, the Company recorded a recovery of credit losses of $177,000, compared to a provision for credit losses of $554,000 for the same period of 2023.
Net charge-offs were $1.4 million, or 0.10% of average loans, for the twelve months ended December 31, 2024, compared to net recoveries of $31,000, or 0.00% of average loans, for the same period last year. Net charge-offs were $151,000, or 0.04% of average loans, annualized, for the 2024 fourth quarter, compared to net recoveries of $117,000, or (0.03%) 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 assets at December 31, 2024, which consisted of nonperforming loans, were $30.0 million, compared to $10.9 million at December 31, 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 December 31, 2024, stood at $22.4 million, or 1.48% of total loans, compared to $21.7 million, or 1.47% of total loans at December 31, 2023. The increase in the allowance for credit losses was mainly from an overall increase in total loans as well as changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data.
Mr. Ranttila continued, "With nearly 70% of our loan portfolio subject to repricing at December 31, 2024, we are cautiously optimistic we can maintain a stable net interest margin throughout 2025. In addition, credit quality remained firm during the fourth quarter, and we are well reserved with an allowance for credit losses to total loans of 1.48% at December 31, 2024. We expect stable economic activity across our Central, Western and Northeast Ohio markets will support loan demand and asset quality throughout 2025."
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 $1.85 billion at December 31, 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)
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| Balance Sheets (period end) | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 46,037 | $ | 61,851 | $ | 50,496 | $ | 44,816 | $ | 56,397 | ||||||||||
| Federal funds sold | 9,755 | 12,022 | 1,762 | 1,438 | 4,439 | |||||||||||||||
| Cash and cash equivalents | 55,792 | 73,873 | 52,258 | 46,254 | 60,836 | |||||||||||||||
| Investment securities available for sale, at fair value | 165,802 | 169,895 | 166,424 | 167,890 | 170,779 | |||||||||||||||
| Other investments | 855 | 895 | 881 | 907 | 955 | |||||||||||||||
| Loans held for sale | - | 249 | - | - | - | |||||||||||||||
| Loans: | ||||||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner occupied | 181,447 | 187,313 | 182,809 | 178,543 | 183,545 | |||||||||||||||
| Non-owner occupied | 412,291 | 407,159 | 385,648 | 398,845 | 401,580 | |||||||||||||||
| Multifamily | 89,849 | 94,798 | 86,951 | 81,691 | 82,506 | |||||||||||||||
| Residential real estate | 353,442 | 345,748 | 337,121 | 331,480 | 328,854 | |||||||||||||||
| Commercial and industrial | 229,034 | 213,172 | 234,702 | 227,433 | 221,508 | |||||||||||||||
| Home equity lines of credit | 143,379 | 137,761 | 131,047 | 129,287 | 127,818 | |||||||||||||||
| Construction and other | 103,608 | 111,550 | 132,530 | 135,716 | 125,105 | |||||||||||||||
| Consumer installment | 6,564 | 7,030 | 6,896 | 7,131 | 7,214 | |||||||||||||||
| Total loans | 1,519,614 | 1,504,531 | 1,497,704 | 1,490,126 | 1,478,130 | |||||||||||||||
| Less allowance for credit losses | 22,447 | 22,526 | 21,795 | 21,069 | 21,693 | |||||||||||||||
| Net loans | 1,497,167 | 1,482,005 | 1,475,909 | 1,469,057 | 1,456,437 | |||||||||||||||
| Premises and equipment, net | 20,565 | 20,528 | 20,744 | 21,035 | 21,339 | |||||||||||||||
