Toggle SGML Header (+)


Section 1: 8-K (8-K)

8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8–K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

April 22, 2019

(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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

 

 

 


ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information is furnished under Item 2.02. On April 22, 2019, Middlefield Banc Corp. issued a press release announcing financial results for the three month period ended March 31, 2019. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by this reference.

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

 

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits.

The following exhibits are furnished herewith:

EXHIBITS

 

99    April 22, 2019 press release of Middlefield Banc Corp.


SIGNATURES

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

 

      MIDDLEFIELD BANC CORP.
Date: April 23, 2019      

/s/ James R. Heslop, II

      Executive Vice President and COO
(Back To Top)

Section 2: EX-99 (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:

Thomas G. Caldwell

President/Chief Executive Officer

Middlefield Banc Corp.

(440) 632-1666 Ext. 3200

[email protected]

  

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

[email protected]

Middlefield Banc Corp. Reports 2019 First Quarter Financial Results

MIDDLEFIELD, OHIO, April 22, 2019 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2019 first quarter ended March 31, 2019.

2019 First Quarter Financial Highlights Include (on a year-over-year basis unless noted):

 

   

Net income increased 15.6% to a first quarter record of $3.0 million

 

   

Earnings per diluted share increased 15.0% to a first quarter record of $0.92 per share

 

   

Return on average equity increased 63 basis points to 9.36%

 

   

Return on average tangible common equity(1) increased 57 basis points to 10.80%

 

   

Total loans up 7.7% to a record $1.0 billion, and were up 5.1% (annualized) from the 2018 fourth quarter

 

   

Net interest income improved 3.5% to $10.3 million

 

   

Noninterest income up 41.2% to $1.1 million

 

   

Noninterest expenses up only 2.1%

“The solid start to 2019 demonstrates strong momentum in our business and favorable economic trends throughout both our Central and Northeast Ohio markets,” stated Thomas G. Caldwell, President and Chief Executive Officer. “We achieved record first quarter financial results including loans, assets, and earnings and I am pleased with the 41.2% increase in noninterest income during the quarter. Diversifying our income streams is an important focus in 2019 and we expect further growth throughout the year as we implement strategies to improve noninterest income.”

Mr. Caldwell continued, “I am encouraged by our potential as we increase our scale, leverage our fixed costs, and drive profitable growth in 2019 and beyond. Middlefield’s Board of Directors recently approved a 150,000 share buyback, which reflects our optimism and dedication to return value to shareholders.”


Income Statement

Net interest income for the 2019 first quarter was $10.3 million, compared to $9.9 million for the 2018 first quarter. The 3.5% increase in net interest income for the 2019 first quarter was primarily a result of a 13.2% increase in interest and fees on loans. The net interest margin for the 2019 first quarter was 3.70%, compared to 3.82% for the same period of 2018. The yield on earning assets increased 28 basis points to 4.85% for the quarter ended March 31, 2019, from 4.57% for the quarter ended March 31, 2018. The cost of interest-bearing liabilities increased 49 basis points to 1.52% for the quarter ended March 31, 2019, from 1.03% for the quarter ended March 31, 2018.

Noninterest income for the 2019 first quarter was $1.1 million, compared to $0.8 million for the same period last year. The 41.2% increase in noninterest income was primarily due to higher investment services and recoveries on purchased student loans.    

Noninterest expense for the 2019 first quarter was $7.5 million, a 2.1% increase from the 2018 first quarter. Salaries and benefits expense increased $145,000, or 3.6%, during the quarter ended March 31, 2019, compared to the quarter ended March 31, 2018, primarily as a result of increased staffing during the past twelve months, including executive management and new branch personnel.

“Asset quality remains stable as a result of conservative underwriting standards, balanced portfolio composition, and steady economic trends in both of our Ohio markets,” said Donald L. Stacy, Chief Financial Officer. “Asset quality was negatively affected by one large credit of $3.2 million in the Central Ohio market. The issue is isolated to this particular borrower and it is not indicative of a trend in the market, portfolio or an issue in underwriting. Aside from this issue, the asset quality trends of the portfolio continue to improve and the bank has provided sufficient dollars to cover any potential loss with this credit. In addition, we remain focused on attracting new deposits, and total deposits increased 10.1% over the prior year period and 9.6% annualized over the past three months. Our loans to deposits ratio was 95.9% at March 31, 2019, compared to 97.9% at March 31, 2018. While our deposit beta has increased over the past 12 months, we believe we are reaching a period of stabilization in our net interest margin over the coming quarters.”

Balance Sheet

Total assets at March 31, 2019, increased 15.7% to a record $1.28 billion, compared to March 31, 2018. The Company adopted ASC 842 on January 1, 2019. As a result, for the 2019 first quarter premises and equipment, net, was $15.7 million, an increase of $2.7 million or 21.1%, compared to the 2018 fourth quarter. Similarly, accrued interest receivable and other assets was $13.3 million, an increase of $3.6 million or 37.0%, compared to the 2018 fourth quarter.

