2015 First Quarter Financial Statement
Financial Statement
For Quarter 1, 2015
First Quarter Statement: January 01 – March 31, 2015
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
ASSET | March 31, 2015 | December 31, 2014 |
---|---|---|
Cash and due from banks | $32,727 | $20,846 |
Federal funds sold | $12,535 | $4,793 |
CASH AND EQUIVALENTS | $45,262 | $25,639 |
Investments security for sale, at fair value | $151,159 | $154,334 |
Loans held for sale | $690 | $438 |
Loans | $475,818 | $470,584 |
Less allowance for loan and lease losses | $6,447 | $6,846 |
NET LOANS | $469,371 | $463,738 |
Premises and equipment, net | $9,927 | $9,980 |
Goodwill | $4,559 | $4,559 |
Core deposit intangible | $106 | $116 |
Bank-owned life insurance | $9,161 | $9,062 |
Other real estate owned | $2,203 | $2,590 |
Accrued interest and other assets | $7,496 | $7,045 |
TOTAL ASSETS | $699,934 | $677,531 |
Liability | March 31, 2015 | December 31, 2014 |
---|---|---|
Noninterest-bearing demand deposits | $105,728 | $105,512 |
Interest-bearing demand deposits | $64,460 | $56,377 |
Money market | $77,099 | $75,895 |
Savings | $179,850 | $178,470 |
Time | $190,006 | $169,858 |
TOTAL DEPOSITS | $617,143 | $586,112 |
Short-term borrowings | $4,913 | $14,808 |
Other borrowings | $10,533 | $10,624 |
Accrued interest and other liabilities | $1,661 | $2,120 |
TOTAL LIABILITIES | $634,250 | $613,664 |
Stockholders' Equity
March 31, 2015 | December 31, 2014 | |
---|---|---|
Common stock, no par value; 10,000,000 shares authorized,2,247,556 and 2,242,025 shares issued; 2,058,026 and 2,052,495 shares outstanding | $35,706 | $35,529 |
Retained earnings | $33,618 | $32,524 |
Accumulated other comprehensive income | $3,094 | $2,548 |
Treasury stock, at cost; 189,530 shares | ($6,734) | ($6,734) |
TOTAL STOCKHOLDERS' EQUITY | $65,684 | $63,867 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $699,934 | $677,531 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
INTEREST INCOME | Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 |
---|---|---|
Interest and fees on loans | $5,843 | $5,694 |
Interest-bearing deposits in other institutions | $8 | $5 |
Federal funds sold | $3 | $3 |
Investment securities - taxable interest | $395 | $509 |
Investment securities - tax-exempt interest | $759 | $755 |
Dividends on stock | $27 | $23 |
TOTAL INTEREST INCOME | $7,035 | $6,989 |
INTEREST EXPENSE | ||
Deposits | $831 | $940 |
Short-term borrowings | $37 | $35 |
Other borrowings | $23 | $32 |
Trust preferred securities | ($8) | $26 |
TOTAL INTEREST EXPENSE | $883 | $1,033 |
NET INTEREST INCOME | $6,152 | $5,956 |
Provision for loan losses | $105 | $180 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $6,047 | $5,776 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | $441 | $441 |
Investment securities (losses) gains, net | $24 | ($6) |
Earnings on bank-owned life insurance | $69 | $67 |
Gain on sale of loans | $53 | - |
Other income | $209 | $213 |
TOTAL NONINTEREST INCOME | $796 | $715 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | $2,360 | $2,016 |
Occupancy expense | $349 | $321 |
Equipment expense | $216 | $220 |
Data processing costs | $250 | $214 |
Ohio state franchise tax | $75 | $83 |
Federal deposit insurance expense | $112 | $132 |
Professional fees | $319 | $287 |
Loss (gain) on sale of other real estate owned | $88 | ($5) |
Advertising expense | $196 | $123 |
Other real estate expense | $65 | $63 |
Directors fees | $118 | $86 |
Other expense | $663 | $689 |
TOTAL NONINTEREST EXPENSE | $4,811 | $4,229 |
Income before income taxes | $2,032 | $2,262 |
Income taxes | $404 | $499 |
NET INCOME | $1,628 | $1,763 |
EARNINGS PER SHARE | ||
Basic | $0.79 | $0.87 |
Diluted | $0.79 | $0.86 |
DIVIDENDS DECLARED PER SHARE | $0.26 | $0.26 |