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 2019 Nine Month Financial Results

MIDDLEFIELD, OHIO, October 18, 2019 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2019.

2019 Nine Month Financial Highlights (on a year-over-year basis unless noted):

   

Net income increased 6.3% to $9.6 million

   

Earnings per diluted share increased 5.8% to $2.94 per share

   

Tangible book value(1) per share was up 12.1% to $36.96 per share

   

Return on average tangible common equity(1) was 10.93%, compared to 11.36%

   

Total net loans increased 2.8% to $992.3 million

   

Net interest income improved 3.6% to $31.1 million

   

Total noninterest income improved 28.5% to $3.5 million

   

Noninterest expense was up only 5.4%

   

Equity to assets remains strong at 10.61%

   

Repurchased 49,416 shares at an average purchase price of $45.07 per share

“I am pleased with our third quarter and nine-month financial results, despite continued industry wide challenges including slowing loan growth and compressing net interest margin. During this period, we remain focused on our long-term strategic plan and value creation. Stability in our net interest margin, the significant year-over-year growth in noninterest income, controlled expense growth, and stable asset quality demonstrate the successful execution of our value-oriented strategies. In addition, according to the FDIC’s annual market share study, Middlefield successfully increased its market share within the state of Ohio as our annual increase in deposits was one of the strongest from June 2018 to June 2019. According to the FDIC’s annual study, we now rank as the 27th largest bank and one of the largest community banks in the State.”


“Year-to-date, we have invested $2.2 million to repurchase 49,416 shares of our common stock, while declaring $2.7 million of dividends through our quarterly dividend payments. In addition, Middlefield’s Board recently declared a two-for-one stock split that will be effective on November 8, 2019 and will increase the number of shares outstanding to approximately 6.4 million shares. We are also investing in our platform and continue to attract, develop, and retain experienced bankers that are committed to supporting the success of our local communities. All of these efforts, combined with our profit focused strategic plan, demonstrate Middlefield’s focus on creating long-term, sustainable value for shareholders,” concluded Mr. Caldwell.

Income Statement

For the 2019 nine months, net interest income increased 3.6% to $31.1 million, compared to $30.0 million for the same period last year. Year-to-date, the net interest margin was 3.69%, compared to 3.77% for the same period last year. Net interest income for the 2019 third quarter was $10.6 million, compared to $10.3 million for the 2018 third quarter. The 3.2% increase in net interest income for the 2019 third quarter was largely a result of an increase in interest and fees on loans. The net interest margin for the 2019 third quarter was 3.72%, compared to 3.72% for the same period of 2018.

For the 2019 nine months, noninterest income increased 28.5% to $3.5 million, compared to $2.8 million for the same period last year. Noninterest income for the 2019 third quarter increased 16.6% to $1.1 million, compared to $0.9 million for the same period last year.

For the 2019 nine months, noninterest expense increased 5.4% to $22.7 million, compared to $21.5 million for the same period last year. Noninterest expense in the 2019 third quarter increased 8.2% to $7.7 million from $7.1 million for the 2018 third quarter.

“Competition for both loans and deposits within many of our markets remains high and we have seen aggressive pricing dynamics from some of our competitors,” said Donald L. Stacy, Chief Financial Officer. “While this is likely to impact near-term loan and deposit growth, we remain focused on managing risk and pricing on loans, while prudently controlling our funding costs on deposits. Our loans to deposits ratio was 96.6% at September 30, 2019, compared to 96.0% at September 30, 2018, while our equity to assets increased 19 basis points over the past three months to 10.61%. In addition, I am encouraged by our growth in tangible book value(1) which has increased 12.1% to a record $36.96 per share. Our strong asset quality, ample liquidity, and compelling capitalization continues to provide us with the flexibility to pursue our growth opportunities, while supporting our business through various economic cycles.”

