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

tcaldwell@middlefieldbank.com

  

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

Middlefield Banc Corp. Reports Record Earnings

for 2018 Third Quarter and Nine Month Financial Results

MIDDLEFIELD, OHIO, October 17, 2018 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2018.

2018 Nine Month Financial Highlights (on a year-over-year basis unless noted):

 

   

Net income increased 27.4% to $9.0 million

 

   

Earnings per diluted share increased 17.3% to $2.78 per share, despite an 8.8% increase in the average number of diluted shares outstanding

 

   

For the 2018 third quarter, return on average equity was 10.33%, compared to 8.12% for the quarter ended September 30, 2017

 

   

For the 2018 third quarter, return on average tangible common equity(1) was 12.00%, compared to 9.57% for the quarter ended September 30, 2017

 

   

Book value per share was up 4.1% to $38.38 per share

 

   

Tangible book value(1) per share was up 5.6% to $32.96 per share

 

   

Total net loans increased 10.8% to $965.5 million

 

   

Total interest income improved 13.8% to $36.9 million

 

   

Noninterest expense was up only 1.1%

 

   

Equity to assets remains strong at 10.30%

“Earnings per diluted share were a quarterly record during the third quarter. Middlefield also ended the third quarter with record loans and deposits, and we experienced a significant expansion in returns on average assets, equity, and tangible common equity,” stated Thomas G. Caldwell, President and Chief Executive Officer. “Our efficiency ratio continues to improve despite additional operating expenses associated with our new Powell, Ohio office that opened in September. Our recently opened Sunbury and Powell offices are well positioned to capitalize on favorable trends in the Central Ohio market and we are encouraged with the performance of these new locations. The economic landscape in both of our Ohio markets remains stable, supporting strong loan growth and performance.


“Three years ago, we implemented a strategic plan that focused on creating continued value for our shareholders by profitably growing our business. Middlefield’s third quarter results reflect the favorable execution of this strategic plan and the trends are encouraging. As we start the process to update our strategic plan, we are excited by the direction we are headed and the opportunities we have to grow our franchise. Middlefield’s financial results have strengthened throughout the year and we believe we are well positioned to end 2018 with record full-year results,” concluded Mr. Caldwell.

Income Statement

For the 2018 nine months, net interest income increased 8.9% to $30.0 million, compared to $27.5 million for the same period last year. Year-to-date, the net interest margin was 3.77%, compared to 3.82% for the same period last year. Net interest income for the 2018 third quarter was $10.3 million, compared to $9.5 million for the 2017 third quarter. The 7.8% increase in net interest income for the 2018 third quarter was largely a result of a 13.2% increase in interest and fees on loans. The net interest margin for the 2018 third quarter was 3.72%, compared to 3.81% for the same period of 2017.

For the 2018 nine months, noninterest income was $2.8 million, compared to $3.9 million for the same period last year. Noninterest income for the 2018 third quarter was $0.9 million, compared to $1.4 million for the same period last year.

For the 2018 nine months, noninterest expense increased 1.1% to $21.5 million, compared to $21.3 million for the same period last year. Operating costs in the 2018 third quarter decreased 2.8% to $7.1 million from $7.3 million for the 2017 third quarter. Noninterest expense for the 2017 nine months included $1.0 million of additional one-time operating expenses as a result of the Liberty acquisition.

“Asset quality continues to improve and during the first three quarters Middlefield’s nonperforming assets have declined 27.9%, compared to the 10.7% increase in loans,” said Donald L. Stacy, Chief Financial Officer. “As a result, our nonperforming loans to total loans was 1.08%, which is the lowest level in six quarters. While competition for new deposits remains elevated, our strategies to drive deposit growth were successful and we ended the quarter with over $1.0 billion in deposits for the first time in our history. Over the past three months Middlefield’s total deposits increased by $81.5 million or 8.7%. Our loan-to-deposit ratio was 96.0% at September 30, 2018, compared to 97.9% at September 30, 2017, and 101.2% at June 30, 2018. We continue to believe we will improve operating leverage throughout the remainder of the year, which should translate to continued earnings growth and improved profitability.”

Balance Sheet

Total assets at September 30, 2018, increased 11.6% to over $1.2 billion from approximately $1.1 billion at September 30, 2017. Net loans at September 30, 2018, were $965.5 million, compared to $871.7 million at September 30, 2017, and $916.0 million at December 31, 2017. The 10.8% year-over-year improvement in net loans was across almost all loan categories and was primarily a result of a 20.0% increase in commercial mortgage loans, a 4.2% increase in residential mortgage loans, and a 20.0% increase in real estate construction loans, partially offset by a 6.2% decrease in commercial and industrial loans, 7.8% decline in consumer installment loans.

