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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
         
         
    September 30,   December 31,
    2014   2013
       
ASSETS        
Cash and due from banks   $21,486   $20,926
Federal funds sold   7,816   5,267
Cash and cash equivalents   29,302   26,193
Investment securities available for sale   156,021   157,143
Loans held for sale, lower of cost or market   201   -
Loans   468,007   435,725
Less allowance for loan and lease losses   7,288   7,046
Net loans   460,920   428,679
Premises and equipment, net   9,916   9,828
Goodwill   4,559   4,559
Core deposit intangible   126   156
Bank-owned life insurance   9,022   8,816
Accrued interest and other assets   10,396   11,716
TOTAL ASSETS   $680,262   $647,090
       
LIABILITIES      
Deposits:      
Noninterest-bearing demand   $105,788   $85,905
Interest-bearing demand   62,958   53,741
Money market   76,157   77,473
Savings   177,408   177,303
Time   177,709   174,414
Total deposits   600,020   568,836
Short-term borrowings   5,131   10,809
Other borrowings   11,105   11,609
Accrued interest and other liabilities   2,491   2,363
TOTAL LIABILITIES   618,747   593,617
         
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares authorized,        
2,238,337 and 2,221,834 shares issued; 2,048,807 and        
2,032,304 shares outstanding   35,455   34,979
Retained earnings   31,169   27,465
Accumulated other comprehensive income (loss)   1,625   (2,237)
Treasury stock, at cost; 189,530 shares   (6,734)   (6,734)
TOTAL STOCKHOLDERS' EQUITY   61,515   53,473
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $680,262   $647,090
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2014   2013   2014   2013
INTEREST INCOME        
Interest and fees on loans $5,646 $5,754   $16,915 16,876
Interest-bearing deposits in              
other institutions   5   6   19 23
Federal funds sold   2   4   11 12
Investment securities:            
Taxable interest   441   610   1,476 1,909
Tax-exempt interest   798   782   2,336 2,259
Dividends on stock   19   18   62 56
Total interest income 6,911 7,174 20,819 21,135
             
INTEREST EXPENSE            
Deposits   898   1,170   2,767 3,686
Short-term borrowings   38   41   111 140
Federal funds purchased   -   1   - 1
Other borrowings   30   41   94 131
Trust preferred securities   33   75   93 156
Total interest expense 999 1,328 3,065 4,114
             
NET INTEREST INCOME 5,912 5,846 17,754 17,021
             
Provision for loan losses   70   153   370 766
             
NET INTEREST INCOME AFTER            
PROVISION FOR LOAN LOSSES   5,842   5,693   17,384 16,255
             
NONINTEREST INCOME            
Service charges on deposit accounts   489   510   1,399 1,468
Investment securities (losses) gains, net   190   -   248 175
Earnings on bank-owned life insurance   71   66   206 209
Gain on sale of loans   20   -   20 -
Other income   220   232   689 643
Total noninterest income 990 808 2,562 2,495
             
NONINTEREST EXPENSE            
Salaries and employee benefits   2,144   1,872   6,428 5,649
Occupancy expense   272   273   868 795
Equipment expense   296   228   710 603
Data processing costs   251   209   689 609
Ohio state franchise tax   93   164   269 467
Federal deposit insurance expense   132   135   361 353
Professional fees   189   316   814 883
(Gain) loss on sale of other real estate owned   49   (35)   119 (40)
Advertising expense   120   113   367 336
Other real estate expense   91   128   256 324
Directors fees   99   77   303 315
Other expense   649   635   2,028 1,770
Total noninterest expense 4,385 4,115 13,212 12,064
             
Income before income taxes   2,447   2,386   6,734 6,686
Income taxes   529   521   1,442 1,479
NET INCOME   $1,918   $1,865   $5,292   $5,207
             
EARNINGS PER SHARE            
Basic   $0.94   $0.92     $2.60   $2.59
Diluted   $0.93   0.92     2.59   2.58
         
DIVIDENDS DECLARED PER SHARE   $0.26   $0.26   $0.78   $0.78
Central Ohio Northeast Ohio