2014 Yearly Financial Statement

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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

Liabilities

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