0001193125-24-123691.txt : 20240430 0001193125-24-123691.hdr.sgml : 20240430 20240430073032 ACCESSION NUMBER: 0001193125-24-123691 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240430 DATE AS OF CHANGE: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLEFIELD BANC CORP CENTRAL INDEX KEY: 0000836147 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 341585111 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36613 FILM NUMBER: 24894052 BUSINESS ADDRESS: STREET 1: 15985 E HIGH ST STREET 2: P O BOX 35 CITY: MIDDLEFILED STATE: OH ZIP: 44062-9263 BUSINESS PHONE: 4406321666 MAIL ADDRESS: STREET 1: 15985 EAST HIGH STREET STREET 2: P O BOX 35 CITY: MIDDLEFIELD STATE: OH ZIP: 44062-9263 8-K 1 d798769d8k.htm 8-K 8-K
MIDDLEFIELD BANC CORP false 0000836147 0000836147 2024-04-30 2024-04-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

April 30, 2024

(Date of Report: Date of earliest event reported)

 

 

Middlefield Banc Corp.

(Exact name of registrant as specified in its charter)

 

 

Ohio

(State or other jurisdiction of incorporation)

001-36613

(Commission File Number)

34-1585111

(I.R.S. Employer Identification Number)

15985 East High Street

Middlefield, Ohio 44062

(Address of principal executive offices, including zip code)

(440) 632-1666

(Registrant’s telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, no par value   MBCN  

The NASDAQ Stock Market, LLC

(NASDAQ Capital Market)

 

 

 

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information is furnished under Item 2.02. On April 30, 2024, Middlefield Banc Corp. issued a press release announcing financial results for the three month period ended March 31, 2024. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by this reference.

The information contained or incorporated by reference in this current report on Form 8-K may contain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. All forward-looking statements included in this current report on Form 8-K are based on information available at the time of the report. Middlefield Banc Corp. assumes no obligation to update any forward-looking statement.

 

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

 

  (c)

Exhibits.

The following exhibits are furnished herewith:

EXHIBITS

 

99    April 30, 2024 press release of Middlefield Banc Corp.
104    Cover Page Interactive File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      MIDDLEFIELD BANC CORP.
Date: April 30, 2024  

/s/ Ronald L. Zimmerly, Jr

  President and Chief Executive Officer
 EX-99.1 2 d798769dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

15985 East High Street

P. O. Box 35

Middlefield, Ohio 44062

Phone: 440/632-1666 FAX: 440/632-1700

www.middlefieldbank.bank

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. Reports 2024 First Quarter Financial Results

MIDDLEFIELD, OHIO, April 30, 2024 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three months ended March 31, 2024.

2024 First Quarter Financial Highlights (on a year-over-year basis unless noted):

 

  •  

Net income was $4.2 million, compared to $4.9 million for the quarter ended March 31, 2023, and $3.5 million for the quarter ended December 31, 2023

 

  •  

Earnings were $0.51 per diluted share, compared to $0.60 per diluted share for the quarter ended March 31, 2023, and $0.44 per diluted share for the quarter ended December 31, 2023

 

  •  

Net interest income after the provision for credit losses was $15.1 million, compared to $16.0 million

 

  •  

Noninterest income increased 6.9% to $1.8 million

 

  •  

Total loans increased 7.8% to a record $1.49 billion

 

  •  

Total deposits were $1.45 billion, compared to $1.43 billion

 

  •  

Return on average assets annualized was 0.92%, compared to 0.78% for the quarter ended December 31, 2023

 

  •  

Return on average equity annualized was 8.16%, compared to 7.13% for the quarter ended December 31, 2023

 

  •  

Return on average tangible common equity(1) was 10.30%, compared to 9.11% for the quarter ended December 31, 2023

 

  •  

Excellent asset quality with nonperforming assets to total assets of 0.60%, compared to 0.73%

 

