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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
               
      June 30,     December 31,
      2014     2013
           
ASSETS            
Cash and due from banks     $ 19,821     $ 20,926
Federal funds sold     5,756     5,267
Cash and cash equivalents     25,577     26,193
Investment securities available for sale     165,506     157,143
Loans      450,119     435,725
Less allowance for loan and lease losses     7,129     7,046
Net loans     442,990     428,679
Premises and equipment, net     9,927     9,828
Goodwill     4,559     4,559
Core deposit intangible     136     156
Bank-owned life insurance     8,951     8,816
Accrued interest and other assets     10,623     11,716
TOTAL ASSETS   $ 668,269   $ 647,090
             
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 96,209   $ 85,905
Interest-bearing demand     58,366     53,741
Money market     73,619     77,473
Savings     178,602     177,303
Time     181,997     174,414
Total deposits     588,793     568,836
Short-term borrowings     6,939     10,809
Other borrowings     11,362     11,609
Accrued interest and other liabilities     2,004     2,363
TOTAL LIABILITIES   $ 609,098   $ 593,617
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
2,232,283 and  2,221,834 shares issued; 2,042,753 and             
2,032,304 shares outstanding      35,266     34,979
Retained earnings     29,780     27,465
Accumulated other comprehensive income (loss)      859     (2,237)
Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
TOTAL STOCKHOLDERS' EQUITY     59,171     53,473
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 668,269   $ 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   Six Months Ended
      June 30,   June 30,
      2014     2013   2014     2013
INTEREST INCOME            
Interest and fees on loans     $ 5,575     $ 5,550   $ 11,269 $ 11,122
Interest-bearing deposits in other institutions     9     9   14 17
Federal funds sold     6     4   9 8
Investment securities:                  
Taxable interest     526     625   1,035 1,299
Tax-exempt interest     783     744   1,538 1,477
Dividends on stock     20     15   43 38
Total interest income     6,919     6,947   13,908 13,961
                   
INTEREST EXPENSE                  
Deposits     929     1,219   1,869 2,516
Short-term borrowings     38     47   73 99
Other borrowings     32     44   64 90
Trust preferred securities     34     47   60 81
Total interest expense 1,033       1,357 2,066       2,786
                   
NET INTEREST INCOME     5,886     5,590   11,842 11,175
                   
Provision for loan losses     120     300   300 613
                   
NET INTEREST INCOME AFTER                   
   PROVISION FOR LOAN LOSSES     5,766     5,290   11,542 10,562
                   
NONINTEREST INCOME                  
Service charges on deposit accounts     469     511   910 958
Investment securities (losses) gains, net     64     (10)   58 175
Earnings on bank-owned life insurance     68     75   135 143
Other income     256     243   469 411
Total noninterest income 857 819 1,572 1,687
                   
NONINTEREST EXPENSE                  
Salaries and employee benefits     2,268     1,906   4,284 3,777
Occupancy expense     275     248   596 522
Equipment expense     194     186   414 375
Data processing costs     224     187   438 400
Ohio state franchise tax     93     149   176 303
Federal deposit insurance expense     97     64   229 218
Professional fees     338     291   625 567
(Gain) loss on sale of other real estate owned     75     (13)   70 (5)
Advertising expense     124     111   247 223
Other real estate expense     102     90   165 196
Directors fees     118     133   204 238
Other expense     690     596   1,379 1,135
Total noninterest expense 4,598 3,948 8,827 7,949
                   
Income before income taxes     2,025     2,161   4,287 4,300
Income taxes     414     476   913 958
NET INCOME   $ 1,611   $ 1,685   $ 3,374   $ 3,342
                 
EARNINGS PER SHARE                
Basic   $ 0.79   $ 0.84   $ 1.66   $ 1.66
Diluted   $ 0.79   $ 0.83   $ 1.65   $ 1.66
             
DIVIDENDS DECLARED PER SHARE   $ $0.26   $ 0.26   $ 0.52   $ 0.52
Central Ohio Northeast Ohio