0001193125-22-264448.txt : 20221018 0001193125-22-264448.hdr.sgml : 20221018 20221018160644 ACCESSION NUMBER: 0001193125-22-264448 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221018 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221018 DATE AS OF CHANGE: 20221018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLEFIELD BANC CORP CENTRAL INDEX KEY: 0000836147 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341585111 STATE OF INCORPORATION: OH FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36613 FILM NUMBER: 221316069 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 d401102d8k.htm 8-K 8-K
MIDDLEFIELD BANC CORP false 0000836147 0000836147 2022-10-18 2022-10-18

 

 

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

October 18, 2022

(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 October 18, 2022, Middlefield Banc Corp. issued a press release announcing financial results for the three month and nine month period ended September 30, 2022. 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    October 18, 2022 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: October 18, 2022      

/s/ James R. Heslop, II

      President and CEO
 EX-99 2 d401102dex99.htm EX-99 EX-99

Exhibit 99

 

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:

James Heslop

President/Chief Executive Officer

Middlefield Banc Corp.

(440) 632-1666 Ext. 3219

JHeslop@middlefieldbank.com

   

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

Middlefield Banc Corp. Reports 2022 Nine Month Financial Results

MIDDLEFIELD, OHIO, October 18, 2022 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2022.

2022 Nine Month Financial Highlights (on a year-over-year basis unless noted):

 

  •  

Returned $6.6 million of capital to shareholders through dividends and the repurchase of 141,002 shares at an average price of $25.83 per share

 

  •  

Net income was $12.2 million, or $2.08 per diluted share, compared to $13.8 million, or $2.19 per diluted share

 

  •  

Nine-month pre-tax income benefited from $1.2 million of accelerated net fees associated with the Paycheck Protection Program (“PPP”), compared to $3.1 million in the 2021 nine-month period

 

  •  

Year-to-date net income was negatively impacted by $969,000 of one-time expenses associated with the proposed Liberty Bancshares, Inc. merger

 

  •  

Net interest margin improved by 24 basis points to 4.02%, compared to 3.78%

 

  •  

Total loans were $995.2 million, compared to $981.7 million at December 31, 2021

 

  •  

Total loans increased by $46.6 million, or 6.6% annualized from December 31, 2021, without the impact of PPP loan forgiveness

 

  •  

Return on average assets was 1.24%, compared to 1.34%

 

  •  

Return on average equity was 11.96%, compared to 12.58%

 

  •  

Return on average tangible common equity(1) was 13.59%, compared to 14.20%

 

  •  

Strong asset quality with nonperforming loans to total loans of 0.37%, compared to 0.67%

 

  •  

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

 

  •  

Merger with Liberty Bancshares, Inc. on schedule to close during the 2022 fourth quarter

“2022 is shaping up to be a strong year of core earnings and asset growth. Total loans increased 1.7% from the second quarter and are up 4.0% on a year-over-year basis, without the impact of PPP loan forgiveness. In addition, year-to-date profitability has benefitted from robust asset quality and a higher net interest margin, partially offsetting a $1.9 million year-over-year reduction in PPP fees and nearly $1.0 million of one-time expenses associated with the proposed Liberty Bancshares, Inc. merger,” stated James R. Heslop, II, President and Chief Executive Officer.

“As we navigate a rising rate and more fluid economic environment, we are focused on supporting the financial needs of our Ohio communities, maintaining strong asset quality, and completing the merger with Liberty Bancshares, Inc. The merger is on track to close during the 2022 fourth quarter and we expect to benefit as a larger bank with total assets of approximately $1.80 billion, strong earnings accretion, and a robust footprint in two of Ohio’s largest and fastest-growing markets,” concluded Mr. Heslop.

Income Statement

Net interest income for the nine-month period ended September 30, 2022, was $36.1 million, compared to $36.2 million for the same period last year. Year-to-date, the net interest margin was 4.02%, compared to 3.78% for the same period last year. Net interest income for the 2022 third quarter was $12.6 million, compared to $12.5 million for the 2021 third quarter. The 1.1% increase in net interest income for the 2022 third quarter from the same period in 2021 was largely a result of higher interest income and lower interest expense. The net interest margin for the 2022 third quarter was 4.23%, compared to 3.90% for the same period of 2021.

