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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,
      2017 2016
       
ASSETS            
Cash and due from banks    $  47,731    $  31,395
Federal funds sold     1,200 1,100
Cash and cash equivalents     48,931 32,495
Investment securities available for sale, at fair value     98,334     114,376
Loans held for sale     5,930     634
Loans     878,541     609,140
Less allowance for loan and lease losses     6,852     6,598
Net loans     871,689     602,542
Premises and equipment, net     11,768     11,203
Goodwill     15,298     4,559
Core deposit intangibles     2,848     36
Bank-owned life insurance     15,542     13,540
Other real estate owned     557     934
Accrued interest and other assets     9,929     7,502
             
TOTAL ASSETS   $ 1,080,826   $ 787,821
         
LIABILITIES        
Deposits:        
Noninterest-bearing demand   $ 181,550   $ 133,630
Interest-bearing demand      91,184      59,560
Money market     161,101 74,940
Savings     212,371 172,370
Time     251,449 189,434
Total deposits     897,655 629,934
Short-term borrowings     20,274 68,359
Other borrowings     39,273 9,437
Accrued interest and other liabilities     5,130 3,131
TOTAL LIABILITIES     962,332 710,861
         
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares authorized,        
3,600,902 and 2,640,418 shares issued; 3,214,737 and        
2,254,253 shares outstanding     84,722 47,943
Retained earnings     45,913 41,334
Accumulated other comprehensive income     1,377 1,201
Treasury stock, at cost;  386,165 shares     (13,518) (13,518)
TOTAL STOCKHOLDERS' EQUITY     118,494 76,960
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,080,826   $ 787,821

  

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,
      2017     2016     2017     2016
INTEREST AND DIVIDEND INCOME                        
Interest and fees on loans    $  10,443    $  6,459    $  29,539    $  18,949
Interest-bearing deposits in                        
other institutions     107     15     248     42
Federal funds sold     5     7     9     16
Investment securities:                        
Taxable interest     159     235     600     865
Tax-exempt interest     579     687     1,846     2,227
Dividends on stock     37     17     189     74
Total interest and dividend income     11,330     7,420     32,431     22,173
                         
INTEREST EXPENSE                        
Deposits     1,468     921     3,820     2,665
Short-term borrowings     202     49     652     288
Other borrowings     148     56     413     164
Total interest expense     1,818       1,026     4,885       3,117
                         
NET INTEREST INCOME     9,512     6,394     27,546     19,056
                         
Provision for loan losses     280     105     615     315
                         
NET INTEREST INCOME AFTER                         
PROVISION FOR LOAN LOSSES     9,232     6,289     26,931     18,741
                         
NONINTEREST INCOME                        
Service charges on deposit accounts     479     505     1,397     1,443
Investment securities gains, net     398     -     886     303
Earnings on bank-owned life insurance     109     101     316     297
Gain on sale of loans     255     129     720     322
Other income     200     242     622     694
Total noninterest income     1,441     977     3,941     3,059
                         
NONINTEREST EXPENSE                        
Salaries and employee benefits     3,725     2,677     10,624     7,740
Occupancy expense     476     306     1,397     933
Equipment expense     242     221     789     700
Data processing costs     468     334     1,376     928
Ohio state franchise tax     186     186     558     448
Federal deposit insurance expense     165     132     368     396
Professional fees     434     547     1,230     1,057
Net loss on other real estate owned     18     48     88     247
Advertising expense     248     206     660     604
Core deposit intangible amortization     101     10     276     30
Merger expense     338     -     1,032     -
Other expense     896     995     2,870     2,832
Total noninterest expense     7,297     5,662     21,268     15,915
                         
Income before income taxes     3,376     1,604     9,604     5,885
Income taxes     914     261     2,535     1,129
                         
NET INCOME    $  2,462    $  1,343    $  7,069    $  4,756
                         
EARNINGS PER SHARE                        
Basic   $ 0.77   $ 0.60   $ 2.38   $ 2.31
Diluted     0.76     0.60     2.37     2.30
                         
DIVIDENDS DECLARED PER SHARE   $ 0.27   $ 0.27   $ 0.81   $ 0.81
 
See accompanying notes to unaudited consolidated financial statements.
    
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