2017 Yearly Financial Statement
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 |
| 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 |