2023 First Quarter Financial Highlights Include (on a year-over-year basis unless noted):
- Net income increased 27.7% to a quarterly record of
$4.9 million - Earnings were
$0.60 per diluted share compared to$0.65 per diluted share, reflecting a 38.4% increase in the average diluted shares outstanding related to theLiberty Bancshares, Inc. merger - Adopted CECL accounting standards, which resulted in an after-tax retained earnings adjustment of
$4.4 million - Pre-tax, pre-provision net income increased 38.8% to
$6.4 million - Net interest margin improved by 46 basis points to 4.26%, compared to 3.80%
- Total loans were
$1.38 billion , compared to$1.35 billion atDecember 31, 2022 - Loan growth funded by deposit growth and robust liquidity
- Total deposits were
$1.43 billion , compared to$1.40 billion atDecember 31, 2022 - Uninsured deposits to total assets of approximately 19% at
March 31, 2023 - Return on average assets was 1.16%, compared to 1.17%
- Return on average equity was 10.19%, compared to 10.75%
- Return on average tangible common equity(1) was 12.77%, compared to 12.13%
- Strong asset quality with nonperforming assets to total assets of 0.73%, compared to 0.89%
- Allowance for credit losses was 1.46% of total loans, compared to 1.48%
- Equity to assets increased to 11.30%, from 10.40%
“Middlefield’s first-quarter results and record quarterly net income demonstrate our strong balance sheet, robust asset quality, and diverse core deposit base, as well as the benefits and added scale of the
“We expect higher rates and competition for deposits will continue to increase our cost of funds in the coming quarters, but we believe our compelling net interest margin and larger loan portfolio will support strong levels of interest income throughout the year. I am pleased to report that we achieved the highest quarterly net interest margin in over 20 years and the fourth consecutive quarter above 4%. As the year progresses, we remain focused on growth opportunities across our expanded
Income Statement
Net interest income for the 2023 first quarter was
Noninterest expense was
Pre-tax income during last year’s first quarter benefited from
Net income for the 2023 first quarter was a quarterly record of
Pre-tax, pre-provision net income was a quarterly record of
Balance Sheet
Total assets at
Total deposits at
CRE Category | Balance (in thousands) | Percent of CRE Portfolio | Percent of Loan Portfolio | ||||
Office Space | 105,726 | 16.3% | 7.7% | ||||
Shopping Plazas | $ | 84,995 | 13.1% | 6.1% | |||
Multi-Family | $ | 63,892 | 9.8% | 4.6% | |||
Self-Storage | $ | 56,347 | 8.7% | 4.1% | |||
Senior Living | $ | 42,589 | 6.5% | 3.1% | |||
Hospitality | $ | 34,869 | 5.4% | 2.5% | |||
Other | $ | 261,449 | 40.2% | 18.9% | |||
Total CRE | $ | 649,867 | 100.0% | 47.0% |
Stockholders’ Equity and Dividends
At
At
For the 2023 first quarter, cash dividends declared per share increased 17.6% to
At
Asset Quality
The Company recorded a provision for loan losses of
On
Net recoveries were
Nonperforming assets at
About
Additional information is available at www.middlefieldbank.bank
(1) NON-GAAP FINANCIAL MEASURES
This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in
FORWARD-LOOKING STATEMENTS
This press release of
Consolidated Selected Financial Highlights | |||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||
