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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
             
      December 31,
        2016       2015
           
ASSETS            
Cash and due from banks   $ 31,395    $  21,880
Federal funds sold     1,100     1,870
Cash and cash equivalents     32,495     23,750
Investment securities available for sale, at fair value     114,376     146,520
Loans held for sale     634     1,107
Loans      609,140     533,710
Less allowance for loan and lease losses     6,598     6,385
Net loans     602,542     527,325
Premises and equipment, net     11,203     9,772
Goodwill     4,559     4,559
Core deposit intangibles     36 76
Bank-owned life insurance     13,540     13,141
Other real estate owned     934     1,412
Accrued interest and other assets     7,502     7,477
         
TOTAL ASSETS   $ 787,821    $  735,139
         
LIABILITIES        
Deposits:        
Noninterest-bearing demand   $ 133,630    $  116,498
Interest-bearing demand     59,560       57,219
Money market     74,940     78,856
Savings     172,370     180,653
Time     189,434     191,221
Total deposits     629,934     624,447
Short-term borrowings     68,359     35,825
Other borrowings     9,437     9,939
Accrued interest and other liabilities     3,131     2,624
               
TOTAL LIABILITIES     710,861     672,835
           
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares authorized,        
3,184,974 and 2,263,403 shares issued; 2,254,253 and             
1,877,238 shares outstanding      47,943     36,191
Retained earnings     41,334     37,236
Accumulated other comprehensive income     1,201     2,395
Treasury stock, at cost;  386,165 and 189,530 shares     (13,518)     (13,518)
TOTAL STOCKHOLDERS' EQUITY     76,960     62,304
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 787,821    $  735,139

  

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
                 
      Year Ended December 31,
     
        2016       2015     2014
INTEREST INCOME          
Interest and fees on loans   $ 25,798    $  23,824    $  22,726
Interest-bearing deposits in              
other institutions     53     33 24
Federal funds sold     20     13 14
Investment securities:              
Taxable interest     1,106     1,467 1,896
Tax-exempt interest     2,913     3,160 3,127
Dividends on stock     104     98 87
Total interest income     29,994     28,595 27,874
         
INTEREST EXPENSE        
Deposits     3,618     3,426 3,633
Short-term borrowings     322     194 148
Federal funds purchased     -     -     -
Other borrowings     68     83 118
Trust preferred securities     182     117 171
Total interest expense     4,190     3,820 4,070
               
NET INTEREST INCOME     25,804     24,775 23,804
               
Provision for loan losses     570     315 370
               
NET INTEREST INCOME AFTER               
PROVISION FOR LOAN LOSSES     25,234     24,460 23,434
               
NONINTEREST INCOME              
Service charges on deposit accounts     1,940     1,874 1,876
Investment securities gains, net     303     323 248
Earnings on bank-owned life insurance     403     624 276
Gains on sale of loans     419     329 237
Other income     894     894 951
Total noninterest income     3,959     4,044 3,588
               
NONINTEREST EXPENSE              
Salaries and employee benefits     10,249     9,751 8,817
Occupancy expense     1,252     1,253 1,108
Equipment expense     991     944 963
Data processing costs     1,335     1,071 917
Ohio state franchise tax     632     300 342
Federal deposit insurance expense     438     472 449
Professional fees     1,441     1,247 1,086
(Gain) loss on other real estate owned     (448)     (48) 183
Advertising expenses     734     721 488
Other real estate expenses     329     611 387
Directors fees     413     451 403
Core deposit intangible amortization     40     40     40
Appraiser fees     419     56     -
ATM fees     446     358     371
Other expense     2,601     2,850 2,296
Total noninterest expense     20,872     20,077 17,850
               
Income before income taxes     8,321     8,427 9,172
Income taxes     1,905     1,562 1,992
               
NET INCOME   $ 6,416   $ 6,865   $ 7,180
               
EARNINGS PER SHARE              
Basic   $ 3.04   $ 3.41   $ 3.52
Diluted     3.03     3.39     3.50
               
DIVIDENDS DECLARED PER SHARE   $ 1.08   $ 1.07   $ 1.04
   
See accompanying notes to the consolidated financial statements.
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