Ohio | 000-32561 | 34-1585111 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
15985 East High Street Middlefield, Ohio |
44062 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
MIDDLEFIELD BANC CORP. |
||||
Date: November 1, 2011 | /s/ James R. Heslop, II , | |||
Executive Vice President and COO | ||||
PRESS RELEASE |
Contact:
|
James R. Heslop, 2nd | |
Executive Vice President/Chief Operating Officer | ||
(440) 632-1666 Ext. 3219 | ||
jheslop@middlefieldbank.com |
| Net income of $1,079,000, up 133% from the third quarter of 2010. |
| Total assets increased $28.5 million, or 4.5%, from December 31, 2010. |
| Net interest income in a year-to-year comparison grew $2.3 million or 17.1%. |
| Total deposits stood at $587.2 million, an increase of 3.9% for the nine month period. |
| Diluted earnings per common share for the quarter were $0.63. |
| Tangible book value per share at September 30, 2011 stood at $23.99. |
(unaudited) | (unaudited) | |||||||||||
September | December | September | ||||||||||
30, | 31, | 30, | ||||||||||
Balance Sheet (period end) | 2011 | 2010 | 2010 | |||||||||
Assets |
||||||||||||
Cash and due from banks |
$ | 21,269 | $ | 10,473 | $ | 13,645 | ||||||
Federal funds sold |
22,318 | 20,162 | 37,701 | |||||||||
Interest-bearing deposits in other institutions |
| | 124 | |||||||||
Cash and cash equivalents |
43,587 | 30,635 | 51,470 | |||||||||
Investment securities available for sale |
204,455 | 201,772 | 195,101 | |||||||||
Loans: |
388,558 | 372,498 | 365,219 | |||||||||
Less: reserve for loan losses |
7,574 | 6,221 | 5,971 | |||||||||
Net loans |
380,984 | 366,277 | 359,248 | |||||||||
Premises and equipment |
8,042 | 8,179 | 8,222 | |||||||||
Goodwill |
4,559 | 4,559 | 4,559 | |||||||||
Bank-owned life insurance |
8,188 | 7,979 | 7,911 | |||||||||
Accrued interest receivable and other assets |
10,864 | 12,796 | 10,578 | |||||||||
Total Assets |
$ | 660,679 | 632,197 | 637,089 | ||||||||
September | December | September | ||||||||||
30, | 31, | 30, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Liabilities and Stockholders Equity |
||||||||||||
Non-interest bearing demand deposits |
$ | 60,806 | $ | 53,391 | $ | 55,448 | ||||||
Interest bearing demand deposits |
61,483 | 48,869 | 44,232 | |||||||||
Money market accounts |
76,851 | 71,105 | 71,097 | |||||||||
Savings deposits |
166,531 | 146,993 | 141,693 | |||||||||
Time deposits |
221,567 | 244,893 | 251,021 | |||||||||
Total Deposits |
587,238 | 565,251 | 563,491 | |||||||||
Short-term borrowings |
6,908 | 7,632 | 7,762 | |||||||||
Other borrowings |
17,955 | 19,321 | 22,035 | |||||||||
Other liabilities |
1,915 | 1,971 | 2,111 | |||||||||
Total Liabilities |
614,016 | 594,175 | 595,399 | |||||||||
Common equity |
31,112 | 28,429 | 28,315 | |||||||||
Retained earnings |
17,335 | 15,840 | 15,558 | |||||||||
Accumulated other comprehensive income |
4,950 | 487 | 4,551 | |||||||||
Treasury stock |
(6,734 | ) | (6,734 | ) | (6,734 | ) | ||||||
Total Stockholders Equity |
46,663 | 38,022 | 41,690 | |||||||||
Total Liabilities and Stockholders Equity |
$ | 660,679 | $ | 632,197 | $ | 637,089 | ||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Income Statement | 2011 | 2010 | 2011 | 2010 | ||||||||||||
INTEREST INCOME |
||||||||||||||||
Interest and fees on loans |
$ | 5,555 | $ | 5,325 | $ | 16,255 | $ | 15,721 | ||||||||
Interest-bearing deposits in other institutions |
4 | 3 | 8 | 10 | ||||||||||||
Federal funds sold |
0 | 15 | 13 | 38 | ||||||||||||
Investment securities
|
||||||||||||||||
Taxable interest |
1,220 | 1,290 | 3,832 | 3,832 | ||||||||||||
Tax-exempt interest |
724 | 702 | 2,124 | 1,941 | ||||||||||||
Dividends on stock |
25 | 33 | 76 | 82 | ||||||||||||
Total interest income |
7,528 | 7,368 | 22,308 | 21,624 | ||||||||||||
INTEREST EXPENSE |
||||||||||||||||
Deposits |
1,836 | 2,391 | 5,877 | 7,249 | ||||||||||||
Short term borrowings |
59 | 66 | 177 | 186 | ||||||||||||
Other borrowings |
100 | 147 | 313 | 520 | ||||||||||||
Trust preferred securities |
139 | 148 | 412 | 412 | ||||||||||||
Total interest expense |
2,134 | 2,752 | 6,779 | 8,367 | ||||||||||||
NET INTEREST INCOME |