For the 2022 nine-month period, noninterest income was $4.3 million, compared to $5.7 million for the same period last year. Noninterest income for the 2022 third quarter was $1.5 million, compared to $1.8 million for the same period last year.

For the 2022 nine-month period, noninterest expense increased 6.5% to $25.7 million, compared to $24.1 million for the same period last year. Operating costs in the 2022 third quarter increased 12.4% to $8.9 million from $7.9 million for the 2021 third quarter. The Company incurred $390,000 during the 2022 third quarter and $969,000 during the 2022 nine-month period of additional operating expenses associated with the proposed Liberty Bancshares, Inc. merger.

Net income for the 2022 nine-month period, was $12.2 million, or $2.08 per diluted share, compared to $13.8 million, or $2.19 per diluted share for the same period last year. Net income for the 2022 third quarter, was $4.2 million, or $0.73 per diluted share, compared to $5.2 million, or $0.85 per diluted share for the same period last year.

Balance Sheet

Total assets at September 30, 2022, decreased slightly to approximately $1.35 billion from $1.37 billion at September 30, 2021. Net loans at September 30, 2022, decreased 1.5% to $980.7 million, compared to $996.0 million at September 30, 2021. Since 2020, Middlefield has helped customers receive $211.6 million of forgiveness payments under the terms of the Paycheck Protection Program, including processing $0.4 million of forgiveness payments during the third quarter of 2022, and $33.1 million of forgiveness payments year-to-date. The balance of PPP loans outstanding at September 30, 2022, was $1.0 million.

Total deposits at September 30, 2022, were $1.13 billion, compared to $1.20 billion at September 30, 2021. The 5.8% decrease in deposits was primarily due to declines in interest-bearing, time-based, money market and savings accounts, partially offset by increased noninterest-bearing accounts. The investment portfolio was $162.1 million at September 30, 2022, compared with $163.1 million at September 30, 2021.

Donald L. Stacy, Chief Financial Officer, stated, “The growth we have experienced in our net interest margin throughout 2022 is encouraging, driven by an 18-basis point increase in our yield on earning assets, and a 6-basis point improvement in our cost of funds. As competition for deposits increases, we expect our cost of funds to increase in future periods. Asset quality remains strong across our portfolio, with only $3.7 million of nonperforming loans at September 30, 2022, which is a 45.8% reduction from September 30, 2021, and represents just 0.37% of total loans at the end of the 2022 third quarter. With a higher degree of economic uncertainty, we have maintained a robust allowance for loan losses, which was 1.46% of total

loans at September 30, 2022. We believe our strong balance sheet and favorable capital position will allow us to navigate a more challenging economic cycle, while simultaneously allocating capital to support our long-term growth strategies, dividend payment, and share repurchase program.”

Mr. Stacy continued, “Year-to-date, we have repurchased 141,002 shares of our common stock at a total cost of $3.6 million. This includes 45,638 shares repurchased during the 2022 third quarter at an average price of $26.74 per share at September 30, 2022. We have 246,549 shares remaining under our repurchase program.”

Stockholders’ Equity and Dividends

At September 30, 2022, stockholders’ equity was $122.9 million compared to $146.1 million at September 30, 2021. The 15.9% year-over-year decline in stockholders’ equity was primarily due to an increase in the unrealized loss on the available-for-sale investment portfolio as well as the Company’s stock repurchase program. On a per-share basis, shareholders’ equity at September 30, 2022, was $21.30 compared to $24.13 at September 30, 2021.

At September 30, 2022, tangible stockholders’ equity(1) was $106.6 million, compared to $129.5 million at September 30, 2021. On a per-share basis, tangible stockholders’ equity(1) was $18.48 at September 30, 2022, compared to $21.39 at September 30, 2021.

Through the 2022 nine-month period, the Company declared cash dividends of $0.51 per share, compared to $0.48 per share for the same period last year.

At September 30, 2022, the Company had an equity-to-assets ratio of 9.09%, compared to 10.69% at September 30, 2021.

Asset Quality    

No provision for loan losses was recorded for both the 2022 and 2021 third quarters. There was no provision for loan losses for the 2022 nine-month period versus $900,000 for the same period last year.