Net loans at March 31, 2019, increased 7.8% to $997.3 million, compared to $924.8 million at March 31, 2018. The year-over-year improvement in net loans was primarily a result of a 12.4% increase in commercial mortgage loans, a 7.5% increase in residential mortgage loans, a 19.2% increase in real estate construction loans, offset by a 12.7% decline in consumer installment loans and a 14.1% decline in commercial and industrial loans.

Total deposits at March 31, 2019, was $1.04 billion, compared to $944.6 million at March 31, 2018. The 10.1% increase in deposits was primarily a result of higher time and money market deposits. The investment portfolio, classified as available for sale, was $98.1 million at March 31, 2019, compared with $91.3 million at March 31, 2018.


Stockholders’ Equity and Dividends

At the end of the 2019 first quarter, stockholders’ equity increased 9.6% to $131.7 million compared to $120.2 million at March 31, 2018. On a per share basis, shareholders’ equity at March 31, 2019, was $40.44 compared to $37.28, an increase of 8.5%, over the same period last year.

Tangible stockholders’ equity(1) increased 11.6% to $114.3 million for the 2019 first quarter, compared to $102.4 million at March 31, 2018. On a per-share basis, tangible stockholders’ equity(1) was $35.11 at March 31, 2019, compared to $31.78, an increase of 10.5%, at March 31, 2018.

During the 2019 first quarter, the Company paid cash dividends of $0.28 per share, which represented a payout ratio of 30.2%.

At March 31, 2019, the Company had an equity to assets leverage ratio of 10.28%, compared to 10.86% at March 31, 2018.

Asset Quality

The provision for loan losses was $240,000 for the 2019 first quarter, compared to $210,000 for the same period a year ago. Nonperforming assets at March 31, 2019, were $10.6 million, compared to $9.0 million at March 31, 2018. Net charge-offs were $462,000, or 0.19% of average loans, annualized, during the 2019 first quarter, compared to net recoveries of $151,000, or 0.06% of average loans, annualized, at March 31, 2018. The allowance for loan losses at March 31, 2019, stood at $7.2 million, or 0.72% of total loans, compared to $7.6 million or 0.81% of total loans at March 31, 2018.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.28 billion at March 31, 2019. The bank operates 15 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, 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) 

This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share and return on average tangible equity, 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.

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) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.


MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands)

 

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

Balance Sheets (period end)

   2019     2018     2018     2018     2018  

ASSETS

          

Cash and due from banks

   $ 121,045     $ 107,933     $ 81,951     $ 42,451     $ 33,258  

Federal funds sold

     —         —         —         28,795       —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents

     121,045       107,933       81,951       71,246       33,258  

Equity securities, at fair value

     674       616       671       656       643  

Investment securities available for sale, at fair value

     98,114       98,322       99,717       100,028       91,262  

Loans held for sale

     1,230       597       925       1,132       937  

Loans

     1,004,484       992,109       972,968       943,674       932,374  

Less allowance for loan and lease losses

     7,206       7,428       7,494       7,502       7,551  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans

     997,278       984,681       965,474       936,172       924,823  

Premises and equipment, net

     15,741       13,003       13,002       12,978       12,225  

Goodwill

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

Core deposit intangibles

     2,312       2,397       2,484       2,571       2,658  

Bank-owned life insurance

     16,185       16,080       15,970       15,862       15,764  

Accrued interest receivable and other assets

     13,285       9,698       11,063       10,363       10,123  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

   $  1,280,935     $  1,248,398     $  1,206,328     $  1,166,079     $  1,106,764  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     March 31,     December 31,     September 30,     June 30,     March 31,  
     2019     2018     2018     2018     2018  

LIABILITIES

          

Deposits:

          

Noninterest-bearing demand

   $ 194,298     $ 203,410     $ 202,580     $ 205,192     $ 192,190  

Interest-bearing demand

     107,246       92,104       99,342       94,715       98,672  

Money market

     178,668       196,685       191,261       137,572       149,359  

Savings

     184,662       222,954       224,704       204,408       221,851  

Time

     375,357       300,914       295,874       290,359       282,501  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

     1,040,231       1,016,067       1,013,761       932,246       944,573  

Short-term borrowings

     91,000       90,398       55,304       87,833       18,671  

Other borrowings

     11,518       8,803       8,956       18,996       19,028  

Accrued interest payable and other liabilities

     6,487       4,840       4,074       4,288       4,340  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     1,149,236       1,120,108       1,082,095       1,043,363       986,612  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

STOCKHOLDERS’ EQUITY

          

