2015 Yearly Financial Statement

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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

Liabilities

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