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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 Second Quarter Financial Statement

Financial Statement

For Quarter 2, 2018

Second Quarter Statement: April 01 – June 30, 2018

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETJune 30, 2018December 31, 2017
Cash and due from banks$42,451$39,886
Federal funds sold$28,795-
CASH AND EQUIVALENTS$71,246$39,886
Investments security for sale, at fair value$100,028$95,283
Equity securities, at fair value$656-
Loans held for sale$1,132$463
Loans$943,674$923,213
Less allowance for loan and lease losses$7,502$7,190
NET LOANS$936,172$916,023
Premises and equipment, net$12,978$11,853
Goodwill$15,071$15,071
Core deposit intangible$2,571$2,749
Bank-owned life insurance$15,862$15,652
Other real estate owned$181$212
Accrued interest and other assets$10,182$9,144
TOTAL ASSETS$1,116,079$1,106,336
Liabilities
LiabilityJune 30, 2018December 31, 2017
Noninterest-bearing demand deposits$207,791$192,438
Interest-bearing demand deposits$92,116$83,990
Money market$137,572$150,277
Savings$204,408$208,502
Time$290,359$242,987
TOTAL DEPOSITS$932,246$878,194
Short-term borrowings$87,833$74,707
Other borrowings$18,996$29,065
Accrued interest and other liabilities$4,288$4,507
TOTAL LIABILITIES$1,043,363$986,473

Stockholders' Equity

 June 30, 2018December 31, 2017
Common stock, no par value; 10,000,000 shares authorized, 3,619,843 and 3,603,881 shares issued; 3,233,678 and 3,217,716 shares outstanding$85,544$84,859
Retained earnings$51,121$47,431
Accumulated other comprehensive (loss) income($431)$1,091
Treasury stock, at cost; 386,165 shares

($13,518)

($13,518)
TOTAL STOCKHOLDERS' EQUITY$122,716$119,863
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,166,079$1,106,336

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months Ended June 30, 2018Three Months Ended June 30, 2017Six Months Ended June 30, 2018Three Months Ended June 30, 2017
Interest and fees on loans$11,234$9,916$22,288$19,096
Interest-bearing deposits in other institutions$115$93$234$141
Federal funds sold$7$1$21$4
Investment securities - taxable interest$170$223$339$441
Investment securities - tax-exempt interest$550$630$1,075$1,267
Dividends on stock$53$40$112$152
TOTAL INTEREST INCOME$12,129$10,902$24,069$21,101
INTEREST EXPENSE
Deposits$1,973$1,227$3,613$2,352
Short-term borrowings$192$273$468$450
Other borrowings$118$125$240$265
TOTAL INTEREST EXPENSE$2,283$1,625$4,321$3,067
NET INTEREST INCOME$9,846$9,277$19,748$18,034
Provision for loan losses$210$170$420$335
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$9,636$9,107$19,328$17,699
NONINTEREST INCOME
Service charges on deposit accounts$472$449$925$918
Investment securities gains on sale, net---$488
Gain on equity securities$13-$31-
Earnings on bank-owned life insurance$98$98$210$207
Gain on sale of loans$117$231$121$465
Other income$305$211$504$422
TOTAL NONINTEREST INCOME$1,005$989$1,791$2,500
NONINTEREST EXPENSE
Salaries and employee benefits$3,866$3,203$7,845$6,899
Occupancy expense$472$433$1,008$921
Equipment expense$201$266$434$547
Data processing costs$402$588$879$908
Ohio state franchise tax$244$186$359$372
Federal deposit insurance expense$150$135$300$203
Professional fees$327$423$772$796
Advertising expense$230$164$458$412
Software amortization expense$155$80$305$162
Core deposit intangible amortization$87$103$178$175
Merger expense-$307-$694
Other expense$929$816$1,870$1,882
TOTAL NONINTEREST EXPENSE$7,063$6,704$14,408$13,971
Income before income taxes$3,578$3,392$6,711$6,228
Income taxes$481$885$1,009$1,621
NET INCOME$3,097$2,507$5,702$4,607
EARNINGS PER SHARE  
Basic$0.96$0.84$1.77$1.62
Diluted$0.96$0.83$1.76$1.61
DIVIDENDS DECLARED PER SHARE$0.28$0.27$0.61$0.54