Total deposits at September 30, 2018, were $1.0 billion, compared to $897.7 million at September 30, 2017. The 12.9% year-over-year increase in deposits was primarily a result of higher noninterest-bearing demand, money market, savings, and time deposits. The investment portfolio, which is entirely classified as available for sale, was $99.7 million September 30, 2018, compared with $98.3 million at September 30, 2017.


Stockholders’ Equity and Dividends

At the end of the 2018 third quarter, shareholders’ equity increased 4.8% to $124.2 million compared to $118.5 million at September 30, 2017. On a per share basis, shareholders’ equity at September 30, 2018, was $38.38 compared to $36.86 at the same period last year. Tangible stockholders’ equity(1) increased 6.3% to $106.7 million for the 2018 third quarter, compared to $100.3 million at September 30, 2017. On a per-share basis, tangible stockholders’ equity(1) was $32.96 at September 30, 2018, compared to $31.21 at September 30, 2017.

Through the first nine months of 2018, the company declared cash dividends of $0.89 per share, compared to $0.81 per share for the same period last year. The dividend payout ratio for the 2018 nine-month period was 31.9% compared to 35.2% for the same period last year.

At September 30, 2018, the company had an equity to assets leverage ratio of 10.30%, compared to 10.96% at September 30, 2017.

Asset Quality

The provision for loan losses for the 2018 third quarter was $210,000 versus $280,000 for the same period last year. Nonperforming assets at September 30, 2018, were $10.8 million, compared to $15.0 million at September 30, 2017. Net charge-offs for the 2018 third quarter were $218,000, or 0.09% of average loans, annualized, compared to $33,000, or 0.02% of average loans, annualized at September 30, 2017.

Year-to-date net charge-offs were $326,000, or 0.05% of average loans, annualized compared to $361,000, or 0.06% of average loans, annualized for the same period last year. The allowance for loan losses at September 30, 2018, stood at $7.5 million, or 0.77% of total loans, compared to $6.9 million or 0.78% of total loans at September 30, 2017.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.2 billion at September 30, 2018. 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)

 

Balance Sheets (period end)

   September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 

ASSETS

          

Cash and due from banks

   $ 81,951     $ 42,451     $ 33,258     $ 39,886     $ 47,731  

Federal funds sold

     —         28,795       —         —         1,200  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents

     81,951       71,246       33,258       39,886       48,931  

Equity securities, at fair value

     671       656       643       —         —    

Investment securities available for sale, at fair value

     99,717       100,028       91,262       95,283       98,334  

Loans held for sale

     925       1,132       937       463       5,930  

Loans

     972,968       943,674       932,374       923,213       878,541  

Less allowance for loan and lease losses

     7,494       7,502       7,551       7,190       6,852  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans

     965,474       936,172       924,823       916,023       871,689  

Premises and equipment, net

     13,002       12,978       12,225       11,853       11,768  

Goodwill

     15,071       15,071       15,071       15,071       15,299  

Core deposit intangibles

     2,484       2,571       2,658       2,749       2,848  

Bank-owned life insurance

     15,970       15,862       15,764       15,652       15,542  

Other real estate owned

     257       181       212       212       557  

Accrued interest receivable and other assets

     10,806       10,182       9,911       9,144       9,928  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

   $ 1,206,328     $ 1,166,079     $ 1,106,764     $ 1,106,336     $ 1,080,826  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     September 30,
2018
    June 30,
2018
    March 31,
2018
    December 31,
2017
    September 30,
2017
 

LIABILITIES

          

Deposits:

          

Noninterest-bearing demand

   $ 205,357     $ 207,791     $ 194,203     $ 192,438     $ 181,550  

Interest-bearing demand

     96,565       92,116       96,659       83,990       91,184  

Money market

     191,261       137,572       149,359       150,277       161,101  

Savings

     224,704       204,408       221,851       208,502       212,371  

Time

     295,874       290,359       282,501       242,987       251,449  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

     1,013,761       932,246       944,573       878,194       897,655  

Short-term borrowings

     55,304       87,833       18,671       74,707       20,274  

Other borrowings

     8,956       18,996       19,028       29,065       39,273  

Accrued interest payable and other liabilities

     4,074       4,288       4,340       4,507       5,130  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     1,082,095       1,043,363       986,612       986,473       962,332  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

STOCKHOLDERS’ EQUITY

          

