2016 First Quarter Financial Statement
Financial Statement
For Quarter 1, 2016
First Quarter Statement: January 01 – March 31, 2016
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
ASSET | March 31, 2016 | December 31, 2015 |
---|---|---|
Cash and due from banks | $25,251 | $22,421 |
Federal funds sold | $4,969 | $1,329 |
CASH AND EQUIVALENTS | $30,220 | $23,750 |
Investments security for sale, at fair value | $142,560 | $146,520 |
Loans held for sale | $176 | $1,107 |
Loans | $530,356 | $533,710 |
Less allowance for loan and lease losses | $6,357 | $6,385 |
NET LOANS | $523,999 | $527,325 |
Premises and equipment, net | $9,607 | $9,772 |
Goodwill | $4,559 | $4,559 |
Core deposit intangible | $66 | $76 |
Bank-owned life insurance | $13,240 | $13,141 |
Other real estate owned | $1,447 | $1,412 |
Accrued interest and other assets | $7,008 | $7,477 |
TOTAL ASSETS | $732,882 | $735,139 |
Liability | March 31, 2016 | December 31, 2015 |
---|---|---|
Noninterest-bearing demand deposits | $115,453 | $116,498 |
Interest-bearing demand deposits | $67,082 | $57,219 |
Money market | $82,143 | $78,856 |
Savings | $178,292 | $180,653 |
Time | $188,436 | $191,221 |
TOTAL DEPOSITS | $631,406 | $624,447 |
Short-term borrowings | $26,124 | $35,825 |
Other borrowings | $9,875 | $9,939 |
Accrued interest and other liabilities | $1,713 | $2,624 |
TOTAL LIABILITIES | $669,118 | $672,835 |
Stockholders' Equity
March 31, 2016 | December 31, 2015 | |
---|---|---|
Common stock, no par value; 10,000,000 shares authorized, 2,268,191 and 2,263,403 shares issued; 1,882,026 and 1,877,238 shares outstanding | $36,345 | $36,191 |
Retained earnings | $38, 216 | $37,236 |
Accumulated other comprehensive income | $2,721 | $2,395 |
Treasury stock, at cost; 386,165 shares | ($13,518) | ($13,518) |
TOTAL STOCKHOLDERS' EQUITY | $63,764 | $62,304 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $732,882 | $735,139 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
INTEREST INCOME | Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 |
---|---|---|
Interest and fees on loans | $6,173 | $5,843 |
Interest-bearing deposits in other institutions | $12 | $8 |
Federal funds sold | $4 | $3 |
Investment securities - taxable interest | $340 | $395 |
Investment securities - tax-exempt interest | $790 | $759 |
Dividends on stock | $29 | $27 |
TOTAL INTEREST INCOME | $7,348 | $7,035 |
INTEREST EXPENSE | ||
Deposits | $855 | $831 |
Short-term borrowings | $120 | $37 |
Other borrowings | $17 | $23 |
Trust preferred securities | $33 | ($8) |
TOTAL INTEREST EXPENSE | $1,025 | $883 |
NET INTEREST INCOME | $6,323 | $6,152 |
Provision for loan losses | $105 | $105 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $6,218 | $6,047 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | $447 | $441 |
Investment securities (losses) gains, net | $51 | $24 |
Earnings on bank-owned life insurance | $99 | $69 |
Gain on sale of loans | $87 | $53 |
Other income | $225 | $209 |
TOTAL NONINTEREST INCOME | $909 | $796 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | $2,780 | $2,360 |
Occupancy expense | $335 | $349 |
Equipment expense | $269 | $216 |
Data processing costs | $272 | $250 |
Ohio state franchise tax | $100 | $75 |
Federal deposit insurance expense | $132 | $112 |
Professional fees | $292 | $319 |
Loss on other real estate owned | $12 | $88 |
Advertising expense | $195 | $196 |
Other real estate expense | $46 | $65 |
Directors fees | $107 | $118 |
Core deposit intangible amortization | $10 | $10 |
Appraiser fees | $101 | $56 |
ATM fees | $96 | $84 |
Other expense | $591 | $663 |
TOTAL NONINTEREST EXPENSE | $5,338 | $4,811 |
Income before income taxes | $1,789 | $2,032 |
Income taxes | $302 | $404 |
NET INCOME | $1,487 | $1,628 |
EARNINGS PER SHARE | ||
Basic | $0.79 | $0.79 |
Diluted | $0.79 | $0.79 |
DIVIDENDS DECLARED PER SHARE | $0.27 | $0.26 |