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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
               
      March 31,     December 31,
        2014       2013
           
ASSETS            
Cash and due from banks   $ 28,663    $  20,926
Federal funds sold     14,147     5,267
Cash and cash equivalents     42,810     26,193
Investment securities available for sale     155,940     157,143
Loans      443,729     435,725
Less Allowance for loan and lease losses     7,015     7,046
Net loans     436,714     428,679
Premises and equipment, net     9,797     9,828
Goodwill     4,559     4,559
Core deposit intangible     146     156
Bank-owned life insurance     8,883     8,816
Accrued interest and other assets     11,173     11,716
             
    TOTAL ASSETS   $ 670,022    $  647,090
             
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 88,988    $  85,905
Interest-bearing demand     60,673       53,741
Money market     75,296     77,473
Savings     179,805     177,303
Time     190,004     174,414
Total deposits     594,766     568,836
Short-term borrowings     5,320     10,809
Other borrowings     11,468     11,609
Accrued interest and other liabilities     1,774     2,363
    TOTAL LIABILITIES     613,328     593,617
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
2,226,889 and  2,221,834 shares issued; 2,037,359 and             
2,032,304 shares outstanding      35,115     34,979
Retained earnings     28,699     27,465
Accumulated other comprehensive loss      (386)     (2,237)
Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
    TOTAL STOCKHOLDERS' EQUITY     56,694     53,473
             
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 670,022    $  647,090
             
See accompanying notes to unaudited consolidated financial statements.            
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
 
    Three Months Ended
    March 31,
    2014     2013
INTEREST INCOME  
     Interest and fees on loans      $  5,694      $  5,572
     Interest-bearing deposits in other institutions   5 8
     Federal funds sold   3 4
     Investment securities:      
          Taxable interest   509 674
          Tax-exempt interest   755 733
Dividends on stock   23 23
                   Total interest income   6,989 7,014
       
INTEREST EXPENSE      
     Deposits   940 1,297
     Short-term borrowings   35 52
     Other borrowings   32 46
     Trust preferred securities   26 34
                   Total interest expense   1,033       1,429
       
NET INTEREST INCOME   5,956 5,585
       
Provision for loan losses   180 313
       
NET INTEREST INCOME AFTER       
   PROVISION FOR LOAN LOSSES   5,776 5,272
       
NONINTEREST INCOME      
     Service charges on deposit accounts   441 447
     Investment securities (losses) gains, net   (6) 185
     Earnings on bank-owned life insurance   67 68
     Other income   213 168
                    Total noninterest income   715 868
       
NONINTEREST EXPENSE      
     Salaries and employee benefits   2,016 1,871
     Occupancy expense   321 274
     Equipment expense   220 189
     Data processing costs   214 213
     Ohio state franchise tax   83 154
     Federal deposit insurance expense   132 154
     Professional fees   287 276
     (Gain) loss on sale of other real estate owned   (5) 8
     Advertising expense   123 112
     Other real estate expense   63 106
     Directors fees   86 105
     Other expense   689 539
                    Total noninterest expense   4,229 4,001
       
Income before income taxes   2,262 2,139
Income taxes   499 482
       
NET INCOME    $  1,763    $  1,657
     
EARNINGS PER SHARE    
Basic   $ 0.87   $ 0.83
Diluted     0.86     0.82
   
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio