2015 Third Quarter Financial Statement
Financial Statement
For Quarter 3, 2015
Third Quarter Statement: July 01 – September 30, 2015
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | September 30, 2015 | December 31, 2014 |
|---|---|---|
| Cash and due from banks | $19,189 | $20,846 |
| Federal funds sold | $4,106 | $4,793 |
| CASH AND EQUIVALENTS | $23,295 | $25,639 |
| Investments security for sale, at fair value | $145,146 | $154,334 |
| Loans held for sale | $620 | $438 |
| Loans | $510,232 | $470,584 |
| Less allowance for loan and lease losses | $6,320 | $6,846 |
| NET LOANS | $503,912 | $463,738 |
| Premises and equipment, net | $9,892 | $9,980 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $86 | $116 |
| Bank-owned life insurance | $13,354 | $9,062 |
| Other real estate owned | $2,006 | $2,590 |
| Accrued interest and other assets | $7,727 | $7,045 |
| TOTAL ASSETS | $710,597 | $677,531 |
| Liability | September 30, 2015 | December 31, 2014 |
|---|---|---|
| Noninterest-bearing demand deposits | $117,038 | $105,512 |
| Interest-bearing demand deposits | $64,807 | $56,377 |
| Money market | $77,811 | $75,895 |
| Savings | $179,528 | $178,470 |
| Time | $187,364 | $169,858 |
| TOTAL DEPOSITS | $626,548 | $586,112 |
| Short-term borrowings | $4,047 | $14,808 |
| Other borrowings | $10,300 | $10,624 |
| Accrued interest and other liabilities | $2,486 | $2,120 |
| TOTAL LIABILITIES | $643,381 | $613,664 |
Stockholders' Equity
| September 30, 2015 | December 31, 2014 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 2,259,040 and 2,242,025 shares issued; 2,069,510 and 2,052,495 shares outstanding | $36,039 | $35,529 |
| Retained earnings | $35,994 | $32,524 |
| Accumulated other comprehensive income | $1,917 | $2,548 |
| Treasury stock, at cost; 189,530 shares | ($6,734) | ($6,734) |
| TOTAL STOCKHOLDERS' EQUITY | $67,216 | $63,867 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $710,597 | $677,531 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended September 30, 2015 | Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 |
|---|---|---|---|---|
| Interest and fees on loans | $5,971 | $5,646 | $17,656 | $16,915 |
| Interest-bearing deposits in other institutions | $6 | $5 | $26 | $19 |
| Federal funds solds | $4 | $2 | $12 | $11 |
| Investment securities - taxable interest | $341 | $441 | $1,115 | $1,476 |
| Investment securities - tax-exempt interest | $809 | $798 | $2,373 | $2,336 |
| Dividends on stock | $20 | $19 | $70 | $62 |
| TOTAL INTEREST INCOME | $7,151 | $6,911 | $21,252 | $20,819 |
| INTEREST EXPENSE | ||||
| Deposits | $876 | $898 | $2,581 | $2,767 |
| Short-term borrowings | $30 | $38 | $100 | $111 |
| Other borrowings | $20 | $30 | $66 | $94 |
| Trust preferred securities | $33 | $33 | $85 | $93 |
| TOTAL INTEREST EXPENSE | $959 | $999 | $2,832 | $3,065 |
| NET INTEREST INCOME | $6,192 | $5,912 | $18,420 | $17,754 |
| Provision for loan losses | $105 | $70 | $210 | $370 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $6,087 | $5,842 | $18,210 | $17,384 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | $471 | $489 | $1,382 | $1,399 |
| Investment securities gains, net | $211 | $190 | $257 | $248 |
| Earnings on bank-owned life insurance | $101 | $71 | $262 | $206 |
| Gain on sale of loans | $113 | $20 | $286 | $20 |
| Other income | $212 | $220 | $679 | $689 |
| TOTAL NONINTEREST INCOME | $1,108 | $990 | $2,866 | $2,562 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | $2,285 | $2,144 | $7,205 | $6,428 |
| Occupancy expense | $305 | $272 | $945 | $868 |
| Equipment expense | $249 | $296 | $706 | $710 |
| Data processing costs | $287 | $251 | $798 | $689 |
| Ohio state franchise tax | $75 | $93 | $225 | $269 |
| Federal deposit insurance expense | $120 | $132 | $352 | $361 |
| Professional fees | $229 | $189 | $825 | $814 |
| Loss on sale of other real estate owned | $24 | $49 | $72 | $119 |
| Advertising expense | $195 | $120 | $586 | $367 |
| Other real estate expense | $116 | $91 | $449 | $256 |
| Directors fees | $98 | $99 | $449 | $256 |
| Other expense | $686 | $649 | $2,191 | $2,028 |
| TOTAL NONINTEREST EXPENSE | $4,669 | $4,385 | $14,697 | $13,212 |
| Income before income taxes | $2,526 | $2,447 | $6,379 | $6,734 |
| Income taxes | $544 | $529 | $1,264 | $1,442 |
| NET INCOME | $1,982 | $1,918 | $5,115 | $5,292 |
| EARNINGS PER SHARE | ||||
| Basic | $0.96 | $0.94 | $2.49 | $2.60 |
| Diluted | $0.96 | $0.93 | $2.47 | $2.59 |
| DIVIDENDS DECLARED PER SHARE | $0.27 | $0.26 | $0.80 | $0.78 |