2014 Yearly Financial Statement
Yearly Financial Statement
2014
2014 Yearly Financial Statement
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | December 31, 2014 | December 31, 2013 |
|---|---|---|
| Cash and due from banks | $20,846 | $20,926 |
| Federal funds sold | $4,793 | $5,267 |
| CASH AND EQUIVALENTS | $25,639 | $26,193 |
| Investments security for sale, at fair value | $154,334 | $157,143 |
| Loans held for sale | $438 | - |
| Loans | $470,584 | $435,725 |
| Less allowance for loan and lease losses | $6,846 | $7,046 |
| NET LOANS | $463,738 | $428,679 |
| Premises and equipment, net | $9,980 | $9,828 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $116 | $156 |
| Bank-owned life insurance | $9,092 | $8,816 |
| Accrued interest and other assets | $9,635 | $11,716 |
| TOTAL ASSETS | $677,531 | $647,090 |
| Liability | December 31, 2014 | December 31, 2013 |
|---|---|---|
| Noninterest-bearing demand deposits | $105,512 | $85,905 |
| Interest-bearing demand deposits | $56,377 | $53,741 |
| Money market | $75,895 | $77,473 |
| Savings | $178,470 | $177,303 |
| Time | $169,858 | $174,414 |
| TOTAL DEPOSITS | $586,112 | $568,836 |
| Short-term borrowings | $14,808 | $10,809 |
| Other borrowings | $10,624 | $11,609 |
| Accrued interest and other liabilities | $2,120 | $2,363 |
| TOTAL LIABILITIES | $613,664 | $593,617 |
Stockholders' Equity
| December 31, 2014 | December 31, 2013 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 2,242,025 and 2,221,834 shares issued; 2,052,495 and 2,032,304 shares outstanding | $35,529 | $34,979 |
| Retained earnings | $32,524 | $27,465 |
| Accumulated other comprehensive income (loss) | $2,548 | ($2,237) |
| Treasury stock, at cost; 189,530 shares | ($6,734) | ($6,734) |
| TOTAL STOCKHOLDERS' EQUITY | $63,867 | $53,473 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $677,531 | $647,090 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Year Ended Dec. 31, 2014 | Year Ended Dec. 31, 2013 | Year Ended Dec. 31, 2012 |
|---|---|---|---|
| Interest and fees on loans | $22,726 | $22,496 | $22,418 |
| Interest-bearing deposits in other institutions | $24 | $30 | $26 |
| Federal funds sold | $14 | $15 | $20 |
| Investment securities - taxable interest | $1,896 | $2,514 | $3,209 |
| Investment securities - tax-exempt interest | $3,127 | $3,044 | $2,976 |
| Dividends on stock | $87 | $79 | $97 |
| TOTAL INTEREST INCOME | $27,874 | $28,178 | $28,746 |
| INTEREST EXPENSE | |||
| Deposits | $3,633 | $4,709 | $5,728 |
| Short-term borrowings | $148 | $178 | $261 |
| Federal funds purchased | - | 7 | - |
| Other borrowings | $118 | $166 | $294 |
| Trust preferred securities | $171 | $190 | $164 |
| TOTAL INTEREST EXPENSE | $4,070 | $5,250 | $6,447 |
| NET INTEREST INCOME | $23,804 | $22,928 | $22,299 |
| Provision for loan losses | $370 | $196 | $2,168 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $23,434 | $22,732 | $20,131 |
| NONINTEREST INCOME | |||
| Service charges on deposit accounts | $1,876 | $1,956 | $1,765 |
| Investment securities (losses) gains, net | $248 | $11 | $610 |
| Earnings on bank-owned life insurance | $276 | $280 | $279 |
| Gains on sale of loans | $237 | - | $85 |
| Other income | $951 | $898 | $712 |
| TOTAL NONINTEREST INCOME | $3,588 | $3,145 | $3,451 |
| NONINTEREST EXPENSE | |||
| Salaries and employee benefits | $8,817 | $7,913 | $7,127 |
| Occupancy expense | $1,108 | $1,231 | $959 |
| Equipment expense | $963 | $950 | $759 |
| Data processing costs | $917 | $854 | $772 |
| Ohio state franchise tax | $342 | $618 | $590 |
| Federal deposit insurance expense | $449 | $516 | $487 |
| Professional fees | $1,086 | $1,174 | $948 |
| Losses on other real estate owned | $183 | $18 | $258 |
| Advertising expense | $488 | $445 | $423 |
| Other real estate expense | $387 | $410 | $498 |
| Directors fees | $403 | $403 | $386 |
| Other expense | $2,707 | $2,338 | $2,432 |
| TOTAL NONINTEREST EXPENSE | $17,850 | $16,870 | $15,639 |
| Income before income taxes | $9,172 | $9,007 | $7,943 |
| Income taxes | $1,992 | $1,979 | $1,662 |
| NET INCOME | $7,180 | $7,028 | $6,281 |
| EARNINGS PER SHARE | |||
| Basic | $3.52 | $3.48 | $3,29 |
| Diluted | $3.50 | $3.47 | $3.28 |
| DIVIDENDS DECLARED PER SHARE | $1.04 | $1.04 | $1.04 |