2016 Yearly Financial Statement
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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 |