Net charge-offs were $18,000, or 0.01% of average loans, annualized, during the 2022 third quarter, compared to net recoveries of $34,000, or 0.01% of average loans, annualized, at September 30, 2021. Year-to-date net recoveries were $190,000, or 0.02% of average loans, annualized, compared to net charge-offs of $125,000, or 0.02% of average loans, annualized for the nine-months ended September 30, 2021.

Nonperforming loans at September 30, 2022, were $3.7 million, compared to $6.8 million at September 30, 2021. Nonperforming assets at September 30, 2022, were $10.5 million, compared to $13.9 million at September 30, 2021. The allowance for loan losses at September 30, 2022, stood at $14.5 million, or 1.46% of total loans, compared to $14.2 million, or 1.41% of total loans at September 30, 2021.

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 $1.35 billion at September 30, 2022. The Bank operates 16 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, 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

 

(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 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 that are 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 tables following Consolidated Financial Highlights 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 a number of 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) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; (8) changes in the securities markets; (9) the Company’s failure to integrate Liberty Bancshares, Inc. and Liberty National Bank with Middlefield in accordance with expectations and deviations from performance expectations related to Liberty Bancshares, Inc. and Liberty National Bank; or (10) 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)

 

Balance Sheets (period end)

    September 30,
2022		     June 30,
2022		     March 31,
2022		     December 31,
2021		     September 30,
2021		  

ASSETS

           

Cash and due from banks

    $ 119,777     $ 60,114     $ 78,804     $ 97,172     $ 113,177  

Federal funds sold

      8,800       19,039       29,474       22,322       19,174  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents

      128,577       79,153       108,278       119,494       132,351  

Equity securities, at fair value

      972       779       851       818       833  

Investment securities available for sale, at fair value

      162,064       171,958       175,216       170,199       163,057  

Loans held for sale

      —         —         9       1,051       676  

Loans:

           

Commercial real estate:

           

Owner occupied

      120,912       120,771       113,590       111,470       110,883  

Non-owner occupied

      285,419       288,334       293,745       283,618       310,222  

Multifamily

      38,063       29,152       29,385       31,189       30,762  

Residential real estate

      247,612       246,453       244,747       240,089       232,020  

Commercial and industrial

      146,987       137,398       131,683       148,812       163,052  

Home equity lines of credit

      114,344       111,730       106,300       104,355       105,450  

Construction and other

      33,748       35,988       50,152       54,148       49,378  

Consumer installment

      8,110       8,171       8,118       8,010       8,515  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total loans

      995,195       977,997       977,720       981,691       1,010,282  

Less allowance for loan and lease losses

      14,532       14,550       14,492       14,342       14,234  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net loans

      980,663       963,447       963,228       967,349       996,048  

Premises and equipment, net

      16,215       17,030       17,142       17,272       17,507  

Goodwill

      15,071       15,071       15,071       15,071       15,071  

Core deposit intangibles

      1,171       1,249       1,326       1,403       1,484  

Bank-owned life insurance

      17,382       17,274       17,166       17,060       16,954  

Other real estate owned

      6,792       6,792       6,992       6,992       7,090  

Accrued interest receivable and other assets

      22,104       20,624       18,019       14,297       14,794  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL ASSETS

    $ 1,351,011     $ 1,293,377     $ 1,323,298     $ 1,331,006     $ 1,365,865  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     September 30,
2022		     June 30,
2022		     March 31,
2022		     December 31,
2021		     September 30,
2021		  
 

LIABILITIES

           

Deposits:

           

Noninterest-bearing demand

    $ 383,675     $ 379,872     $ 361,251     $ 334,171     $ 316,770  

Interest-bearing demand

      160,112       154,788       162,010       196,308       237,576  

Money market

      162,052       185,494       187,807       177,281       178,423  

Savings

      247,466       252,179       264,784       260,125       256,114  

Time

      177,182       174,833       191,320       198,725       211,674  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total deposits

