2016 Third Quarter Financial Statement
Financial Statement
For Quarter 3, 2016
Third Quarter Statement: July 01 – September 30, 2016
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | September 30, 2016 | December 31, 2015 |
|---|---|---|
| Cash and due from banks | $21,976 | $22,421 |
| Federal funds sold | $1,300 | $1,329 |
| CASH AND EQUIVALENTS | $23,276 | $23,750 |
| Investments security for sale, at fair value | $123,054 | $146,520 |
| Loans held for sale | $880 | $1,107 |
| Loans | $586,329 | $533,710 |
| Less allowance for loan and lease losses | $6,334 | $6,385 |
| NET LOANS | $579,995 | $527,325 |
| Premises and equipment, net | $9,921 | $9,772 |
| Goodwill | $4,559 | $4,559 |
| Core deposit intangible | $46 | $76 |
| Bank-owned life insurance | $13,438 | $13,141 |
| Other real estate owned | $1,205 | $1,412 |
| Accrued interest and other assets | $5,884 | $7,477 |
| TOTAL ASSETS | $762,258 | $735,139 |
| Liability | September 30, 2016 | December 31, 2015 |
|---|---|---|
| Noninterest-bearing demand deposits | $136,320 | $116,498 |
| Interest-bearing demand deposits | $67,061 | $57,219 |
| Money market | $77,774 | $78,856 |
| Savings | $173,272 | $180,653 |
| Time | $184,915 | $191,221 |
| TOTAL DEPOSITS | $639,342 | $624,447 |
| Short-term borrowings | $32,803 | $35,825 |
| Other borrowings | $9,713 | $9,939 |
| Accrued interest and other liabilities | $2,208 | $2,624 |
| TOTAL LIABILITIES | $684,066 | $672,835 |
Stockholders' Equity
| September 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 | $47,812 | $36,191 |
| Retained earnings | $40,282 | $37,236 |
| Accumulated other comprehensive income | $3,616 | $2,395 |
| Treasury stock, at cost; 386,165 shares | ($13,518) | ($13,518) |
| TOTAL STOCKHOLDERS' EQUITY | $78,192 | $62,304 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $762,258 | $735,139 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 |
|---|---|---|---|---|
| Interest and fees on loans | $6,459 | $5,971 | $18,949 | $17,656 |
| Interest-bearing deposits in other institutions | $15 | $6 | $42 | $26 |
| Federal funds sold | $7 | $4 | $16 | $12 |
| Investment securities - taxable interest | $235 | $341 | $865 | $1,115 |
| Investment securities - tax-exempt interest | $687 | $809 | $2,227 | $2,373 |
| Dividends on stock | $17 | $20 | $74 | $70 |
| TOTAL INTEREST INCOME | $7,420 | $7,151 | $22,173 | $21,252 |
| INTEREST EXPENSE | ||||
| Deposits | $921 | $876 | $2,665 | $2,581 |
| Short-term borrowings | $47 | $30 | $282 | $100 |
| Other borrowings | $16 | $20 | $53 | $66 |
| Trust preferred securities | $42 | $33 | $117 | $85 |
| TOTAL INTEREST EXPENSE | $1,026 | $959 | $3,117 | $2,832 |
| NET INTEREST INCOME | $6,394 | $6,192 | $19,056 | $18,420 |
| Provision for loan losses | $105 | $105 | $315 | $210 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $6,289 | $6,087 | $18,741 | $18,210 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | $505 | $471 | $1,443 | $1,382 |
| Investment securities gains, net | - | $211 | $303 | $257 |
| Earnings on bank-owned life insurance | $102 | $101 | $298 | $262 |
| Gain on sale of loans | $129 | $113 | $322 | $286 |
| Other income | $241 | $212 | $693 | $679 |
| TOTAL NONINTEREST INCOME | $997 | $1,108 | $3,059 | $2,866 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | $2,677 | $2,285 | $7,740 | $7,205 |
| Occupancy expense | $306 | $305 | $933 | $945 |
| Equipment expense | $221 | $249 | $700 | $706 |
| Data processing costs | $334 | $287 | $928 | $798 |
| Ohio state franchise tax | $186 | $75 | $448 | $225 |
| Federal deposit insurance expense | $132 | $120 | $396 | $352 |
| Professional fees | $547 | $229 | $1,057 | $825 |
| Loss (gain) on other real estate owned | ($49) | $24 | $19 | $72 |
| Advertising expense | $206 | $195 | $604 | $586 |
| Other real estate expense | $97 | $116 | $228 | $449 |
| Directors fees | $102 | $98 | $330 | $343 |
| Core deposit intangible amortization | $10 | $10 | $30 | $30 |
| Appraiser fees | $114 | $97 | $334 | $327 |
| ATM fees | $102 | $89 | $296 | $295 |
| Other expense | $677 | $490 | $1,872 | $1,539 |
| TOTAL NONINTEREST EXPENSE | $5,662 | $4,669 | $15,915 | $14,697 |
| Income before income taxes | $1,604 | $2,526 | $5,885 | $6,379 |
| Income taxes | $261 | $544 | $1,129 | $1,264 |
| NET INCOME | $1,343 | $1,982 | $4,756 | $5,115 |
| EARNINGS PER SHARE | ||||
| Basic | $0.60 | $0.96 | $2.31 | $2.49 |
| Diluted | $0.60 | $0.96 | $2.30 | $2.47 |
| DIVIDENDS DECLARED PER SHARE | $0.27 | $0.27 | $0.81 | $0.80 |
| Effective tax | 16.3% | 21.5% | 19.2% | 19.8% |