| Goodwill | 36,356 | 36,356 | 36,356 | 36,356 | 36,356 | |||||||||||||||
| Core deposit intangibles | 5,611 | 5,869 | 6,126 | 6,384 | 6,642 | |||||||||||||||
| Bank-owned life insurance | 35,259 | 35,049 | 34,802 | 34,575 | 34,349 | |||||||||||||||
| Accrued interest receivable and other assets | 35,952 | 32,916 | 34,686 | 34,210 | 35,190 | |||||||||||||||
| TOTAL ASSETS | $ | 1,853,359 | $ | 1,857,635 | $ | 1,828,186 | $ | 1,816,668 | $ | 1,822,883 | ||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $ | 377,875 | $ | 390,933 | $ | 387,024 | $ | 390,185 | $ | 401,384 | ||||||||||
| Interest-bearing demand | 208,291 | 218,002 | 206,542 | 209,015 | 205,582 | |||||||||||||||
| Money market | 414,074 | 376,619 | 355,630 | 318,823 | 274,682 | |||||||||||||||
| Savings | 197,749 | 199,984 | 192,472 | 196,721 | 210,639 | |||||||||||||||
| Time | 247,704 | 327,231 | 327,876 | 332,165 | 334,315 | |||||||||||||||
| Total deposits | 1,445,693 | 1,512,769 | 1,469,544 | 1,446,909 | 1,426,602 | |||||||||||||||
| Federal Home Loan Bank advances | 172,400 | 106,000 | 125,000 | 137,000 | 163,000 | |||||||||||||||
| Other borrowings | 11,660 | 11,711 | 11,762 | 11,812 | 11,862 | |||||||||||||||
| Accrued interest payable and other liabilities | 13,044 | 16,450 | 15,092 | 15,372 | 15,738 | |||||||||||||||
| TOTAL LIABILITIES | 1,642,797 | 1,646,930 | 1,621,398 | 1,611,093 | 1,617,202 | |||||||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Common stock, no par value; 25,000,000 shares authorized, 9,953,018 | ||||||||||||||||||||
| shares issued, 8,073,708 shares outstanding as of December 31, 2024 | 161,999 | 161,916 | 161,823 | 161,823 | 161,388 | |||||||||||||||
| Additional paid-in capital | 246 | 108 | - | - | - | |||||||||||||||
| Retained earnings | 109,299 | 106,067 | 105,342 | 102,791 | 100,237 | |||||||||||||||
| Accumulated other comprehensive loss | (20,073 | ) | (16,477 | ) | (19,468 | ) | (18,130 | ) | (16,090 | ) | ||||||||||
| Treasury stock, at cost; 1,879,310 shares as of December 31, 2024 | (40,909 | ) | (40,909 | ) | (40,909 | ) | (40,909 | ) | (39,854 | ) | ||||||||||
| TOTAL STOCKHOLDERS' EQUITY | 210,562 | 210,705 | 206,788 | 205,575 | 205,681 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,853,359 | $ | 1,857,635 | $ | 1,828,186 | $ | 1,816,668 | $ | 1,822,883 | ||||||||||
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, 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 | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 23,308 | $ | 23,441 | $ | 23,422 | $ | 22,395 | $ | 22,027 | $ | 92,566 | $ | 81,963 | ||||||||||||||
| Interest-earning deposits in other institutions | 320 | 348 | 386 | 437 | 370 | 1,491 | 1,289 | |||||||||||||||||||||
| Federal funds sold | 151 | 143 | 122 | 152 | 94 | 568 | 771 | |||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||||||||||
| Taxable interest | 528 | 528 | 505 | 467 | 479 | 2,028 | 1,893 | |||||||||||||||||||||
| Tax-exempt interest | 961 | 962 | 966 | 972 | 976 | 3,861 | 3,914 | |||||||||||||||||||||
| Dividends on stock | 170 | 191 | 198 | 189 | 144 | 748 | 471 | |||||||||||||||||||||
| Total interest and dividend income | 25,438 | 25,613 | 25,599 | 24,612 | 24,090 | 101,262 | 90,301 | |||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||||
| Deposits | 8,582 | 8,792 | 8,423 | 7,466 | 6,522 | 33,263 | 18,995 | |||||||||||||||||||||
| Short-term borrowings | 1,128 | 1,575 | 1,920 | 1,993 | 2,013 | 6,616 | 5,386 | |||||||||||||||||||||
| Other borrowings | 173 | 173 | 173 | 184 | 179 | 703 | 717 | |||||||||||||||||||||
