2017 Second Quarter Financial Statement
Financial Statement
For Quarter 2, 2017
Second Quarter Statement: April 01 – June 30, 2017
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | June 30, 2017 | December 31, 2016 |
|---|---|---|
| Cash and due from banks | $37,971 | $31,395 |
| Federal funds sold | $1,600 | $1,100 |
| CASH AND EQUIVALENTS | $39,571 | $32,495 |
| Investments security for sale, at fair value | $104,951 | $114,376 |
| Loans held for sale | $9,791 | $634 |
| Loans | $867,864 | $609,140 |
| Less allowance for loan and lease losses | $6,605 | $6,598 |
| NET LOANS | $861,259 | $602,542 |
| Premises and equipment, net | $11,511 | $11,203 |
| Goodwill | $15,435 | $4,559 |
| Core deposit intangible | $2,948 | $36 |
| Bank-owned life insurance | $15,432 | $13,540 |
| Other real estate owned | $650 | $934 |
| Accrued interest and other assets | $9,528 | $7,502 |
| TOTAL ASSETS | $1,071,076 | $787,821 |
| Liability | June 30, 2017 | December 31, 2016 |
|---|---|---|
| Noninterest-bearing demand deposits | $172,199 | $133,630 |
| Interest-bearing demand deposits | $87,084 | $59,560 |
| Money market | $160,858 | $74,940 |
| Savings | $181,259 | $172,370 |
| Time | $245,383 | $189,434 |
| TOTAL DEPOSITS | $846,783 | $629,934 |
| Short-term borrowings | $63,388 | $68,359 |
| Other borrowings | $39,346 | $9,437 |
| Accrued interest and other liabilities | $4,357 | $3,131 |
| TOTAL LIABILITIES | $953,874 | $710,861 |
Stockholders' Equity
| June 30, 2017 | December 31, 2016 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 3,597,913 and 2,640,418 shares issued; 3,211,748 and 2,254,253 shares outstanding | $84,587 | $47,943 |
| Retained earnings | $44,318 | $41,334 |
| Accumulated other comprehensive income | $1,815 | $1,201 |
| Treasury stock, at cost; 386,165 shares | ($13,518) | ($13,518) |
| TOTAL STOCKHOLDERS' EQUITY | $117,202 | $76,960 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,071,076 | $787,821 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 |
|---|---|---|---|---|
| Interest and fees on loans | $9,916 | $6,317 | $19,096 | $12,490 |
| Interest-bearing deposits in other institutions | $92 | $15 | $141 | $27 |
| Federal funds sold | $1 | $5 | $4 | $9 |
| Investment securities - taxable interest | $223 | $290 | $441 | $630 |
| Investment securities - tax-exempt interest | $630 | $750 | $1,267 | $1,540 |
| Dividends on stock | $40 | $28 | $153 | $57 |
| TOTAL INTEREST INCOME | $10,902 | $7,405 | $21,101 | $14,753 |
| INTEREST EXPENSE | ||||
| Deposits | $1,227 | $889 | $2,352 | $1,744 |
| Short-term borrowings | $273 | $115 | $450 | $235 |
| Other borrowings | $125 | $62 | $265 | $112 |
| TOTAL INTEREST EXPENSE | $1,625 | $1,066 | $3,067 | $2,091 |
| NET INTEREST INCOME | $9,277 | $6,339 | $18,034 | $12,662 |
| Provision for loan losses | $170 | $105 | $335 | $210 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $9,107 | $6,234 | $17,699 | $12,452 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | $449 | $491 | $918 | $938 |
| Investment securities (losses) gains, net | - | $252 | $488 | $303 |
| Earnings on bank-owned life insurance | $98 | $97 | $207 | $196 |
| Gain on sale of loans | $231 | $106 | $465 | $193 |
| Other income | $211 | $227 | $422 | $452 |
| TOTAL NONINTEREST INCOME | $989 | $1,173 | $2,500 | $2,082 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | $3,203 | $2,283 | $6,899 | $5,063 |
| Occupancy expense | $433 | $292 | $921 | $627 |
| Equipment expense | $266 | $210 | $547 | $479 |
| Data processing costs | $588 | $322 | $908 | $594 |
| Ohio state franchise tax | $186 | $162 | $372 | $262 |
| Federal deposit insurance expense | $135 | $132 | $203 | $264 |
| Professional fees | $423 | $218 | $796 | $510 |
| Net loss on other real estate owned | $15 | $141 | $70 | $199 |
| Advertising expense | $164 | $203 | $412 | $398 |
| Directors fees | $128 | $121 | $240 | $228 |
| Core deposit intangible amortization | $102 | $10 | $175 | $20 |
| Appraiser fees | $104 | $119 | $206 | $220 |
| ATM fees | $28 | $98 | $104 | $194 |
| Merger expense | $307 | - | $694 | - |
| Other expense | $621 | $604 | $1,424 | $1,195 |
| TOTAL NONINTEREST EXPENSE | $6,704 | $4,915 | $13,971 | $10,253 |
| Income before income taxes | $3,392 | $2,492 | $6,228 | $4,281 |
| Income taxes | $885 | $566 | $1,261 | $868 |
| NET INCOME | $2,507 | $1,926 | $4,607 | $3,413 |
| EARNINGS PER SHARE | ||||
| Basic | $0.84 | $0.94 | $1.62 | $1.74 |
| Diluted | $0.83 | $0.94 | $1.61 | $1.73 |
| DIVIDENDS DECLARED PER SHARE | $0.27 | $0.27 | $0.54 | $0.54 |