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Middletown Valley Bank, Inc. Reports Results For The Third Quarter 2018

DRUCKEN

MIDDLETOWN, Md., Oct. 22, 2018 /PRNewswire/ -- Middletown Valley Bank, Inc. (the "Bank") (OTCPink: MNVB) reported record total assets for the third quarter of 2018 of $428.8 million, an increase of $104.1 million (32%) versus third quarter ended September 30, 2017. Net income for the quarter ended September 30, 2018 was $474.2 thousand and earnings per share of $0.21 (share count is 750.8 thousand higher in 3Q18 vs. 3Q17,) as compared to net income of $513.5 thousand and earnings per share of $0.35 recorded for the third quarter 2017. The Bank earned $1.7 million with earnings per share of $0.75 for the nine months ended on September 30, 2018, as compared to $1.4 million in earnings and earnings per share of $0.96 for the same period in 2017.

(PRNewsfoto/Middletown Valley Bank)

The decrease in third quarter 2018 earnings of $39.2 thousand versus third quarter 2017 was due to a $273.8 thousand increase in the provision for loan losses driven by $89 million in new loan growth and a $674.7 thousand increase in noninterest expense more than offsetting the increases of: $754.5 thousand increase in net interest income, $22.9 thousand increase in noninterest income, and a $131.7 thousand decrease in income taxes. Net interest income year over year increase of $754.4 thousand was driven by average loan balances increasing $86.8 million to $331.2 million, more than offsetting the lower net interest margin (NIM). The Bank made a strategic decision to lengthen our liabilities in the early third quarter 2018 to lock in funding costs ahead of expected future interest rate increases. Income taxes were again positively impacted by the lowered corporate tax rate. Non-interest expense growth was primarily caused by an increase in personnel expenses (73% of increase) and occupancy (11% of increase) as the Bank continues to build out staffing to support the continued growth.   

The ratio of Allowance for loan losses to total loans were 0.99% and 1.08% for the quarters ended September 30, 2018 and 2017, respectively, as the overall loan portfolio continues to see improvement in credit quality. Nonperforming assets to total loans were 1.06% and 1.03% as of September 30, 2018 and 2017, respectively.

The balance sheet growth mentioned previously for the third quarter ended September 30, 2018 was driven by net loan growth of $89.1 million (35%) to $340.2 million, a $7.5 million increase in cash to $24.9 million, and a $6.1 million in increase in investments which were funded by a $83.0 million (28.3%) increase in deposits, $5.0 million in borrowings, and a $13.7 million increase in equity due to the fourth quarter 2017 common equity capital raise and retained earnings. The dividend declared was $0.03 and $0.02 per share for the third quarter ended September 30, 2018 and 2017, respectively.  

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward- looking terminology such as "believes," "expects," "intends," "may," "will," "should," "anticipates" or similar terminology. Such statements, specifically regarding the Company's intentions regarding transparency, growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, stock market liquidity, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry in general. The realization or occurrence of these risks or uncertainties could cause actual results to differ materially from those addressed in the forward-looking statements.

Middletown Valley Bank
Brian M. Ropp
Executive Vice President, Chief Financial Officer
(301) 371-3029

 

Middletown Valley Bank

September 30, 2018

Summary Financials

(dollars in thousands)

















Balance Sheet


September 30,


September 30,



December 31,



2018


2017



2017



(unaudited)


(unaudited)



(audited)

Cash


$                24,907


$               17,394



$                   20,053

FHLB Stock


538


255



255

Investments, at market value


48,255


42,133



47,458

Loans, net of Reserve


340,189


251,088



280,183

Fixed assets


5,920


5,499



5,615

Other assets


9,032


8,294



7,660

Total Assets


$              428,841


$             324,663



$                 361,224









Deposits


$              375,411


$             292,444



$                 315,932

Borrowings


5,000


-



-

Other liabilities


4,178


1,701



1,904

Total Liabilities


384,589


294,145



317,836

Equity


45,375


30,766



43,815

Unrealized gain(loss), net of tax


(1,123)


(248)



(427)

Total Equity


44,252


30,518



43,388

Total Liabilities & Equity


$              428,841


$             324,663



$                 361,224











































For the Three Months Ended


For the Nine Months Ended

Income Statement


September 30,


September 30,


September 30,

September 30,



2018


2017


2018

2017



(unaudited)


(unaudited)


(unaudited)

(unaudited)

Total interest and fee income


$           4,290,135


$          3,052,603


$    11,656,495

$              8,567,327

Total interest expense


781,766


298,745


1,731,391

777,005

Net interest income 


3,508,369


2,753,858


9,925,104

7,790,322

Provision for loan losses


381,913


108,108


563,913

377,903

Net interest income after provision


3,126,456


2,645,750


9,361,191

7,412,419

Other non-interest income


298,443


275,529


869,097

790,692

Other non-interest expense


2,797,642


2,122,924


7,969,479

6,018,061

Pre-merger, pre-tax net income


627,257


798,355


2,260,809

2,185,050

Income taxes


153,056


284,813


583,749

768,334

Net income


$              474,201


$             513,542


$      1,677,060

$              1,416,716

 

 

Middletown Valley Bank










Selected Financial Data 



























September 30,


September 30,




December 31,



2018


2017




2017

(dollars in thousands)


(unaudited)


(unaudited)




(audited)

Total Assets 


$           428,841


$          324,663




$

361,224

Loans 


340,189


251,088




280,183

Deposits 


375,411


292,444




315,932

Shareholder's equity 


44,252


30,518




43,388










Nonperforming Assets:









Accruing troubled debt restructures


$                  738


$                 766




$

759

Loans 90 past due and still accruing 


-


-




-

Nonaccrual loans 


3,098


1,841




3,134

Foreclosed properties 


167


167




167

Total nonperforming assets


$               4,003


$              2,774




$

4,060





















For the Three Months Ended


For the Nine Months Ended



September 30,


September 30,


September 30,


September 30,

Summary of Operating Results 

2018


2017


2018


2017

(dollars in thousands)


(unaudited)


(unaudited)


(unaudited)


(unaudited)

Pre-allowance for loan loss provision, pre-tax net income

$        1,009,170


$          906,463


$      2,824,722


$

2,562,953

Allowance for loan loss provision, pre-tax

381,913


108,108


563,913


377,903

Tax expense


153,056


284,813


583,749


768,334

Net Income


$           474,201


$          513,542


$      1,677,060


$

1,416,716










Charge-Offs 


$                    13


$                   10


$                122


$

128

(Recoveries)


(3)


(2)


(10)


(6)

Net charge-offs


$                    10


$                     8


$                112


$

122










Per Common Share Data 


















Basic earnings per share


$                 0.21


$                0.35


$               0.75


$

0.96

Common shares outstanding 


2,233,820


1,482,975


2,233,820


1,482,975

Dividends declared 


$                 0.03


$                0.02


$               0.09


$

0.06

Book value per share


$               19.81


$              20.58


$             19.81


20.58










Selected Unaudited Financial Ratios
















Return on average assets


0.43%


0.63%


0.58%


0.66%

Return on average equity 


3.99%


7.12%


5.09%


7.52%

Allowance for loan losses to total loans

0.99%


1.08%


0.99%


1.08%

Nonperforming assets to total loans


1.06%


1.03%


1.06%


1.03%

Net charge-offs to average loans


0.00%


0.00%


0.04%


0.06%

Common equity tier 1 to risk-weighted assets 

14.03%


12.94%


14.03%


12.94%

Tier 1 capital to risk-weighted assets 


14.03%


12.94%


14.03%


12.94%

Total capital to risk-weighted assets 


15.28%


14.19%


15.28%


14.19%

Average equity to average assets 


10.32%


9.40%


10.32%


9.40%

Net interest margin 


3.55%


3.69%


3.64%


3.63%

Loan to deposit ratio


91.50%


86.11%


91.50%


86.11%










 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/middletown-valley-bank-inc-reports-results-for-the-third-quarter-2018-300735647.html

SOURCE Middletown Valley Bank, Inc.

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