Balance Sheet

Total assets at September 30, 2019, increased 6.2% to $1.28 billion from over $1.21 billion at September 30, 2018. Net loans at September 30, 2019, were $992.3 million, compared to $965.5 million at September 30, 2018, and $984.7 million at December 31, 2018. The 2.8% year-over-year improvement in net loans was primarily a result of a 1.9% increase in commercial mortgage loans, a 5.5% increase in residential mortgage loans, and a 17.7% increase in real estate construction loans, partially offset by a 7.8% decline in commercial and industrial loans and a 13.8% decline in consumer installment loans.

Total deposits at September 30, 2019, were $1.03 billion, compared to $1.01 billion at September 30, 2018. The 2.0% year-over-year increase in deposits was primarily a result of higher interest-bearing demand and time deposits, offset by decreases in money market and savings accounts. The investment portfolio, which is entirely classified as available for sale, was $105.0 million at September 30, 2019, compared with $99.7 million at September 30, 2018.

Stockholders’ Equity and Dividends

At the end of the 2019 third quarter, shareholders’ equity increased 9.4% to $135.9 million compared to $124.2 million at September 30, 2018. On a per share basis, shareholders’ equity at September 30, 2019, increased 10.3% to $42.32 from $38.38 for the same period last year. Tangible stockholders’ equity(1) increased 11.3% to $118.7 million for the 2019 third quarter, compared to $106.7 million at September 30, 2018. On a per-share basis, tangible stockholders’ equity(1) increased 12.1% to $36.96 at September 30, 2019, from $32.96 at September 30, 2018.


Through the first nine months of 2019, the company declared cash dividends of $0.84 per share, compared to $0.89 per share for the same period last year, which included a one-time special cash dividend on $0.05 per share. The dividend payout ratio for the 2019 nine-month period was 28.4% compared to 31.9% for the same period last year.

At September 30, 2019, the company had an equity to assets leverage ratio of 10.61%, compared to 10.30% at September 30, 2018.

Asset Quality

The provision for loan losses for the 2019 third quarter was $80,000 versus $210,000 for the same period last year. Nonperforming assets at September 30, 2019, were $10.1 million, compared to $7.5 million at September 30, 2018. Net charge-offs for the 2019 third quarter were $383,000, or 0.15% of average loans, annualized, compared to $218,000, or 0.09% of average loans, annualized at September 30, 2018.

Underwriting standards continue to be maintained in the face of competitive pressures and potential problem credits are being proactively addressed resulting in some exits that have enhanced the overall health of the loan portfolio.

Year-to-date net charge-offs were $857,000, or 0.11% of average loans, annualized compared to $326,000, or 0.05% of average loans, annualized for the same period last year. The allowance for loan losses at September 30, 2019, stood at $7.0 million, or 0.70% of total loans, compared to $7.5 million or 0.77% of total loans at September 30, 2018.

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 $1.28 billion at September 30, 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)

 

Balance Sheets (period end)

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

ASSETS

          

Cash and due from banks

   $ 118,956     $ 133,372     $ 121,045     $ 107,933     $ 81,951  

Federal funds sold

     1,069       2,010                    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents

     120,025       135,382       121,045       107,933       81,951  

Equity securities, at fair value

     628       660       674       616       671  

Investment securities available for sale, at fair value

     105,041       98,809       98,114       98,322       99,717  

Loans held for sale

     791       431       1,230       597       925  

Loans

     999,282       998,232       1,004,484       992,109       972,968  

Less allowance for loan and lease losses

     7,001       7,304       7,206       7,428       7,494  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans

     992,281       990,928       997,278       984,681       965,474  

Premises and equipment, net

     17,182       16,788       15,741       13,003       13,002  

Goodwill

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

Core deposit intangibles

     2,141       2,227       2,312       2,397       2,484  

Bank-owned life insurance

     16,403       16,294       16,185       16,080       15,970  

Accrued interest receivable and other assets

     11,015       11,832       13,285       9,698       11,063  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