Balance Sheets (period end) | 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 59,609 | $ | 51,404 | $ | 119,777 | $ | 60,114 | $ | 78,804 | |||||||||
Federal funds sold | 7,048 | 2,405 | 8,800 | 19,039 | 29,474 | ||||||||||||||
Cash and cash equivalents | 66,657 | 53,809 | 128,577 | 79,153 | 108,278 | ||||||||||||||
Equity securities, at fair value | 777 | 915 | 972 | 779 | 851 | ||||||||||||||
Investment securities available for sale, at fair value | 169,605 | 164,967 | 162,064 | 171,958 | 175,216 | ||||||||||||||
Loans held for sale | 104 | - | - | - | 9 | ||||||||||||||
Loans: | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Owner occupied | 185,661 | 191,748 | 120,912 | 120,771 | 113,590 | ||||||||||||||
Non-owner occupied | 400,314 | 380,580 | 285,419 | 288,334 | 293,745 | ||||||||||||||
Multifamily | 63,892 | 58,251 | 38,063 | 29,152 | 29,385 | ||||||||||||||
Residential real estate | 306,179 | 296,308 | 247,612 | 246,453 | 244,747 | ||||||||||||||
Commercial and industrial | 195,024 | 195,602 | 146,987 | 137,398 | 131,683 | ||||||||||||||
Home equity lines of credit | 126,555 | 128,065 | 114,344 | 111,730 | 106,300 | ||||||||||||||
Construction and other | 97,406 | 94,199 | 33,748 | 35,988 | 50,152 | ||||||||||||||
Consumer installment | 7,816 | 8,119 | 8,110 | 8,171 | 8,118 | ||||||||||||||
Total loans | 1,382,847 | 1,352,872 | 995,195 | 977,997 | 977,720 | ||||||||||||||
Less allowance for credit losses | 20,162 | 14,438 | 14,532 | 14,550 | 14,492 | ||||||||||||||
Net loans | 1,362,685 | 1,338,434 | 980,663 | 963,447 | 963,228 | ||||||||||||||
Premises and equipment, net | 21,775 | 21,961 | 16,215 | 17,030 | 17,142 | ||||||||||||||
31,735 | 31,735 | 15,071 | 15,071 | 15,071 | |||||||||||||||
Core deposit intangibles | 7,436 | 7,701 | 1,171 | 1,249 | 1,326 | ||||||||||||||
Bank-owned life insurance | 34,015 | 33,811 | 17,382 | 17,274 | 17,166 | ||||||||||||||
Other real estate owned | 5,792 | 5,821 | 6,792 | 6,792 | 6,992 | ||||||||||||||
Accrued interest receivable and other assets | 27,258 | 28,528 | 22,104 | 20,624 | 18,019 | ||||||||||||||
TOTAL ASSETS | $ | 1,727,839 | $ | 1,687,682 | $ | 1,351,011 | $ | 1,293,377 | $ | 1,323,298 | |||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing demand | $ | 474,977 | $ | 503,907 | $ | 383,675 | $ | 379,872 | $ | 361,251 | |||||||||
Interest-bearing demand | 196,086 | 164,677 | 160,112 | 154,788 | 162,010 | ||||||||||||||
Money market | 221,723 | 187,498 | 162,052 | 185,494 | 187,807 | ||||||||||||||
Savings | 287,859 | 307,917 | 247,466 | 252,179 | 264,784 | ||||||||||||||
Time | 244,962 | 238,020 | 177,182 | 174,833 | 191,320 | ||||||||||||||
Total deposits | 1,425,607 | 1,402,019 | 1,130,487 | 1,147,166 | 1,167,172 | ||||||||||||||
Short-term borrowings | 85,000 | 65,000 | 80,000 | - | - | ||||||||||||||
Other borrowings | 12,010 | 12,059 | 12,107 | 12,910 | 12,975 | ||||||||||||||
Accrued interest payable and other liabilities | 10,057 | 10,913 | 5,562 | 5,081 | 5,507 | ||||||||||||||
TOTAL LIABILITIES | 1,532,674 | 1,489,991 | 1,228,156 | 1,165,157 | 1,185,654 | ||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||
Common stock, no par value; 10,000,000 shares authorized, 9,924,245 | |||||||||||||||||||
shares issued, 8,088,793 shares outstanding as of | 161,248 | 161,029 | 87,640 | 87,562 | 87,562 | ||||||||||||||