Common equity

     85,687       85,544       85,116       84,859       84,722  

Retained earnings

     53,520       51,121       48,927       47,431       45,913  

Accumulated other comprehensive (loss) income

     (1,456     (431     (373     1,091       1,377  

Treasury stock

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

     124,233       122,716       120,152       119,863       118,494  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 1,206,328     $ 1,166,079     $ 1,106,764     $ 1,106,336     $ 1,080,826  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands)

 

     For the Three Months Ended      For the Nine Months Ended  

Statements of Income

   September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
     September 30,
2018
     September 30,
2017
 

INTEREST AND DIVIDEND INCOME

                    

Interest and fees on loans

   $ 11,821      $ 11,234      $ 11,054      $ 10,696      $ 10,443      $ 34,109      $ 29,539  

Interest-earning deposits in other institutions

     178        115        119        80        107        412        248  

Federal funds sold

     8        7        14        6        5        29        9  

Investment securities:

                    

Taxable interest

     167        170        169        162        159        506        600  

Tax-exempt interest

     598        550        525        560        579        1,673        1,846  

Dividends on stock

     57        53        59        60        37        169        189  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total interest and dividend income

     12,829        12,129        11,940        11,564        11,330        36,898        32,431  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

INTEREST EXPENSE

                    

Deposits

     2,178        1,973        1,640        1,530        1,468        5,803        3,820  

Short-term borrowings

     296        192        276        101        202        764        652  

Other borrowings

     104        118        122        131        148        344        413  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

     2,578        2,283        2,038        1,762        1,818        6,911        4,885  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME

     10,251        9,846        9,902        9,802        9,512        29,987        27,546  

Provision for loan losses

     210        210        210        430        280        630        615  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

     10,041        9,636        9,692        9,372        9,232        29,357        26,931  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

NONINTEREST INCOME

                    

Service charges on deposit accounts

     491        472        453        478        479        1,416        1,397  

Investment securities gains on sale, net

     —          —          —          —          398        —          886  

Gain on equity securities

     15        13        18        —          —          46        —    

Earnings on bank-owned life insurance

     108        98        112        115        109        318        316  

Gains on sale of loans

     43        117        4        106        255        164        720  

Other income

     291        305        199        219        200        807        622  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest income

     948        1,005        786        918        1,441        2,751        3,941  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

NONINTEREST EXPENSE

                    

Salaries and employee benefits

     3,839        3,866        3,979        3,134        3,725        11,684        10,624  

Occupancy expense

     460        472        536        449        476        1,468        1,397  

Equipment expense

     262        201        233        261        242        696        789  

Data processing costs

     481        402        477        416        468        1,360        1,376  

Ohio state franchise tax

     244        244        115        186        186        603        558  

Federal deposit insurance expense

     150        150        150        165        165        450        368  

Professional fees

     346        327        445        522        434        1,118        1,230  

Advertising expense

     236        230        228        161        248        694        660  

Software amortization expense

     155        155        150        134        118        460        280  

Core deposit intangible amortization

     87        87        91        98        101        265        276  

Merger expense

     —          —          —          28        338        —          1,032  

Other expense

     832        929        941        663        796        2,702        2,678  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest expense

     7,092        7,063        7,345        6,217        7,297        21,500        21,268  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     3,897        3,578        3,133        4,073        3,376        10,608        9,604  

Income taxes

     593        481        528        1,687        914        1,602        2,535  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

NET INCOME

   $ 3,304      $ 3,097      $ 2,605      $ 2,386      $ 2,462      $ 9,006      $ 7,069  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 


MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

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

 

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

Per common share data

  2018     2018     2018     2017     2017     2018     2017  

Net income per common share - basic

  $ 1.02     $ 0.96     $ 0.81     $ 0.73     $ 0.77     $ 2.79     $ 2.38  

Net income per common share - diluted

  $ 1.02     $ 0.96     $ 0.80     $ 0.73     $ 0.76     $ 2.78     $ 2.37  

Dividends declared per share

  $ 0.28     $ 0.28     $ 0.33     $ 0.27     $ 0.27     $ 0.89     $ 0.81  

Book value per share (period end)

  $ 38.38     $ 37.95     $ 37.28     $ 37.25     $ 36.86     $ 38.38     $ 36.86  

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

  $ 32.96     $ 32.49     $ 31.78     $ 31.71     $ 31.21     $ 32.96     $ 31.21  

Dividends declared

  $ 905     $ 903     $ 1,063     $ 868     $ 867     $ 2,871     $ 2,490  

Dividend yield

    2.36     2.21     2.69     2.24     2.34     2.53     2.35

Dividend payout ratio

    27.39     29.16     40.81     36.38     35.22     31.88     35.22

Average shares outstanding - basic

    3,234,393       3,225,726       3,220,262       3,215,300       3,212,335       3,226,845       2,966,151  

