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Beachwood Office (216) 359-5580 Open Geo Locator

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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

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    25201 Chagrin Boulevard, Suite 120 - Beachwood

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2016 Yearly Financial Statement

Home Investor Relations Financial Statements 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

ASSETDecember 31, 2016December 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
Liabilities
LiabilityDecember 31, 2016December 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, 2016December 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 INCOMEYear Ended Dec. 31, 2016Year Ended Dec. 31, 2015Year 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