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Middlefield Banc Corp. (MBCN)

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Previous Close23.00
Open23.10
Bid0.00 x 800
Ask0.00 x 900
Day's Range23.10 - 24.19
52 Week Range17.15 - 26.35
Volume22,414
Avg. Volume21,625
Market Cap149.533M
Beta (5Y Monthly)0.90
PE Ratio (TTM)13.19
EPS (TTM)1.79
Earnings DateJul 20, 2021 - Jul 26, 2021
Forward Dividend & Yield0.64 (2.71%)
Ex-Dividend DateJun 03, 2021
1y Target Est25.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Middlefield Banc Corp. Announces 2021 Second Quarter Cash Dividend Payment
    GlobeNewswire

    Middlefield Banc Corp. Announces 2021 Second Quarter Cash Dividend Payment

    MIDDLEFIELD, Ohio, May 11, 2021 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on June 15, 2021, to shareholders of record on June 4, 2021. Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.39 billion at March 31, 2021. The bank operates 16 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio. Additional information is available at www.middlefieldbank.bank This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; (8) changes in the securities markets; or (9) 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. Company Contact:Investor and Media Contact:Thomas G. CaldwellPresident/Chief Executive OfficerMiddlefield Banc Corp.(440) 632-1666 Ext. 3200tcaldwell@middlefieldbank.comAndrew M. BergerManaging DirectorSM Berger & Company, Inc. (216) 464-6400andrew@smberger.com

  • Middlefield Banc Corp. (MBCN) Q1 Earnings and Revenues Top Estimates
    Zacks

    Middlefield Banc Corp. (MBCN) Q1 Earnings and Revenues Top Estimates

    Middlefield Banc Corp. (MBCN) delivered earnings and revenue surprises of 8.33% and 8.59%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

  • Middlefield Banc Corp. Reports 2021 First Quarter Financial Results
    GlobeNewswire

    Middlefield Banc Corp. Reports 2021 First Quarter Financial Results

    MIDDLEFIELD, Ohio, April 20, 2021 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2021 first quarter ended March 31, 2021. 2021 First Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net income increased to a quarterly record of $4.2 million, or a record $0.65 per diluted shareNet interest margin improved by 10 basis points to 3.73%, compared to 3.63%Total noninterest income was up 106.5% to $2.2 millionPre-tax, pre-provision for loan losses(1) income increased 49.5% to $5.8 millionReturn on average assets increased to 1.22% from 0.35%Return on average equity increased to 11.64% from 3.01%Return on average tangible common equity(1) increased to 13.16% from 3.43%Efficiency ratio improved to 57.91%, compared to 63.47%Net charge-offs declined 86.0% to $37,000First quarter cash dividend increased 6.7% to $0.16 per share “Our record first quarter financial results are encouraging and reflects the successful actions we took last year to navigate the impacts of the COVID-19 pandemic, our commitment to our communities, and the dedication of our team,” stated Thomas G. Caldwell, President and Chief Executive Officer. “While the COVID-19 pandemic continues, we are seeing improving trends across many aspects of our business and across many of our markets. We believe 2021 will be a strong year for Middlefield.” “Last year we quickly implemented our Paycheck Protection Program (“PPP”) process and helped provide more than 1,410 small businesses over $145 million of support, while protecting over 12,000 jobs. We continue to help small business customers throughout our communities and during the first quarter, we processed an additional $60 million of PPP loans. During the first quarter, we also helped customers secure $49.7 million of PPP forgiveness, which provided a $750,000 benefit to our yield on earnings assets. Over 45% of PPP applicants booked were to small businesses without a prior banking relationship, which is a testament to the agility of our organization, our local presence, and our community-oriented values.” “We remain focused on managing all aspects of the business that are under our control and I am proud of the success we have achieved managing asset quality, expenses, and noninterest income. As a result we experienced robust improvements in net interest margin, return on equity, and return on tangible common equity, which have all increased above pre-pandemic levels. In addition, during the first quarter, noninterest income doubled to a quarterly record of $2.2 million as a result of our long-term strategic focus to diversify revenues and strong residential mortgage demand. We continue to find new ways to support our small business customers, and we have established unique, safe, and secure offerings for the rapidly growing Ohio cannabis industry. We believe there are significant opportunities to expand our leading marijuana related business (“MRB”) banking portfolio and we will continue to seek additional growth opportunities as the economy re-opens.” “I continue to be very thankful for the proven leadership team we have assembled and our loyal customers, employees, and shareholders. Thank you for your continued support,” concluded Mr. Caldwell. Income StatementNet interest income for the 2021 first quarter was $11.9 million, compared to $10.0 million for the 2020 first quarter. The net interest margin for the 2021 first quarter was 3.73%, compared to 3.63% for the same period of 2020. For the 2021 first quarter, noninterest income increased 106.5% to $2.2 million from $1.1 million for the same period of 2020. Noninterest expense for the 2021 first quarter increased 15.2% to $8.4 million, from the 2020 first quarter. Balance SheetTotal assets at March 31, 2021, increased 14.3% to $1.39 billion, compared to $1.21 billion at March 31, 2020. Net loans at March 31, 2021 increased 10.2% to $1.09 billion, compared to $988.8 million at March 31, 2020. Over the last 12 months, Middlefield has originated $205.4 million of loans under the PPP and helped customers receive $78.5 million of forgiveness payments under the terms of the program. The balance of PPP loans outstanding at March 31, 2021, was $126.9 million. Total deposits at March 31, 2021, was $1.22 billion, compared to $1.00 billion at March 31, 2020. The 22.1% increase in deposits was primarily a result of increases in interest-bearing, money market and non-interest-bearing accounts, partially offset by decreases time-based accounts. The investment portfolio, classified as available for sale, was $123.2 million at March 31, 2021, compared with $103.0 million at March 31, 2020. Donald L. Stacy, Chief Financial Officer stated, “We entered 2021 with a strengthened balance sheet as a result of last year’s strategies to increase our allowance for loan losses, as well as favorable asset performance and robust liquidity and capital levels. Our allowance for loan losses to total loans now stands at 1.28%, compared to 1.22% at December 31, 2020 and 0.93% at March 31, 2020. The increase in nonperforming loans is primarily due to payment deferrals we extended to certain business customers to help them navigate the continued challenges of the COVID-19 crisis. At March 31, 2021 we had $25.3 million in deferrals, compared to $214.8 million at June 30, 2020, a decline of over 88%.” “We remain focused on managing risk and pricing on loans, while proactively controlling our cost of funds and operating expenses. In addition, we continue to focus on creating value for our shareholders. During the quarter we increased our quarterly dividend payment by 6.7% and repurchased 49,468 shares of our common stock. With an equity to assets ratio of 10.4%, $100.5 million of cash and cash equivalents, and $123.2 million of investment securities available for sale we have a strong liquidity position to support our customers and our growth initiatives,” concluded Mr. Stacy. Stockholders’ Equity and DividendsAt March 31, 2021, stockholders’ equity increased 8.7% to $144.3 million compared to $132.7 million at March 31, 2020. On a per share basis, shareholders’ equity at March 31, 2021, was $22.74 compared to $20.83, an increase of 9.2%, over the same period last year. At March 31, 2021, tangible stockholders’ equity(1) increased 10.3% to $127.6 million for the 2021 first quarter, compared to $115.6 million at March 31, 2020. On a per-share basis, tangible stockholders’ equity(1) was $20.11 at March 31, 2021, compared to $18.16 at March 31, 2020, an increase of 10.7%. During the 2021 first quarter, the Company paid cash dividends of $0.16 per share, compared to $0.15 per share for the first quarter last year. At March 31, 2021, the Company had an equity to assets leverage ratio of 10.4%, compared to 10.9% at March 31, 2020. Asset QualityThe provision for loan losses for the 2021 first quarter was $700,000, compared to $2.7 million for the same period a year ago. The year-over-year decline in the provision for loan losses was partially due to strong asset quality and last year’s prudent build in the Company’s allowance for loan losses associated with the potential economic impacts caused by the COVID-19 pandemic. Net charge-offs were $37,000, or 0.01% of average loans, annualized, during the 2021 first quarter, compared to net charge-offs of $264,000, or 0.11% of average loans, annualized, at March 31, 2020. Nonperforming assets at March 31, 2021, were $16.3 million, compared to $8.9 million at March 31, 2020. The allowance for loan losses at March 31, 2021, stood at $14.1 million, or 1.28% of total loans, compared to $9.2 million, or 0.93% of total loans at March 31, 2020. 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 $1.39 billion at March 31, 2021. The bank operates 16 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio. Additional information is available at www.middlefieldbank.bank (1) This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Middlefield Banc Corp. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below. This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; (8) changes in the securities markets; or (9) 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. Company Contact:Investor and Media Contact:Thomas G. CaldwellPresident/Chief Executive OfficerMiddlefield Banc Corp.(440) 632-1666 Ext. 3200tcaldwell@middlefieldbank.comAndrew M. BergerManaging DirectorSM Berger & Company, Inc. (216) 464-6400andrew@smberger.com MIDDLEFIELD BANC CORP.Consolidated Selected Financial Highlights(Dollar amounts in thousands, unaudited) March 31, December 31, September 30, June 30, March 31, Balance Sheets (period end) 2021 2020 2020 2020 2020ASSETS Cash and due from banks$93,037 $92,874 $46,097 $55,766 $53,533 Federal funds sold 7,436 19,543 6,884 2,520 1,800 Cash and cash equivalents 100,473 112,417 52,981 58,286 55,333 Equity securities, at fair value 690 609 553 581 550 Investment securities available for sale, at fair value 123,218 114,360 112,968 112,529 102,959 Loans held for sale 1,260 878 10,457 4,151 513 Loans: Commercial real estate: Owner occupied 104,379 103,121 107,342 110,134 113,272Non-owner occupied 304,623 309,424 310,512 300,577 292,775Multifamily 39,015 39,562 39,622 37,604 52,276Residential real estate 228,052 233,995 222,237 227,427 233,900Commercial and industrial 242,651 232,044 258,313 240,096 106,797Home equity lines of credit 111,474 112,543 115,223 117,196 114,933Construction and other 64,960 63,573 60,613 66,015 71,186Consumer installment 9,046 9,823 10,534 11,210 12,861Total loans 1,104,200 1,104,085 1,124,396 1,110,259 998,000Less allowance for loan and lease losses 14,122 13,459 11,359 10,210 9,244Net loans 1,090,078 1,090,626 1,113,037 1,100,049 988,756 Premises and equipment, net 18,002 18,333 18,633 18,962 17,653 Goodwill 15,071 15,071 15,071 15,071 15,071 Core deposit intangibles 1,644 1,724 1,807 1,890 1,973 Bank-owned life insurance 16,740 16,938 16,832 16,723 16,618 Other real estate owned 7,372 7,387 7,391 687 456 Accrued interest receivable and other assets 13,156 13,636 15,079 14,391 14,057 TOTAL ASSETS$1,387,704 $1,391,979 $1,364,809 $1,343,320 $1,213,939 