Retained earnings | 93,024 | 94,154 | 93,166 | 89,900 | 86,804 | ||||||||||||||
Accumulated other comprehensive loss | (19,253 | ) | (22,144 | ) | (25,080 | ) | (17,591 | ) | (6,674 | ) | |||||||||
(39,854 | ) | (35,348 | ) | (32,871 | ) | (31,651 | ) | (30,048 | ) | ||||||||||
TOTAL STOCKHOLDERS' EQUITY | 195,165 | 197,691 | 122,855 | 128,220 | 137,644 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,727,839 | $ | 1,687,682 | $ | 1,351,011 | $ | 1,293,377 | $ | 1,323,298 | |||||||||
Consolidated Selected Financial Highlights | |||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
Statements of Income | 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||||
Interest and fees on loans | $ | 18,275 | $ | 14,368 | $ | 11,892 | $ | 11,268 | $ | 10,985 | |||||||||
Interest-earning deposits in other institutions | 250 | 240 | 134 | 74 | 24 | ||||||||||||||
Federal funds sold | 253 | 119 | 51 | 46 | 3 | ||||||||||||||
Investment securities: | |||||||||||||||||||
Taxable interest | 458 | 477 | 449 | 442 | 443 | ||||||||||||||
Tax-exempt interest | 980 | 986 | 982 | 955 | 784 | ||||||||||||||
Dividends on stock | 88 | 68 | 59 | 33 | 24 | ||||||||||||||
Total interest and dividend income | 20,304 | 16,258 | 13,567 | 12,818 | 12,263 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 2,990 | 1,771 | 812 | 709 | 726 | ||||||||||||||
Short-term borrowings | 653 | 263 | 44 | - | - | ||||||||||||||
Other borrowings | 155 | 142 | 112 | 81 | 69 | ||||||||||||||
Total interest expense | 3,798 | 2,176 | 968 | 790 | 795 | ||||||||||||||
NET INTEREST INCOME | 16,506 | 14,082 | 12,599 | 12,028 | 11,468 | ||||||||||||||
Provision for credit losses | 507 | - | - | - | - | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||||||
FOR LOAN LOSSES | 15,999 | 14,082 | 12,599 | 12,028 | 11,468 | ||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||
Service charges on deposit accounts | 987 | 976 | 1,004 | 956 | 914 | ||||||||||||||
(Loss) gain on equity securities | (138 | ) | (77 | ) | (57 | ) | (72 | ) | 33 | ||||||||||
Gain on other real estate owned | 2 | - | - | - | - | ||||||||||||||
Earnings on bank-owned life insurance | 200 | 137 | 108 | 108 | 106 | ||||||||||||||
Gains (losses) on sale of loans | 23 | (4 | ) | 7 | 18 | 3 | |||||||||||||
Revenue from investment services | 186 | 147 | 233 | 153 | 141 | ||||||||||||||
Gross rental income | 102 | 951 | - | - | - | ||||||||||||||
Other income | 318 | 284 | 251 | 220 | 206 | ||||||||||||||
Total noninterest income | 1,678 | 2,414 | 1,546 | 1,383 | 1,403 | ||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||
Salaries and employee benefits | 5,852 | 4,886 | 4,491 | 3,785 | 4,386 | ||||||||||||||
Occupancy expense | 696 | 487 | 458 | 583 | 505 | ||||||||||||||
Equipment expense | 317 | 252 | 233 | 274 | 315 | ||||||||||||||
Data processing costs | 1,070 | 1,050 | 985 | 822 | 844 | ||||||||||||||
385 | 279 | 293 | 292 | 293 | |||||||||||||||
Federal deposit insurance expense | 120 | 105 | 84 | 90 | 50 | ||||||||||||||
Professional fees | 538 | 382 | 280 | 383 | 455 | ||||||||||||||
Other real estate owned writedowns | - | 1,000 | - | 200 | - | ||||||||||||||
Gain on other real estate owned | (2 | ) | - | - | - | - | |||||||||||||
Advertising expense | 486 | 308 | 268 | 229 | 228 | ||||||||||||||
