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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,
      2016     2015
         
ASSETS          
Cash and due from banks   $ 25,251   $ 22,421
Federal funds sold 4,969 1,329
Cash and cash equivalents     30,220 23,750
Investment securities available for sale, at fair value     142,560 146,520
Loans held for sale     176 1,107
Loans     530,356 533,710
Less allowance for loan and lease losses 6,357 6,385
Net loans 523,999 527,325
Premises and equipment, net 9,607 9,772
Goodwill 4,559 4,559
Core deposit intangibles     66 76
Bank-owned life insurance     13,240 13,141
Other real estate owned     1,447 1,412
Accrued interest and other assets 7,008 7,477
     
TOTAL ASSETS   $ 732,882   $ 735,139
     
LIABILITIES    
Deposits:    
Noninterest-bearing demand   $ 115,453   $ 116,498
Interest-bearing demand 67,082 57,219
Money market 82,143 78,856
Savings 178,292 180,653
Time 188,436 191,221
Total deposits 631,406 624,447
Short-term borrowings     26,124 35,825
Other borrowings     9,875 9,939
Accrued interest and other liabilities 1,713 2,624
       
TOTAL LIABILITIES 669,118 672,835
     
STOCKHOLDERS' EQUITY    
Common stock, no par value; 10,000,000 shares authorized,    
2,268,191 and 2,263,403 shares issued; 1,882,026 and
1,877,238 shares outstanding     36,345 36,191
Retained earnings 38,216 37,236
Accumulated other comprehensive income     2,721 2,395
Treasury stock, at cost  386,165 shares     (13,518) (13,518)
TOTAL STOCKHOLDERS' EQUITY 63,764 62,304
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 732,882   $ 735,139
     

  

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
 
      Three Months Ended
      March 31,
      2016     2015
INTEREST INCOME    
Interest and fees on loans   $ 6,173   $ 5,843
Interest-bearing deposits in    
other institutions     12 8
Federal funds sold     4 3
Investment securities:    
Taxable interest     340 395
Tax-exempt interest     790 759
Dividends on stock     29 27
Total interest income     7,348 7,035
     
INTEREST EXPENSE    
Deposits     855 831
Short-term borrowings     120 37
Other borrowings     17 23
Trust preferred securities     33 (8)
Total interest expense     1,025      883
     
NET INTEREST INCOME     6,323 6,152
     
Provision for loan losses     105 105
     
NET INTEREST INCOME AFTER    
PROVISION FOR LOAN LOSSES     6,218 6,047
     
NONINTEREST INCOME    
Service charges on deposit accounts     447 441
Investment securities gains, net     51 24
Earnings on bank-owned life insurance     99 69
Gain on sale of loans     87 53
Other income     225 209
Total noninterest income     909 796
     
NONINTEREST EXPENSE    
Salaries and employee benefits     2,780 2,360
Occupancy expense     335 349
Equipment expense     269 216
Data processing costs     272 250
Ohio state franchise tax     100 75
Federal deposit insurance expense     132 112
Professional fees     292 319
Loss on other real estate owned     12 88
Advertising expense     195 196
Other real estate expense     46 65
Directors fees     107 118
Core deposit intangible amortization     10 10
Appraiser fees     101 56
ATM fees     96 84
Other expense     591 513
Total noninterest expense     5,338 4,811
     
Income before income taxes     1,789 2,032
Income taxes     302 404
   
NET INCOME   $ 1,487   $ 1,628
     
EARNINGS PER SHARE    
Basic   $ 0.79   $ 0.79
Diluted     0.79 0.79
 
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.26
     
       
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio