Middlefield Banc Corp. Financial Statement

(Yearly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
             
      December 31,
        2014       2013
           
ASSETS            
Cash and due from banks   $ 20,846   $ 20,926
Federal funds sold   4,793     5,267
Cash and cash equivalents     25,639     26,193
Investment securities available for sale, at fair value     154,334     157,143
Loans held for sale     438     -
Loans     470,584     435,725
Less allowance for loan and lease losses   6,846     7,046
Net loans   463,738     428,679
Premises and equipment, net   9,980     9,828
Goodwill   4,559     4,559
Core deposit intangibles     116 156
Bank-owned life insurance     9,092     8,816
Accrued interest and other assets   9,635     11,716
         
TOTAL ASSETS   $ 677,531   $ 647,090
         
LIABILITIES        
Deposits:        
Noninterest-bearing demand   $ 105,512   $ 85,905
Interest-bearing demand   56,377 53,741
Money market   75,895     77,473
Savings   178,470     177,303
Time   169,858     174,414
Total deposits   586,112     568,836
Short-term borrowings     14,808     10,809
Other borrowings     10,624     11,609
Accrued interest and other liabilities   2,120     2,363
TOTAL LIABILITIES   613,664     593,617
           
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares authorized,        
2,242,025 and 2,221,834 shares issued; 2,052,495 and            
2,032,304 shares outstanding     35,529     34,979
Retained earnings   32,524     27,465
Accumulated other comprehensive income (loss)     2,548     (2,237)
Treasury stock, at cost; 189,530 shares     (6,734)     (6,734)
TOTAL STOCKHOLDERS' EQUITY   63,867     53,473
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 677,531   $ 647,090
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
                       
      Year Ended December 31,
      2014     2013 2012
INTEREST INCOME          
Interest and fees on loans   $ 22,726   $ 22,496   $ 22,418
Interest-bearing deposits in              
other institutions     24     30 26
Federal funds sold     14     15 20
Investment securities:              
Taxable interest     1,896     2,514 3,209
Tax-exempt interest     3,127     3,044 2,976
Dividends on stock     87     79 97
Total interest income     27,874     28,178 28,746
           
INTEREST EXPENSE          
Deposits     3,633     4,709 5,728
Short-term borrowings     148     178 261
Federal funds purchased     -     7     -
Other borrowings     118     166 294
Trust preferred securities     171     190 164
Total interest expense     4,070     5,250 6,447
               
NET INTEREST INCOME     23,804     22,928 22,299
               
Provision for loan losses     370     196 2,168
               
NET INTEREST INCOME AFTER              
PROVISION FOR LOAN LOSSES     23,434     22,732 20,131
               
NONINTEREST INCOME              
Service charges on deposit accounts     1,876     1,956 1,765
Investment securities gains, net     248     11 610
Earnings on bank-owned life insurance     276     280 279
Gains on sale of loans     237     - 85
Other income     951     898 712
Total noninterest income     3,588     3,145 3,451
               
NONINTEREST EXPENSE              
Salaries and employee benefits     8,817     7,913 7,127
Occupancy expense     1,108     1,231 959
Equipment expense     963     950 759
Data processing costs     917     854 772
Ohio state franchise tax     342     618 590
Federal deposit insurance expense     449     516 487
Professional fees     1,086     1,174 948
Losses on other real estate owned     183     18 258
Advertising expenses     488     445 423
Other real estate expenses     387     410 498
Directors fees     403     403 386
Other expense     2,707     2,338 2,432
Total noninterest expense     17,850     16,870 15,639
               
Income before income taxes     9,172     9,007 7,943
Income taxes     1,992     1,979 1,662
             
NET INCOME   $ 7,180   $ 7,028   $ 6,281
               
EARNINGS PER SHARE              
Basic   $ 3.52   $ 3.48   $ 3.29
Diluted     3.50     3.47     3.28
               
DIVIDENDS DECLARED PER SHARE   $ 1.04   $ 1.04   $ 1.04
                 
See accompanying notes to the consolidated financial statements.
Central Ohio Northeast Ohio
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