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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,
      2016     2015
         
ASSETS          
Cash and due from banks   $ 21,127   $ 22,421
Federal funds sold 1,000 1,329
Cash and cash equivalents 22,127 23,750
Investment securities available for sale, at fair value 129,295 146,520
Loans held for sale 496 1,107
Loans 579,716 533,710
Less allowance for loan and lease losses 6,366 6,385
Net loans 573,350 527,325
Premises and equipment, net 9,727 9,772
Goodwill 4,559 4,559
Core deposit intangibles 56 76
Bank-owned life insurance 13,337 13,141
Other real estate owned 1,142 1,412
Accrued interest and other assets 6,019 7,477
 
TOTAL ASSETS 760,108     735,139
 
LIABILITIES
Deposits:
Noninterest-bearing demand   $ 126,045   $ 116,498
Interest-bearing demand 64,361 57,219
Money market 81,596 78,856
Savings 173,014 180,653
Time 183,024 191,221
Total deposits 628,040 624,447
Federal funds purchased 414 -
Short-term borrowings 41,841 35,825
Other borrowings 9,825 9,939
Accrued interest and other liabilities 2,407 2,624
TOTAL LIABILITIES 682,527 672,835
 
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
2,633,069 and 2,263,403 shares issued; 2,246,904 and
1,877,238 shares outstanding 47,675 36,191
Retained earnings 39,545 37,236
Accumulated other comprehensive income 3,879 2,395
Treasury stock, at cost; 386,165 shares (13,518) (13,518)
TOTAL STOCKHOLDERS' EQUITY 77,581 62,304
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 760,108   $ 735,139

  

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
                 
      Three Months Ended   Six Months Ended
      June 30,   June 30,
      2016     2015   2016 2015
INTEREST INCOME      
Interest and fees on loans   $ 6,317   $ 5,842   $ 12,490   $ 11,685
Interest-bearing deposits in        
other institutions     15 12   27 20
Federal funds sold     5 5   9 8
Investment securities:        
Taxable interest     290 379   630 774
Tax-exempt interest     750 805   1,540 1,564
Dividends on stock     28 23   57 50
Total interest income     7,405 7,066   14,753 14,101
       
INTEREST EXPENSE      
Deposits     889 874   1,744 1,705
Short-term borrowings     115 33   235 70
Other borrowings     20 23   37 46
Trust preferred securities     42 60   75 52
Total interest expense     1,066   990   2,091   1,873
         
NET INTEREST INCOME     6,339 6,076   12,662 12,228
         
Provision for loan losses     105 -   210 105
         
NET INTEREST INCOME AFTER        
PROVISION FOR LOAN LOSSES     6,234 6,076   12,452 12,123
         
NONINTEREST INCOME        
Service charges on deposit accounts     491 470   938 911
Investment securities gains, net     252 22   303 46
Earnings on bank-owned life insurance     97 92   196 161
Gain on sale of loans     106 120   193 173
Other income     227 258   452 467
Total noninterest income     1,173 962   2,082 1,758
         
NONINTEREST EXPENSE        
Salaries and employee benefits     2,283 2,560   5,063 4,920
Occupancy expense     292 291   627 640
Equipment expense     210 241   479 457
Data processing costs     322 261   594 511
Ohio state franchise tax     162 75   262 150
Federal deposit insurance expense     132 120   264 232
Professional fees     218 277   510 596
Loss (gain) on other real estate owned     56 (40)   68 48
Advertising expense     203 195   398 391
Other real estate expense     85 268   131 333
Directors fees     121 127   228 245
Core deposit intangible amortization     10 10   20 20
Appraiser fees     119 -   220 -
ATM fees     98 88   194 172
Other expense     604 744   1,195 1,313
Total noninterest expense     4,915 5,217   10,253 10,028
       
Income before income taxes     2,492 1,821   4,281 3,853
Income taxes     566 316   868 720
     
NET INCOME   $ 1,926   $ 1,505   $ 3,413   $ 3,133
       
EARNINGS PER SHARE      
Basic   $ 0.94   $ 0.73   $ 1.74   $ 1.52
Diluted     0.94 0.73     1.73 1.52
   
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.27   $ 0.54   $ 0.53
         
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio