Middlefield Banc Corp. Reports 2021 First Quarter Financial Results

Middlefield, Ohio, UNITED STATES


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 share
  • Net interest margin improved by 10 basis points to 3.73%, compared to 3.63%
  • Total noninterest income was up 106.5% to $2.2 million
  • Pre-tax, pre-provision for loan losses(1) income increased 49.5% to $5.8 million
  • Return 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 $37,000
  • First 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 Statement
Net 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 Sheet
Total 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 Dividends
At 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 Quality
The 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. 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.
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  2020
ASSETS              
  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  113,272
Non-owner occupied 304,623  309,424  310,512  300,577  292,775
Multifamily 39,015  39,562  39,622  37,604  52,276
Residential real estate 228,052  233,995  222,237  227,427  233,900
Commercial and industrial 242,651  232,044  258,313  240,096  106,797
Home equity lines of credit 111,474  112,543  115,223  117,196  114,933
Construction and other 64,960  63,573  60,613  66,015  71,186
Consumer installment 9,046  9,823  10,534  11,210  12,861
Total loans 1,104,200  1,104,085  1,124,396  1,110,259  998,000
Less allowance for loan and lease losses 14,122  13,459  11,359  10,210  9,244
Net 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 $132,687
Less Goodwill and other intangibles 16,715  16,795  16,878  16,961  17,044
Tangible 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  6,369,467
Tangible 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 $1,041
Add Income Taxes 896  467  295  565  74
Add Provision for loan losses 700  2,100  4,000  1,000  2,740
PTPP$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.