      1,130,487       1,147,166       1,167,172       1,166,610       1,200,557  

Short-term borrowings

      80,000       —         —         —         —    

Other borrowings

      12,107       12,910       12,975       12,901       12,966  

Accrued interest payable and other liabilities

      5,562       5,081       5,507       6,160       6,287  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

      1,228,156       1,165,157       1,185,654       1,185,671       1,219,810  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

STOCKHOLDERS’ EQUITY

           

Common stock, no par value; 10,000,000 shares authorized, 7,350,616 shares issued, 5,767,803 shares outstanding as of September 30, 2022

      87,640       87,562       87,562       87,131       87,131  

Retained earnings

      93,166       89,900       86,804       83,971       80,376  

Accumulated other comprehensive (loss) income

      (25,080 )      (17,591 )      (6,674 )      3,462       3,610  

Treasury stock, at cost; 1,582,813 shares as of September 30, 2022

      (32,871 )      (31,651 )      (30,048 )      (29,229 )      (25,062 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL STOCKHOLDERS’ EQUITY

      122,855       128,220       137,644       145,335       146,055  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $ 1,351,011     $ 1,293,377     $ 1,323,298     $ 1,331,006     $ 1,365,865  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

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

 

     For the Three Months Ended      For the Nine Months Ended  

Statements of Income

    September 30,
2022		     June 30,
2022		     March 31,
2022		      December 31,
2021		     September 30,
2021		      September 30,
2022		     September 30,
2021		  

INTEREST AND DIVIDEND INCOME

                 

Interest and fees on loans

    $ 11,892     $ 11,268     $ 10,985      $ 11,586     $ 12,258      $ 34,145     $ 36,310  

Interest-earning deposits in other institutions

      134       74       24        30       30        232       60  

Federal funds sold

      51       46       3        1       1        100       2  

Investment securities:

                 

Taxable interest

      449       442       443        438       461        1,334       1,241  

Tax-exempt interest

      982       955       784        732       673        2,721       1,833  

Dividends on stock

      59       33       24        23       24        116       79  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total interest and dividend income

      13,567       12,818       12,263        12,810       13,447        38,648       39,525  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

INTEREST EXPENSE

                 

Deposits

      812       709       726        783       915        2,247       3,130  

Short-term borrowings

      44       —         —          —         —          44       —    

Other borrowings

      112       81       69        67       68        262       214  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total interest expense

      968       790       795        850       983        2,553       3,344  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

NET INTEREST INCOME

      12,599       12,028       11,468        11,960       12,464        36,095       36,181  

Provision for loan losses

      —         —         —          (200 )      —          —         900  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

      12,599       12,028       11,468        12,160       12,464        36,095       35,281  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

NONINTEREST INCOME

                 

Service charges on deposit accounts

      1,004       956       914        906       876        2,874       2,519  

(Loss) gain on equity securities

      (57 )      (72 )      33        (14 )      102        (96 )      223  

Earnings on bank-owned life insurance

      108       108       106        106       108        322       440  

Gains on sale of loans

      7       18       3        118       309        28       1,122  

Revenue from investment services

      233       153       141        198       190        527       529  

Other income

      251       220       206        221       236        677       838  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total noninterest income

      1,546       1,383       1,403        1,535       1,821        4,332       5,671  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

NONINTEREST EXPENSE

                 

Salaries and employee benefits

      4,491       3,785       4,386        4,088       4,488        12,662       13,063  

Occupancy expense

      458       583       505        542       426        1,546       1,506  

Equipment expense

      233       274       315        358       333        822       1,003  

Data processing and information technology costs

      985       822       844        851       845        2,650       2,447  

Ohio state franchise tax

      293       292       293        285       287        878       859  

Federal deposit insurance expense

      84       90       50        50       150        224       444  

Professional fees

      280       383       455        435       136        1,118       878  

Net loss (gain) on other real estate owned

      1       206       8        (66 )      9        215       77  

Advertising expense

      268       229       228        221       222        725       664  

Software amortization expense

      27       40       48        119       88        115       242  

Core deposit intangible amortization

      78       77       77        80       81        232       241  

Merger-related costs

      390       579       —          —         —          969       —    

Other expense

      1,298       1,175       1,057        868       842        3,531       2,694  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total noninterest expense

      8,886       8,535       8,266        7,831       7,907        25,687       24,118  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Income before income taxes

