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
| ASSET | September 30, 2017 | December 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 |
| Liability | September 30, 2017 | December 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, 2017 | December 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 INCOME | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | Nine 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 |