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 |