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Beachwood Office (216) 359-5580 Open Geo Locator

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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

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    25201 Chagrin Boulevard, Suite 120 - Beachwood

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2017 Third Quarter Financial Statement

Financial Statement

For Quarter 3, 2017

Third Quarter Statement: July 01 – September 30, 2017

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETSeptember 30, 2017December 31, 2016
Cash and due from banks$47,731$31,395
Federal funds sold$1,200$1,100
CASH AND EQUIVALENTS$48,931$32,495
Investments security for sale, at fair value$98,334$114,376
Loans held for sale$5,930$634
Loans$878,541$609,140
Less allowance for loan and lease losses$6,852$6,598
NET LOANS$871,689$602,542
Premises and equipment, net$11,768$11,203
Goodwill$15,298$4,559
Core deposit intangible$2,848$36
Bank-owned life insurance$15,542$13,540
Other real estate owned$557$934
Accrued interest and other assets$9,929$7,502
TOTAL ASSETS$1,080,826$787,821
Liabilities
LiabilitySeptember 30, 2017December 31, 2016
Noninterest-bearing demand deposits$181,550$133,630
Interest-bearing demand deposits$91,184$59,560
Money market$161,101$74,940
Savings$212,371$172,370
Time$251,449$189,434
TOTAL DEPOSITS$897,655$629,934
Short-term borrowings$20,274$68,359
Other borrowings$39,273$9,437
Accrued interest and other liabilities$5,130$3,131
TOTAL LIABILITIES$962,332$710,861

Stockholders' Equity

 September 30, 2017December 31, 2016
Common stock, no par value; 10,000,000 shares authorized, 3,600,902 and 2,640,418 shares issued; 3,214,737 and 2,254,253 shares outstanding$84,722$47,943
Retained earnings$45,913$41,334
Accumulated other comprehensive income$1,377$1,201
Treasury stock, at cost; 386,165 shares

($13,518)

($13,518)
TOTAL STOCKHOLDERS' EQUITY$118,494$76,960
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,080,826$787,821

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months Ended September 30, 2017Three Months Ended September 30, 2016Nine Months Ended September 30, 2017Nine Months Ended September 30, 2016
Interest and fees on loans$10,443$6,459$29,539$18,949
Interest-bearing deposits in other institutions$107$15$248$42
Federal funds sold$5$7$9$16
Investment securities - taxable interest$159$235$600$865
Investment securities - tax-exempt interest$579$687$1,846$2,227
Dividends on stock$37$17$189$74
TOTAL INTEREST INCOME$11,330$7,420$32,431$22,173
INTEREST EXPENSE
Deposits$1,468$921$3,820$2,665
Short-term borrowings$202$49$652$288
Other borrowings$148$56$413$164
TOTAL INTEREST EXPENSE$1,818$1,026$4,885$3,117
NET INTEREST INCOME$9,512$6,394$27,546$19,056
Provision for loan losses$280$105$615$315
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$9,232$6,289$26,931$18,741
NONINTEREST INCOME
Service charges on deposit accounts$479$505$1,397$1,443
Investment securities (losses) gains, net$398-$886$303
Earnings on bank-owned life insurance$109$101$316$297
Gain on sale of loans$255$129$720$322
Other income$200$242$622$694
TOTAL NONINTEREST INCOME$1,441$977$3,941$3,059
NONINTEREST EXPENSE
Salaries and employee benefits$3,725$2,677$10,624$7,740
Occupancy expense$476$306$1,397$933
Equipment expense$242$221$789$700
Data processing costs$468$334$1,376$928
Ohio state franchise tax$186$186$558$448
Federal deposit insurance expense$165$132$368$396
Professional fees$434$547$1,230$1,057
Net loss on other real estate owned$18$48$88$247
Advertising expense$248$206$660$604
Core deposit intangible amortization$101$10$276$30
Merger expense$338-$1,032-
Other expense$896$995$2,870$2,832
TOTAL NONINTEREST EXPENSE$7,297$5,662$21,268$15,915
Income before income taxes$3,376$1,604$9,604$5,885
Income taxes$914$261$2,535$1,129
NET INCOME$2,462$1,343$7,069$4,756
EARNINGS PER SHARE
Basic$0.77$0.60$2.38$2.31
Diluted$0.76$0.60$2.37$2.30
DIVIDENDS DECLARED PER SHARE$0.27$0.27$0.81$0.81