  •  

Allowance for credit losses was 1.41% of total loans, compared to 1.46%

 

  •  

Equity to assets remained strong at 11.32%, compared to 11.30%

 

  •  

Book value increased 5.6% to $25.48 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, “2024 is off to a solid start. Over the past three months, our pre-tax, pre-provision income(1) stabilized, reflecting positive loan growth, strong asset quality, higher noninterest income, and controlled operating expenses. During this period, our ROAA, ROAE, and ROATCE increased due to improved profitability. In addition, we ended the quarter with record total loans as our expanded Commercial, Business, and Consumer Banking teams capitalized on favorable demand trends across our Northeast, Central, and Western Ohio markets.”

“While we expect uncertainty about FOMC monetary policies and their impact on national economic conditions in 2024 to continue, economic activity and employment within our Ohio markets are stable. In addition, our asset quality remains excellent, and nonperforming assets at the end of the first quarter improved slightly from the fourth quarter and were down 14.5% from last year’s first quarter. Our first quarter performance is encouraging and reflects our teams’ hard work and contributions across our three Ohio markets. As we look to the remainder of the year, we are focused on pursuing our multi-year strategic growth goals: increasing revenue opportunities, improving our customer experience, and advancing operational performance to create lasting value for our shareholders,” concluded Mr. Zimmerly.

Income Statement

Net interest income for the 2024 first quarter decreased 9.3% to $15.0 million, compared to $16.5 million for the same period last year. The net interest margin for the 2024 first quarter was 3.53%, compared to 4.19% last year.

For the 2024 first quarter, noninterest income increased 6.9% to $1.8 million, compared to $1.7 million for the same period of 2023.

Noninterest expense for the 2024 first quarter was $12.0 million, compared to $11.8 million for the 2023 first quarter.

Net income for the 2024 first quarter ended March 31, 2024, was $4.2 million, or $0.51 per diluted share, compared to $4.9 million, or $0.60 per diluted share, for the same period last year.

For the 2024 first quarter, pre-tax, pre-provision net income was $4.8 million, compared to $6.4 million last year. (See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”).

Balance Sheet

Total assets at March 31, 2024, increased 5.1% to $1.82 billion, compared to $1.73 billion at March 31, 2023. Total loans at March 31, 2024, were $1.49 billion, compared to $1.38 billion at March 31, 2023. The 7.8% year-over-year increase in total loans was primarily due to higher commercial and industrial, residential real estate, commercial real estate, and construction and other loans.

Total liabilities at March 31, 2024, increased 5.1% to $1.61 billion, compared to $1.53 billion at March 31, 2023. Total deposits at March 31, 2024, were $1.45 billion, compared to $1.43 billion at March 31, 2023. The 1.5% year-over-year increase in deposits was primarily due to growth in money market, interest-bearing demand, and time deposits, partially offset by declines in noninterest-bearing demand and savings accounts. Noninterest-bearing demand deposits were 27.0% of total deposits at March 31, 2024, compared to 33.3% at March 31, 2023. At March 31, 2024, the Company had brokered deposits of $90.4 million, compared to $5.0 million at March 31, 2023.

The investment securities available for sale portfolio was $167.9 million at March 31, 2024, compared with $169.6 million at March 31, 2023.

Michael Ranttila, Chief Financial Officer, stated, “Asset quality improved on both a sequential and year-over-year basis, reflecting our conservative underwriting standards and balanced portfolio composition. Nonperforming loans at March 31, 2024, included one self-storage loan in the Southwest Ohio market totaling $3.6 million. We believe this issue is isolated to this borrower and does not indicate a trend in the market, our portfolio, or an issue in underwriting.”

Mr. Ranttila continued, “We also remain focused on identifying opportunities to improve our cost of funds, pay down higher cost capital, and grow core deposits to support loan demand. Over the past three months, total deposits increased 1.4%, while our Federal Home Loan Bank advances decreased by nearly 16.0%. With sufficient liquidity, stabilizing profitability, and excellent asset quality, I am pleased to report that during the first quarter, we repurchased 43,858 shares of our common stock at an average price of $24.00 per share, reflecting our long-standing commitment to return excess capital to shareholders.”