| Total interest expense | 9,883 | 10,540 | 10,516 | 9,643 | 8,714 | 40,582 | 25,098 | |||||||||||||||||||||
| NET INTEREST INCOME | 15,555 | 15,073 | 15,083 | 14,969 | 15,376 | 60,680 | 65,203 | |||||||||||||||||||||
| Provision (Recovery of) for credit losses | (177 | ) | 2,234 | 87 | (136 | ) | 554 | 2,008 | 3,002 | |||||||||||||||||||
| NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||||||||||||||
| (RECOVERY OF) FOR CREDIT LOSSES | 15,732 | 12,839 | 14,996 | 15,105 | 14,822 | 58,672 | 62,201 | |||||||||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||||||||||
| Service charges on deposit accounts | 1,068 | 959 | 971 | 909 | 997 | 3,907 | 3,878 | |||||||||||||||||||||
| Gain (Loss) on equity securities | 56 | 14 | (27 | ) | (52 | ) | (4 | ) | (9 | ) | (161 | ) | ||||||||||||||||
| Loss on other real estate owned | - | - | - | - | (172 | ) | - | (170 | ) | |||||||||||||||||||
| Earnings on bank-owned life insurance | 230 | 246 | 227 | 227 | 196 | 930 | 823 | |||||||||||||||||||||
| Gain on sale of loans | 64 | 56 | 69 | 10 | 23 | 199 | 97 | |||||||||||||||||||||
| Revenue from investment services | 237 | 206 | 269 | 204 | 193 | 916 | 743 | |||||||||||||||||||||
| Gross rental income | 1 | - | - | 67 | 132 | 68 | 421 | |||||||||||||||||||||
| Other income | 258 | 262 | 251 | 431 | 237 | 1,202 | 1,060 | |||||||||||||||||||||
| Total noninterest income | 1,914 | 1,743 | 1,760 | 1,796 | 1,602 | 7,213 | 6,691 | |||||||||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 5,996 | 6,201 | 6,111 | 6,333 | 6,646 | 24,641 | 24,511 | |||||||||||||||||||||
| Occupancy expense | 596 | 627 | 601 | 552 | 512 | 2,376 | 2,566 | |||||||||||||||||||||
| Equipment expense | 221 | 203 | 261 | 240 | 273 | 925 | 1,241 | |||||||||||||||||||||
| Data processing costs | 1,174 | 1,214 | 1,135 | 1,217 | 1,348 | 4,740 | 4,764 | |||||||||||||||||||||
| Ohio state franchise tax | 390 | 399 | 397 | 397 | 397 | 1,583 | 1,578 | |||||||||||||||||||||
| Federal deposit insurance expense | 293 | 255 | 256 | 251 | 285 | 1,055 | 861 | |||||||||||||||||||||
| Professional fees | 611 | 539 | 557 | 558 | 660 | 2,265 | 2,293 | |||||||||||||||||||||
| Advertising expense | 371 | 283 | 508 | 419 | 162 | 1,581 | 1,477 | |||||||||||||||||||||
| Software amortization expense | 83 | 74 | 21 | 22 | 22 | 200 | 95 | |||||||||||||||||||||
| Core deposit intangible amortization | 258 | 257 | 258 | 258 | 264 | 1,031 | 1,059 | |||||||||||||||||||||
| Gross other real estate owned expenses | - | - | - | 99 | 120 | 99 | 510 | |||||||||||||||||||||
| Merger-related costs | - | - | - | - | - | - | 473 | |||||||||||||||||||||
| Other expense | 1,810 | 1,819 | 1,797 | 1,619 | 1,483 | 7,045 | 6,709 | |||||||||||||||||||||
| Total noninterest expense | 11,803 | 11,871 | 11,902 | 11,965 | 12,172 | 47,541 | 48,137 | |||||||||||||||||||||
| Income before income taxes | 5,843 | 2,711 | 4,854 | 4,936 | 4,252 | 18,344 | 20,755 | |||||||||||||||||||||
| Income taxes | 995 | 371 | 690 | 769 | 709 | 2,825 | 3,387 | |||||||||||||||||||||
| NET INCOME | $ | 4,848 | $ | 2,340 | $ | 4,164 | $ | 4,167 | $ | 3,543 | $ | 15,519 | $ | 17,368 | ||||||||||||||
| PTPP (1) | $ | 5,666 | $ | 4,945 | $ | 4,941 | $ | 4,800 | $ | 4,806 | $ | 20,352 | $ | 23,757 | ||||||||||||||
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 Twelve Months Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Per common share data | ||||||||||||||||||||||||||||
| Net income per common share - basic | $ | 0.60 | $ | 0.29 | $ | 0.52 | $ | 0.52 | $ | 0.44 | $ | 1.93 | $ | 2.14 | ||||||||||||||
