2014 Third Quarter Financial Statement
Financial Statement
For Quarter 3, 2014
Third Quarter Statement: July 01 – September 30, 2014
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | September 30, 2014 | December 31, 2013 |
|---|---|---|
| Cash and due from banks | $21,486 | $20,926 |
| Federal funds sold | $7,816 | $5,267 |
| CASH AND EQUIVALENTS | $29,302 | $26,193 |
| Investments security for sale | $156,021 | $157,143 |
| Loans held for sale, lower of cost or market | $201 | $0 |
| Loans | $468,007 | $435,725 |
| Less allowance for loan and lease losses | $7,288 | $7,046 |
| NET LOANS | $460,920 | $428,679 |
| Premises and equipment, net | $9,916 | $9,828 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $126 | $156 |
| Bank-owned life insurance | $9,022 | $8,816 |
| Accrued interest and other assets | $10,396 | $11,716 |
| TOTAL ASSETS | $580,262 | $647,090 |
| Liability | September 30, 2014 | December 31, 2013 |
|---|---|---|
| Noninterest-bearing demand deposits | $105,788 | $85,905 |
| Interest-bearing demand deposits | $62,958 | $53,741 |
| Money market | $76,157 | $77,473 |
| Savings | $177,408 | $177,303 |
| Time | $177,709 | $174,414 |
| TOTAL DEPOSITS | $600,020 | $568,836 |
| Short-term borrowings | $5,131 | $10,809 |
| Other borrowings | $11,105 | $11,609 |
| Accrued interest and other liabilities | $2,491 | $2,363 |
| TOTAL LIABILITIES | $618,747 | $593,617 |
Stockholders' Equity
| September 30, 2014 | December 31, 2013 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 2,238,337 and 2,221,834 shares issued; 2,048,807 and 2,032,304 shares outstanding | $35,455 | $34,979 |
| Retained earnings | $31,169 | $27,465 |
| Accumulated other comprehensive income (loss | $1,625 | ($2,237) |
| Treasury stock, at cost; 189,530 shares | ($6,734) | ($6,734) |
| TOTAL STOCKHOLDERS' EQUITY | $61,515 | $53,473 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $680,262 | $647,090 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 |
|---|---|---|---|---|
| Interest and fees on loans | $5,646 | $5,754 | $16,915 | $16,876 |
| Interest-bearing deposits in other institutions | $5 | $6 | $19 | $23 |
| Federal funds sold | $2 | $4 | $11 | $12 |
| Investment securities - taxable interest | $441 | $610 | $1,476 | $1,909 |
| Investment securities - tax-exempt interest | $798 | $782 | $2,336 | $2,259 |
| Dividends on stock | $19 | $18 | $62 | $56 |
| TOTAL INTEREST INCOME | $6,911 | $7,174 | $20,819 | $21,135 |
| INTEREST EXPENSE | ||||
| Deposits | $898 | $1,170 | $2,767 | $3,686 |
| Short-term borrowings | $38 | $41 | $111 | $140 |
| Federal funds purchased | - | 1 | - | 1 |
| Other borrowings | $30 | $41 | $94 | $131 |
| Trust preferred securities | $33 | $73 | $93 | $156 |
| TOTAL INTEREST EXPENSE | $999 | $1,328 | $3,065 | $4,114 |
| NET INTEREST INCOME | $5,912 | $5,846 | $17,754 | $17,021 |
| Provision for loan losses | $70 | $153 | $370 | $766 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $5,842 | $5,693 | $17,384 | $16,255 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | $489 | $510 | $1,399 | $1,468 |
| Investment securities (losses) gains, net | $190 | - | $248 | $175 |
| Earnings on bank-owned life insurance | $71 | $66 | $206 | $209 |
| Gain on sale of loans | $20 | - | $20 | - |
| Other income | $220 | $232 | $689 | $643 |
| TOTAL NONINTEREST INCOME | $990 | $808 | $2,562 | $2,495 |
| 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 |