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Middlefield Banc Corp. Financial Statement

(Yearly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
           
    December 31,
    2017     2016
           
ASSETS            
Cash and due from banks    $ 39,886    $ 31,395
Federal funds sold -     1,100
Cash and cash equivalents     39,886     32,495
Investment securities available for sale, at fair value     95,283     114,376
Loans held for sale     463     634
Loans     923,213     609,140
Less allowance for loan and lease losses 7,190     6,598
Net loans 916,023     602,542
Premises and equipment, net 11,853     11,203
Goodwill 15,071     4,559
Core deposit intangibles     2,749     36
Bank-owned life insurance     15,652     13,540
Other real estate owned     212     934
Accrued interest and other assets 9,144     7,502
           
TOTAL ASSETS   $ 1,106,336   $ 787,821
           
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 192,438   $ 133,630
Interest-bearing demand 83,990 59,560
Money market 150,277     74,940
Savings     208,502     172,370
Time     242,987     189,434
Total deposits     878,194     629,934
Short-term borrowings     74,707     68,359
Other borrowings     29,065     9,437
Accrued interest and other liabilities 4,507     3,131
TOTAL LIABILITIES 986,473     710,861
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
3,603,881 and 2,640,418 shares issued; 3,217,716 and        
2,254,253 shares outstanding 84,859     47,943
Retained earnings 47,431     41,334
Accumulated other comprehensive income     1,091     1,201
Treasury stock, at cost;386,165 shares     (13,518)     (13,518)
TOTAL STOCKHOLDERS' EQUITY 119,863     76,960
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,106,336   $ 787,821

  

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
 
                   
      Year Ended December 31,
      2017     2016     2015
INTEREST AND DIVIDEND INCOME                  
Interest and fees on loans    $ 40,235    $ 25,798    $ 23,824
Interest-bearing deposits in                  
other institutions     328     53     33
Federal funds sold     15     20     13
Investment securities:                  
Taxable interest     762     1,106     1,467
Tax-exempt interest     2,406     2,913     3,160
Dividends on stock     249     104     98
Total interest and dividend income     43,995     29,994     28,595
                   
INTEREST EXPENSE                  
Deposits     5,350     3,618     3,426
Short-term borrowings     753     322     194
Other borrowings     544     250     200
Total interest expense     6,647     4,190     3,820
                   
NET INTEREST INCOME     37,348     25,804     24,775
                   
Provision for loan losses     1,045     570     315
                   
NET INTEREST INCOME AFTER                  
PROVISION FOR LOAN LOSSES     36,303     25,234     24,460
                   
NONINTEREST INCOME                  
Service charges on deposit accounts     1,875     1,940     1,874
Investment securities gains, net     886     303     323
Earnings on bank-owned life insurance     431     403     624
Gain on sale of loans     826     419     329
Other income     841     894     894
Total noninterest income     4,859     3,959     4,044
                   
NONINTEREST EXPENSE                  
Salaries and employee benefits     13,758     10,249     9,751
Occupancy expense     1,846     1,252     1,253
Equipment expense     1,050     991     944
Data processing costs     1,792     1,335     1,071
Ohio state franchise tax     744     632     300
Federal deposit insurance expense     533     438     472
Professional fees     1,752     1,441     1,247
Net loss (gain) on other real estate owned     30     (119)     563
Advertising expense     821     734     721
Core deposit intangible amortization     374     40     40
Merger expense     1,060     -     -
Other expense     3,725     3,879     3,715
Total noninterest expense     27,485     20,872     20,077
                   
Income before income taxes     13,677     8,321     8,427
Income taxes     4,222     1,905     1,562
                 
NET INCOME   $ 9,455   $ 6,416   $ 6,865
                   
EARNINGS PER SHARE                  
Basic   $ 3.12   $ 3.04   $ 3.41
Diluted     3.10     3.03     3.39
                   
DIVIDENDS DECLARED PER SHARE   $ 1.08   $ 1.08   $ 1.07
                   
See accompanying notes to the consolidated financial statements.
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