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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,
      2015     2014
           
ASSETS            
Cash and due from banks     $ 32,727     $ 20,846
Federal funds sold 12,535     4,793
Cash and cash equivalents     45,262     25,639
Investment securities available for sale, at fair value     151,159     154,334
Loans held for sale     690     438
Loans     475,818     470,584
Less allowance for loan and lease losses 6,447     6,846
Net loans 469,371     463,738
Premises and equipment, net 9,927     9,980
Goodwill 4,559     4,559
Core deposit intangibles     106     116
Bank-owned life insurance     9,161     9,092
Other real estate owned     2,203     2,590
Accrued interest and other assets 7,496     7,045
             
TOTAL ASSETS   $ 699,934     677,531
             
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 105,728   $ 105,512
Interest-bearing demand 64,460 56,377
Money market 77,099     75,895
Savings 179,850     178,470
Time 190,006     169,858
Total deposits 617,143     586,112
Short-term borrowings     4,913     14,808
Other borrowings     10,533     10,624
Accrued interest and other liabilities 1,661     2,120
TOTAL LIABILITIES 634,250     613,664
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
2,247,556 and 2,242,025 shares issued; 2,058,026 and            
2,052,495 shares outstanding     35,706     35,529
Retained earnings 33,618     32,524
Accumulated other comprehensive income     3,094     2,548
Treasury stock, at cost;189,530 shares     (6,734)     (6,734)
TOTAL STOCKHOLDERS' EQUITY 65,684     63,867
             
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 699,934   $ 677,531
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
    Three Months Ended
    March 31,
    2015     2014
INTEREST INCOME  
Interest and fees on loans     $ 5,843     $ 5,694
Interest-bearing deposits in      
other institutions   8 5
Federal funds sold   3 3
Investment securities:      
Taxable interest   395 509
Tax-exempt interest   759 755
Dividends on stock   27 23
Total interest income   7,035 6,989
       
INTEREST EXPENSE      
Deposits   831 940
Short-term borrowings   37 35
Other borrowings   23 32
Trust preferred securities   (8) 26
Total interest expense   883 1,033
       
NET INTEREST INCOME   6,152 5,956
       
Provision for loan losses   105 180
       
NET INTEREST INCOME AFTER      
PROVISION FOR LOAN LOSSES   6,047 5,776
       
NONINTEREST INCOME      
Service charges on deposit accounts   441 441
Investment securities gains (losses), net   24 (6)
Earnings on bank-owned life insurance   69 67
Gain on sale of loans   53 -
Other income   209 213
Total noninterest income   796 715
       
NONINTEREST EXPENSE      
Salaries and employee benefits   2,360 2,016
Occupancy expense   349 321
Equipment expense   216 220
Data processing costs   250 214
Ohio state franchise tax   75 83
Federal deposit insurance expense   112 132
Professional fees   319 287
Loss (gain) on other real estate owned   88 (5)
Advertising expense   196 123
Other real estate expense   65 63
Directors fees   118 86
Other expense   663 689
Total noninterest expense   4,811 4,229
       
Income before income taxes   2,032 2,262
Income taxes   404 499
     
NET INCOME   $ 1,628   $ 1,763
     
EARNINGS PER SHARE    
Basic   $ 0.79   $ 0.87
Diluted     0.79     0.86
   
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26
             
             
             
Central Ohio Northeast Ohio