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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
             
      2017     2016
             
ASSETS                
Cash and due from banks   $ 37,971   $ 31,395
Federal funds sold 1,600     1,100
Cash and cash equivalents     39,571     32,495
Investment securities available for sale, at fair value     104,951     114,376
Loans held for sale     9,791     634
Loans     867,864     609,140
Less allowance for loan and lease losses 6,605     6,598
Net loans 861,259     602,542
Premises and equipment, net 11,511     11,203
Goodwill 15,435     4,559
Core deposit intangibles     2,948     36
Bank-owned life insurance     15,432     13,540
Other real estate owned     650     934
Accrued interest and other assets 9,528     7,502
             
TOTAL ASSETS   $ 1,071,076   $ 787,821
             
LIABILITIES            
Deposits:            
Noninterest-bearing demand   $ 172,199   $ 133,630
Interest-bearing demand 87,084 59,560
Money market 160,858     74,940
Savings 181,259     172,370
Time 245,383     189,434
Total deposits 846,783     629,934
Short-term borrowings     63,388     68,359
Other borrowings     39,346     9,437
Accrued interest and other liabilities 4,357     3,131
         
TOTAL LIABILITIES 953,874     710,861
             
STOCKHOLDERS' EQUITY            
Common stock, no par value; 10,000,000 shares authorized,            
3,597,913 and 2,640,418 shares issued; 3,211,748 and            
2,254,253 shares outstanding     84,587     47,943
Retained earnings 44,318     41,334
Accumulated other comprehensive income     1,815     1,201
Treasury stock, at cost; 386,165 shares     (13,518)     (13,518)
TOTAL STOCKHOLDERS' EQUITY 117,202     76,960
             
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,071,076   $ 787,821
             
             

  

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,
      2017     2016     2017     2016
INTEREST AND DIVIDEND INCOME                        
Interest and fees on loans   $ 9,916   $ 6,317   $ 19,096   $ 12,490
Interest-bearing deposits in                        
other institutions     92     15     141     27
Federal funds sold     1     5     4     9
Investment securities:                        
Taxable interest     223     290     441     630
Tax-exempt interest     630     750     1,267     1,540
Dividends on stock     40     28     152     57
Total interest and dividend income     10,902     7,405     21,101     14,753
                         
INTEREST EXPENSE                        
Deposits     1,227     889     2,352     1,744
Short-term borrowings     273     115     450     235
Other borrowings     125     62     265     112
Total interest expense     1,625 1,066     3,067 2,091
                         
NET INTEREST INCOME     9,277     6,339     18,034     12,662
                         
Provision for loan losses     170     105     335     210
                         
NET INTEREST INCOME AFTER                        
PROVISION FOR LOAN LOSSES     9,107     6,234     17,699     12,452
                         
NONINTEREST INCOME                        
Service charges on deposit accounts     449     491     918     938
Investment securities gains, net     -     252     488     303
Earnings on bank-owned life insurance     98     97     207     196
Gain on sale of loans     231     106     465     193
Other income     211     227     422     452
Total noninterest income     989     1,173     2,500     2,082
                         
NONINTEREST EXPENSE                        
Salaries and employee benefits     3,203     2,283     6,899     5,063
Occupancy expense     433     292     921     627
Equipment expense     266     210     547     479
Data processing costs     588     322     908     594
Ohio state franchise tax     186     162     372     262
Federal deposit insurance expense     135     132     203     264
Professional fees     423     218     796     510
Net loss on other real estate owned     15     141     70     199
Advertising expense     164     203     412     398
Directors fees     128     121     240     228
Core deposit intangible amortization     103     10     175     20
Appraiser fees     104     119     206     220
ATM fees     28     98     104     194
Merger expense     307     -     694     -
Other expense     621     604     1,424     1,195
Total noninterest expense     6,704     4,915     13,971     10,253
                         
Income before income taxes     3,392     2,492     6,228     4,281
Income taxes     885     566     1,621     868
                       
NET INCOME   $ 2,507   $ 1,926   $ 4,607   $ 3,413
                         
EARNINGS PER SHARE                        
Basic   $ 0.84   $ 0.94   $ 1.62   $ 1.74
Diluted     0.83     0.94     1.61     1.73
                         
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.27   $ 0.54   $ 0.54
                         
                         
See accompanying notes to unaudited consolidated financial statements.
    
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