2015 Yearly Financial Statement
Yearly Financial Statement
2015
2015 Yearly Financial Statement
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | December 31, 2015 | December 31, 2014 |
|---|---|---|
| Cash and due from banks | $21,880 | $20,846 |
| Federal funds sold | $1,870 | $4,793 |
| CASH AND EQUIVALENTS | $23,750 | $25,639 |
| Investments security for sale, at fair value | $146,520 | $154,334 |
| Loans held for sale | $1,107 | $438 |
| Loans | $533,710 | $470,584 |
| Less allowance for loan and lease losses | $6,385 | $6,846 |
| NET LOANS | $527,325 | $463,738 |
| Premises and equipment, net | $9,772 | $9,980 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $76 | $116 |
| Bank-owned life insurance | $13,141 | $9,092 |
| Accrued interest and other assets | $7,477 | $9,635 |
| TOTAL ASSETS | $735,139 | $677,531 |
| Liability | December 31, 2015 | December 31, 2014 |
|---|---|---|
| Noninterest-bearing demand deposits | $116,498 | $105,512 |
| Interest-bearing demand deposits | $57,219 | $56,377 |
| Money market | $78,856 | $75,895 |
| Savings | $180,653 | $178,470 |
| Time | $191,221 | $169,858 |
| TOTAL DEPOSITS | $624,447 | $586,112 |
| Short-term borrowings | $35,825 | $14,808 |
| Other borrowings | $9,939 | $10,624 |
| Accrued interest and other liabilities | $2,624 | $2,120 |
| TOTAL LIABILITIES | $672,835 | $613,664 |
Stockholders' Equity
| December 31, 2015 | December 31, 2014 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 2,263,403 and 2,242,025 shares issued; 1,877,238 and 2,052,495 shares outstanding | $36,191 | $35,529 |
| Retained earnings | $37,236 | $32,524 |
| Accumulated other comprehensive income (loss) | $2,395 | $2,548 |
| Treasury stock, at cost; 386,165 shares | ($13,518) | ($6,734) |
| TOTAL STOCKHOLDERS' EQUITY | $62,304 | $63,867 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $735,139 | $677,531 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Year Ended Dec. 31, 2015 | Year Ended Dec. 31, 2014 | Year Ended Dec. 31, 2013 |
|---|---|---|---|
| Interest and fees on loans | $23,824 | $22,726 | $22,496 |
| Interest-bearing deposits in other institutions | $33 | $24 | $30 |
| Federal funds sold | $13 | $14 | $15 |
| Investment securities - taxable interest | $1,467 | $1,896 | $2,514 |
| Investment securities - tax-exempt interest | $3,160 | $3,127 | $3,044 |
| Dividends on stock | $98 | $87 | $79 |
| TOTAL INTEREST INCOME | $28,595 | $27,874 | $28,178 |
| INTEREST EXPENSE | |||
| Deposits | $3,426 | $3,633 | $4,709 |
| Short-term borrowings | $194 | $148 | $178 |
| Federal funds purchased | - | 0 | 7 |
| Other borrowings | $83 | $118 | $166 |
| Trust preferred securities | $117 | $171 | $190 |
| TOTAL INTEREST EXPENSE | $3,820 | $4,070 | $5,250 |
| NET INTEREST INCOME | $24,775 | $23,804 | $22,928 |
| Provision for loan losses | $315 | $370 | $196 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $24,460 | $23,434 | $22,732 |
| NONINTEREST INCOME | |||
| Service charges on deposit accounts | $1,874 | $1,876 | $1,956 |
| Investment securities (losses) gains, net | $323 | $248 | $11 |
| Earnings on bank-owned life insurance | $624 | $276 | $280 |
| Gains on sale of loans | $329 | $237 | - |
| Other income | $894 | $951 | $898 |
| TOTAL NONINTEREST INCOME | $4,044 | $3,588 | $3,145 |
| NONINTEREST EXPENSE | |||
| Salaries and employee benefits | $9,751 | $8,817 | $7,913 |
| Occupancy expense | $1,253 | $1,108 | $1,231 |
| Equipment expense | $944 | $963 | $950 |
| Data processing costs | $1,071 | $917 | $854 |
| Ohio state franchise tax | $300 | $342 | $618 |
| Federal deposit insurance expense | $472 | $449 | $516 |
| Professional fees | $1,247 | $1,086 | $1,174 |
| (Gain) Loss on other real estate owned | ($48) | $183 | $18 |
| Advertising expense | $721 | $488 | $445 |
| Other real estate expense | $611 | $387 | $410 |
| Directors fees | $451 | $403 | $403 |
| Other expense | $3,304 | $2,707 | $2,338 |
| TOTAL NONINTEREST EXPENSE | $20,077 | $17,850 | $16,870 |
| Income before income taxes | $8,427 | $9,172 | $9,007 |
| Income taxes | $1,562 | $1,992 | $1,979 |
| NET INCOME | $6,865 | $7,180 | $7,028 |
| EARNINGS PER SHARE | |||
| Basic | $3.41 | $3.52 | $3.48 |
| Diluted | $3.39 | $3.50 | $3.47 |
| DIVIDENDS DECLARED PER SHARE | $1.07 | $1.04 | $1.04 |