2017 First Quarter Financial Statement

Home Investor Relations Investor Relations Financial Statements 2017 Q1 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

Liabilities

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