| Net income per common share - diluted | $ | 0.60 | $ | 0.29 | $ | 0.52 | $ | 0.51 | $ | 0.44 | $ | 1.92 | $ | 2.14 | ||||||||||||||
| Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.25 | $ | 0.80 | $ | 0.85 | ||||||||||||||
| Book value per share (period end) | $ | 26.08 | $ | 26.11 | $ | 25.63 | $ | 25.48 | $ | 25.41 | $ | 26.08 | $ | 25.41 | ||||||||||||||
| Tangible book value per share (period end) (1) (2) | $ | 20.88 | $ | 20.87 | $ | 20.37 | $ | 20.18 | $ | 20.10 | $ | 20.88 | $ | 20.10 | ||||||||||||||
| Dividends declared | $ | 1,616 | $ | 1,615 | $ | 1,613 | $ | 1,613 | $ | 2,023 | $ | 6,457 | $ | 6,864 | ||||||||||||||
| Dividend yield | 2.84 | % | 2.76 | % | 3.34 | % | 3.37 | % | 3.06 | % | 2.85 | % | 2.63 | % | ||||||||||||||
| Dividend payout ratio | 33.33 | % | 69.02 | % | 38.74 | % | 38.71 | % | 57.10 | % | 41.61 | % | 39.52 | % | ||||||||||||||
| Average shares outstanding - basic | 8,071,905 | 8,071,032 | 8,067,144 | 8,091,203 | 8,093,478 | 8,075,300 | 8,103,230 | |||||||||||||||||||||
| Average shares outstanding - diluted | 8,092,357 | 8,086,872 | 8,072,499 | 8,096,317 | 8,116,261 | 8,086,098 | 8,126,013 | |||||||||||||||||||||
| Period ending shares outstanding | 8,073,708 | 8,071,032 | 8,067,144 | 8,067,144 | 8,095,252 | 8,073,708 | 8,095,252 | |||||||||||||||||||||
| Selected ratios | ||||||||||||||||||||||||||||
| Return on average assets (Annualized) | 1.04 | % | 0.50 | % | 0.91 | % | 0.92 | % | 0.78 | % | 0.84 | % | 0.99 | % | ||||||||||||||
| Return on average equity (Annualized) | 9.19 | % | 4.45 | % | 8.15 | % | 8.16 | % | 7.13 | % | 7.48 | % | 8.83 | % | ||||||||||||||
| Return on average tangible common equity (1) (3) | 11.50 | % | 5.58 | % | 10.29 | % | 10.30 | % | 9.11 | % | 9.41 | % | 11.20 | % | ||||||||||||||
| Efficiency (4) | 65.05 | % | 67.93 | % | 67.97 | % | 68.68 | % | 68.99 | % | 67.38 | % | 64.49 | % | ||||||||||||||
| Equity to assets at period end | 11.36 | % | 11.34 | % | 11.31 | % | 11.32 | % | 11.28 | % | 11.36 | % | 11.28 | % | ||||||||||||||
| Noninterest expense to average assets | 0.63 | % | 0.66 | % | 0.64 | % | 0.66 | % | 0.68 | % | 2.58 | % | 2.74 | % | ||||||||||||||
| (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 Twelve Months Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
| Yields | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Loans receivable (1) | 6.12 | % | 6.19 | % | 6.27 | % | 6.11 | % | 6.01 | % | 6.17 | % | 5.82 | % | ||||||||||||||
| Investment securities (1) (2) | 3.63 | % | 3.62 | % | 3.59 | % | 3.52 | % | 3.52 | % | 3.61 | % | 3.53 | % | ||||||||||||||
| Interest-earning deposits with other banks | 4.23 | % | 4.27 | % | 4.59 | % | 4.88 | % | 3.71 | % | 4.49 | % | 3.82 | % | ||||||||||||||
| Total interest-earning assets | 5.78 | % | 5.84 | % | 5.92 | % | 5.77 | % | 5.64 | % | 5.83 | % | 5.47 | % | ||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||
| Interest-bearing demand deposits | 2.07 | % | 2.16 | % | 1.93 | % | 1.86 | % | 1.67 | % | 2.01 | % | 1.32 | % | ||||||||||||||
| Money market deposits | 3.81 | % | 3.93 | % | 3.95 | % | 3.81 | % | 3.58 | % | 3.88 | % | 2.65 | % | ||||||||||||||
| Savings deposits | 0.75 | % | 0.71 | % | 0.64 | % | 0.58 | % | 0.59 | % | 0.67 | % | 0.76 | % | ||||||||||||||
| Certificates of deposit | 4.21 | % | 4.49 | % | 4.57 | % | 4.06 | % | 3.68 | % | 4.33 | % | 2.83 | % | ||||||||||||||
| Total interest-bearing deposits | 3.05 | % | 3.17 | % | 3.15 | % | 2.88 | % | 2.56 | % | 3.06 | % | 1.92 | % | ||||||||||||||