Common stock, no par value; 10,000,000 shares authorized, 3,642,535 shares issued, 3,256,370 shares outstanding as of March 31, 2019

     86,437       85,925       85,687       85,544       85,116  

Retained earnings

     58,139       56,037       53,520       51,121       48,927  

Accumulated other comprehensive income (loss)

     641       (154     (1,456     (431     (373

Treasury stock, at cost; 386,165 shares

     (13,518     (13,518     (13,518     (13,518     (13,518
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

     131,699       128,290       124,233       122,716       120,152  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 1,280,935     $ 1,248,398     $ 1,206,328     $ 1,166,079     $ 1,106,764  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands)

 

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

Statements of Income

   2019      2018     2018      2018      2018  

INTEREST AND DIVIDEND INCOME

             

Interest and fees on loans

   $  12,510      $  12,467     $  11,821      $  11,234      $  11,054  

Interest-earning deposits in other institutions

     187        146       178        115        119  

Federal funds sold

     7        17       8        7        14  

Investment securities:

             

Taxable interest

     179        182       167        170        169  

Tax-exempt interest

     565        589       598        550        525  

Dividends on stock

     58        58       57        53        59  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest and dividend income

     13,506        13,459       12,829        12,129        11,940  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

INTEREST EXPENSE

             

Deposits

     2,945        2,828       2,178        1,973        1,640  

Short-term borrowings

     213        78       296        192        276  

Other borrowings

     96        92       104        118        122  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest expense

     3,254        2,998       2,578        2,283        2,038  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME

     10,252        10,461       10,251        9,846        9,902  

Provision for loan losses

     240        210       210        210        210  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

     10,012        10,251       10,041        9,636        9,692  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NONINTEREST INCOME

             

Service charges on deposit accounts

     508        498       491        472        453  

Gain (loss) on equity securities

     58        (55     15        13        18  

Earnings on bank-owned life insurance

     105        110       108        98        112  

Gains on sale of loans

     37        67       43        117        4  

Other income

     402        357       291        305        199  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total noninterest income

     1,110        977       948        1,005        786  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NONINTEREST EXPENSE

             

Salaries and employee benefits

     4,124        4,065       3,839        3,866        3,979  

Occupancy expense

     553        465       460        472        536  

Equipment expense

     235        273       262        201        233  

Data processing costs

     465        446       481        402        477  

Ohio state franchise tax

     259        220       244        244        115  

Federal deposit insurance expense

     130        100       150        150        150  

Professional fees

     431        364       346        327        445  

Advertising expense

     203        227       236        230        228  

Software amortization expense

     145        145       155        155        150  

Core deposit intangible amortization

     85        87       87        87        91  

Other expense

     870        851       832        929        941  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total noninterest expense

     7,500        7,243       7,092        7,063        7,345  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Income before income taxes

     3,622        3,985       3,897        3,578        3,133  

Income taxes

     611        560       593        481        528  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NET INCOME

   $ 3,011      $ 3,425     $ 3,304      $ 3,097      $ 2,605  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 


MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

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

 

     For the Three Months Ended  
     March 31,
2019
    December 31,
2018
    September 30,
2018
    June 30,
2018
    March 31,
2018
 

Per common share data

                              

Net income per common share - basic

   $ 0.93     $ 1.06     $ 1.02     $ 0.96     $ 0.81  

Net income per common share - diluted

   $ 0.92     $ 1.05     $ 1.02     $ 0.96     $ 0.80  

Dividends declared per share

   $ 0.28     $ 0.28     $ 0.28     $ 0.28     $ 0.33  

Book value per share (period end)

   $ 40.44     $ 39.54     $ 38.38     $ 37.95     $ 37.28  

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

   $ 35.11     $ 34.16     $ 32.96     $ 32.49     $ 31.78  

Dividends declared

   $ 909     $ 908     $ 905     $ 903     $ 1,063  

Dividend yield

     2.76     2.62     2.36     2.21     2.69

Dividend payout ratio

     30.19     26.51     27.39     29.16     40.81

Average shares outstanding - basic

     3,249,139       3,239,180       3,234,393       3,225,726       3,220,262  

Average shares outstanding - diluted

     3,255,284       3,250,149       3,248,326       3,240,329       3,238,069  

Period ending shares outstanding

     3,256,370       3,244,332       3,236,689       3,233,678       3,222,984  

Selected ratios

                              

Return on average assets

     1.01     1.15     1.13     1.11     0.94

Return on average equity

     9.36     10.52     10.33     10.08     8.73

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

     10.80     12.17     12.00     11.77     10.23

Efficiency (1)

     64.30     61.61     61.65     63.43     67.00

Equity to assets at period end

     10.28     10.28     10.30     10.52     10.86

Noninterest expense to average assets

     0.62     0.62     0.61     0.63     0.66

 

