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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
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2016 Third Quarter Financial Statement

Home Investor Relations Investor Relations Financial Statements 2016 Q3 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

ASSETSeptember 30, 2016December 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
Liabilities
LiabilitySeptember 30, 2016December 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, 2016December 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 INCOMEThree Months Ended September 30, 2016Three Months Ended September 30, 2015Nine Months Ended September 30, 2016Nine 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 tax16.3%21.5%19.2%19.8%