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 endedMarch 31, 2023 , and$3.5 million for the quarter endedDecember 31, 2023 - Earnings were
$0.51 per diluted share, compared to$0.60 per diluted share for the quarter endedMarch 31, 2023 , and$0.44 per diluted share for the quarter endedDecember 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”
“While we expect uncertainty about
Income Statement
Net interest income for the 2024 first quarter decreased 9.3% to
For the 2024 first quarter, noninterest income increased 6.9% to
Noninterest expense for the 2024 first quarter was
Net income for the 2024 first quarter ended
For the 2024 first quarter, pre-tax, pre-provision net income was
Balance Sheet
Total assets at
Total liabilities at
The investment securities available for sale portfolio was
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
At
For the 2024 first quarter, the Company declared cash dividends of
At
Asset Quality
For the 2024 first quarter, the Company recorded a recovery of credit losses of
Net recoveries were
Nonperforming loans at
About
Additional information is available at: www.middlefieldbank.bank
NON-GAAP FINANCIAL MEASURES
This press release includes disclosure of
FORWARD-LOOKING STATEMENTS
This press release of
Consolidated Selected Financial Highlights | |||||||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||||||
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 | ||||||||||||||||||
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 | |||||||||||||
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 | ||||||||||||||||||
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 | 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 | ) | |||||||||||||
(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 | |||||||||||||
Consolidated Selected Financial Highlights | |||||||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
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 | ||||||||||||||||||
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. | |||||||||||||||||||||||
Consolidated Selected Financial Highlights | |||||||||||||||||||||||
(Dollar amounts in thousands, except per share and share amounts, unaudited) | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
Consolidated Selected Financial Highlights | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
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 | $ | (68 | ) | $ | (117 | ) | $ | (16 | ) | $ | 111 | $ | (8 | ) | |||||||||
Year-to-date | (68 | ) | (31 | ) | 87 | 103 | (8 | ) | |||||||||||||||
Net charge-offs (recoveries) to average loans, annualized: | |||||||||||||||||||||||
Quarter-to-date | (0.02 | %) | (0.03 | %) | 0.00 | % | 0.03 | % | 0.00 | % | |||||||||||||
Year-to-date | (0.02 | %) | 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 | % | |||||||||||||
Reconciliation of Common Stockholders' Equity to Tangible Common Equity | For the Three Months Ended | ||||||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | |||||||||||||
Average Balance Sheets | |||||||||||||||||||||||
(Dollar amounts in thousands, unaudited) | |||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
(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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
(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. |
Company Contact: | Investor and Media Contact: |
President and Chief Executive Officer (419) 673-1217 rzimmerly@middlefieldbank.com | Managing Director (216) 464-6400 andrew@smberger.com |
Source:
2024 GlobeNewswire, Inc., source