2014 First Quarter 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
| ASSET | March 31, 2014 | December 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 |
| Liability | March 31, 2014 | December 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, 2014 | December 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 INCOME | Three Months Ended March 31, 2014 | Three 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 |