March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 LIABILITIES Deposits: Noninterest-bearing demand$317,224 $291,347 $268,838 $270,738 $206,372 Interest-bearing demand 215,684 195,722 179,080 136,722 125,184 Money market 187,204 198,493 184,936 168,842 156,556 Savings 259,973 243,888 231,696 218,545 175,468 Time 245,342 295,750 329,413 363,420 340,130 Total deposits 1,225,427 1,225,200 1,193,963 1,158,267 1,003,710 Short-term borrowings - - - 20,417 60,000 Other borrowings 13,095 17,038 17,100 17,162 12,662 Accrued interest payable and other liabilities 4,901 5,931 11,690 6,779 4,880 TOTAL LIABILITIES 1,243,423 1,248,169 1,222,753 1,202,625 1,081,252 STOCKHOLDERS' EQUITY Common stock, no par value; 10,000,000 shares authorized, 7,323,487 shares issued, 6,344,657 shares outstanding as of March 31, 2021 87,073 86,886 86,871 86,722 86,722 Retained earnings 72,729 69,578 68,046 67,150 65,140 Accumulated other comprehensive income (loss) 2,917 4,284 4,077 3,761 (2,237) Treasury stock, at cost; 978,830 shares as of March 31, 2021 (18,438) (16,938) (16,938) (16,938) (16,938) TOTAL STOCKHOLDERS' EQUITY 144,281 143,810 142,056 140,695 132,687 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,387,704 $1,391,979 $1,364,809 $1,343,320 $1,213,939 MIDDLEFIELD BANC CORP.Consolidated Selected Financial Highlights(Dollar amounts in thousands, unaudited) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, Statements of Income 2021 2020 2020 2020 2020 INTEREST AND DIVIDEND INCOME Interest and fees on loans$12,167 $12,041 $12,603 $12,281 $12,078 Interest-earning deposits in other institutions 18 9 8 7 94 Federal funds sold - 1 - - 21 Investment securities: Taxable interest 370 297 249 206 157 Tax-exempt interest 558 591 618 634 629 Dividends on stock 29 28 29 27 30 Total interest and dividend income 13,142 12,967 13,507 13,155 13,009 INTEREST EXPENSE Deposits 1,205 1,655 2,106 2,336 2,865 Short-term borrowings - (2) 14 32 35 Other borrowings 39 43 28 62 76 Total interest expense 1,244 1,696 2,148 2,430 2,976 NET INTEREST INCOME 11,898 11,271 11,359 10,725 10,033 Provision for loan losses 700 2,100 4,000 1,000 2,740 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 11,198 9,171 7,359 9,725 7,293 NONINTEREST INCOME Service charges on deposit accounts 787 729 691 566 553 Gain (loss) on equity securities 81 56 (28) 31 (160) Earnings on bank-owned life insurance 226 106 109 105 107 Gains on sale of loans 592 332 660 381 114 Other income 532 387 379 412 460 Total noninterest income 2,218 1,610 1,811 1,495 1,074 NONINTEREST EXPENSE Salaries and employee benefits 4,254 4,458 3,657 4,136 3,584 Occupancy expense 600 628 497 483 550 Equipment expense 357 365 363 307 273 Data processing costs 786 617 683 684 666 Ohio state franchise tax 286 251 282 281 268 Federal deposit insurance expense 144 103 123 74 123 Professional fees 419 352 289 369 349 Net loss (gain) on other real estate owned 46 (172) (184) (33) 1 Advertising expense 221 55 217 217 209 Software amortization expense 80 66 70 74 141 Core deposit intangible amortization 80 83 83 83 83 Other expense 1,080 1,019 942 1,014 1,005 Total noninterest expense 8,353 7,825 7,022 7,689 7,252 Income before income taxes 5,063 2,956 2,148 3,531 1,115 Income taxes 896 467 295 565 74 NET INCOME$4,167 $2,489 $1,853 $2,966 $1,041 PTPP (1)$5,763 $5,056 $6,148 $4,531 $3,855 (1) The pre-tax pre-provision (PTPP) is the income before income taxes before provision for loan losses considerations, for reconciliation of non-GAAP measures. MIDDLEFIELD BANC CORP.Consolidated Selected Financial Highlights(Dollar amounts in thousands, except per share and share amounts, unaudited) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Per common share data Net income per common share - basic$0.65 $0.39 $0.29 $0.47 $0.16 Net income per common share - diluted$0.65 $0.39 $0.29 $0.46 $0.16 Dividends declared per share$0.16 $0.15 $0.15 $0.15 $0.15 Book value per share (period end)$22.74 $22.54 $22.27 $22.09 $20.83 Tangible book value per share (period end) (2) (3)$20.11 $19.91 $19.63 $19.43 $18.16 Dividends declared$1,016 $957 $957 $956 $964 Dividend yield 3.10% 2.65% 3.09% 2.91% 3.82%Dividend payout ratio 24.38% 38.45% 51.65% 32.23% 92.60%Average shares outstanding - basic 6,364,132 6,378,706 6,376,291 6,369,467 6,417,109 Average shares outstanding - diluted 6,378,493 6,397,681 6,385,765 6,388,118 6,429,443 Period ending shares outstanding 6,344,657 6,379,323 6,378,110 6,369,467 6,369,467 Selected ratios Return on average assets 1.22% 0.72% 0.54% 0.90% 0.35%Return on average equity 11.64% 6.76% 5.11% 8.57% 3.01%Return on average tangible common equity (2) (4) 13.16% 7.64% 5.79% 9.76% 3.43%Efficiency (1) 57.91% 59.29% 51.96% 61.29% 63.47%Equity to assets at period end 10.40% 10.33% 10.41% 10.47% 10.93%Noninterest expense to average assets 0.60% 0.57% 0.52% 0.58% 0.61% (1) The efficiency ratio is calculated by dividing noninterest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus noninterest income (2) See reconciliation of non-GAAP measures below (3) Calculated by dividing tangible common equity by shares outstanding (4) Calculated by dividing annualized net income for each period by average tangible common equity MIDDLEFIELD BANC CORP.Consolidated Selected Financial Highlights(Unaudited) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, Yields 2021 2020 2020 2020 2020 Interest-earning assets: Loans receivable (2) 4.48% 4.28% 4.48% 4.53% 4.95% Investment securities (2) 3.75% 3.65% 3.66% 3.76% 3.62% Interest-earning deposits with other banks 0.20% 0.21% 0.27% 0.23% 1.40%Total interest-earning assets 4.11% 4.00% 4.23% 4.27% 4.69%Deposits: Interest-bearing demand deposits 0.16% 0.21% 0.32% 0.35% 0.42% Money market deposits 0.47% 0.53% 0.70% 0.93% 1.41% Savings deposits 0.07% 0.11% 0.20% 0.21% 0.50% Certificates of deposit 1.28% 1.56% 1.77% 2.00% 2.12%Total interest-bearing deposits 0.53% 0.70% 0.93% 1.11% 1.39%Non-Deposit Funding: Borrowings 1.10% 0.95% 0.45% 0.53% 1.62%Total interest-bearing liabilities 0.54% 0.71% 0.91% 1.07% 1.40%Cost of deposits 0.40% 0.54% 0.72% 0.85% 1.13%Cost of funds 0.41% 0.55% 0.71% 0.83% 1.14%Net interest margin (1) 3.73% 3.49% 3.57% 3.49% 3.63% (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 March 31, December 31, September 30, June 30, March 31, Asset quality data 2021 2020 2020 2020 2020 (Dollar amounts in thousands, unaudited) Nonperforming loans (1)$8,958 $7,858 $6,690 $9,803 $8,405 Other real estate owned 7,372 7,387 7,391 687 456 Nonperforming assets$16,330 $15,245 $14,081 $10,490 $8,861 Allowance for loan losses$14,122 $13,459 $11,359 $10,210 $9,244 Allowance for loan losses/total loans 1.28% 1.22% 1.01% 0.92% 0.93%Net charge-offs: Quarter-to-date$37 $- $2,851 $34 $264 Net charge-offs to average loans, annualized: Quarter-to-date 0.01% 0.00% 1.01% 0.01% 0.11% Nonperforming loans/total loans 0.81% 0.71% 0.59% 0.88% 0.84%Allowance for loan losses/nonperforming loans 157.65% 171.28% 169.79% 104.15% 109.98%Nonperforming assets/total assets 1.18% 1.10% 1.03% 0.78% 0.73% (1) Nonperforming loans exclude troubled debt restructurings that are performing in accordance with their terms over a prescribed period of time. Reconciliation of Common Stockholders' Equity to Tangible Common Equity For the Three Months Ended(Dollar amounts in thousands, unaudited) March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Stockholders' Equity$144,281 $143,810 $142,056 $140,695 $132,687Less Goodwill and other intangibles 16,715 16,795 16,878 16,961 17,044Tangible Common Equity$127,566 $127,015 $125,178 $123,734 $115,643 Shares outstanding 6,344,657 6,379,323 6,378,110 6,369,467 6,369,467Tangible book value per share$20.11 $19.91 $19.63 $19.43 $18.16 Reconciliation of Average Equity to Return on Average Tangible Common Equity For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Average Stockholders' Equity $145,208 $146,374 $144,167 $139,212 $139,208 Less Average Goodwill and other intangibles 16,754 16,836 16,919 17,002 17,085 Average Tangible Common Equity$128,454 $129,538 $127,248 $122,210 $122,123 Net income$4,167 $2,489 $1,853 $2,966 $1,041 Return on average tangible common equity (annualized) 13.16% 7.64% 5.79% 9.76% 3.43% Reconciliation of Pre-Tax Pre-Provision Income (PTPP) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Net income$4,167 $2,489 $1,853 $2,966 $1,041Add Income Taxes 896 467 295 565 74Add Provision for loan losses 700 2,100 4,000 1,000 2,740PTPP$5,763 $5,056 $6,148 $4,531 $3,855 MIDDLEFIELD BANC CORP.Average Balance Sheets(Dollar amounts in thousands, unaudited) For the Three Months Ended March 31, March 31, 2021 2020 Average Average Average Average Balance Interest Yield/Cost Balance Interest Yield/Cost Interest-earning assets: Loans receivable (3) $ 1,103,373 $ 12,167 4.48% $ 984,034 $ 12,078 4.95% Investment securities (3) 116,510 928 3.75% 105,894 786 3.62% Interest-earning deposits with other banks (4) 93,709 47 0.20% 41,717 145 1.40%Total interest-earning assets 1,313,592 13,142 4.11% 1,131,645 13,009 4.69%Noninterest-earning assets 71,007 65,003 Total assets $ 1,384,599 $ 1,196,648 Interest-bearing liabilities: Interest-bearing demand deposits $ 203,047 $ 78 0.16% $ 113,691 $ 119 0.42% Money market deposits 195,275 228 0.47% 158,008 552 1.41% Savings deposits 256,151 47 0.07% 183,137 226 0.50% Certificates of deposit 269,493 852 1.28% 373,866 1,968 2.12% Short-term borrowings 111 - 0.00% 14,808 35 0.95% Other borrowings 14,258 39 1.11% 12,703 76 2.41%Total interest-bearing liabilities 938,335 1,244 0.54% 856,213 2,976 1.40%Noninterest-bearing liabilities: Noninterest-bearing demand deposits 295,199 195,411 Other liabilities 5,857 5,816 Stockholders' equity 145,208 139,208 Total liabilities and stockholders' equity $ 1,384,599 $ 1,196,648 Net interest income $ 11,898 $ 10,033 Interest rate spread (1) 3.57% 3.29%Net interest margin (2) 3.73% 3.63%Ratio of average interest-earning assets to average interest-bearing liabilities 139.99% 132.17% (1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. (2) Net interest margin represents net interest income as a percentage of average interest-earning assets. (3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $169 and $189 for the three months ended March 31, 2021 and 2020, respectively (4) Includes dividends received on restricted stock. For the Three Months Ended March 31, December 31, 2021 2020 Average Average Average Average Balance Interest Yield/Cost Balance Interest Yield/Cost Interest-earning assets: Loans receivable (3) $ 1,103,373 $ 12,167 4.48% $ 1,121,259 $ 12,041 4.28% Investment securities (3) 116,510 928 3.75% 113,801 888 3.65% Interest-earning deposits with other banks (4) 93,709 47 0.20% 70,803 38 0.21%Total interest-earning assets 1,313,592 13,142 4.11% 1,305,863 12,967 4.00%Noninterest-earning assets 71,007 78,064 Total assets $ 1,384,599 $ 1,383,927 Interest-bearing liabilities: Interest-bearing demand deposits $ 203,047 $ 78 0.16% $ 186,933 $ 97 0.21% Money market deposits 195,275 228 0.47% 191,771 255 0.53% Savings deposits 256,151 47 0.07% 238,991 66 0.11% Certificates of deposit 269,493 852 1.28% 316,293 1,237 1.56% Short-term borrowings 111 - 0.00% 26 - 0.00% Other borrowings 14,258 39 1.11% 17,068 41 0.96%Total interest-bearing liabilities 938,335 1,244 0.54% 951,082 1,696 0.71%Noninterest-bearing liabilities: Noninterest-bearing demand deposits 295,199 281,608 Other liabilities 5,857 4,863 Stockholders' equity 145,208 146,374 Total liabilities and stockholders' equity $ 1,384,599 $ 1,383,927 Net interest income $ 11,898 $ 11,271 Interest rate spread (1) 3.57% 3.29%Net interest margin (2) 3.73% 3.49%Ratio of average interest-earning assets to average interest-bearing liabilities 139.99% 137.30% (1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. (2) Net interest margin represents net interest income as a percentage of average interest-earning assets. (3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $169 and $178 for the three months ended March 31, 2021, and December 31, 2020, respectively. (4) Includes dividends received on restricted stock.