Madison County Financial : 1st Quarter 2022 Report

Madison County Financial, Inc.

Reports First Quarter 2022 Financial Results

MADISON, Nebraska, April 29, 2022. Madison County Financial, Inc. (OTC Pink: MCBK) ("Company"), the parent holding company of Madison County Bank ("Bank"), today announced its results of operations for the three months ended March 31, 2022 and 2021.

The Company's net income for the three months ended March 31, 2022 was $2.1 million or $0.81 per diluted share, compared to net income of $2.1 million or $0.81 per diluted share for the same period in 2021.

Total assets increased $57.5 million to $590.2 million at March 31, 2022, compared to $532.7 million at December 31, 2021, resulting primarily from increases in cash and cash equivalents, investment securities available for sale, investment securities held to maturity, and net loans offset by a decrease in interest receivable.

As of March 31, 2022, there were 2,702,817 issued and outstanding shares of common stock, par value $0.01 per share, and at April 28, 2022, there were 2,712,739 issued and outstanding shares of common stock. The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at March 31, 2022.

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects", "believes", "anticipates", "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government, legislative and regulatory changes.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

MADISON COUNTY FINANCIAL, INC. CONSOLIDATD FINANCIAL HIGHLIGHTS

(Dollars in Thousands, Except Per Share Data)

Three Months Ended March 31,2022

2021

(Unaudited)Operating Data: Total interest income

Total interest expense

$

4,306 $ 4,168

891 682

Net interest income Provision for loan losses

Net interest income after provision for loan losses

3,415 3,486

(1,000) (700)

4,415 4,186

Total non-interest income Total non-interest expense

682 872

2,677 2,480

Income before income taxes Income tax expense

2,420 2,578

269 457

Net income

$

2,151 $ 2,121

Per Share Information: Net income per share, basic

Average common shares outstanding, basic Net income per share, diluted

Average common shares outstanding, diluted Basic tangible book value per share

$

0.85 $ 0.84

$

2,536,176 0.81 $ 2,663,141

2,508,245 0.81 2,625,885

$

32.19 $ 30.40

Performance ratios (annualized for 3 month period): Return on average assets

Return on average equity Efficiency ratio

Interest rate spread Net interest margin

1.53% 1.90%

9.88% 10.45%

65.34% 56.91%

2.35% 3.09%

2.54% 3.29%

MADISON COUNTY FINANCIAL, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in Thousands, Except Per Share Data)

Financial Condition Data: Total assets

Securities, including FHLB and FRB Stock Loans held for sale

Loans receivable, net of allowance for losses of $8,030 and $9,031, respectively

Deposits

Borrowings

Total liabilities Stockholders' equity

Balance Sheet Ratios:

Securities, including FHLB and FRB Stock, as a percent of total assets Tangible common equity as a percent of tangible assets

M arch 31, 2022

December 31, 2021

(Unaudited)

$

590,199 $ 532,716

117,922 110,496

-

-366,467 365,448

469,818 413,309

20,700 20,700

501,394 445,486

88,805 87,230

19.98% 20.74%

14.79% 16.09%

Asset Quality Data: Nonaccrual loans

Accruing loans past due 90 days or more

Asset Quality Ratios:

Nonperforming assets as a percent of total assets

Nonperforming loans as a percent of total assets

Nonperforming loans as a percent of total loans Net chargeoffs as a percent of average loans

Allowance for loan losses as a percent of total loans Allowance for loan losses as a percent of nonperforming loans

Regulatory Capital ratios (Bank only):

Total capital (to risk-weighted assets)

Tier 1 capital (to risk-weighted assets)

Tier 1 capital (to average assets)

Common Equity Tier 1 capital

SOURCE: Madison County Financial, Inc.

$

809 $ 72

- 4

0.14% 0.01%

0.14% 0.01%

0.22% 0.02%

0.00% 0.00%

2.14% 2.41%

992.58% 11882.89%

19.01% 19.06%

17.75% 17.80%

14.30% 15.31%

17.75% 17.80%