2015 Second Quarter Financial Statement

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Financial Statement

For Quarter 2, 2015

Second Quarter Statement: April 01 – June 30, 2015

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSET	June 30, 2015	December 31, 2014
Cash and due from banks	$20,311	$20,846
Federal funds sold	$2,340	$4,793
CASH AND EQUIVALENTS	$22,651	$25,639
Investments security for sale, at fair value	$157,577	$154,334
Loans held for sale	$398	$438
Loans	$492,893	$470,584
Less allowance for loan and lease losses	$6,346	$6,846
NET LOANS	$485,547	$463,738
Premises and equipment, net	$10,019	$9,980
Goodwill	$4,559	$4,559
Core deposit intangible	$96	$116
Bank-owned life insurance	$13,253	$9,062
Other real estate owned	$2,308	$2,590
Accrued interest and other assets	$8,110	$7,045
TOTAL ASSETS	$705,518	$677,531

Liabilities

Liability	June 30, 2015	December 31, 2014
Noninterest-bearing demand deposits	$109,732	$105,512
Interest-bearing demand deposits	$59,128	$56,377
Money market	$73,425	$75,895
Savings	$179,353	$178,470
Time	$201,886	$169,858
TOTAL DEPOSITS	$623,524	$586,112
Short-term borrowings	$4,517	$14,808
Other borrowings	$10,465	$10,624
Accrued interest and other liabilities	$2,200	$2,120
TOTAL LIABILITIES	$640,706	$613,664

Stockholders' Equity

	June 30, 2015	December 31, 2014
Common stock, no par value; 10,000,000 shares authorized,2,252,179 and 2,242,025 shares issued; 2,062,649 and 2,052,495 shares outstanding	$35,854	$35,529
Retained earnings	$34,570	$32,524
Accumulated other comprehensive income	$1,122	$2,548
Treasury stock, at cost; 189,530 shares	($6,734)	($6,734)
TOTAL STOCKHOLDERS' EQUITY	$64,812	$63,867
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$705,518	$677,531

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOME	Three Months Ended June 30, 2015	Three Months Ended June 30, 2014	Six Months Ended June 30, 2015	Six Months Ended June 30, 2014
Interest and fees on loans	$5,842	$5,575	$11,685	$11,269
Interest-bearing deposits in other institutions	$12	$9	$20	$14
Federal funds solds	$5	$6	$8	$9
Investment securities - taxable interest	$379	$526	$774	$1,035
Investment securities - tax-exempt interest	$805	$783	$1,564	$1,538
Dividends on stock	$23	$20	$50	$43
TOTAL INTEREST INCOME	$7,066	$6,919	$14,101	$13,908
INTEREST EXPENSE
Deposits	$874	$929	$1,705	$1,869
Short-term borrowings	$33	$38	$70	$73
Other borrowings	$23	$32	$46	$64
Trust preferred securities	$60	$34	$52	$60
TOTAL INTEREST EXPENSE	$990	$1,033	$1,873	$2,066
NET INTEREST INCOME	$6,076	$5,886	$12,228	$11,842
Provision for loan losses	-	$120	$105	$300
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	$6,076	$5,766	$12,123	$11,542
NONINTEREST INCOME
Service charges on deposit accounts	$470	$469	$911	$910
Investment securities gains, net	$22	$64	$46	$58
Earnings on bank-owned life insurance	$92	$68	$161	$135
Gain on sale of loans	$120	-	$173	-
Other income	$258	$256	$467	$469
TOTAL NONINTEREST INCOME	$962	$857	$1,758	$1,572
NONINTEREST EXPENSE
Salaries and employee benefits	$2,560	$2,268	$4,920	$4,284
Occupancy expense	$291	$275	$640	$596
Equipment expense	$241	$194	$457	$414
Data processing costs	$261	$224	$511	$438
Ohio state franchise tax	$75	$93	$150	$176
Federal deposit insurance expense	$120	$97	$232	$229
Professional fees	$277	$338	$596	$625
(Gain) loss on sale of other real estate owned	($40)	$75	$48	$70
Advertising expense	$195	$124	$391	$247
Other real estate expense	$268	$102	$333	$165
Directors fees	$127	$118	$245	$204
Other expense	$842	$690	$1,505	$1,379
TOTAL NONINTEREST EXPENSE	$5,217	$4,598	$10,028	$8,827
Income before income taxes	$1,821	$2,025	$3,853	$4,287
Income taxes	$316	$414	$720	$913
NET INCOME	$1,505	$1,611	$3,133	$3,374
EARNINGS PER SHARE
Basic	$0.73	$0.79	$1.52	$1.66
Diluted	$0.73	$0.79	$1.52	$1.65
DIVIDENDS DECLARED PER SHARE	$0.27	$0.26	$0.53	$0.52