      5,259       4,876       4,605        5,864       6,378        14,740       16,834  

Income taxes

      1,010       787       772        1,027       1,174        2,569       3,038  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

NET INCOME

    $ 4,249     $ 4,089     $ 3,833      $ 4,837     $ 5,204      $ 12,171     $ 13,796  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

PTPP (1)

   $ 5,259     $ 4,876     $ 4,605      $ 5,664     $ 6,378      $ 14,740     $ 17,734  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(1)

The pre-tax pre-provision (PTPP) is the income before income taxes before provision for loan losses considerations, for reconciliation of 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     For the Nine Months Ended  

Per common share data

    September 30,
2022		     June 30,
2022		     March 31,
2022		     December 31,
2021		     September 30,
2021		     September 30,
2022		     September 30,
2021		  

Net income per common share –basic

    $ 0.73     $ 0.70     $ 0.65     $ 0.81     $ 0.85     $ 2.08     $ 2.20  

Net income per common share –diluted

    $ 0.73     $ 0.70     $ 0.65     $ 0.81     $ 0.85     $ 2.08     $ 2.19  

Dividends declared per share

    $ 0.17     $ 0.17     $ 0.17     $ 0.21     $ 0.16     $ 0.51     $ 0.48  

Book value per share (period end)

    $ 21.30     $ 22.07     $ 23.43     $ 24.68     $ 24.13     $ 21.30     $ 24.13  

Tangible book value per share (period end) (2) (3)

    $ 18.48     $ 19.26     $ 20.64     $ 21.88     $ 21.39     $ 18.48     $ 21.39  

Dividends declared

    $ 983     $ 993     $ 1,000     $ 1,242     $ 978     $ 2,976     $ 2,998  

Dividend yield

      2.49 %      2.71 %      2.78 %      3.37 %      2.66 %      2.52 %      2.69 % 

Dividend payout ratio

      23.13 %      24.28 %      26.09 %      25.68 %      18.79 %      24.45 %      21.73 % 

Average shares outstanding – basic

      5,792,773       5,851,422       5,879,025       5,951,838       6,136,648       5,840,757       6,265,803  

Average shares outstanding –diluted

      5,805,799       5,860,098       5,889,836       5,975,333       6,157,181       5,853,783       6,287,556  

Period ending shares outstanding

      5,767,803       5,810,351       5,873,565       5,888,737       6,054,083       5,767,803       6,054,083  

Selected ratios

                                           

Return on average assets

      1.32 %      1.25 %      1.17 %      1.41 %      1.51 %      1.24 %      1.34 % 

Return on average equity

      12.94 %      12.30 %      10.75 %      13.17 %      13.95 %      11.96 %      12.58 % 

Return on average tangible common equity (2) (4)

      14.79 %      14.02 %      12.13 %      14.85 %      15.71 %      13.59 %      14.20 % 

Efficiency (1)

     61.07 %      61.83 %      62.54 %      56.56 %      54.05 %      61.79 %      56.42 % 

Equity to assets at period end

      9.09 %      9.91 %      10.40 %      10.92 %      10.69 %      9.09 %      10.69 % 

Noninterest expense to average assets

      0.69 %      0.65 %      0.62 %      0.58 %      0.58 %      1.96 %      1.75 % 

 

(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

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(unaudited)

 

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

Yields

    2022     2022     2022     2021     2021     2022     2021  

Interest-earning assets:

               

Loans receivable (2)

     4.78 %      4.66 %      4.53 %      4.61 %      4.74 %      4.66 %      4.54 % 

Investment securities (2)

     3.90 %      3.76 %      3.41 %      3.30 %      3.37 %      3.69 %      3.51 % 

Interest-earning deposits with other banks

      2.06 %      0.77 %      0.23 %      0.20 %      0.21 %      0.82 %      0.20 % 

Total interest-earning assets

      4.55 %      4.28 %      4.06 %      4.07 %      4.20 %      4.30 %      4.12 % 

Deposits:

               