| Non-Deposit Funding: | ||||||||||||||||||||||||||||
| Borrowings | 4.93 | % | 5.54 | % | 5.60 | % | 5.61 | % | 5.57 | % | 5.45 | % | 5.40 | % | ||||||||||||||
| Total interest-bearing liabilities | 3.21 | % | 3.41 | % | 3.45 | % | 3.23 | % | 2.96 | % | 3.33 | % | 2.28 | % | ||||||||||||||
| Cost of deposits | 2.24 | % | 2.33 | % | 2.30 | % | 2.08 | % | 1.81 | % | 2.24 | % | 1.32 | % | ||||||||||||||
| Cost of funds | 2.41 | % | 2.58 | % | 2.61 | % | 2.42 | % | 2.18 | % | 2.51 | % | 1.62 | % | ||||||||||||||
| Net interest margin (3) | 3.56 | % | 3.46 | % | 3.51 | % | 3.54 | % | 3.63 | % | 3.52 | % | 3.97 | % | ||||||||||||||
| (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 | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| Asset quality data | 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||
| (Dollar amounts in thousands, unaudited) | ||||||||||||||||||||
| Nonperforming assets (1) | $ | 29,983 | $ | 30,078 | $ | 15,961 | $ | 10,831 | $ | 10,877 | ||||||||||
| Allowance for credit losses | 22,447 | $ | 22,526 | $ | 21,795 | $ | 21,069 | $ | 21,693 | |||||||||||
| Allowance for credit losses/total loans | 1.48 | % | 1.50 | % | 1.46 | % | 1.41 | % | 1.47 | % | ||||||||||
| Net charge-offs (recoveries): | ||||||||||||||||||||
| Quarter-to-date | $ | 151 | $ | 1,382 | $ | (29 | ) | $ | (68 | ) | $ | (117 | ) | |||||||
| Year-to-date | 1,436 | 1,285 | (97 | ) | (68 | ) | (31 | ) | ||||||||||||
| Net charge-offs (recoveries) to average loans, annualized: | ||||||||||||||||||||
| Quarter-to-date | 0.04 | % | 0.36 | % | (0.01 | %) | (0.02 | %) | (0.03 | %) | ||||||||||
| Year-to-date | 0.10 | % | 0.11 | % | (0.01 | %) | (0.02 | %) | 0.00 | % | ||||||||||
| Nonperforming loans/total loans | 1.97 | % | 2.00 | % | 1.07 | % | 0.73 | % | 0.74 | % | ||||||||||
| Allowance for credit losses/nonperforming loans | 74.86 | % | 74.89 | % | 136.55 | % | 194.52 | % | 199.44 | % | ||||||||||
| Nonperforming assets/total assets | 1.62 | % | 1.62 | % | 0.87 | % | 0.60 | % | 0.60 | % | ||||||||||
| (1) Nonperforming assets consist of nonperforming loans. |
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, except per share and share amounts, unaudited) | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| Stockholders' equity | $ | 210,562 | $ | 210,705 | $ | 206,788 | $ | 205,575 | $ | 205,681 | ||||||||||
| Less goodwill and other intangibles | 41,967 | 42,225 | 42,482 | 42,740 | 42,998 | |||||||||||||||
| Tangible common equity | $ | 168,595 | $ | 168,480 | $ | 164,306 | $ | 162,835 | $ | 162,683 | ||||||||||
| Shares outstanding | 8,071,905 | 8,071,032 | 8,067,144 | 8,067,144 | 8,095,252 | |||||||||||||||
| Tangible book value per share | $ | 20.88 | $ | 20.87 | $ | 20.37 | $ | 20.18 | $ | 20.10 | ||||||||||
| 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, | ||||||||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Average stockholders' equity | $ | 209,864 | $ | 209,096 | $ | 205,379 | $ | 205,342 | $ | 197,208 | $ | 207,367 | $ | 196,602 | ||||||||||||||
| Less average goodwill and other intangibles | 42,092 | 42,350 | 42,607 | 42,654 | 42,972 | 42,479 | 41,507 | |||||||||||||||||||||
| Average tangible common equity | $ | 167,772 | $ | 166,746 | $ | 162,772 | $ | 162,688 | $ | 154,236 | $ | 164,888 | $ | 155,095 | ||||||||||||||
| Net income | $ | 4,848 | $ | 2,340 | $ | 4,164 | $ | 4,167 | $ | 3,543 | $ | 15,519 | $ | 17,368 | ||||||||||||||
| Return on average tangible common equity (annualized) | 11.50 | % | 5.58 | % | 10.29 | % | 10.30 | % | 9.11 | % | 9.41 | % | 11.20 | % | ||||||||||||||
