Skip to Content
Close Icon

Beachwood Office (216) 359-5580 Open Geo Locator

Your Preferred Branch

Beachwood Change Location

25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

View Driving Directions

Change Preferred Branch

  • Beachwood Office
    25201 Chagrin Boulevard, Suite 120 - Beachwood

  • Chardon Office
    348 Center Street P.O Box 1078 - Chardon

  • Cortland Office
    3450 Niles-Cortland Road - Cortland

  • Dublin Office
    6215 Perimeter Drive - Dublin

  • Garrettsville Office
    8058 State Street - Garrettsville

  • Lake County Loan Production Office
    8373 Mentor Avenue - Mentor

  • Mantua Office
    10519 Main Street, P.O. Box 648 - Mantua

  • Middlefield - Main Branch Office
    15985 East High Street, P.O. Box 35 - Middlefield

  • Middlefield - West Branch Office
    15545 West High Street. P.O. Box 35 - Middlefield

  • Newbury Office
    11110 Kinsman Road, P.O. Box 208 - Newbury

  • Orwell Office
    30 South Maple Street, P.O. Box 66 - Orwell

  • Powell Office
    10628 Sawmill Parkway - Powell

  • Solon Office
    6134 Kruse Drive - Solon

  • Sunbury Office
    492 West Cherry Street - Sunbury

  • Twinsburg Office
    2351 Edison Boulevard, P.O. Box 560 - Twinsburg

  • Westerville Office
    17 North State Street - Westerville

Contact Us

2014 First Quarter Financial Statement

Home Investor Relations Financial Statements 2014 Q1 Financial Statement

Financial Statement

For Quarter 1, 2014

First Quarter Statement: January 01 – March 31, 2014

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETMarch 31, 2014December 31, 2013
Cash and due from banks$28,663$20,926
Federal funds sold$14,147$5,267
CASH AND EQUIVALENTS$42,810$26,193
Investments security for sale$155,940$157,143
Loans$443,729$435,725
Less allowance for loan and lease losses$7,015$7,046
NET LOANS$436,714$428,679
Premises and equipment, net$9,797$9,828
Goodwill$4,559$4,559
Core deposit intangible$146$156
Bank-owned life insurance$8,883$8,816
Accrued interest and other assets$11,173$11,716
TOTAL ASSETS$670,022$647,090
Liabilities
LiabilityMarch 31, 2014December 31, 2013
Noninterest-bearing demand deposits$88,988$85,905
Interest-bearing demand deposits$60,673$53,741
Money market$75,296$77,473
Savings$179,805$177,303
Time$190,004$174,414
TOTAL DEPOSITS$594,766$568,836
Short-term borrowings$5,320$10,809
Other borrowings$11,468$11,609
Accrued interest and other liabilities$1,774$2,363
TOTAL LIABILITIES$613,328$593,617

Stockholders' Equity

 March 31, 2014December 31, 2013
Common stock, no par value; 10,000,000 shares authorized, 2,226,889 and 2,221,834 shares issued; 2,037,359 and 2,032,304 shares outstanding$35,115$34,979
Retained earnings$28,669$27,465
Accumulated other comprehensive income (loss)($386)($2,237)
Treasury stock, at cost; 189,530 shares($6,734)($6,734)
TOTAL STOCKHOLDERS' EQUITY$56,594$53,473
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$670,022$647,090

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months Ended March 31, 2014Three Months Ended March 31, 2013
Interest and fees on loans$5,694$5,572
Interest-bearing deposits in other institutions$5$8
Federal funds sold$3$4
Investment securities - taxable interest$509$674
Investment securities - tax-exempt interest$755$733
Dividends on stock$23$23
TOTAL INTEREST INCOME$6,989$7,014
INTEREST EXPENSE
Deposits$940$1,297
Short-term borrowings$35$52
Other borrowings$32$46
Trust preferred securities$26$34
TOTAL INTEREST EXPENSE$1,033$1,429
NET INTEREST INCOME$5,956$5,585
Provision for loan losses$180$313
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$5,776$5,272
NONINTEREST INCOME
Service charges on deposit accounts$441$447
Investment securities (losses) gains, net($6)$185
Earnings on bank-owned life insurance$67$68
Other income$213$168
TOTAL NONINTEREST INCOME$715$868
NONINTEREST EXPENSE
Salaries and employee benefits$2,016$1,871
Occupancy expense$321$274
Equipment expense$220$189
Data processing costs$214$213
Ohio state franchise tax$83$154
Federal deposit insurance expense$132$154
Professional fees$287$276
(Gain) loss on sale of other real estate owned($5)$8
Advertising expense$123$112
Other real estate expense$63$106
Directors fees$86$105
Other expense$689$539
TOTAL NONINTEREST EXPENSE$4,229$4,001
Income before income taxes$2,262$2,139
Income taxes$499$482
NET INCOME$1,763$1657
EARNINGS PER SHARE
Basic$0.87$0.83
Diluted$0.86$0.82
DIVIDENDS DECLARED PER SHARE$0.26$0.26