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Beachwood Office (216) 359-5580 Open Geo Locator

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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

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    25201 Chagrin Boulevard, Suite 120 - Beachwood

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2018 First Quarter Financial Statement

Home Investor Relations Financial Statements 2018 Q1 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

ASSETMarch 31, 2018December 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
Liabilities
LiabilityMarch 31, 2018December 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, 2018December 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 INCOMEThree Months Ended March 31, 2017Three 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