2015 Second Quarter Financial Statement
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 |
| 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 |