Middlefield’s CRE portfolio included the following categories at March 31, 2024:

 

CRE Category

    Balance
(in thousands)		      Percent of
CRE Portfolio		     Percent of
Loan Portfolio		  

Multi-Family

    $ 81,691        12.4 %      5.5 % 

Office Space

    $ 78,789        12.0 %      5.3 % 

Shopping Plazas

    $ 73,250        11.1 %      4.9 % 

Self-Storage

    $ 61,525        9.3 %      4.1 % 

Hospitality

    $ 39,779        6.0 %      2.7 % 

Senior Living

    $ 26,545        4.0 %      1.8 % 

Other

    $ 297,500        45.2 %      19.9 % 
  

 

 

     

 

 

    

 

 

  

Total CRE

    $ 659,079        100.0 %      44.2 % 
  

 

 

     

 

 

    

 

 

  

Stockholders’ Equity and Dividends

At March 31, 2024, stockholders’ equity was $205.6 million compared to $195.2 million at March 31, 2023. The 5.3% year-over-year increase in stockholders’ equity was primarily due to higher retained earnings and an improvement in the unrealized losses on the available-for-sale investment portfolio, partially offset by the Company’s stock repurchase program. On a per-share basis, shareholders’ equity at March 31, 2024, was $25.48 compared to $24.13 at March 31, 2023.

At March 31, 2024, tangible stockholders’ equity(1) was $162.8 million, compared to $156.0 million at March 31, 2023. On a per-share basis, tangible stockholders’ equity(1) was $20.18 at March 31, 2024, compared to $19.29 at March 31, 2023. (1)See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.

For the 2024 first quarter, the Company declared cash dividends of $0.20 per share, totaling $1.6 million.

At March 31, 2024, the Company’s equity-to-assets ratio was 11.32%, compared to 11.30% at March 31, 2023.

Asset Quality

For the 2024 first quarter, the Company recorded a recovery of credit losses of $100,000 versus a provision for credit losses of $500,000 for the same period last year.

Net recoveries were $68,000, or 0.02% of average loans, annualized, during the first quarter of 2024, compared to net recoveries of $8,000, or 0.00% of average loans, annualized, at March 31, 2023.

Nonperforming loans at March 31, 2024, were $10.8 million, compared to $6.9 million at March 31, 2023. Nonperforming assets at March 31, 2024, were $10.8 million, compared to $12.7 million at March 31, 2023. The allowance for credit losses at March 31, 2024, stood at $21.1 million, or 1.41% of total loans, compared to $20.2 million, or 1.46% of total loans at March 31, 2023. The decrease in the allowance for credit losses as a percentage of total loans was mainly due to changes in projected loss drivers, prepayment assumptions, and curtailment expectations over the reasonable and supportable forecast period.

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 $1.82 billion at March 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.

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, unaudited)

 

                                                                                                                            
     March 31,     December 31,     September 30,     June 30,     March 31,  

Balance Sheets (period end)

    2024     2023     2023     2023     2023  

ASSETS

           

Cash and due from banks

    $ 44,816     $ 56,397     $ 56,228     $ 49,422     $ 59,609  

Federal funds sold

      1,438       4,439       9,274       9,654       7,048  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents

      46,254       60,836       65,502       59,076       66,657  

Investment securities available for sale, at fair value

      167,890       170,779       159,414       167,209       169,605  

Other investments

      907       955       958       711       777  

Loans held for sale

      —        —        632       171       104  

Loans:

           

Commercial real estate:

           