(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

(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

 

     For the Three Months Ended  
     March 31,
2019
    December 31,
2018
    September 30,
2018
    June 30,
2018
    March 31,
2018
 

Yields

                              

Interest-earning assets:

          

Loans receivable (2)

     5.07     5.09     4.89     4.84     4.82

Investment securities (2)

     3.80     3.73     3.67     3.68     3.61

Interest-earning deposits with other banks

     2.26     2.08     1.95     1.72     1.85

Total interest-earning assets

     4.85     4.82     4.65     4.61     4.57

Deposits:

          

Interest-bearing demand deposits

     0.30     0.31     0.30     0.28     0.28

Money market deposits

     1.58     1.56     0.99     0.87     0.82

Savings deposits

     0.81     0.85     0.68     0.57     0.47

Certificates of deposit

     2.15     1.99     1.84     1.79     1.65

Total interest-bearing deposits

     1.46     1.38     1.14     1.07     0.94

Non-Deposit Funding:

          

Borrowings

     2.57     3.54     2.30     2.59     1.67

Total interest-bearing liabilities

     1.52     1.43     1.23     1.16     1.03

Cost of deposits

     1.17     1.09     0.89     0.84     0.74

Cost of funds

     1.24     1.14     0.98     0.92     0.83

Net interest margin (1)

     3.70     3.76     3.72     3.76     3.82

 

(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  

End of Period Loan Balances

  March 31,
2019
    December 31,
2018
    September 30,
2018
    June 30,
2018
    March 31,
2018
 
(Dollar amounts in thousands)                              

Commercial and industrial

  $ 85,756     $ 83,857     $ 93,144     $ 101,975     $ 99,809  

Real estate - construction

    58,019       56,731       48,901       45,647       48,687  

Real estate - mortgage:

         

Residential

    340,483       336,487       329,609       320,858       316,856  

Commercial

    504,289       498,247       483,675       457,050       448,766  

Consumer installment

    15,937       16,787       17,639       18,144       18,256  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,004,484     $ 992,109     $ 972,968     $ 943,674     $ 932,374  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset quality data

  March 31,
2019
    December 31,
2018
    September 30,
2018
    June 30,
2018
    March 31,
2018
 
(Dollar amounts in thousands)                              

Non-accrual loans

  $ 10,472     $ 6,595     $ 7,288     $ 8,357     $ 8,747  

90 day past due and accruing

    —         945       —         15       —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming loans (3)

    10,472       7,540       7,288       8,372       8,747  

Other real estate owned

    126       270       257       181       212  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-performing assets

  $ 10,598     $ 7,810     $ 7,545     $ 8,553     $ 8,959  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Allowance for loan losses

  $ 7,206     $ 7,428     $ 7,494     $ 7,502     $ 7,551  

Allowance for loan losses/total loans

    0.72     0.75     0.77     0.79     0.81

Net charge-offs (recoveries):

         

Quarter-to-date

  $ 462     $ 276     $ 218     $ 259     $ (151

Net charge-offs to average loans, annualized:

         

Quarter-to-date

    0.19     0.11     0.09     0.11     -0.06

Nonperforming loans/total loans

    1.04     0.76     0.75     0.89     0.94

Allowance for loan losses/nonperforming loans

    68.81     98.51     102.83     89.61     86.33

Nonperforming assets/total assets

    0.83     0.63     0.63     0.73     0.81

 

(3)

Non-performing 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)   March 31,
2019
    December 31,
2018
    September 30,
2018
    June 30,
2018
    March 31,
2018
 

Stockholders’ Equity

  $ 131,699     $ 128,290     $ 124,233     $ 122,716     $ 120,152  

Less Goodwill and other intangibles

    17,383       17,468       17,555       17,642       17,729  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible Common Equity

  $ 114,316     $ 110,822     $ 106,678     $ 105,074     $ 102,423  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding

    3,256,370       3,244,332       3,236,689       3,233,678       3,222,984  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible book value per share

  $ 35.11     $ 34.16     $ 32.96     $ 32.49     $ 31.78  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Average Equity to Return on Average Tangible Common Equity

  For the Three Months Ended  
    March 31,
2019
    December 31,
2018
    September 30,
2018
    June 30,
2018
    March 31,
2018
 

Average Stockholders’ Equity

  $ 130,450     $ 129,208     $ 126,865     $ 123,228     $ 121,001  

Less Average Goodwill and other intangibles

    17,422       17,510       17,597       17,683       17,773  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average Tangible Common Equity

  $ 113,028     $ 111,698     $ 109,268     $ 105,545     $ 103,228  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

  $ 3,011     $ 3,425     $ 3,304     $ 3,097     $ 2,605  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Return on average tangible common equity (annualized)

    10.80     12.17     12.00     11.77     10.23
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
(Back To Top)