Software amortization expense | 26 | 28 | 27 | 40 | 48 | ||||||||||||||
Core deposit intangible amortization | 265 | 140 | 78 | 77 | 77 | ||||||||||||||
Gross other real estate owned expenses | 132 | 692 | 1 | 6 | 8 | ||||||||||||||
Merger-related costs | 245 | 1,413 | 390 | 579 | - | ||||||||||||||
Other expense | 1,662 | 1,321 | 1,298 | 1,175 | 1,057 | ||||||||||||||
Total noninterest expense | 11,792 | 12,343 | 8,886 | 8,535 | 8,266 | ||||||||||||||
Income before income taxes | 5,885 | 4,153 | 5,259 | 4,876 | 4,605 | ||||||||||||||
Income taxes | 989 | 651 | 1,010 | 787 | 772 | ||||||||||||||
NET INCOME | $ | 4,896 | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | |||||||||
PTPP (1) | $ | 6,392 | $ | 4,153 | $ | 5,259 | $ | 4,876 | $ | 4,605 | |||||||||
(1) The pre-tax pre-provision (PTPP) is the income before income taxes before provision for credit losses considerations, for reconciliation of non-GAAP measures. | |||||||||||||||||||
Consolidated Selected Financial Highlights | |||||||||||||||||||
(Dollar amounts in thousands, except per share and share amounts, unaudited) | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
Per common share data | |||||||||||||||||||
Net income per common share - basic | $ | 0.60 | $ | 0.53 | $ | 0.73 | $ | 0.70 | $ | 0.65 | |||||||||
Net income per common share - diluted | $ | 0.60 | $ | 0.53 | $ | 0.73 | $ | 0.70 | $ | 0.65 | |||||||||
Dividends declared per share | $ | 0.20 | $ | 0.30 | $ | 0.17 | $ | 0.17 | $ | 0.17 | |||||||||
Book value per share (period end) | $ | 24.13 | $ | 23.98 | $ | 21.30 | $ | 22.07 | $ | 23.43 | |||||||||
Tangible book value per share (period end) (2) (3) | $ | 19.29 | $ | 19.19 | $ | 18.48 | $ | 19.26 | $ | 20.64 | |||||||||
Dividends declared | $ | 1,605 | $ | 2,514 | $ | 983 | $ | 993 | $ | 1,000 | |||||||||
Dividend yield | 2.89 | % | 4.34 | % | 2.49 | % | 2.71 | % | 2.78 | % | |||||||||
Dividend payout ratio | 32.78 | % | 71.79 | % | 23.13 | % | 24.28 | % | 26.09 | % | |||||||||
Average shares outstanding - basic | 8,138,771 | 6,593,616 | 5,792,773 | 5,851,422 | 5,879,025 | ||||||||||||||
Average shares outstanding - diluted | 8,152,629 | 6,610,907 | 5,805,799 | 5,860,098 | 5,889,836 | ||||||||||||||
Period ending shares outstanding | 8,088,793 | 8,245,235 | 5,767,803 | 5,810,351 | 5,873,565 | ||||||||||||||
Selected ratios | |||||||||||||||||||
Return on average assets | 1.16 | % | 0.97 | % | 1.32 | % | 1.25 | % | 1.17 | % | |||||||||
Return on average equity | 10.19 | % | 9.35 | % | 12.94 | % | 12.30 | % | 10.75 | % | |||||||||
Return on average tangible common equity (2) (4) | 12.77 | % | 11.13 | % | 14.79 | % | 14.02 | % | 12.13 | % | |||||||||
Efficiency (1) | 62.44 | % | 72.75 | % | 61.07 | % | 61.83 | % | 62.54 | % | |||||||||
Equity to assets at period end | 11.30 | % | 11.71 | % | 9.09 | % | 9.91 | % | 10.40 | % | |||||||||
Noninterest expense to average assets | 0.69 | % | 0.86 | % | 0.69 | % | 0.65 | % | 0.62 | % | |||||||||
(1) The efficiency ratio is calculated by dividing noninterest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus noninterest income | |||||||||||||||||||
(2) See reconciliation of non-GAAP measures below | |||||||||||||||||||
(3) Calculated by dividing tangible common equity by shares outstanding | |||||||||||||||||||