Interest-bearing demand deposits

      0.22 %      0.15 %      0.14 %      0.12 %      0.12 %      0.17 %      0.13 % 

Money market deposits

      0.46 %      0.49 %      0.47 %      0.47 %      0.46 %      0.47 %      0.47 % 

Savings deposits

      0.19 %      0.06 %      0.06 %      0.06 %      0.06 %      0.10 %      0.06 % 

Certificates of deposit

      0.96 %      0.83 %      0.87 %      0.90 %      1.08 %      0.89 %      1.19 % 

Total interest-bearing deposits

      0.43 %      0.36 %      0.37 %      0.36 %      0.41 %      0.39 %      0.47 % 

Non-Deposit Funding:

               

Borrowings

      2.94 %      2.51 %      2.16 %      2.09 %      2.08 %      2.61 %      1.14 % 

Total interest-bearing liabilities

      0.50 %      0.39 %      0.39 %      0.37 %      0.44 %      0.43 %      0.48 % 

Cost of deposits

      0.29 %      0.24 %      0.25 %      0.26 %      0.30 %      0.26 %      0.35 % 

Cost of funds

      0.34 %      0.27 %      0.27 %      0.27 %      0.31 %      0.29 %      0.35 % 

Net interest margin (1)

     4.23 %      4.02 %      3.80 %      3.82 %      3.90 %      4.02 %      3.78 % 

 

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

Asset quality data

    2022     2022     2022     2021     2021  
(Dollar amounts in thousands, unaudited)                               

Nonperforming loans (1)

   $ 3,692     $ 4,670     $ 4,728     $ 4,859     $ 6,806  

Other real estate owned

      6,792       6,792       6,992       6,992       7,090  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Nonperforming assets

    $ 10,484     $ 11,462     $ 11,720     $ 11,851     $ 13,896  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allowance for loan losses

    $ 14,532     $ 14,550     $ 14,492     $ 14,342     $ 14,234  

Allowance for loan losses/total loans

      1.46 %      1.49 %      1.48 %      1.46 %      1.41 % 

Net charge-offs (recoveries):

           

Quarter-to-date

    $ 18     $ (58 )    $ (150 )    $ (308 )    $ (34 ) 

Year-to-date

      (190 )      (208 )      (150 )      (183 )      125  

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

           

Quarter-to-date

      0.01 %      -0.02 %      -0.06 %      -0.12 %      -0.01 % 

Year-to-date

      -0.02 %      -0.04 %      -0.06 %      -0.02 %      0.02 % 

Nonperforming loans/total loans

      0.37 %      0.48 %      0.48 %      0.49 %      0.67 % 

Allowance for loan losses/nonperforming loans

      393.61 %      311.56 %      306.51 %      295.16 %      209.14 % 

Nonperforming assets/total assets

      0.78 %      0.89 %      0.89 %      0.89 %      1.02 % 

 

(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)    September 30,
2022		      June 30,
2022		      March 31,
2022		      December 31,
2021		      September 30,
2021		  

Stockholders’ Equity

    $ 122,855      $ 128,220      $ 137,644      $ 145,335      $ 146,055  

Less Goodwill and other intangibles

      16,242        16,320        16,397        16,474        16,555  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Tangible Common Equity

    $ 106,613      $ 111,900      $ 121,247      $ 128,861      $ 129,500  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding

      5,767,803        5,810,351        5,873,565        5,888,737        6,054,083  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Tangible book value per share

    $ 18.48      $ 19.26      $ 20.64      $ 21.88      $ 21.39  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
              

 

Reconciliation of Average Equity to Return
on Average Tangible Common Equity

    For the Three Months Ended     For the Nine Months Ended  
     September 30,     June 30,     March 31,     December 31,     September 30,     September 30,     September 30,  
     2022     2022     2022     2021     2021     2022     2021  

Average Stockholders’ Equity

    $ 130,263     $ 133,377     $ 144,630     $ 145,716     $ 148,048     $ 136,090     $ 146,611  

Less Average Goodwill and other intangibles

      16,280       16,357       16,435       16,513       16,594       16,357       16,674  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average Tangible Common Equity

    $ 113,983     $ 117,020     $ 128,195     $ 129,203     $ 131,454     $ 119,733     $ 129,937  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 4,249     $ 4,089     $ 3,833     $ 4,837     $ 5,204     $ 12,171     $ 13,796  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Return on average tangible common equity (annualized)

