Middlefield Banc Corp. Financial Statement

(Yearly)

Font Size 
MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
                     
                  December 31,
                   2015      2014
                       
ASSETS            
Cash and due from banks   $ 21,880   $ 20,846
Federal funds sold 1,870     4,793
Cash and cash equivalents     23,750     25,639
Investment securities available for sale, at fair value     146,520     154,334
Loans held for sale     1,107     438
Loans     533,710     470,584
Less allowance for loan and lease losses 6,385     6,846
Net loans 527,325     463,738
Premises and equipment, net 9,772     9,980
Goodwill 4,559     4,559
Core deposit intangibles     76 116
Bank-owned life insurance     13,141     9,092
Other real estate owned     1,412     2,590
Accrued interest and other assets 7,477     7,045
         
TOTAL ASSETS   $ 735,139   $ 677,531
                     
LIABILITIES        
Deposits:        
Noninterest-bearing demand   $ 116,498   $ 105,512
Interest-bearing demand 57,219 56,377
Money market 78,856     75,895
Savings 180,653     178,470
Time 191,221     169,858
Total deposits 624,447     586,112
Short-term borrowings     35,825     14,808
Other borrowings     9,939     10,624
Accrued interest and other liabilities 2,624     2,120
TOTAL LIABILITIES 672,835     613,664
          
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares
authorized,2,263,403 and 2,242,025 shares issued;
1,877,238 and2,052,495 shares outstanding
    36,191     35,529
Retained earnings 37,236     32,524
Accumulated other comprehensive income (loss)     2,395     2,548
Treasury stock, at cost; 386,165 shares     (13,518)     (6,734)
TOTAL STOCKHOLDERS' EQUITY 62,304     63,867
                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 735,139   $ 677,531
                         

  

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
                       
            Year Ended December 31,
             2015      2014    2013
INTEREST INCOME          
Interest and fees on loans   $ 23,824   $ 22,726   $ 22,496
Interest-bearing deposits in              
other institutions     33     24 30
Federal funds sold     13     14 15
Investment securities:              
Taxable interest     1,467     1,896 2,514
Tax-exempt interest     3,160     3,127 3,044
Dividends on stock     98     87 79
Total interest income     28,595     27,874 28,178
               
INTEREST EXPENSE        
Deposits       3,426     3,633 4,709
Short-term borrowings     194     148 178
Federal funds purchased     -     0     7
Other borrowings     83     118 166
Trust preferred securities     117     171 190
Total interest expense     3,820     4,070 5,250
                     
NET INTEREST INCOME     24,775     23,804 22,928
                     
Provision for loan losses     315     370 196
                     
NET INTEREST INCOME AFTER              
PROVISION FOR LOAN LOSSES     24,460     23,434 22,732
                     
NONINTEREST INCOME              
Service charges on deposit accounts     1,874     1,876 1,956
Investment securities gains, net     323     248 11
Earnings on bank-owned life insurance     624     276 280
Gains on sale of loans     329     237 -
Other income     894     951 898
Total noninterest income     4,044     3,588 3,145
                     
NONINTEREST EXPENSE              
Salaries and employee benefits     9,751     8,817 7,913
Occupancy expense     1,253     1,108 1,231
Equipment expense     944     963 950
Data processing costs     1,071     917 854
Ohio state franchise tax     300     342 618
Federal deposit insurance expense     472     449 516
Professional fees     1,247     1,086 1,174
(Gain) loss on other real estate owned     (48)     183 18
Advertising expenses     721     488 445
Other real estate expenses     611     387 410
Directors fees     451     403 403
Other expense     3,304     2,707 2,338
Total noninterest expense     20,077     17,850 16,870
                     
Income before income taxes     8,427     9,172 9,007
Income taxes       1,562     1,992 1,979
                   
NET INCOME     $ 6,865   $ 7,180   $ 7,028
                     
EARNINGS PER SHARE              
Basic   $ 3.41   $ 3.52   $ 3.48
Diluted     3.39     3.50     3.47
                     
DIVIDENDS DECLARED PER SHARE   $ 1.07   $ 1.04   $ 1.04
                       
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio
Frequently Asked Questions