(4) Calculated by dividing annualized net income for each period by average tangible common equity | |||||||||||||||||||
Consolidated Selected Financial Highlights | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
Yields | 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Loans receivable (2) | 5.45 | % | 5.11 | % | 4.78 | % | 4.66 | % | 4.53 | % | |||||||||
Investment securities (2) | 4.11 | % | 3.83 | % | 3.90 | % | 3.76 | % | 3.41 | % | |||||||||
Interest-earning deposits with other banks | 3.46 | % | 3.42 | % | 2.06 | % | 0.77 | % | 0.23 | % | |||||||||
Total interest-earning assets | 5.22 | % | 4.88 | % | 4.55 | % | 4.28 | % | 4.06 | % | |||||||||
Deposits: | |||||||||||||||||||
Interest-bearing demand deposits | 0.83 | % | 0.83 | % | 0.22 | % | 0.15 | % | 0.14 | % | |||||||||
Money market deposits | 1.52 | % | 1.00 | % | 0.46 | % | 0.49 | % | 0.47 | % | |||||||||
Savings deposits | 1.03 | % | 0.49 | % | 0.19 | % | 0.06 | % | 0.06 | % | |||||||||
Certificates of deposit | 1.71 | % | 1.30 | % | 0.96 | % | 0.83 | % | 0.87 | % | |||||||||
Total interest-bearing deposits | 1.28 | % | 0.87 | % | 0.43 | % | 0.36 | % | 0.37 | % | |||||||||
Non-Deposit Funding: | |||||||||||||||||||
Borrowings | 4.78 | % | 4.25 | % | 2.94 | % | 2.51 | % | 2.16 | % | |||||||||
Total interest-bearing liabilities | 1.52 | % | 1.02 | % | 0.50 | % | 0.39 | % | 0.39 | % | |||||||||
Cost of deposits | 0.84 | % | 0.57 | % | 0.29 | % | 0.24 | % | 0.25 | % | |||||||||
Cost of funds | 1.02 | % | 0.68 | % | 0.34 | % | 0.27 | % | 0.27 | % | |||||||||
Net interest margin (1) | 4.26 | % | 4.23 | % | 4.23 | % | 4.02 | % | 3.80 | % | |||||||||
(1) Net interest margin represents net interest income as a percentage of average interest-earning assets. | |||||||||||||||||||
(2) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%. | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
Asset quality data | 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||
Nonperforming loans (1) | $ | 6,882 | $ | 2,111 | $ | 3,692 | $ | 4,670 | $ | 4,728 | |||||||||
Other real estate owned | 5,792 | 5,821 | 6,792 | 6,792 | 6,992 | ||||||||||||||
Nonperforming assets | $ | 12,674 | $ | 7,932 | $ | 10,484 | $ | 11,462 | $ | 11,720 | |||||||||
Allowance for credit losses | $ | 20,162 | $ | 14,438 | $ | 14,532 | $ | 14,550 | $ | 14,492 | |||||||||
Allowance for credit losses/total loans | 1.46 | % | 1.07 | % | 1.46 | % | 1.49 | % | 1.48 | % | |||||||||
Net (recoveries) charge-offs: | |||||||||||||||||||
Quarter-to-date | $ | (8 | ) | $ | 94 | $ | 18 | $ | (58 | ) | $ | (150 | ) | ||||||
Year-to-date | (8 | ) | (96 | ) | (190 | ) | (208 | ) | (150 | ) | |||||||||
Net (recoveries) charge-offs to average loans, annualized: | |||||||||||||||||||
Quarter-to-date | 0.00 | % | 0.03 | % | 0.01 | % | -0.02 | % | -0.06 | % | |||||||||
Year-to-date | 0.00 | % | -0.01 | % | -0.02 | % | -0.04 | % | -0.06 | % | |||||||||
Nonperforming loans/total loans | 0.50 | % | 0.16 | % | 0.37 | % | 0.48 | % | 0.48 | % | |||||||||
Allowance for credit losses/nonperforming loans | 292.97 | % | 683.94 | % | 393.61 | % | 311.56 | % | 306.51 | % | |||||||||
Nonperforming assets/total assets | 0.73 | % | 0.47 | % | 0.78 | % | 0.89 | % | 0.89 | % | |||||||||
(1) Nonperforming loans exclude troubled debt restructurings that are performing in accordance with their terms over a prescribed period of time. | |||||||||||||||||||
