2014 Second Quarter Financial Statement
Financial Statement
For Quarter 2, 2014
Second Quarter Statement: April 01 – June 30, 2014
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | June 30, 2014 | December 31, 2013 |
|---|---|---|
| Cash and due from banks | $19,821 | $20,926 |
| Federal funds sold | $5,756 | $5,267 |
| CASH AND EQUIVALENTS | $25,577 | $26,193 |
| Investments security for sale | $165,506 | $157,143 |
| Loans | $450,119 | $435,725 |
| Less allowance for loan and lease losses | $7,129 | $7,046 |
| NET LOANS | $442,990 | $428,679 |
| Premises and equipment, net | $9,927 | $9,828 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $136 | $156 |
| Bank-owned life insurance | $8,951 | $8,816 |
| Accrued interest and other assets | $10,623 | $11,716 |
| TOTAL ASSETS | $668,269 | $647,090 |
| Liability | June 30, 2014 | December 31, 2013 |
|---|---|---|
| Noninterest-bearing demand deposits | $105,788 | $85,905 |
| Interest-bearing demand deposits | $62,958 | $53,741 |
| Money market | $73,619 | $77,473 |
| Savings | $178,602 | $177,303 |
| Time | $181,997 | $174,414 |
| TOTAL DEPOSITS | $588,793 | $568,836 |
| Short-term borrowings | $6,939 | $10,809 |
| Other borrowings | $11,362 | $11,609 |
| Accrued interest and other liabilities | $2,004 | $2,363 |
| TOTAL LIABILITIES | $609,098 | $593,617 |
Stockholders' Equity
| September 30, 2014 | December 31, 2013 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 2,232,283 and 2,221,834 shares issued; 2,042,753 and 2,032,304 shares outstanding | $35,266 | $34,979 |
| Retained earnings | $29,780 | $27,465 |
| Accumulated other comprehensive income (loss) | $859 | ($2,237) |
| Treasury stock, at cost; 189,530 shares | ($6,734) | ($6,734) |
| TOTAL STOCKHOLDERS' EQUITY | $59,171 | $53,473 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $668,269 | $647,090 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 |
|---|---|---|---|---|
| Interest and fees on loans | $5,575 | $5,550 | $11,269 | $11,122 |
| Interest-bearing deposits in other institutions | $9 | $9 | $14 | $17 |
| Federal funds sold | $6 | $4 | $9 | $8 |
| Investment securities - taxable interest | $526 | $625 | $1,035 | $1,299 |
| Investment securities - tax-exempt interest | $783 | $744 | $1,538 | $1,477 |
| Dividends on stock | $20 | $15 | $43 | $38 |
| TOTAL INTEREST INCOME | $6,919 | $6,914 | $13,908 | $13,961 |
| INTEREST EXPENSE | ||||
| Deposits | $929 | $1,219 | $1,869 | $2,516 |
| Short-term borrowings | $38 | $47 | $73 | $99 |
| Other borrowings | $32 | $44 | $64 | $90 |
| Trust preferred securities | $34 | $47 | $60 | $81 |
| TOTAL INTEREST EXPENSE | $1,033 | $1,357 | $2,066 | $2,786 |
| NET INTEREST INCOME | $5,886 | $5,590 | $11,842 | $11,175 |
| Provision for loan losses | $120 | $300 | $300 | $613 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $5,766 | $5,290 | $11,542 | $10,562 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | $469 | $511 | $910 | $958 |
| Investment securities (losses) gains, net | $64 | ($100) | $58 | $175 |
| Earnings on bank-owned life insurance | $68 | $75 | $135 | $143 |
| Other income | $256 | $243 | $469 | $411 |
| TOTAL NONINTEREST INCOME | $857 | $819 | $1,572 | $1,687 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | $2,144 | $1,872 | $6,428 | $5,649 |
| Occupancy expense | $272 | $273 | $868 | $795 |
| Equipment expense | $296 | $228 | $710 | $603 |
| Data processing costs | $251 | $209 | $689 | $609 |
| Ohio state franchise tax | $93 | $164 | $269 | $467 |
| Federal deposit insurance expense | $132 | $135 | $361 | $353 |
| Professional fees | $189 | $316 | $814 | $883 |
| (Gain) loss on sale of other real estate owned | $49 | ($35) | $119 | ($40) |
| Advertising expense | $120 | $113 | $367 | $336 |
| Other real estate expense | $91 | $128 | $256 | $324 |
| Directors fees | $99 | $77 | $303 | $315 |
| Other expense | $649 | $635 | $2,028 | $1,770 |
| TOTAL NONINTEREST EXPENSE | $4,385 | $4,115 | $13,212 | $12,064 |
| Income before income taxes | $2,447 | $2,386 | $6,734 | $6,686 |
| Income taxes | $529 | $521 | $1,442 | $1,479 |
| NET INCOME | $1,918 | $1,865 | $5,292 | $5,207 |
| EARNINGS PER SHARE | ||||
| Basic | $0.94 | $0.92 | $2.60 | $2.59 |
| Diluted | $0.93 | $0.92 | $2.59 | $2.58 |
| DIVIDENDS DECLARED PER SHARE | $0.26 | $0.26 | $0.78 | $0.78 |