5,394 | 4,616 | 15,529 | 13,257 | ||||||||||||
Provision for loan losses |
920 | 1,226 | 2,485 | 2,355 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES |
4,474 | 3,390 | 13,044 | 10,902 | ||||||||||||
NONINTEREST INCOME |
||||||||||||||||
Service charges on deposits |
455 | 473 | 1,299 | 1,321 | ||||||||||||
Net securities gains (losses) |
6 | 18 | (16 | ) | 45 | |||||||||||
Earnings on bank-owned life insurance |
70 | 72 | 209 | 204 | ||||||||||||
Other income |
155 | 132 | 487 | 419 | ||||||||||||
Total non-interest income |
686 | 695 | 1,979 | 1,989 | ||||||||||||
NONINTEREST EXPENSE |
||||||||||||||||
Salaries and employee benefits |
1,754 | 1,543 | 5,388 | 4,767 | ||||||||||||
Occupancy expense |
242 | 224 | 737 | 717 | ||||||||||||
Equipment expense |
175 | 156 | 488 | 558 | ||||||||||||
Data processing costs |
162 | 160 | 515 | 575 | ||||||||||||
Ohio state franchise tax |
126 | 134 | 351 | 404 | ||||||||||||
Federal deposit insurance expense |
176 | 197 | 673 | 589 | ||||||||||||
Professional fees |
181 | 110 | 577 | 490 | ||||||||||||
Loss on sale of other real estate owned |
195 | 536 | 498 | 750 | ||||||||||||
Other operating expense |
895 | 682 | 2,676 | 2,278 | ||||||||||||
Total non-interest expense |
3,906 | 3,742 | 11,903 | 11,128 | ||||||||||||
Income before income taxes |
1,254 | 343 | 3,120 | 1,763 | ||||||||||||
Provision for income taxes |
175 | (120 | ) | 319 | (60 | ) | ||||||||||
NET INCOME |
$ | 1,079 | $ | 463 | $ | 2,801 | $ | 1,823 | ||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Per common share data |
||||||||||||||||
Net income per common share basic |
$ | 0.63 | $ | 0.29 | $ | 1.69 | $ | 1.16 | ||||||||
Net income per common share diluted |
$ | 0.63 | $ | 0.29 | $ | 1.69 | $ | 1.16 | ||||||||
Dividends declared |
$ | 0.26 | $ | 0.26 | $ | 0.78 | $ | 0.78 | ||||||||
Book value per share(period end) |
$ | 26.59 | $ | 26.31 | $ | 26.59 | $ | 26.31 | ||||||||
Tangible book value per share (period end) |
$ | 23.99 | $ | 23.44 | $ | 23.99 | $ | 23.44 | ||||||||
Dividend payout ratio |
44.11 | % | 88.55 | % | 46.63 | % | 67.22 | % | ||||||||
Average shares outstanding basic |
1,704,677 | 1,578,832 | 1,658,415 | 1,571,762 | ||||||||||||
Average shares outstanding -diluted |
1,704,677 | 1,578,832 | 1,658,415 | 1,572,726 | ||||||||||||
Period ending shares outstanding |
1,754,856 | 1,584,281 | 1,754,856 | 1,584,281 | ||||||||||||
Selected ratios |
||||||||||||||||
Return on average assets |
0.66 | % | 0.29 | % | 0.59 | % | 0.41 | % | ||||||||
Return on average equity |
11.11 | % | 4.54 | % | 9.82 | % | 6.31 | % | ||||||||
Yield on earning assets |
5.14 | % | 5.26 | % | 5.20 | % | 5.38 | % | ||||||||
Cost of interest bearing liabilities |
1.56 | % | 2.08 | % | 1.68 | % | 2.19 | % | ||||||||
Net interest spread |
3.58 | % | 3.19 | % | 3.52 | % | 3.19 | % | ||||||||
Net interest margin |
3.75 | % | 3.39 | % | 3.69 | % | 3.39 | % | ||||||||
Efficiency (1) |
60.53 | % | 65.97 | % | 63.99 | % | 68.50 | % | ||||||||
Equity to assets at period end |
7.12 | % | 6.54 | % | 7.12 | % | 6.54 | % |
(1) | The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income. |
September | September | |||||||||
30, | 30, | |||||||||
Asset quality data | 2011 | 2010 | ||||||||
(Dollar amounts in thousands) | ||||||||||
Non-accrual loans |
$ | 17,805 | $ | 19,999 | ||||||
Troubled debt restructuring |
4,337 | 603 | ||||||||
90 day past due and accruing |
583 | 381 | ||||||||
Non-performing loans |
22,725 | 20,983 | ||||||||
Other real estate owned |
2,173 | 2,016 | ||||||||
Non-performing assets |
$ | 24,898 | $ | 22,999 | ||||||
Allowance for loan losses |
$ | 7,574 | $ | 5,971 | ||||||
Allowance for loan losses/total loans |
1.95 | % | 1.63 | % | ||||||
Net charge-offs: |
||||||||||
Quarter-to-date |
$ | 373 | $ | 1,089 | ||||||
Year-to-date |
1,132 | 1,321 | ||||||||
Net charge-offs to average loans |
||||||||||
Quarter-to-date |
0.10 | % | 0.30 | % | ||||||
Year-to-date |
0.30 | % | 0.37 | % | ||||||
Non-performing loans/total loans |
5.85 | % | 5.75 | % | ||||||
Allowance for loan losses/non-performing loans |
33.33 | % | 28.46 | % |
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