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 |