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
| ASSET | June 30, 2018 | December 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 |
| Liability | June 30, 2018 | December 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, 2018 | December 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 INCOME | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Three 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 |