Owner occupied

      178,543       183,545       185,593       187,919       185,661  

Non-owner occupied

      398,845       401,580       382,676       385,846       400,314  

Multifamily

      81,691       82,506       82,578       58,579       63,892  

Residential real estate

      331,480       328,854       321,331       312,196       306,179  

Commercial and industrial

      227,433       221,508       214,334       209,349       195,024  

Home equity lines of credit

      129,287       127,818       127,494       126,894       126,555  

Construction and other

      135,716       125,105       127,106       118,851       97,406  

Consumer installment

      7,131       7,214       7,481       9,801       7,816  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total loans

      1,490,126       1,478,130       1,448,593       1,409,435       1,382,847  

Less allowance for credit losses

      21,069       21,693       20,986       20,591       20,162  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loans

      1,469,057       1,456,437       1,427,607       1,388,844       1,362,685  

Premises and equipment, net

      21,035       21,339       21,708       21,629       21,775  

Goodwill

      36,356       36,356       36,197       36,197       31,735  

Core deposit intangibles

      6,384       6,642       6,906       7,171       7,436  

Bank-owned life insurance

      34,575       34,349       34,153       34,235       34,015  

Other real estate owned

      —        —        5,792       5,792       5,792  

Accrued interest receivable and other assets

      34,210       35,190       34,551       30,472       27,258  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL ASSETS

    $ 1,816,668     $ 1,822,883     $ 1,793,420     $ 1,751,507     $ 1,727,839  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     March 31,     December 31,     September 30,     June 30,     March 31,  
     2024     2023     2023     2023     2023  

LIABILITIES

           

Deposits:

           

Noninterest-bearing demand

    $ 390,185     $ 401,384     $ 424,055     $ 441,102     $ 474,977  

Interest-bearing demand

      209,015       205,582       243,973       229,633       196,086  

Money market

      318,823       274,682       275,766       241,537       221,723  

Savings

      196,721       210,639       216,453       231,508       287,859  

Time

      332,165       334,315       296,732       287,861       244,962  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total deposits

      1,446,909       1,426,602       1,456,979       1,431,641       1,425,607  

Federal Home Loan Bank advances

      137,000       163,000       118,000       100,000       85,000  

Other borrowings

      11,812       11,862       11,912       11,961       12,010  

Accrued interest payable and other liabilities

      15,372       15,738       12,780       10,678       10,057  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

      1,611,093       1,617,202       1,599,671       1,554,280       1,532,674  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

STOCKHOLDERS’ EQUITY

           

Common stock, no par value; 25,000,000 shares authorized, 9,946,454 shares issued, 8,067,144 shares outstanding as of March 31, 2024

      161,823       161,388       161,312       161,211       161,248  

Retained earnings

      102,791       100,237       98,717       96,500       93,024  

Accumulated other comprehensive loss

      (18,130 )      (16,090 )      (26,426 )      (20,630 )      (19,253 ) 

Treasury stock, at cost; 1,879,310 shares as of March 31, 2024

      (40,909 )      (39,854 )      (39,854 )      (39,854 )      (39,854 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL STOCKHOLDERS’ EQUITY

      205,575       205,681       193,749       197,227       195,165  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 1,816,668     $ 1,822,883     $ 1,793,420     $ 1,751,507     $ 1,727,839  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, unaudited)

 

                                                                                                                            
     For the Three Months Ended  
     March 31,     December 31,     September 30,      June 30,     March 31,  

Statements of Income

    2024     2023     2023      2023     2023  

INTEREST AND DIVIDEND INCOME

            

Interest and fees on loans

    $ 22,395     $ 22,027     $ 20,899      $ 20,762     $ 18,275  

Interest-earning deposits in other institutions

      437       370       300        369       250  

Federal funds sold

      152       94       266        158       253  

Investment securities:

            

Taxable interest

      467       479       477        479       458  

Tax-exempt interest

      972       976       980        978       980  

Dividends on stock

      189       144       148        91       88  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total interest and dividend income

      24,612       24,090       23,070        22,837       20,304  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

INTEREST EXPENSE

            

