2017 First Quarter Financial Statement
Financial Statement
For Quarter 1, 2017
First Quarter Statement: January 01 – March 31, 2017
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
ASSET | March 31, 2017 | December 31, 2016 |
---|---|---|
Cash and due from banks | $61,316 | $31,395 |
Federal funds sold | $1,000 | $1,100 |
CASH AND EQUIVALENTS | $62,364 | $32,495 |
Investments security for sale, at fair value | $110,452 | $114,376 |
Loans held for sale | $9,462 | $634 |
Loans | $837,158 | $609,140 |
Less allowance for loan and lease losses | $6,720 | $6,598 |
NET LOANS | $830,438 | $602,542 |
Premises and equipment, net | $11,481 | $11,203 |
Goodwill | $15,646 | $4,559 |
Core deposit intangible | $3,051 | $36 |
Bank-owned life insurance | $15,334 | $13,540 |
Other real estate owned | $1,634 | $934 |
Accrued interest and other assets | $9,605 | $7,502 |
TOTAL ASSETS | $1,069,467 | $787,821 |
Liability | March 31, 2017 | December 31, 2016 |
---|---|---|
Noninterest-bearing demand deposits | $162,614 | $133,630 |
Interest-bearing demand deposits | $94,605 | $59,560 |
Money market | $162,843 | $74,940 |
Savings | $183,845 | $172,370 |
Time | $243,944 | $189,434 |
TOTAL DEPOSITS | $847,851 | $629,934 |
Short-term borrowings | $76,213 | $68,359 |
Other borrowings | $39,388 | $9,437 |
Accrued interest and other liabilities | $6,700 | $3,131 |
TOTAL LIABILITIES | $970,152 | $710,861 |
Stockholders' Equity
March 31, 2017 | December 31, 2016 | |
---|---|---|
Common stock, no par value; 10,000,000 shares authorized, 3,189,722 and 2,640,418 shares issued; 2,803,557 and 2,254,253 shares outstanding | $69,123 | $47,943 |
Retained earnings | $42,678 | $41,334 |
Accumulated other comprehensive income | $1,032 | $1,201 |
Treasury stock, at cost; 386,165 shares | ($13,518) | ($13,518) |
TOTAL STOCKHOLDERS' EQUITY | $99,315 | $76,960 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,069,467 | $787,821 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
INTEREST INCOME | Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 |
---|---|---|
Interest and fees on loans | $9,180 | $6,172 |
Interest-bearing deposits in other institutions | $49 | $12 |
Federal funds sold | $3 | $4 |
Investment securities - taxable interest | $218 | $340 |
Investment securities - tax-exempt interest | $637 | $790 |
Dividends on stock | $112 | $29 |
TOTAL INTEREST INCOME | $10,199 | $7,348 |
INTEREST EXPENSE | ||
Deposits | $1,125 | $855 |
Short-term borrowings | $177 | $120 |
Other borrowings | $83 | $17 |
Trust preferred securities | $57 | $33 |
TOTAL INTEREST EXPENSE | $1,442 | $1,025 |
NET INTEREST INCOME | $8,757 | $6,323 |
Provision for loan losses | $165 | $105 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $8,592 | $6,218 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | $469 | $447 |
Investment securities (losses) gains, net | $488 | $51 |
Earnings on bank-owned life insurance | $109 | $99 |
Gain on sale of loans | $234 | $87 |
Other income | $211 | $225 |
TOTAL NONINTEREST INCOME | $1,511 | $909 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | $3,696 | $2,780 |
Occupancy expense | $488 | $335 |
Equipment expense | $281 | $261 |
Data processing costs | $484 | $272 |
Ohio state franchise tax | $186 | $100 |
Federal deposit insurance expense | $68 | $132 |
Professional fees | $596 | $292 |
(Gain) loss on other real estate owned | ($78) | $12 |
Advertising expense | $248 | $195 |
Other real estate expense | $133 | $46 |
Directors fees | $112 | $107 |
Core deposit intangible amortization | $72 | $10 |
Appraiser fees | $102 | $101 |
ATM fees | $76 | $96 |
Other expense | $803 | $591 |
TOTAL NONINTEREST EXPENSE | $7,267 | $5,338 |
Income before income taxes | $2,836 | $1,789 |
Income taxes | $736 | $302 |
NET INCOME | $2,100 | $1,487 |
EARNINGS PER SHARE | ||
Basic | $0.78 | $0.79 |
Diluted | $0.78 | $0.79 |
DIVIDENDS DECLARED PER SHARE | $0.27 | $0.27 |