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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

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

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2018 Third Quarter Financial Statement

Home Investor Relations Financial Statements 2018 Q3 Financial Statement

Financial Statement

For Quarter 3, 2018

Third Quarter Statement: July 01 – September 30, 2018

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETSeptember 30, 2018December 31, 2017
CASH AND EQUIVALENTS$81,951$39,886
Investments security for sale, at fair value$99,717$95,283
Equity securities, at fair value$671-
Loans held for sale$925$463
Loans$972,968$923,213
Less allowance for loan and lease losses$7,494$7,190
NET LOANS$965,474$916,023
Premises and equipment, net$13,002$11,853
Goodwill$15,071$15,071
Core deposit intangible$2,484$2,749
Bank-owned life insurance$15,970$15,652
Other real estate owned$257$212
Accrued interest and other assets$10,806$9,144
TOTAL ASSETS$1,206,328$1,106,336
Liabilities
LiabilitySeptember 30, 2018December 31, 2017
Noninterest-bearing demand deposits$205,357$192,438
Interest-bearing demand deposits$96,565$83,990
Money market$191,261$150,277
Savings$224,704$208,502
Time$295,874$242,987
TOTAL DEPOSITS$1,013,761$878,194
Short-term borrowings$55,304$74,707
Other borrowings$8,956$29,065
Accrued interest and other liabilities$4,074$4,507
TOTAL LIABILITIES$1,082,095$986,473

Stockholders' Equity

 September 30, 2018December 31, 2017
Common stock, no par value; 10,000,000 shares authorized, 3,622,854 and 3,603,881 shares issued; 3,236,689 and 3,217,716 shares outstanding$85,687$84,859
Retained earnings$53,520$47,431
Accumulated other comprehensive (loss) income($1,456)$1,091
Treasury stock, at cost; 386,165 shares

($13,518)

($13,518)
TOTAL STOCKHOLDERS' EQUITY$124,233$119,863
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,206,328$1,106,336

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months September 30, 2018Three Months Ended September 30, 2017Nine Months Ended September 30, 2018Nine Months Ended September 30, 2017
Interest and fees on loans$11,821$10,443$34,109$29,539
Interest-bearing deposits in other institutions$178$107$412$248
Federal funds sold$8$5$29$9
Investment securities - taxable interest$167$159$506$600
Investment securities - tax-exempt interest$598$579$1,673$1,846
Dividends on stock$57$37$169$189
TOTAL INTEREST INCOME$12,829$11,330$36,898$32,431
INTEREST EXPENSE
Deposits$2,178$1,468$5,803$3,820
Short-term borrowings$296$202$764$652
Other borrowings$104$148$344$413
TOTAL INTEREST EXPENSE$2,578$1,818$6,911$4,885
NET INTEREST INCOME$10,251$9,512$29,987$27,546
Provision for loan losses$210$280$630$615
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$10,041$9,232$29,357$26,931
NONINTEREST INCOME
Service charges on deposit accounts$491$479$1,416$1,397
Investment securities gains on sale, net-$398-$886
Gain on equity securities$15-$46-
Earnings on bank-owned life insurance$108$109$318$316
Gain on sale of loans$43$255$164$720
Other income$291$200$807$622
TOTAL NONINTEREST INCOME$948$1,441$2,751$3,941
NONINTEREST EXPENSE
Salaries and employee benefits$3,839$3,725$11,684$10,624
Occupancy expense$460$476$1,468$1,397
Equipment expense$262$242$696$789
Data processing costs$481$468$1,360$1,376
Ohio state franchise tax$244$186$603$558
Federal deposit insurance expense$150$165$450$368
Professional fees$346$434$1,118$1,230
Advertising expense$236$248$694$660
Software amortization expense$155$118$460$280
Core deposit intangible amortization$87$101$265$276
Merger expense-$338-$1,032
Other expense$832$796$2,702$2,678
TOTAL NONINTEREST EXPENSE$7,092$7,297$21,500$21,268
Income before income taxes$3,897$3,376$10,608$9,604
Income taxes$593$914$1,602$2,535
NET INCOME$3,304$2,462$9,006$7,069
EARNINGS PER SHARE  
Basic$1.02$0.77$2.79$2.38
Diluted$1.02$0.76$2.78$2.37
DIVIDENDS DECLARED PER SHARE$0.28$0.27$0.89$0.81