      14.79 %      14.02 %      12.13 %      14.85 %      15.71 %      13.59 %      14.20 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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

    For the Three Months Ended      For the Nine Months Ended  
     September 30,      June 30,      March 31,      December 31,     September 30,      September 30,      September 30,  
     2022      2022      2022      2021     2021      2022      2021  

Net income

    $ 4,249      $ 4,089      $ 3,833      $ 4,837     $ 5,204      $ 12,171      $ 13,796  

Add Income Taxes

      1,010        787        772        1,027       1,174        2,569        3,038  

Add Provision for loan losses

      —          —          —          (200 )      —          —          900  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

PTPP

    $ 5,259      $ 4,876      $ 4,605      $ 5,664     $ 6,378      $ 14,740      $ 17,734  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

MIDDLEFIELD BANC CORP.

Average Balance Sheets

(Dollar amounts in thousands, unaudited)

 

     For the Three Months Ended  
     September 30,
2022		     September 30,
2021		  
     Average
Balance		      Interest      Average
Yield/Cost		     Average
Balance		      Interest      Average
Yield/Cost		  

Interest-earning assets:

                 

Loans receivable (3)

   $ 987,689      $ 11,892        4.78 %    $ 1,027,935      $ 12,258        4.74 % 

Investment securities (3)

     172,316        1,431        3.90 %      154,718        1,134        3.37 % 

Interest-earning deposits with other banks (4)

     46,938        244        2.06 %      105,910        55        0.21 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-earning assets

      1,206,943        13,567        4.55 %      1,288,563        13,447        4.20 % 
     

 

 

          

 

 

     

Noninterest-earning assets

      73,753             82,952        
  

 

 

          

 

 

        

Total assets

    $ 1,280,696           $ 1,371,515        
  

 

 

          

 

 

        

Interest-bearing liabilities:

                 

Interest-bearing demand deposits

    $ 162,878      $ 91        0.22 %    $ 225,264      $ 67        0.12 % 

Money market deposits

      155,095        180        0.46 %      182,831        214        0.46 % 

Savings deposits

      249,898        119        0.19 %      253,960        38        0.06 % 

Certificates of deposit

      174,091        422        0.96 %      218,323        596        1.08 % 

Short-term borrowings

      8,554        44        2.04 %      —          —          0.00 % 

Other borrowings

      12,530        112        3.55 %      12,999        68        2.08 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities

      763,046        968        0.50 %      893,377        983        0.44 % 
     

 

 

          

 

 

     

Noninterest-bearing liabilities:

                 

Noninterest-bearing demand deposits

      382,351             323,726        

Other liabilities

      5,036             6,364        

Stockholders’ equity

      130,263             148,048        
  

 

 

          

 

 

        

Total liabilities and stockholders’ equity

    $ 1,280,696           $ 1,371,515        
  

 

 

          

 

 

        

Net interest income

       $ 12,599           $ 12,464     
     

 

 

          

 

 

     

Interest rate spread (1)

           4.05 %            3.76 % 

Net interest margin (2)

           4.23 %            3.90 % 

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

            158.17 %            144.24 % 

 

(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 $277 and $195 for the three months ended September 30, 2022 and 2021, respectively

(4)

Includes dividends received on restricted stock.

 

     For the Three Months Ended  
     September 30,
2022		     June 30,
2022		  
     Average
Balance		      Interest      Average
Yield/Cost		     Average
Balance		      Interest      Average
Yield/Cost		  

Interest-earning assets:

                 

Loans receivable (3)

   $ 987,689      $ 11,892        4.78 %    $ 970,820      $ 11,268        4.66 % 

Investment securities (3)

     172,316        1,431        3.90 %      176,138        1,397        3.76 % 

Interest-earning deposits with other banks (4)

     46,938        244        2.06 %      79,924        153        0.77 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-earning assets

      1,206,943        13,567        4.55 %      1,226,882        12,818        4.28 % 
     

 

 

          

 

 

     

Noninterest-earning assets

      73,753             89,555        
  

 

 

          

 

 

        

Total assets

    $ 1,280,696           $ 1,316,437        
  

 

