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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,
        2015     2014
           
ASSETS            
Cash and due from banks   $ 19,189     $ 20,846
Federal funds sold 4,106     4,793
Cash and cash equivalents     23,295     25,639
Investment securities available for sale, at fair value     145,146     154,334
Loans held for sale     620     438
Loans     510,232     470,584
Less allowance for loan and lease losses 6,320     6,846
Net loans 503,912     463,738
Premises and equipment, net 9,892     9,980
Goodwill 4,559     4,559
Core deposit intangibles     86     116
Bank-owned life insurance     13,354     9,092
Other real estate owned     2,006     2,590
Accrued interest and other assets 7,727     7,045
             
TOTAL ASSETS   $ 710,597     677,531
             
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 117,038   $ 105,512
Interest-bearing demand 64,807 56,377
Money market 77,811     75,895
Savings 179,528     178,470
Time 187,364     169,858
Total deposits 626,548     586,112
Short-term borrowings     4,047     14,808
Other borrowings     10,300     10,624
Accrued interest and other liabilities 2,486     2,120
TOTAL LIABILITIES 643,381     613,664
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
2,259,040 and 2,242,025 shares issued; 2,069,510 and            
2,052,495 shares outstanding     36,039     35,529
Retained earnings 35,994     32,524
Accumulated other comprehensive income     1,917     2,548
Treasury stock, at cost; 189,530 shares     (6,734)     (6,734)
TOTAL STOCKHOLDERS' EQUITY 67,216     63,867
             
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 710,597   $ 677,531
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
                         
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2015     2014   2015     2014
INTEREST INCOME      
Interest and fees on loans     $ 5,971     $ 5,646     $ 17,656     $ 16,915
Interest-bearing deposits in              
other institutions     6 5   26 19
Federal funds sold     4 2   12 11
Investment securities:              
Taxable interest     341 441   1,115 1,476
Tax-exempt interest     809 798   2,373 2,336
Dividends on stock     20 19   70 62
Total interest income     7,151 6,911   21,252 20,819
               
INTEREST EXPENSE              
Deposits     876 898   2,581 2,767
Short-term borrowings     30 38   100 111
Other borrowings     20 30   66 94
Trust preferred securities     33 33   85 93
Total interest expense     959 999   2,832 3,065
               
NET INTEREST INCOME     6,192 5,912   18,420 17,754
               
Provision for loan losses     105 70   210 370
               
NET INTEREST INCOME AFTER              
PROVISION FOR LOAN LOSSES     6,087 5,842   18,210 17,384
               
NONINTEREST INCOME              
Service charges on deposit accounts     471 489   1,382 1,399
Investment securities gains, net     211 190   257 248
Earnings on bank-owned life insurance     101 71   262 206
Gain on sale of loans     113 20   286 20
Other income     212 220   679 689
Total noninterest income     1,108 990   2,866 2,562
               
NONINTEREST EXPENSE              
Salaries and employee benefits     2,285 2,144   7,205 6,428
Occupancy expense     305 272   945 868
Equipment expense     249 296   706 710
Data processing costs     287 251   798 689
Ohio state franchise tax     75 93   225 269
Federal deposit insurance expense     120 132   352 361
Professional fees     229 189   825 814
Loss on other real estate owned     24 49   72 119
Advertising expense     195 120   586 367
Other real estate expense     116 91   449 256
Directors fees     98 99   343 303
Other expense     686 649   2,191 2,028
Total noninterest expense     4,669 4,385   14,697 13,212
               
Income before income taxes     2,526 2,447   6,379 6,734
Income taxes     544 529   1,264 1,442
             
NET INCOME   $ 1,982   $ 1,918   $ 5,115   $ 5,292
           
EARNINGS PER SHARE          
Basic   $ 0.96   $ 0.94   $ 2.49   $ 2.60
Diluted     0.96     0.93     2.47     2.59
   
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.26   $ 0.80   $ 0.78
                         
Central Ohio Northeast Ohio