   $ 1,280,578     $ 1,288,422     $ 1,280,935     $ 1,248,398     $ 1,206,328  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

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

LIABILITIES

          

Deposits:

          

Noninterest-bearing demand

   $ 199,235     $ 198,817     $ 194,298     $ 203,410     $ 202,580  

Interest-bearing demand

     107,033       94,266       107,246       92,104       99,342  

Money market

     155,419       152,885       178,668       196,685       191,261  

Savings

     182,005       194,505       184,662       222,954       224,704  

Time

     390,721       411,034       375,357       300,914       295,874  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

     1,034,413       1,051,507       1,040,231       1,016,067       1,013,761  

Short-term borrowings

     92,000       85,000       91,000       90,398       55,304  

Other borrowings

     12,359       12,449       11,518       8,803       8,956  

Accrued interest payable and other liabilities

     5,893       5,206       6,487       4,840       4,074  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     1,144,665       1,154,162       1,149,236       1,120,108       1,082,095  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

STOCKHOLDERS’ EQUITY

          

Common stock, no par value; 10,000,000 shares authorized, 3,647,146

          

shares issued, 3,211,565 shares outstanding as of September 30, 2019

     86,617       86,590       86,437       85,925       85,687  

Retained earnings

     62,886       60,517       58,139       56,037       53,520  

Accumulated other comprehensive income (loss)

     2,157       1,377       641       (154     (1,456

Treasury stock, at cost; 435,581 shares as of September 30, 2019

     (15,747     (14,224     (13,518     (13,518     (13,518
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

     135,913       134,260       131,699       128,290       124,233  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 1,280,578     $ 1,288,422     $ 1,280,935     $ 1,248,398     $ 1,206,328  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


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

INTEREST AND DIVIDEND INCOME

                 

Interest and fees on loans

   $ 12,804     $ 12,706     $ 12,488      $ 12,467     $ 11,821      $ 37,998      $ 34,109  

Interest-earning deposits in other institutions

     193       169       187        146       178        549        412  

Federal funds sold

     24       25       7        17       8        56        29  

Investment securities:

                 

Taxable interest

     206       214       179        182       167        599        506  

Tax-exempt interest

     613       553       565        589       598        1,731        1,673  

Dividends on stock

     45       53       58        58       57        156        169  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest and dividend income

     13,885       13,720       13,484        13,459       12,829        41,089        36,898  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

INTEREST EXPENSE

                 

Deposits

     3,173       3,277       2,945        2,828       2,178        9,395        5,803  

Short-term borrowings

     42       79       213        78       296        334        764  

Other borrowings

     92       95       96        92       104        283        344  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest expense

     3,307       3,451       3,254        2,998       2,578        10,012        6,911  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME

     10,578       10,269       10,230        10,461       10,251        31,077        29,987  

Provision for loan losses

     80       110       240        210       210        430        630  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NET INTEREST INCOME AFTER PROVISION

                 

FOR LOAN LOSSES

     10,498       10,159       9,990        10,251       10,041        30,647        29,357  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NONINTEREST INCOME

                 

Service charges on deposit accounts

     571       530       508        498       491        1,609        1,416  

Investment securities gains on sale, net

     4       190                           194         

(Loss) gain on equity securities

     (32     (14     58        (55     15        12        46  

Earnings on bank-owned life insurance

     109       109       105        110       108        323        318  

Gains on sale of loans

     128       98       59        67       43        285        164  

Other income

     325       386       402        357       291        1,113        807  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total noninterest income

     1,105       1,299       1,132        977       948        3,536        2,751  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NONINTEREST EXPENSE

                 

Salaries and employee benefits

     4,272       4,078       4,124        4,065       3,839        12,474        11,684  