| Reconciliation of Pre-Tax Pre-Provision Income (PTPP) | For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Net income | $ | 4,848 | $ | 2,340 | $ | 4,164 | $ | 4,167 | $ | 3,543 | $ | 15,519 | $ | 17,368 | ||||||||||||||
| Add income taxes | 995 | 371 | 690 | 769 | 709 | 2,825 | 3,387 | |||||||||||||||||||||
| Add provision for (recovery of) credit losses | (177 | ) | 2,234 | 87 | (136 | ) | 554 | 2,008 | 3,002 | |||||||||||||||||||
| PTPP | $ | 5,666 | $ | 4,945 | $ | 4,941 | $ | 4,800 | $ | 4,806 | $ | 20,352 | $ | 23,757 | ||||||||||||||
MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)
| For the Three Months Ended | ||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable (1) | $ | 1,517,051 | $ | 23,308 | 6.12 | % | $ | 1,454,688 | $ | 22,027 | 6.01 | % | ||||||||||||
| Investment securities (1) (2) | 191,390 | 1,489 | 3.63 | % | 193,289 | 1,455 | 3.52 | % | ||||||||||||||||
| Interest-earning deposits with other banks (3) | 60,241 | 641 | 4.23 | % | 64,989 | 608 | 3.71 | % | ||||||||||||||||
| Total interest-earning assets | 1,768,682 | 25,438 | 5.78 | % | 1,712,966 | 24,090 | 5.64 | % | ||||||||||||||||
| Noninterest-earning assets | 88,205 | 82,364 | ||||||||||||||||||||||
| Total assets | $ | 1,856,887 | $ | 1,795,330 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 216,492 | $ | 1,126 | 2.07 | % | $ | 222,517 | $ | 935 | 1.67 | % | ||||||||||||
| Money market deposits | 393,298 | 3,768 | 3.81 | % | 276,354 | 2,493 | 3.58 | % | ||||||||||||||||
| Savings deposits | 197,257 | 373 | 0.75 | % | 211,997 | 317 | 0.59 | % | ||||||||||||||||
| Certificates of deposit | 313,582 | 3,315 | 4.21 | % | 299,427 | 2,777 | 3.68 | % | ||||||||||||||||
| Short-term borrowings | 93,200 | 1,128 | 4.81 | % | 144,344 | 2,013 | 5.53 | % | ||||||||||||||||
| Other borrowings | 11,690 | 173 | 5.89 | % | 11,890 | 179 | 5.97 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,225,519 | 9,883 | 3.21 | % | 1,166,529 | 8,714 | 2.96 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 404,428 | 422,151 | ||||||||||||||||||||||
| Other liabilities | 17,076 | 9,442 | ||||||||||||||||||||||
| Stockholders' equity | 209,864 | 197,208 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,856,887 | $ | 1,795,330 | ||||||||||||||||||||
| Net interest income | $ | 15,555 | $ | 15,376 | ||||||||||||||||||||
| Interest rate spread (4) | 2.57 | % | 2.68 | % | ||||||||||||||||||||
| Net interest margin 5) | 3.56 | % | 3.63 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 144.32 | % | 146.84 | % | ||||||||||||||||||||
| (1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $280 and $282 for the three months ended December 31, 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 | ||||||||||||||||||||||||
| December 31, | September 30, | |||||||||||||||||||||||
| 2024 | 2024 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable (1) | $ | 1,517,051 | $ | 23,308 | 6.12 | % | $ | 1,507,518 | $ | 23,441 | 6.19 | % | ||||||||||||
| Investment securities (1) (2) | 191,390 | 1,489 | 3.63 | % | 191,748 | 1,490 | 3.62 | % | ||||||||||||||||
| Interest-earning deposits with other banks (3) | 60,241 | 641 | 4.23 | % | 63,580 | 682 | 4.27 | % | ||||||||||||||||
| Total interest-earning assets | 1,768,682 | 25,438 | 5.78 | % | 1,762,846 | 25,613 | 5.84 | % | ||||||||||||||||
| Noninterest-earning assets | 88,205 | 88,644 | ||||||||||||||||||||||
| Total assets | $ | 1,856,887 | $ | 1,851,490 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 216,492 | $ | 1,126 | 2.07 | % | $ | 217,124 | $ | 1,181 | 2.16 | % | ||||||||||||
