MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
(Unaudited)
    June 30,     December 31,
2013 2012
ASSETS
Cash and due from banks $ 22,052   33,568
Federal funds sold 18,377 11,778
Cash and cash equivalents 40,429 45,346
Investment securities available for sale 179,757 194,472
Loans  412,399 408,433
Less allowance for loan losses 7,749 7,779
Net loans 404,650 400,654
Premises and equipment, net 8,583 8,670
Goodwill 4,559 4,559
Core deposit intangible 173 195
Bank-owned life insurance 8,675 8,536
Accrued interest and other assets 10,966 7,856
           
TOTAL ASSETS $ 657,792   670,288
 
LIABILITIES
Deposits:
Noninterest-bearing demand $ 83,095   75,912
Interest-bearing demand 58,238 63,915
Money market 77,563 81,349
Savings 180,875 175,406
Time 185,648 196,753
Total deposits 585,419 593,335
Short-term borrowings 5,407 6,538
Other borrowings 12,635 12,970
Accrued interest and other liabilities 1,781 2,008
TOTAL LIABILITIES 605,242 614,851
 
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized, 2,210,822 and 2,181,763 shares issued 34,694 34,295
Retained earnings 24,780 22,485
Accumulated other comprehensive income (loss)   (190) 5,391
Treasury stock, at cost;  189,530 shares (6,734) (6,734)
TOTAL STOCKHOLDERS' EQUITY 52,550 55,437
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 657,792   670,288

 

 

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
(Unaudited)
Three Months
Ended
Six Months
Ended
June 30, June 30,
    2013       2012     2013     2012
INTEREST INCOME
Interest and fees on loans   $ 5,550   $ 5,641 $ 11,122   $ 11,178
Interest-bearing deposits in
other institutions 9 8 17 12
Federal funds sold 4 4 8 7
Investment securities:
Taxable interest 625 791 1,299 1,706
Tax-exempt interest 744 753 1,477 1,500
Dividends on stock 15 26 38 52
Total interest income 6,947 7,223 13,961 14,455
 
INTEREST EXPENSE
Deposits 1,219 1,434 2,516 2,931
Short-term borrowings 47 99 99 158
Other borrowings 44 82 90 166
Trust preferred securities 47 31 81 77
Total interest expense 1,357 1,646 2,786 3,332
         
NET INTEREST INCOME 5,590 5,577 11,175 11,123
         
Provision for loan losses 300 450 613 1,050
 
NET INTEREST INCOME AFTER 
PROVISION FOR LOAN LOSSES 5,290 5,127 10,562 10,073
 
NONINTEREST INCOME
Service charges on deposit accounts 511 471 958 902
Investment securities gains (losses), net (10) 296 175 296
Earnings on bank-owned life insurance 75 69 143 137
Gain on sale of loans - - - 85
Other income 243 181 411 391
Total noninterest income 819 1,017 1,687 1,811
 
NONINTEREST EXPENSE
Salaries and employee benefits 1,906 1,800 3,777 3,550
Occupancy expense 248 222 522 470
Equipment expense 186 201 375 371
Data processing costs 187 191 400 390
Ohio state franchise tax 149 128 303 257
Federal deposit insurance expense 64 258 218 501
Professional fees 291 186 567 400
(Gain) loss on sale of other real estate owned (13) 32 (5) 50
Advertising expense 111 112 223 232
Other real estate expense 90 213 196 273
Directors Fees 133 106 238 182
Other expense 596 592 1,135 1,147
Total noninterest expense 3,948 4,041 7,949 7,823
         
Income before income taxes 2,161 2,103 4,300 4,061
Income taxes 476 463 958 898
                       
NET INCOME   $ 1,685   $ 1,640 $ 3,342   $ 3,163
 
EARNINGS PER SHARE
Basic   $ 0.84   $ 0.85 $ 1.66   $ 1.72
Diluted 0.83 0.85 1.66 1.72
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26 $ 0.52   $ 0.52