Average shares outstanding - diluted

    3,248,326       3,240,329       3,238,069       3,231,791       3,223,753       3,242,299       2,978,743  

Period ending shares outstanding

    3,236,689       3,233,678       3,222,984       3,217,716       3,214,737       3,236,689       3,214,737  

Selected ratios

                                         

Return on average assets

    1.13     1.11     0.94     0.86     0.90     1.06     0.89

Return on average equity

    10.33     10.08     8.73     7.72     8.12     9.73     8.82

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

    12.00     11.77     10.23     9.05     9.57     11.36     10.58

Yield on earning assets

    4.65     4.61     4.57     4.51     4.52     4.62     4.47

Cost of interest bearing liabilities

    1.25     1.16     1.03     0.89     0.92     1.15     0.84

Net interest spread

    3.40     3.45     3.54     3.62     3.60     3.47     3.63

Net interest margin

    3.72     3.76     3.82     3.84     3.81     3.77     3.82

Efficiency (1)

    61.65     63.43     67.00     55.58     63.96     63.96     64.71

Equity to assets at period end

    10.30     10.52     10.86     10.83     10.96     10.30     10.96

 

(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

 

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

End of Period Loan Balances

   2018     2018     2018     2017     2017  

Commercial and industrial

   $ 93,144     $ 101,975     $ 99,809     $ 101,346     $ 99,314  

Real estate - construction

     48,901       45,647       48,687       47,017       40,760  

Real estate - mortgage:

          

Residential

     329,609       320,858       316,856       318,157       316,191  

Commercial

     483,675       457,050       448,766       437,947       403,135  

Consumer installment

     17,639       18,144       18,256       18,746       19,141  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 972,968     $ 943,674     $ 932,374     $ 923,213     $ 878,541  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

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

Asset quality data

   2018     2018     2018     2017     2017  

(Dollar amounts in thousands)

          

Non-accrual loans

   $ 7,288     $ 8,357     $ 8,747     $ 8,433     $ 8,525  

Troubled debt restructuring

     3,241       3,051       9,071       4,982       5,608  

90 day past due and accruing

     —         15       —         —         268  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming loans

     10,529       11,423       17,818       13,415       14,401  

Other real estate owned

     257       181       212       212       557  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming assets

   $ 10,786     $ 11,604     $ 18,030     $ 13,627     $ 14,958  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Allowance for loan losses

   $ 7,494     $ 7,502     $ 7,551     $ 7,190     $ 6,852  

Allowance for loan losses/total loans

     0.77     0.79     0.81     0.78     0.78

Net charge-offs (recoveries):

          

Quarter-to-date

   $ 218     $ 259     $ (151   $ 92     $ 33  

Year-to-date

     326       108       (151     453       361  

Net charge-offs to average loans, annualized:

          

Quarter-to-date

     0.09     0.11     -0.06     0.04     0.02

Year-to-date

     0.05     0.02     -0.06     0.05     0.06

Nonperforming loans/total loans

     1.08     1.21     1.91     1.45     1.64

Allowance for loan losses/nonperforming loans

     71.17     65.67     42.38     53.60     47.58

Nonperforming assets/total assets

     0.89     1.00     1.63     1.23     1.38


Reconciliation of Common Stockholders’ Equity to

Tangible Common Equity

   For the Three Months Ended      For the Nine Months Ended  
(Dollar amounts in thousands)    September 30,
2018
     June 30,
2018
     March 31,
2018
     December 31,
2017
     September 30,
2017
     September 30,
2018
     September 30,
2017
 

Stockholders’ Equity

   $ 124,233      $ 122,716      $ 120,152      $ 119,863      $ 118,494      $ 124,233      $ 118,494  

Less Goodwill and other intangibles

     17,555        17,642        17,729        17,820        18,147        17,555        18,147  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Tangible Common Equity

   $ 106,678      $ 105,074      $ 102,423      $ 102,043      $ 100,347      $ 106,678      $ 100,347  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Stockholders’ Equity

   $ 126,865      $ 123,228      $ 121,001      $ 122,586      $ 120,310      $ 123,698      $ 107,112  

Less Average Goodwill and other intangibles

     17,597        17,683        17,773        17,987        18,251        17,685        17,762  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Tangible Common Equity

   $ 109,268      $ 105,545      $ 103,228      $ 104,599      $ 102,059      $ 106,013      $ 89,350  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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