2014 Second Quarter Financial Statement

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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

Liabilities

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