Occupancy expense

     535       496       553        465       460        1,584        1,468  

Equipment expense

     244       291       235        273       262        770        696  

Data processing costs

     580       549       465        446       481        1,594        1,360  

Ohio state franchise tax

     262       261       259        220       244        782        603  

Federal deposit insurance expense

           100       130        100       150        230        450  

Professional fees

     401       403       431        364       346        1,235        1,118  

Advertising expense

     202       200       203        227       236        605        694  

Software amortization expense

     182       152       145        145       155        479        460  

Core deposit intangible amortization

     86       85       85        87       87        256        265  

Other expense

     909       867       870        851       832        2,646        2,702  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total noninterest expense

     7,673       7,482       7,500        7,243       7,092        22,655        21,500  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Income before income taxes

     3,930       3,976       3,622        3,985       3,897        11,528        10,608  

Income taxes

     661       686       611        560       593        1,958        1,602  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

NET INCOME

   $ 3,269     $ 3,290     $ 3,011      $ 3,425     $ 3,304      $ 9,570      $ 9,006  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 


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

Per common share data

              

Net income per common share – basic

   $ 1.01     $ 1.01     $ 0.93     $ 1.06     $ 1.02     $ 2.95     $ 2.79  

Net income per common share – diluted

   $ 1.01     $ 1.01     $ 0.92     $ 1.05     $ 1.02     $ 2.94     $ 2.78  

Dividends declared per share

   $ 0.28     $ 0.28     $ 0.28     $ 0.28     $ 0.28     $ 0.84     $ 0.89  

Book value per share (period end)

   $ 42.32     $ 41.41     $ 40.44     $ 39.54     $ 38.38     $ 42.32     $ 38.38  

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

   $ 36.96     $ 36.07     $ 35.11     $ 34.16     $ 32.96     $ 36.96     $ 32.96  

Dividends declared

   $ 900     $ 912     $ 909     $ 908     $ 905     $ 2,721     $ 2,871  

Dividend yield

     2.37     2.74     2.76     2.62     2.36     2.40     2.53

Dividend payout ratio

     27.53     27.72     30.19     26.51     27.39     28.43     31.88

Average shares outstanding – basic

     3,229,129       3,251,254       3,249,139       3,239,180       3,234,393       3,243,101       3,226,845  

Average shares outstanding – diluted

     3,239,533       3,257,473       3,255,284       3,250,149       3,248,326       3,253,419       3,242,299  

Period ending shares outstanding

     3,211,565       3,242,585       3,256,370       3,244,332       3,236,689       3,211,565       3,236,689  

Selected ratios

              

Return on average assets

     1.07     1.09     1.01     1.15     1.13     1.06     1.06

Return on average equity

     9.41     9.79     9.36     10.52     10.33     9.52     9.73

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

     10.76     11.23     10.80     12.17     12.00     10.93     11.36

Efficiency (1)

     63.93     63.03     64.30     61.60     61.65     63.75     63.96

Equity to assets at period end

     10.61     10.42     10.28     10.28     10.30     10.61     10.30

Noninterest expense to average assets

     0.64     0.62     0.62     0.62     0.61     1.88     1.90

 

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

Yields

              

Interest-earning assets:

              

Loans receivable (2)

     5.09     5.08     5.07     5.09     4.89     5.08     4.85

Investment securities (2)

     3.80     3.79     3.80     3.73     3.67     3.80     3.67

Interest-earning deposits with other banks

     2.31     2.21     2.26     2.08     1.95     2.26     1.84

Total interest-earning assets

     4.86     4.86     4.85     4.82     4.65     4.86     4.62

Deposits:

              

Interest-bearing demand deposits

     0.39     0.36     0.30     0.31     0.37     0.35     0.32

Money market deposits

     1.43     1.40     1.58     1.56     0.99     1.47     0.90

Savings deposits

     0.68     0.69     0.81     0.85     0.68     0.73     0.58

Certificates of deposit

     2.18     2.35     2.15     1.99     1.84     2.24     1.76

Total interest-bearing deposits

     1.48     1.56     1.46     1.38     1.15     1.50     1.06

Non-Deposit Funding:

              

Borrowings

     3.03     2.70     2.57     3.54     2.30     4.00     2.08

Total interest-bearing liabilities

     1.51     1.59     1.52     1.43     1.24     1.54     1.15

Cost of deposits

     1.20     1.26     1.17     1.09     0.90     1.21     0.83

Cost of funds

     1.23     1.29     1.24     1.14     0.99     1.25     0.92

Net interest margin (1)

     3.72     3.65     3.70     3.76     3.72     3.69     3.77

 

(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

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

(Dollar amounts in thousands)

          

Commercial and industrial

   $ 85,861     $ 85,520     $ 85,756     $ 83,857     $ 93,144  

Real estate – construction

     57,564       54,619       58,019       56,731       48,901  

Real estate – mortgage:

          

Residential

     347,739       345,830       340,483       336,487       329,609  

Commercial

     492,914       496,300       504,289       498,247       483,675  

Consumer installment

     15,204       15,963       15,937       16,787       17,639  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 999,282     $ 998,232     $ 1,004,484     $ 992,109     $ 972,968  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset quality data

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

(Dollar amounts in thousands)

          

Nonaccrual loans

   $ 10,053     $ 10,671     $ 10,472     $ 6,595     $ 7,288  

90 day past due and accruing

           58             945        
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming loans (3)

     10,053       10,729       10,472       7,540       7,288  

Other real estate owned

     89       89       126       270       257  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming assets

   $ 10,142     $ 10,818     $ 10,598     $ 7,810     $ 7,545  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Allowance for loan losses

   $ 7,001     $ 7,304     $ 7,206     $ 7,428     $ 7,494  

Allowance for loan losses/total loans

     0.70     0.73     0.72     0.75     0.77

Net charge-offs:

          

Quarter-to-date

   $ 383     $ 12     $ 462     $ 276     $ 218  

Year-to-date

     857       474       462       602       326  

Net charge-offs to average loans, annualized:

          

Quarter-to-date

     0.15     0.00     0.19     0.11     0.09

Year-to-date

     0.11     0.10     0.19     0.06     0.05

Nonperforming loans/total loans

     1.01     1.07     1.04     0.76     0.75

Allowance for loan losses/nonperforming loans

     69.64     68.08     68.81     98.51     102.83

Nonperforming assets/total assets

     0.79     0.84     0.83     0.63     0.63

 

(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     For the Nine Months Ended  
(Dollar amounts in thousands)    September 30,
2019
    June 30,
2019
    March 31,
2019
    December 31,
2018
    September 30,
2018
    September 30,
2019
    September 30,
2018
 

Stockholders’ Equity

   $ 135,913     $ 134,260     $ 131,699     $ 128,290     $ 124,233     $ 135,913     $ 124,233  

Less Goodwill and other intangibles

     17,212       17,298       17,383       17,468       17,555       17,212       17,555  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible Common Equity

   $ 118,701     $ 116,962     $ 114,316     $ 110,822     $ 106,678     $ 118,701     $ 106,678  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding

     3,211,565       3,242,585       3,256,370       3,244,332       3,236,689       3,211,565       3,236,689  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible book value per share

   $ 36.96     $ 36.07     $ 35.11     $ 34.16     $ 32.96     $ 36.96     $ 32.96  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of Average Equity to
Return on Average Tangible Common
Equity

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

Average Stockholders’ Equity

   $ 137,843     $ 134,836     $ 130,450     $ 129,208     $ 126,865     $ 134,376     $ 123,698  

Less Average Goodwill and other intangibles

     17,254       17,339       17,422       17,510       17,597       17,338       17,685  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average Tangible Common Equity

   $ 120,589     $ 117,497     $ 113,028     $ 111,698     $ 109,268     $ 117,038     $ 106,013  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 3,269       3,290       3,011       3,425       3,304       9,570       9,006  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Return on average tangible common equity (annualized)

     10.76     11.23     10.80     12.17     12.00     10.93     11.36
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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