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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,
      2016     2015
         
ASSETS          
Cash and due from banks     $ 21,976     $ 22,421
Federal funds sold 1,300 1,329
Cash and cash equivalents 23,276 23,750
Investment securities available for sale, at fair value 123,054 146,520
Loans held for sale 880 1,107
Loans 586,329 533,710
Less allowance for loan and lease losses 6,334 6,385
Net loans 579,995 527,325
Premises and equipment, net 9,921 9,772
Goodwill 4,559 4,559
Core deposit intangibles 46 76
Bank-owned life insurance 13,438 13,141
Other real estate owned 1,205 1,412
Accrued interest and other assets 5,884 7,477
 
TOTAL ASSETS $ 762,258   $ 735,139
 
LIABILITIES
Deposits:
Noninterest-bearing demand   $ 136,320   $ 116,498
Interest-bearing demand       67,061       57,219
Money market 77,774 78,856
Savings 173,272 180,653
Time 184,915 191,221
Total deposits 639,342 624,447
Short-term borrowings 32,803 35,825
Other borrowings 9,713 9,939
Accrued interest and other liabilities 2,208 2,624
TOTAL LIABILITIES 684,066 672,835
 
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 47,812 36,191
Retained earnings 40,282 37,236
Accumulated other comprehensive income 3,616 2,395
Treasury stock, at cost;386,165 shares (13,518) (13,518)
TOTAL STOCKHOLDERS' EQUITY 78,192 62,304
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 762,258   $ 735,139

  

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,
      2016     2015   2016 2015
INTEREST INCOME      
Interest and fees on loans     $ 6,459     $ 5,971     $ 18,949     $ 17,656
Interest-bearing deposits in        
other institutions     15 6   42 26
Federal funds sold     7 4   16 12
Investment securities:        
Taxable interest     235 341   865 1,115
Tax-exempt interest     687 809   2,227 2,373
Dividends on stock     17 20   74 70
Total interest income     7,420 7,151   22,173 21,252
       
INTEREST EXPENSE      
Deposits     921 876   2,665 2,581
Short-term borrowings     47 30   282 100
Other borrowings     16 20   53 66
Trust preferred securities     42 33   117 85
Total interest expense     1,026 959   3,117 2,832
         
NET INTEREST INCOME     6,394 6,192   19,056 18,420
         
Provision for loan losses     105 105   315 210
         
NET INTEREST INCOME AFTER        
PROVISION FOR LOAN LOSSES     6,289 6,087   18,741 18,210
         
NONINTEREST INCOME        
Service charges on deposit accounts     505 471   1,443 1,382
Investment securities gains, net     - 211   303 257
Earnings on bank-owned life insurance     102 101   298 262
Gain on sale of loans     129 113   322 286
Other income     241 212   693 679
Total noninterest income     977 1,108   3,059 2,866
         
NONINTEREST EXPENSE        
Salaries and employee benefits     2,677 2,285   7,740 7,205
Occupancy expense     306 305   933 945
Equipment expense     221 249   700 706
Data processing costs     334 287   928 798
Ohio state franchise tax     186 75   448 225
Federal deposit insurance expense     132 120   396 352
Professional fees     547 229   1,057 825
Loss (gain) on other real estate owned     (49) 24   19 72
Advertising expense     206 195   604 586
Other real estate expense     97 116   228 449
Directors fees     102 98   330 343
Core deposit intangible amortization     10 10 30 30
Appraiser fees     114 97 334 327
ATM fees     102 89 296 295
Other expense     677 490   1,872 1,539
Total noninterest expense     5,662 4,669   15,915 14,697
       
Income before income taxes     1,604 2,526   5,885 6,379
Income taxes     261 544   1,129 1,264
     
NET INCOME   $ 1,343   $ 1,982   $ 4,756 $ 5,115
       
EARNINGS PER SHARE      
Basic   $ 0.60   $ 0.96   $ 2.31 $ 2.49
Diluted     0.60 0.96     2.30 2.47
   
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.27   $ 0.81 $ 0.80
         
         
effective tax     16.3% 21.5%     19.2% 19.8%
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio