2017 Yearly Financial Statement

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Yearly Financial Statement

2017

2017 Yearly Financial Statement

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSET	December 31, 2017	December 31, 2016
Cash and due from banks	$39,886	$31,395
Federal funds sold	-	$1,100
CASH AND EQUIVALENTS	$39,886	$32,495
Investments security for sale, at fair value	$95,283	$114,376
Loans held for sale	$463	$634
Loans	$923,213	$609,140
Less allowance for loan and lease losses	$7,190	$6,598
NET LOANS	$916,023	$602,542
Premises and equipment, net	$11,853	$11,203
Goodwill	$15,071	$4,559
Core deposit intangible	$2,749	$36
Bank-owned life insurance	$15,652	$13,540
Accrued interest and other assets	$9,144	$7,502
TOTAL ASSETS	$1,106,336	$787,821

Liabilities

Liability	December 31, 2017	December 31, 2016
Noninterest-bearing demand deposits	$192,438	$133,630
Interest-bearing demand deposits	$83,990	$59,560
Money market	$150,277	$74,940
Savings	$208,502	$172,370
Time	$242,987	$189,434
TOTAL DEPOSITS	$878,194	$629,934
Short-term borrowings	$74,707	$68,359
Other borrowings	$29,065	$9,437
Accrued interest and other liabilities	$4,507	$3,131
TOTAL LIABILITIES	$986,473	$710,861

Stockholders' Equity

	December 31, 2017	December 31, 2016
Common stock, no par value; 10,000,000 shares authorized, 3,603,8814 and 2,640,418 shares issued; 3,217,716 and 2,254,253 shares outstanding	$84,859	$47,943
Retained earnings	$47,431	$41,334
Accumulated other comprehensive income (loss)	$1,091	$1,201
Treasury stock, at cost; 386,165 shares	($13,518)	($13,518)
TOTAL STOCKHOLDERS' EQUITY	$119,863	$76,960
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$1,106,336	$787,821

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOME	Year Ended Dec. 31, 2017	Year Ended Dec. 31, 2016	Year Ended Dec. 31, 2015
Interest and fees on loans	$40,235	$25,798	$23,824
Interest-bearing deposits in other institutions	$328	$53	$33
Federal funds sold	$15	$20	$13
Investment securities - taxable interest	$762	$1,106	$1,467
Investment securities - tax-exempt interest	$2,406	$2,913	$3,160
Dividends on stock	$249	$104	$98
TOTAL INTEREST AND DIVIDEND INCOME	$43,995	$29,994	$28,595
INTEREST EXPENSE
Deposits	$5,350	$3,618	$3,426
Short-term borrowings	$753	$322	$194
Other borrowings	$544	$250	$200
TOTAL INTEREST EXPENSE	$6,647	$4,190	$3,820
NET INTEREST INCOME	$37,348	$25,804	$24,775
Provision for loan losses	$1,045	$570	$315
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	$36,303	$25,234	$24,460
NONINTEREST INCOME
Service charges on deposit accounts	$1,875	$1,940	$1,874
Investment securities (losses) gains, net	$886	$303	$323
Earnings on bank-owned life insurance	$431	$403	$624
Gains on sale of loans	$826	$419	$329
Other income	$841	$894	$894
TOTAL NONINTEREST INCOME	$4,859	$3,959	$4,044
NONINTEREST EXPENSE
Salaries and employee benefits	$13,758	$10,249	$9,751
Occupancy expense	$1,846	$1,252	$1,253
Equipment expense	$1,050	$991	$944
Data processing costs	$1,793	$1,335	$1,071
Ohio state franchise tax	$744	$632	$300
Federal deposit insurance expense	$533	$438	$472
Professional fees	$1,752	$1,441	$1,247
Net loss (gain) on other real estate owned	$30	($448)	($48)
Advertising expense	$821	$734	$721
Core deposit intangible amortization	$374	$40	$40
Merger expense	$1,060	-	-
Other expense	$3,825	$3,879	$3,715
TOTAL NONINTEREST INCOME	$27,485	$20,872	$20,077
Income before income taxes	$13,677	$8,321	$8,427
Income taxes	$4,222	$1,905	$1,562
NET INCOME	$9,455	$6,416	$6,865
EARNINGS PER SHARE
Basic	$3.12	$3.04	$3.41
Diluted	$3.10	$3.03	$3.39
DIVIDENDS DECLARED PER SHARE	$1.08	$1.08	$1.07