2018 Third Quarter 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
| ASSET | September 30, 2018 | December 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 |
| Liability | September 30, 2018 | December 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, 2018 | December 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 INCOME | Three Months September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine 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 |