| Money market deposits | 393,298 | 3,768 | 3.81 | % | 362,545 | 3,583 | 3.93 | % | ||||||||||||||||
| Savings deposits | 197,257 | 373 | 0.75 | % | 198,775 | 357 | 0.71 | % | ||||||||||||||||
| Certificates of deposit | 313,582 | 3,315 | 4.21 | % | 325,240 | 3,671 | 4.49 | % | ||||||||||||||||
| Short-term borrowings | 93,200 | 1,128 | 4.81 | % | 113,812 | 1,575 | 5.51 | % | ||||||||||||||||
| Other borrowings | 11,690 | 173 | 5.89 | % | 11,739 | 173 | 5.86 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,225,519 | 9,883 | 3.21 | % | 1,229,235 | 10,540 | 3.41 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 404,428 | 396,456 | ||||||||||||||||||||||
| Other liabilities | 17,076 | 16,703 | ||||||||||||||||||||||
| Stockholders' equity | 209,864 | 209,096 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,856,887 | $ | 1,851,490 | ||||||||||||||||||||
| Net interest income | $ | 15,555 | $ | 15,073 | ||||||||||||||||||||
| Interest rate spread (4) | 2.57 | % | 2.43 | % | ||||||||||||||||||||
| Net interest margin (5) | 3.56 | % | 3.46 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 144.32 | % | 143.41 | % | ||||||||||||||||||||
| (1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $280 and $281 for the three months ended December 31, 2024 and September 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 Twelve Months Ended | ||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable (1) | $ | 1,501,138 | $ | 92,566 | 6.17 | % | $ | 1,410,251 | $ | 81,963 | 5.82 | % | ||||||||||||
| Investment securities (1) (2) | 191,685 | 5,889 | 3.61 | % | 193,816 | 5,807 | 3.53 | % | ||||||||||||||||
| Interest-earning deposits with other banks (3) | 62,463 | 2,807 | 4.49 | % | 66,295 | 2,531 | 3.82 | % | ||||||||||||||||
| Total interest-earning assets | 1,755,286 | 101,262 | 5.83 | % | 1,670,362 | 90,301 | 5.47 | % | ||||||||||||||||
| Noninterest-earning assets | 88,358 | 88,553 | ||||||||||||||||||||||
| Total assets | $ | 1,843,644 | $ | 1,758,915 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 213,647 | $ | 4,293 | 2.01 | % | $ | 217,662 | $ | 2,870 | 1.32 | % | ||||||||||||
| Money market deposits | 348,065 | 13,498 | 3.88 | % | 244,765 | 6,498 | 2.65 | % | ||||||||||||||||
| Savings deposits | 197,422 | 1,325 | 0.67 | % | 253,962 | 1,925 | 0.76 | % | ||||||||||||||||
| Certificates of deposit | 326,559 | 14,147 | 4.33 | % | 272,443 | 7,702 | 2.83 | % | ||||||||||||||||
| Short-term borrowings | 122,506 | 6,616 | 5.40 | % | 101,088 | 5,386 | 5.33 | % | ||||||||||||||||
| Other borrowings | 11,765 | 703 | 5.98 | % | 11,965 | 717 | 5.99 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,219,964 | 40,582 | 3.33 | % | 1,101,885 | 25,098 | 2.28 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 399,430 | 449,102 | ||||||||||||||||||||||
| Other liabilities | 16,883 | 11,326 | ||||||||||||||||||||||
| Stockholders' equity | 207,367 | 196,602 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,843,644 | $ | 1,758,915 | ||||||||||||||||||||
| Net interest income | $ | 60,680 | $ | 65,203 | ||||||||||||||||||||
| Interest rate spread (4) | 2.50 | % | 3.19 | % | ||||||||||||||||||||
| Net interest margin (5) | 3.52 | % | 3.97 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 143.88 | % | 151.59 | % | ||||||||||||||||||||
| (1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $1,131 and $1,106 for the twelve months ended December 31, 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. |