Reconciliation of Common Stockholders' Equity to Tangible Common Equity | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
Stockholders' Equity | $ | 195,165 | $ | 197,691 | $ | 122,855 | $ | 128,220 | $ | 137,644 | |||||||||
Less | 39,171 | 39,436 | 16,242 | 16,320 | 16,397 | ||||||||||||||
Tangible Common Equity | $ | 155,994 | $ | 158,255 | $ | 106,613 | $ | 111,900 | $ | 121,247 | |||||||||
Shares outstanding | 8,088,793 | 8,245,235 | 5,767,803 | 5,810,351 | 5,873,565 | ||||||||||||||
Tangible book value per share | $ | 19.29 | $ | 19.19 | $ | 18.48 | $ | 19.26 | $ | 20.64 | |||||||||
Reconciliation of Average Equity to Return on Average Tangible Common Equity | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
Average Stockholders' Equity | $ | 194,814 | $ | 148,616 | $ | 130,263 | $ | 133,377 | $ | 144,630 | |||||||||
Less Average Goodwill and other intangibles | 39,300 | 23,731 | 16,280 | 16,357 | 16,435 | ||||||||||||||
Average Tangible Common Equity | $ | 155,514 | $ | 124,885 | $ | 113,983 | $ | 117,020 | $ | 128,195 | |||||||||
Net income | $ | 4,896 | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | |||||||||
Return on average tangible common equity (annualized) | 12.77 | % | 11.13 | % | 14.79 | % | 14.02 | % | 12.13 | % | |||||||||
Reconciliation of Pre-Tax Pre-Provision Income (PTPP) | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||
Net income | $ | 4,896 | $ | 3,502 | $ | 4,249 | $ | 4,089 | $ | 3,833 | |||||||||
Add Income Taxes | 989 | 651 | 1,010 | 787 | 772 | ||||||||||||||
Add Provision for credit losses | 507 | - | - | - | - | ||||||||||||||
PTPP | $ | 6,392 | $ | 4,153 | $ | 5,259 | $ | 4,876 | $ | 4,605 |
Average Balance Sheets | |||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Average | Average | Average | Average | ||||||||||||||
Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable (3) | $ | 1,360,866 | $ | 18,275 | 5.45 | % | $ | 983,853 | $ | 10,985 | 4.53 | % | |||||
Investment securities (3) | 167,674 | 1,438 | 4.11 | % | 170,829 | 1,227 | 3.41 | % | |||||||||
Interest-earning deposits with other banks (4) | 69,308 | 591 | 3.46 | % | 91,690 | 51 | 0.23 | % | |||||||||
Total interest-earning assets | 1,597,848 | 20,304 | 5.22 | % | 1,246,372 | 12,263 | 4.06 | % | |||||||||
Noninterest-earning assets | 115,515 | 85,667 | |||||||||||||||
Total assets | $ | 1,713,363 | $ | 1,332,039 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Interest-bearing demand deposits | $ | 177,935 | $ | 364 | 0.83 | % | $ | 170,353 | $ | 60 | 0.14 | % | |||||
Money market deposits | 208,408 | 783 | 1.52 | % | 184,265 | 212 | 0.47 | % | |||||||||
Savings deposits | 315,049 | 804 | 1.03 | % | 260,162 | 38 | 0.06 | % | |||||||||
Certificates of deposit | 246,151 | 1,039 | 1.71 | % | 193,657 | 416 | 0.87 | % | |||||||||
Short-term borrowings | 56,459 | 653 | 4.69 | % | - | - | 0.00 | % | |||||||||
Other borrowings | 12,038 | 155 | 5.22 | % | 12,943 | 69 | 2.16 | % | |||||||||
Total interest-bearing liabilities | 1,016,040 | 3,798 | 1.52 | % | 821,380 | 795 | 0.39 | % | |||||||||
Noninterest-bearing liabilities: | |||||||||||||||||
Noninterest-bearing demand deposits | 491,649 | 359,656 | |||||||||||||||
Other liabilities | 10,860 | 6,373 | |||||||||||||||
