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Beachwood Office (216) 359-5580 Open Geo Locator

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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

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  • Beachwood Office
    25201 Chagrin Boulevard, Suite 120 - Beachwood

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    348 Center Street P.O Box 1078 - Chardon

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    15545 West High Street. P.O. Box 35 - Middlefield

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    11110 Kinsman Road, P.O. Box 208 - Newbury

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    6134 Kruse Drive - Solon

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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

ASSETMarch 31, 2015December 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
Liabilities
LiabilityMarch 31, 2015December 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, 2015December 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 INCOMEThree Months Ended March 31, 2015Three 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