2016 First Quarter Financial Statement

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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

Liabilities

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