2018 First Quarter Financial Statement
Financial Statement
For Quarter 1, 2018
First Quarter Statement: January 01 – March 31, 2018
MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
Assets
| ASSET | March 31, 2018 | December 31, 2017 |
|---|---|---|
| CASH AND EQUIVALENTS | $33,258 | $39,886 |
| Investments security for sale, at fair value | $91,262 | $95,283 |
| Equity securities | $643 | - |
| Loans held for sale | $937 | $463 |
| Loans | $932,374 | $923,213 |
| Less allowance for loan and lease losses | $7,551 | $7,190 |
| NET LOANS | $924,823 | $916,023 |
| Premises and equipment, net | $12,225 | $11,853 |
| Goodwill | $15,071 | $15,071 |
| Core deposit intangible | $2,658 | $2,749 |
| Bank-owned life insurance | $15,764 | $15,652 |
| Other real estate owned | $212 | $212 |
| Accrued interest and other assets | $9,911 | $9,144 |
| TOTAL ASSETS | $1,106,764 | $1,106,336 |
| Liability | March 31, 2018 | December 31, 2017 |
|---|---|---|
| Noninterest-bearing demand deposits | $194,203 | $192,438 |
| Interest-bearing demand deposits | $96,659 | $83,990 |
| Money market | $149,359 | $150,277 |
| Savings | $221,851 | $208,502 |
| Time | $282,501 | $242,987 |
| TOTAL DEPOSITS | $944,573 | $878,194 |
| Short-term borrowings | $18,671 | $74,707 |
| Other borrowings | $19,028 | $29,065 |
| Accrued interest and other liabilities | $4,340 | $4,507 |
| TOTAL LIABILITIES | $986,612 | $986,473 |
Stockholders' Equity
| March 31, 2018 | December 31, 2017 | |
|---|---|---|
| Common stock, no par value; 10,000,000 shares authorized, 3,609,149 and 3,603,881 shares issued; 3,222,984 and 3,217,716 shares outstanding | $85,116 | $84,859 |
| Retained earnings | $48,927 | $47,431 |
| Accumulated other comprehensive (loss) income | ($373) | $1,091 |
| Treasury stock, at cost; 386,165 shares | ($13,518) | ($13,518) |
| TOTAL STOCKHOLDERS' EQUITY | $120,152 | $119,863 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,106,764 | $1,106,336 |
MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except shares)
| INTEREST INCOME | Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 |
|---|---|---|
| Interest and fees on loans | $11,054 | $9,180 |
| Interest-bearing deposits in other institutions | $119 | $49 |
| Federal funds sold | $14 | $3 |
| Investment securities - taxable interest | $169 | $218 |
| Investment securities - tax-exempt interest | $525 | $637 |
| Dividends on stock | $59 | $112 |
| TOTAL INTEREST INCOME | $11,940 | $10,199 |
| INTEREST EXPENSE | ||
| Deposits | $1,640 | $1,125 |
| Short-term borrowings | $276 | $177 |
| Other borrowings | $122 | $140 |
| TOTAL INTEREST EXPENSE | $2,038 | $1,442 |
| NET INTEREST INCOME | $9,902 | $8,757 |
| Provision for loan losses | $210 | $165 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $9,692 | $8,592 |
| NONINTEREST INCOME | ||
| Service charges on deposit accounts | $453 | $469 |
| Investment securities gains on sale, net | - | $488 |
| Equity securities, unrealized gains | $18 | - |
| Earnings on bank-owned life insurance | $112 | $109 |
| Gain on sale of loans | $4 | $234 |
| Other income | $199 | $211 |
| TOTAL NONINTEREST INCOME | $786 | $1,511 |
| NONINTEREST EXPENSE | ||
| Salaries and employee benefits | $3,979 | $3,696 |
| Occupancy expense | $536 | $488 |
| Equipment expense | $233 | $281 |
| Data processing costs | $477 | $320 |
| Ohio state franchise tax | $115 | $186 |
| Federal deposit insurance expense | $150 | $68 |
| Professional fees | $445 | $373 |
| Net (gain) loss on other real estate owned | ($1) | $55 |
| Advertising expense | $228 | $248 |
| Core deposit intangible amortization | $91 | $72 |
| Merger expense | - | $387 |
| Other expense | $1,092 | $1,093 |
| TOTAL NONINTEREST EXPENSE | $7,345 | $7,267 |
| Income before income taxes | $3,133 | $2,836 |
| Income taxes | $528 | $736 |
| NET INCOME | $2,605 | $2,100 |
| EARNINGS PER SHARE | ||
| Basic | $0.91 | $0.78 |
| Diluted | $0.80 | $0.78 |
| DIVIDENDS DECLARED PER SHARE | $0.33 | $0.27 |