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 |