Stockholders' equity | 194,814 | 144,630 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,713,363 | $ | 1,332,039 | |||||||||||||
Net interest income | $ | 16,506 | $ | 11,468 | |||||||||||||
Interest rate spread (1) | 3.70 | % | 3.67 | % | |||||||||||||
Net interest margin (2) | 4.26 | % | 3.80 | % | |||||||||||||
Ratio of average interest-earning assets to | |||||||||||||||||
average interest-bearing liabilities | 157.26 | % | 151.74 | % | |||||||||||||
(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. | |||||||||||||||||
(2) Net interest margin represents net interest income as a percentage of average interest-earning assets. | |||||||||||||||||
(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were | |||||||||||||||||
(4) Includes dividends received on restricted stock. | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Average | Average | Average | Average | ||||||||||||||
Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable (3) | $ | 1,360,866 | $ | 18,275 | 5.45 | % | $ | 1,117,221 | $ | 14,368 | 5.11 | % | |||||
Investment securities (3) | 167,674 | 1,438 | 4.11 | % | 178,772 | 1,463 | 3.83 | % | |||||||||
Interest-earning deposits with other banks (4) | 69,308 | 591 | 3.46 | % | 49,569 | 427 | 3.42 | % | |||||||||
Total interest-earning assets | 1,597,848 | 20,304 | 5.22 | % | 1,345,562 | 16,258 | 4.88 | % | |||||||||
Noninterest-earning assets | 115,515 | 89,740 | |||||||||||||||
Total assets | $ | 1,713,363 | $ | 1,435,302 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Interest-bearing demand deposits | $ | 177,935 | $ | 364 | 0.83 | % | $ | 165,267 | $ | 344 | 0.83 | % | |||||
Money market deposits | 208,408 | 783 | 1.52 | % | 172,437 | 435 | 1.00 | % | |||||||||
Savings deposits | 315,049 | 804 | 1.03 | % | 266,613 | 330 | 0.49 | % | |||||||||
Certificates of deposit | 246,151 | 1,039 | 1.71 | % | 201,972 | 662 | 1.30 | % | |||||||||
Short-term borrowings | 56,459 | 653 | 4.69 | % | 25,750 | 263 | 4.05 | % | |||||||||
Other borrowings | 12,038 | 155 | 5.22 | % | 12,086 | 142 | 4.66 | % | |||||||||
Total interest-bearing liabilities | 1,016,040 | 3,798 | 1.52 | % | 844,125 | 2,176 | 1.02 | % | |||||||||
Noninterest-bearing liabilities: | |||||||||||||||||
Noninterest-bearing demand deposits | 491,649 | 428,155 | |||||||||||||||
Other liabilities | 10,860 | 14,406 | |||||||||||||||
Stockholders' equity | 194,814 | 148,616 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,713,363 | $ | 1,435,302 | |||||||||||||
Net interest income | $ | 16,506 | $ | 14,082 | |||||||||||||
Interest rate spread (1) | 3.70 | % | 3.86 | % | |||||||||||||
Net interest margin (2) | 4.26 | % | 4.23 | % | |||||||||||||
Ratio of average interest-earning assets to | |||||||||||||||||
average interest-bearing liabilities | 157.26 | % | 159.40 | % | |||||||||||||
(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. | |||||||||||||||||
(2) Net interest margin represents net interest income as a percentage of average interest-earning assets. | |||||||||||||||||
(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were | |||||||||||||||||
(4) Includes dividends received on restricted stock. |
Company Contact: | Investor and Media Contact: |
Chief Executive Officer (440) 632-1666 Ext. 3219 JHeslop@middlefieldbank.com | Managing Director (216) 464-6400 andrew@smberger.com |
Source:
2023 GlobeNewswire, Inc., source