Deposits

      7,466       6,522       5,632        3,851       2,990  

Short-term borrowings

      1,993       2,013       1,258        1,462       653  

Other borrowings

      184       179       213        170       155  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total interest expense

      9,643       8,714       7,103        5,483       3,798  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

NET INTEREST INCOME

      14,969       15,376       15,967        17,354       16,506  

( Recovery of) Provision for credit losses

      (136 )      554       1,127        814       507  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

NET INTEREST INCOME AFTER (RECOVERY OF) PROVISION FOR CREDIT LOSSES

      15,105       14,822       14,840        16,540       15,999  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

NONINTEREST INCOME

            

Service charges on deposit accounts

      909       997       954        940       987  

(Loss) gain on equity securities

      (52 )      (4 )      48        (67 )      (138 ) 

(Loss) gain on other real estate owned

      —        (172 )      —         —        2  

Earnings on bank-owned life insurance

      227       196       207        220       200  

Gain on sale of loans

      10       23       45        6       23  

Revenue from investment services

      204       193       190        174       186  

Gross rental income

      261       132       110        77       102  

Other income

      237       237       263        242       318  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total noninterest income

      1,796       1,602       1,817        1,592       1,680  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

NONINTEREST EXPENSE

            

Salaries and employee benefits

      6,333       6,646       5,994        6,019       5,852  

Occupancy expense

      552       512       699        659       696  

Equipment expense

      240       273       297        354       317  

Data processing costs

      1,249       1,348       1,209        1,137       1,070  

Ohio state franchise tax

      397       397       398        398       385  

Federal deposit insurance expense

      251       285       207        249       120  

Professional fees

      558       660       545        550       538  

Advertising expense

      419       162       414        415       486  

Software amortization expense

      22       22       24        23       26  

Core deposit intangible amortization

      258       264       265        265       265  

Gross other real estate owned expenses

      99       120       195        63       132  

Merger-related costs

      —        —        22        206       245  

Other expense

      1,587       1,483       1,849        1,716       1,661  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total noninterest expense

      11,965       12,172       12,118        12,054       11,793  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Income before income taxes

      4,936       4,252       4,539        6,078       5,886  

Income taxes

      769       709       703        986       989  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

NET INCOME

    $ 4,167     $ 3,543     $ 3,836      $ 5,092     $ 4,897  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

PTPP (1)

    $ 4,800     $ 4,806     $ 5,666      $ 6,892     $ 6,393  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

(1) 

See section “GAAP to Non-GAAP Reconciliations” for the reconciliation of GAAP performance measures to non-GAAP measures.

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, except per share and share amounts, unaudited)

 

                                                                                                                            
     For the Three Months Ended  
     March 31,     December 31,     September 30,     June 30,     March 31,  
     2024     2023     2023     2023     2023  

Per common share data

           

Net income per common share - basic

    $ 0.52     $ 0.44     $ 0.47     $ 0.63     $ 0.60  

Net income per common share - diluted

    $ 0.51     $ 0.44     $ 0.47     $ 0.63     $ 0.60  

Dividends declared per share

    $ 0.20     $ 0.25     $ 0.20     $ 0.20     $ 0.20  

Book value per share (period end)

    $ 25.48     $ 25.41     $ 23.94     $ 24.38     $ 24.13  

Tangible book value per share (period end) (1) (2)

    $ 20.18     $ 20.10     $ 18.62     $ 19.02     $ 19.29  

Dividends declared

    $ 1,613     $ 2,023     $ 1,619     $ 1,616     $ 1,605  

Dividend yield

      3.37 %      3.06 %      3.12 %      2.99 %      2.89 % 

Dividend payout ratio

      38.71 %      57.10 %      42.21 %      31.74 %      32.78 % 

Average shares outstanding - basic

      8,091,203       8,093,478       8,092,494       8,088,793       8,138,771  

Average shares outstanding - diluted

      8,097,219       8,116,261       8,101,306       8,101,984       8,152,629  

Period ending shares outstanding

      8,067,144       8,095,252       8,092,576       8,088,793       8,088,793  

Selected ratios

           

Return on average assets (Annualized)

      0.92 %      0.78 %      0.86 %      1.17 %      1.16 % 

Return on average equity (Annualized)

      8.16 %      7.13 %      7.73 %      10.41 %      10.19 % 

Return on average tangible common equity (1) (3)

      10.30 %      9.11 %      9.91 %      13.12 %      12.77 % 

Efficiency (4)

      68.68 %      68.99 %      65.65 %      61.27 %      62.44 % 

Equity to assets at period end

      11.32 %      11.28 %      10.80 %      11.26 %      11.30 % 

Noninterest expense to average assets

      0.66 %      0.68 %      0.68 %      0.69 %      0.69 % 

(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.

   

   

   

   

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Unaudited)

 

 

 

     For the Three Months Ended  
     March 31,     December 31,     September 30,     June 30,     March 31,  

Yields

    2024     2023     2023     2023     2023  

Interest-earning assets:

           

Loans receivable (1)

      6.11 %      6.01 %      5.82 %      5.96 %      5.45 % 

Investment securities (1)(2)

      3.51 %      3.52 %      3.51 %      3.54 %      3.55 % 

Interest-earning deposits with other banks

      4.88 %      3.71 %      4.13 %      3.98 %      3.46 % 

Total interest-earning assets

      5.77 %      5.64 %      5.49 %      5.60 %      5.14 % 

Deposits:

           

Interest-bearing demand deposits

      1.86 %      1.67 %      1.51 %      1.11 %      0.83 % 

Money market deposits

      3.81 %      3.58 %      2.94 %      2.21 %      1.52 % 

Savings deposits

      0.58 %      0.59 %      0.58 %      0.73 %      1.03 % 

Certificates of deposit

      4.06 %      3.68 %      3.27 %      2.35 %      1.71 % 

Total interest-bearing deposits

      2.88 %      2.56 %      2.16 %      1.60 %      1.28 % 

Non-Deposit Funding:

           

Borrowings

      5.61 %      5.57 %      5.66 %      5.26 %      4.78 % 

Total interest-bearing liabilities

      3.23 %      2.96 %      2.48 %      2.02 %      1.52 % 

Cost of deposits

      2.08 %      1.81 %      1.53 %      1.09 %      0.84 % 

Cost of funds

      2.42 %      2.18 %      1.80 %      1.43 %      1.02 % 

Net interest margin (3)

      3.53 %      3.63 %      3.82 %      4.27 %      4.19 % 

 

(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  
     March 31,     December 31,     September 30,     June 30,     March 31,  

Asset quality data

    2024     2023     2023     2023     2023  

(Dollar amounts in thousands, unaudited)

           

Nonperforming loans

    $ 10,831     $ 10,877     $ 7,717     $ 7,116     $ 6,882  

Other real estate owned

      —        —        5,792       5,792       5,792  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Nonperforming assets

    $ 10,831     $ 10,877     $ 13,509     $ 12,908     $ 12,674  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allowance for credit losses

    $ 21,069     $ 21,693     $ 20,986     $ 20,591     $ 20,162  

Allowance for credit losses/total loans

      1.41 %      1.47 %      1.45 %      1.46 %      1.46 % 

Net charge-offs (recoveries):

           

Quarter-to-date

    $ (232 )    $ (117 )    $ (16 )    $ 111     $ (8 ) 

Year-to-date

      (232 )      (31 )      87       103       (8 ) 

Net charge-offs (recoveries) to average loans, annualized:

           

Quarter-to-date

      (0.06 %)      (0.03 %)      0.00 %      0.03 %      0.00 % 

Year-to-date

      (0.06 %)      0.00 %      0.01 %      0.01 %      0.00 % 

Nonperforming loans/total loans

      0.73 %      0.74 %      0.53 %      0.50 %      0.50 % 

Allowance for credit losses/nonperforming loans

      194.52 %      199.44 %      271.95 %      289.36 %      292.97 % 

Nonperforming assets/total assets

      0.60 %      0.60 %      0.75 %      0.74 %      0.73 % 

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)    March 31,     December 31,     September 30,     June 30,     March 31,  
     2024     2023     2023     2023     2023  

Stockholders’ equity

    $ 205,575     $ 205,681     $ 193,749     $ 197,227     $ 195,165  

Less goodwill and other intangibles

      42,740       42,998       43,103       43,368       39,171  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Tangible common equity

    $ 162,835     $ 162,683     $ 150,646     $ 153,859     $ 155,994  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding

      8,067,144       8,095,252       8,092,576       8,088,793       8,088,793  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Tangible book value per share

    $ 20.18     $ 20.10     $ 18.62     $ 19.02     $ 19.29  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of Average Equity to Return on Average Tangible Common
Equity

    For the Three Months Ended  
     March 31,     December 31,     September 30,     June 30,     March 31,  
     2024     2023     2023     2023     2023  

Average stockholders’ equity

    $ 205,342     $ 197,208     $ 196,795     $ 196,183     $ 194,814  

Less average goodwill and other intangibles

      42,654       42,972       43,232       40,522       39,300  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average tangible common equity

    $ 162,688     $ 154,236     $ 153,563     $ 155,661     $ 155,514  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 4,167     $ 3,543     $ 3,836     $ 5,092     $ 4,897  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Return on average tangible common equity (annualized)

      10.30 %      9.11 %      9.91 %      13.12 %      12.77 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of Pre-Tax Pre-Provision Income (PTPP)

    For the Three Months Ended  
     March 31,     December 31,     September 30,     June 30,     March 31,  
     2024     2023     2023     2023     2023  

Net income

    $ 4,167     $ 3,543     $ 3,836     $ 5,092     $ 4,897  

Add income taxes

      769       709       703       986       989  

Add (recovery of) provision for credit losses

      (136 )      554       1,127       814       507  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

PTPP

    $ 4,800     $ 4,806     $ 5,666     $ 6,892     $ 6,393  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MIDDLEFIELD BANC CORP.

Average Balance Sheets

(Dollar amounts in thousands, unaudited)

 

                                                                                                     
     For the Three Months Ended  
     March 31,     March 31,  
     2024     2023  
     Average             Average     Average             Average  
     Balance      Interest      Yield/Cost     Balance      Interest      Yield/Cost  

Interest-earning assets:

                 

Loans receivable (1)

    $ 1,476,543      $ 22,395        6.11 %    $ 1,360,866      $ 18,275        5.45 % 

Investment securities (1) (2)

      194,704        1,439        3.51 %      194,031        1,438        3.55 % 

Interest-earning deposits with other banks (3)

     64,139        778        4.88 %      69,308        591        3.46 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-earning assets

      1,735,386        24,612        5.77 %      1,624,205        20,304        5.14 % 
     

 

 

          

 

 

     

Noninterest-earning assets

      87,298             89,158        
  

 

 

          

 

 

        

Total assets

    $ 1,822,684           $ 1,713,363        
  

 

 

          

 

 

        

Interest-bearing liabilities:

                 

Interest-bearing demand deposits

    $ 211,009      $ 978        1.86 %    $ 177,935      $ 364        0.83 % 

Money market deposits

      298,479        2,827        3.81 %      208,408        783        1.52 % 

Savings deposits

      201,080        290        0.58 %      315,049        804        1.03 % 

Certificates of deposit

      333,871        3,371        4.06 %      246,151        1,039        1.71 % 

Short-term borrowings

      144,357        1,993        5.55 %      56,459        653        4.69 % 

Other borrowings

      11,840        184        6.25 %      12,038        155        5.22 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities

      1,200,636        9,643        3.23 %      1,016,040        3,798        1.52 % 
     

 

 

          

 

 

     

Noninterest-bearing liabilities:

                 

Noninterest-bearing demand deposits

      400,209             491,649        

Other liabilities

      16,497             10,860        

Stockholders’ equity

      205,342             194,814        
  

 

 

          

 

 

        

Total liabilities and stockholders’ equity

    $ 1,822,684           $ 1,713,363        
  

 

 

          

 

 

        

Net interest income

       $ 14,969           $ 16,506     
     

 

 

          

 

 

     

Interest rate spread (4)

            2.54 %            3.62 % 

Net interest margin (5)

            3.53 %            4.19 % 

Ratio of average interest-earning assets to average interest-bearing liabilities

            144.54 %            159.86 % 

 

(1) 

Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $281 and $278 for the three months ended March 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  
     March 31,     December 31,  
     2024     2023  
     Average             Average     Average             Average  
     Balance      Interest      Yield/Cost     Balance      Interest      Yield/Cost  

Interest-earning assets:

                 

Loans receivable (1)

    $ 1,476,543      $ 22,395        6.11 %    $ 1,454,688      $ 22,027        6.01 % 

Investment securities (1) (2)

      194,704        1,439        3.51 %      193,289        1,455        3.52 % 

Interest-earning deposits with other banks (3)

     64,139        778        4.88 %      64,989        608        3.71 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-earning assets

      1,735,386        24,612        5.77 %      1,712,966        24,090        5.64 % 
     

 

 

          

 

 

     

Noninterest-earning assets

      87,298             82,364        
  

 

 

          

 

 

        

Total assets

    $ 1,822,684           $ 1,795,330        
  

 

 

          

 

 

        

Interest-bearing liabilities:

                 

Interest-bearing demand deposits

    $ 211,009      $ 978        1.86 %    $ 222,517      $ 935        1.67 % 

Money market deposits

      298,479        2,827        3.81 %      276,354        2,493        3.58 % 

Savings deposits

      201,080        290        0.58 %      211,997        317        0.59 % 

Certificates of deposit

      333,871        3,371        4.06 %      299,427        2,777        3.68 % 

Short-term borrowings

      144,357        1,993        5.55 %      144,344        2,013        5.53 % 

Other borrowings

      11,840        184        6.25 %      11,890        179        5.97 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities

      1,200,636        9,643        3.23 %      1,166,529        8,714        2.96 % 
     

 

 

          

 

 

     

Noninterest-bearing liabilities:

                 

Noninterest-bearing demand deposits

      400,209             422,151        

Other liabilities

      16,497             9,442        

Stockholders’ equity

      205,342             197,208        
  

 

 

          

 

 

        

Total liabilities and stockholders’ equity

    $ 1,822,684           $ 1,795,330        
  

 

 

          

 

 

        

Net interest income

       $ 14,969           $ 15,376     
     

 

 

          

 

 

     

Interest rate spread (4)

            2.54 %            2.68 % 

Net interest margin (5)

            3.53 %            3.63 % 

Ratio of average interest-earning assets to average interest-bearing liabilities

            144.54 %            146.84 % 

 

(1)

Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $281 and $282 for the three months ended March 31, 2024 and December 31, 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.

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Document and Entity Information
Apr. 30, 2024
Cover [Abstract]  
Entity Registrant Name MIDDLEFIELD BANC CORP
Amendment Flag false
Entity Central Index Key 0000836147
Document Type 8-K
Document Period End Date Apr. 30, 2024
Entity Incorporation State Country Code OH
Entity File Number 001-36613
Entity Tax Identification Number 34-1585111
Entity Address, Address Line One 15985 East High Street
Entity Address, City or Town Middlefield
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44062
City Area Code (440)
Local Phone Number 632-1666
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Security 12b Title Common Stock, no par value
Trading Symbol MBCN
Security Exchange Name NASDAQ
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