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 |