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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,
      2017     2016
             
ASSETS            
Cash and due from banks   $ 61,364   $ 31,395
Federal funds sold 1,000     1,100
Cash and cash equivalents     62,364     32,495
Investment securities available for sale, at fair value     110,452     114,376
Loans held for sale     9,462     634
Loans     837,158     609,140
Less allowance for loan and lease losses 6,720     6,598
Net loans 830,438     602,542
Premises and equipment, net 11,481     11,203
Goodwill 15,646     4,559
Core deposit intangibles     3,051     36
Bank-owned life insurance     15,334     13,540
Other real estate owned     1,634     934
Accrued interest and other assets 9,605     7,502
TOTAL ASSETS   $ 1,069,467   $ 787,821
             
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 162,614   $ 133,630
Interest-bearing demand 94,605 59,560
Money market 162,843     74,940
Savings 183,845     172,370
Time 243,944     189,434
Total deposits 847,851     629,934
Short-term borrowings     76,213     68,359
Other borrowings     39,388     9,437
Accrued interest and other liabilities 6,700     3,131
TOTAL LIABILITIES 970,152     710,861
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
3,189,722 and 2,640,418 shares issued; 2,803,557 and            
2,254,253 shares outstanding     69,123     47,943
Retained earnings 42,678     41,334
Accumulated other comprehensive income     1,032     1,201
Treasury stock, at cost; 386,165 shares     (13,518)     (13,518)
TOTAL STOCKHOLDERS' EQUITY 99,315     76,960
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,069,467   $ 787,821

  

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
             
      Three Months Ended
      March 31,
      2017     2016
INTEREST AND DIVIDEND INCOME            
Interest and fees on loans   $ 9,180   $ 6,173
Interest-bearing deposits in            
other institutions     49     12
Federal funds sold     3     4
Investment securities:            
Taxable interest     218     340
Tax-exempt interest     637     790
Dividends on stock     112     29
Total interest and dividend income     10,199     7,348
             
INTEREST EXPENSE            
Deposits     1,125     855
Short-term borrowings     177     120
Other borrowings     83     17
Trust preferred securities     57     33
Total interest expense     1,442 1,025
             
NET INTEREST INCOME     8,757     6,323
Provision for loan losses     165     105
             
NET INTEREST INCOME AFTER            
PROVISION FOR LOAN LOSSES     8,592     6,218
             
NONINTEREST INCOME            
Service charges on deposit accounts     469     447
Investment securities gains, net     488     51
Earnings on bank-owned life insurance     109     99
Gain on sale of loans     234     87
Other income     211     225
Total noninterest income     1,511     909
             
NONINTEREST EXPENSE            
Salaries and employee benefits     3,696     2,780
Occupancy expense     488     335
Equipment expense     281     269
Data processing costs     484     272
Ohio state franchise tax     186     100
Federal deposit insurance expense     68     132
Professional fees     596     292
(Gain) loss on other real estate owned     (78)     12
Advertising expense     248     195
Other real estate expense     133     46
Directors fees     112     107
Core deposit intangible amortization     72     10
Appraiser fees     102     101
ATM fees     76     96
Other expense     803     591
Total noninterest expense     7,267     5,338
             
Income before income taxes     2,836     1,789
Income taxes     736     302
             
NET INCOME   $ 2,100   $ 1,487
             
EARNINGS PER SHARE            
Basic   $ 0.78   $ 0.79
Diluted     0.78     0.79
             
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.27
             
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio