2016 Second Quarter Financial Statement
Financial Statement
For Quarter 2, 2016
Second Quarter Statement: April 01 – June 31, 2016
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | June 30, 2016 | December 31, 2015 |
|---|---|---|
| Cash and due from banks | $21,127 | $22,421 |
| Federal funds sold | $1,000 | $1,329 |
| CASH AND EQUIVALENTS | $22,127 | $23,750 |
| Investments security for sale, at fair value | $129,295 | $146,520 |
| Loans held for sale | $496 | $1,107 |
| Loans | $579,716 | $533,710 |
| Less allowance for loan and lease losses | $6,366 | $6,385 |
| NET LOANS | $573,350 | $527,325 |
| Premises and equipment, net | $9,727 | $9,772 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $56 | $76 |
| Bank-owned life insurance | $13,337 | $13,141 |
| Other real estate owned | $1,142 | $1,412 |
| Accrued interest and other assets | $6,019 | $7,477 |
| TOTAL ASSETS | $760,108 | $735,139 |
| Liability | June 30, 2016 | December 31, 2015 |
|---|---|---|
| Noninterest-bearing demand deposits | $126,045 | $116,498 |
| Interest-bearing demand deposits | $64,361 | $57,219 |
| Money market | $81,596 | $78,856 |
| Savings | $173,014 | $180,653 |
| Time | $183,024 | $191,221 |
| TOTAL DEPOSITS | $628,040 | $624,447 |
| Short-term borrowings | $41,841 | $35,825 |
| Other borrowings | $9,825 | $9,939 |
| Accrued interest and other liabilities | $2,407 | $2,624 |
| TOTAL LIABILITIES | $682,527 | $672,835 |
Stockholders' Equity
| June 30, 2016 | December 31, 2015 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 2,633,069 and 2,263,403 shares issued; 2,246,904 and 1,877,238 shares outstanding | $47,675 | $36,191 |
| Retained earnings | $39,545 | $37,236 |
| Accumulated other comprehensive income | $3,879 | $2,395 |
| Treasury stock, at cost; 386,165 shares | ($13,518) | ($13,518) |
| TOTAL STOCKHOLDERS' EQUITY | $77,581 | $62,304 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $760,108 | $735,139 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended June 30, 2016 | Three Months Ended June 30, 2015 | Six Months Ended June 30, 2016 | Six Months Ended June 30, 2015 |
|---|---|---|---|---|
| Interest and fees on loans | $6,173 | $5,842 | $12,490 | $11,685 |
| Interest-bearing deposits in other institutions | $15 | $12 | $27 | $20 |
| Federal funds sold | $5 | $5 | $9 | $8 |
| Investment securities - taxable interest | $290 | $379 | $630 | $774 |
| Investment securities - tax-exempt interest | $750 | $805 | $1,540 | $1,564 |
| Dividends on stock | $298 | $23 | $57 | $50 |
| TOTAL INTEREST INCOME | $7,405 | $7,066 | $14,753 | $14,101 |
| INTEREST EXPENSE | ||||
| Deposits | $889 | $874 | $1,744 | $1,705 |
| Short-term borrowings | $115 | $33 | $235 | $70 |
| Other borrowings | $20 | $23 | $37 | $46 |
| Trust preferred securities | $42 | $60 | $75 | $52 |
| TOTAL INTEREST EXPENSE | $1,066 | $990 | $2,091 | $1,873 |
| NET INTEREST INCOME | $6,339 | $6,076 | $12,662 | $12,228 |
| Provision for loan losses | $105 | - | $210 | $105 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $6,234 | $6,076 | $12,452 | $12,123 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | $491 | $470 | $938 | $911 |
| Investment securities (losses) gains, net | $252 | $22 | $303 | $46 |
| Earnings on bank-owned life insurance | $97 | $92 | $196 | $161 |
| Gain on sale of loans | $106 | $120 | $193 | $173 |
| Other income | $227 | $258 | $452 | $467 |
| TOTAL NONINTEREST INCOME | $1,173 | $962 | $2,082 | $1,758 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | $2,283 | $2,560 | $5,063 | $4,920 |
| Occupancy expense | $292 | $291 | $627 | $640 |
| Equipment expense | $210 | $241 | $479 | $457 |
| Data processing costs | $322 | $261 | $594 | $511 |
| Ohio state franchise tax | $162 | $75 | $262 | $150 |
| Federal deposit insurance expense | $132 | $120 | $510 | $596 |
| Professional fees | $218 | $277 | $510 | $596 |
| Loss (gain) on other real estate owned | $56 | ($40) | $68 | $48 |
| Advertising expense | $203 | $195 | $398 | $391 |
| Other real estate expense | $85 | $268 | $131 | $333 |
| Directors fees | $121 | $127 | $228 | $245 |
| Core deposit intangible amortization | $10 | $10 | $20 | $20 |
| Appraiser fees | $119 | - | $220 | - |
| ATM fees | $98 | $88 | $194 | $172 |
| Other expense | $604 | $744 | $1,195 | $1,313 |
| TOTAL NONINTEREST EXPENSE | $4,915 | $5,217 | $10,253 | $10,028 |
| Income before income taxes | $2,492 | $1,821 | $4,281 | $3,853 |
| Income taxes | $566 | $316 | $868 | $720 |
| NET INCOME | $1,926 | $1,505 | $3,413 | $3,133 |
| EARNINGS PER SHARE | ||||
| Basic | $0.94 | $0.73 | $1.74 | $1.52 |
| Diluted | $0.94 | $0.73 | $1.73 | $1.52 |
| DIVIDENDS DECLARED PER SHARE | $0.27 | $0.27 | $0.54 | $0.53 |