 

          

 

 

        

Interest-bearing liabilities:

                 

Interest-bearing demand deposits

    $ 162,878      $ 91        0.22 %    $ 159,779      $ 59        0.15 % 

Money market deposits

      155,095        180        0.46 %      185,711        228        0.49 % 

Savings deposits

      249,898        119        0.19 %      260,226        40        0.06 % 

Certificates of deposit

      174,091        422        0.96 %      184,748        382        0.83 % 

Short-term borrowings

      8,554        44        2.04 %      —          —          0.00 % 

Other borrowings

      12,530        112        3.55 %      12,945        81        2.51 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities

      763,046        968        0.50 %      803,409        790        0.39 % 
     

 

 

          

 

 

     

Noninterest-bearing liabilities:

                 

Noninterest-bearing demand deposits

      382,351             375,013        

Other liabilities

      5,036             4,638        

Stockholders’ equity

      130,263             133,377        
  

 

 

          

 

 

        

Total liabilities and stockholders’ equity

    $ 1,280,696           $ 1,316,437        
  

 

 

          

 

 

        

Net interest income

       $ 12,599           $ 12,028     
     

 

 

          

 

 

     

Interest rate spread (1)

           4.05 %            3.89 % 

Net interest margin (2)

           4.23 %            4.02 % 

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

            158.17 %            152.71 % 

 

(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 $277 and $271 for the three months ended September 30, 2022, and June 30, 2022, respectively.

(4)

Includes dividends received on restricted stock.

     For the Nine Months Ended  
     September 30,
2022		     September 30,
2021		  
     Average
Balance		      Interest      Average
Yield/Cost		     Average
Balance		      Interest      Average
Yield/Cost		  

Interest-earning assets:

                 

Loans receivable (3)

   $ 980,787      $ 34,145        4.66 %    $ 1,070,058      $ 36,310        4.54 % 

Investment securities (3)

     173,094        4,055        3.69 %      135,522        3,074        3.51 % 

Interest-earning deposits with other banks (4)

     72,851        448        0.82 %      94,955        141        0.20 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-earning assets

      1,226,732        38,648        4.30 %      1,300,535        39,525        4.12 % 
     

 

 

          

 

 

     

Noninterest-earning assets

      82,733             74,883        
  

 

 

          

 

 

        

Total assets

    $ 1,309,465           $ 1,375,418        
  

 

 

          

 

 

        

Interest-bearing liabilities:

                 

Interest-bearing demand deposits

    $ 164,337      $ 210        0.17 %    $ 211,797      $ 209        0.13 % 

Money market deposits

      175,024        620        0.47 %      187,945        655        0.47 % 

Savings deposits

      256,762        197        0.10 %      254,574        123        0.06 % 

Certificates of deposit

      184,165        1,220        0.89 %      240,582        2,143        1.19 % 

Short-term borrowings

      2,851        44        2.06 %      113        —          0.00 % 

Other borrowings

      12,806        262        2.74 %      13,440        214        2.13 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities

      795,945        2,553        0.43 %      908,451        3,344        0.49 % 
     

 

 

          

 

 

     

Noninterest-bearing liabilities:

                 

Noninterest-bearing demand deposits

      372,343             314,172        

Other liabilities

      5,087             6,184        

Stockholders’ equity

      136,090             146,611        
  

 

 

          

 

 

        

Total liabilities and stockholders’ equity

    $ 1,309,465           $ 1,375,418        
  

 

 

          

 

 

        

Net interest income

       $ 36,095           $ 36,181     
     

 

 

          

 

 

     

Interest rate spread (1)

           3.87 %            3.63 % 

Net interest margin (2)

           4.02 %            3.78 % 

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

            154.12 %            143.16 % 

 

(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 $768 and $542 for the nine months ended September 30, 2022 and 2021, respectively.

(4)

Includes dividends received on restricted stock.

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Document and Entity Information
Oct. 18, 2022
Cover [Abstract]  
Entity Registrant Name MIDDLEFIELD BANC CORP
Amendment Flag false
Entity Central Index Key 0000836147
Document Type 8-K
Document Period End Date Oct. 18, 2022
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 true
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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