2016 Yearly Financial Statement
Yearly Financial Statement
2016
2016 Yearly Financial Statement
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
ASSET | December 31, 2016 | December 31, 2015 |
---|---|---|
Cash and due from banks | $31,395 | $21,880 |
Federal funds sold | $1,100 | $1,870 |
CASH AND EQUIVALENTS | $32,495 | $23,750 |
Investments security for sale, at fair value | $114,376 | $146,520 |
Loans held for sale | $634 | $1,107 |
Loans | $609,140 | $533,710 |
Less allowance for loan and lease losses | $6,598 | $6,385 |
NET LOANS | $602,542 | $527,325 |
Premises and equipment, net | $11,203 | $9,772 |
Goodwill | $4,559 | $4,559 |
Core deposit intangible | $36 | $76 |
Bank-owned life insurance | $13,540 | $13,141 |
Accrued interest and other assets | $7,502 | $7,477 |
TOTAL ASSETS | $787,821 | $735,139 |
Liability | December 31, 2016 | December 31, 2015 |
---|---|---|
Noninterest-bearing demand deposits | $133,630 | $116,498 |
Interest-bearing demand deposits | $59,560 | $57,219 |
Money market | $74,940 | $78,856 |
Savings | $172,370 | $180,653 |
Time | $189,434 | $191,221 |
TOTAL DEPOSITS | $629,934 | $624,447 |
Short-term borrowings | $68,359 | $35,825 |
Other borrowings | $9,437 | $9,939 |
Accrued interest and other liabilities | $3,131 | $2,624 |
TOTAL LIABILITIES | $710,861 | $672,835 |
Stockholders' Equity
December 31, 2016 | December 31, 2015 | |
---|---|---|
Common stock, no par value; 10,000,000 shares authorized, 3,184,974 and 2,263,403 shares issued; 2,254,253 and 1,877,238 shares outstanding | $47,943 | $36,191 |
Retained earnings | $41,334 | $37,236 |
Accumulated other comprehensive income (loss) | $1,201 | $2,395 |
Treasury stock, at cost; 386,165 and 189,530 shares | ($13,518) | ($13,518) |
TOTAL STOCKHOLDERS' EQUITY | $76,960 | $62,304 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $787,821 | $735,139 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
INTEREST INCOME | Year Ended Dec. 31, 2016 | Year Ended Dec. 31, 2015 | Year Ended Dec. 31, 2014 |
---|---|---|---|
Interest and fees on loans | $25,798 | $23,824 | $22,726 |
Interest-bearing deposits in other institutions | $53 | $33 | $24 |
Federal funds sold | $20 | $13 | $14 |
Investment securities - taxable interest | $1,106 | $1,467 | $1,896 |
Investment securities - tax-exempt interest | $2,913 | $3,160 | $3,127 |
Dividends on stock | $104 | $98 | $87 |
TOTAL INTEREST INCOME | $29,994 | $28,595 | $27,874 |
INTEREST EXPENSE | |||
Deposits | $3,618 | $3,426 | $3,633 |
Short-term borrowings | $322 | $194 | $148 |
Federal funds purchased | - | - | - |
Other borrowings | $68 | $83 | $118 |
Trust preferred securities | $182 | $117 | $171 |
TOTAL INTEREST EXPENSE | $4,190 | $3,820 | $4,070 |
NET INTEREST INCOME | $25,804 | $24,775 | $23,804 |
Provision for loan losses | $570 | $315 | $370 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $25,234 | $24,460 | $23,434 |
NONINTEREST INCOME | |||
Service charges on deposit accounts | $1,940 | $1,874 | $1,876 |
Investment securities (losses) gains, net | $303 | $323 | $248 |
Earnings on bank-owned life insurance | $403 | $624 | $276 |
Gains on sale of loans | $419 | $329 | $237 |
Other income | $894 | $894 | $951 |
TOTAL NONINTEREST INCOME | $3,959 | $4,044 | $3,588 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | $10,249 | $9,751 | $8,817 |
Occupancy expense | $1,252 | $1,253 | $1,108 |
Equipment expense | $991 | $944 | $963 |
Data processing costs | $1,335 | $1,071 | $917 |
Ohio state franchise tax | $632 | $300 | $342 |
Federal deposit insurance expense | $438 | $472 | $449 |
Professional fees | $1,441 | $1,247 | $1,086 |
(Gain) Loss on other real estate owned | ($448) | ($48) | $183 |
Advertising expense | $734 | $721 | $488 |
Other real estate expense | $329 | $611 | $387 |
Directors fees | $413 | $451 | $403 |
Core deposit intangible amortization | $40 | $40 | $40 |
Appraiser fees | $419 | $56 | - |
ATM fees | $446 | $358 | $371 |
Other expense | $2,601 | $2,850 | $2,296 |
TOTAL NONINTEREST EXPENSE | $20,872 | $20,077 | $17,850 |
Income before income taxes | $8,321 | $8,427 | $9,172 |
Income taxes | $1,905 | $1,562 | $1,992 |
NET INCOME | $6,416 | $6,865 | $7,180 |
EARNINGS PER SHARE | |||
Basic | $3.04 | $3.41 | $3.52 |
Diluted | $3.03 | $3.39 | $3.50 |
DIVIDENDS DECLARED PER SHARE | $1.08 | $1.07 | $1.04 |