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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
(Unaudited)
September 30, December 31,
    2013     2012
ASSETS
Cash and due from banks   $ 21,124   33,568
Federal funds sold 11,069 11,778
Cash and cash equivalents 32,193 45,346
Investment securities available for sale 180,771 194,473
Loans  419,060 408,433
Less allowance for loan losses 7,821 7,779
Net loans 411,239 400,654
Premises and equipment, net 8,555 8,670
Goodwill 4,559 4,559
Core deposit intangible 161 195
Bank-owned life insurance 8,745 8,536
Accrued interest and other assets 11,918 7,855
TOTAL ASSETS   $ 658,141   670,288
   
LIABILITIES
Deposits:
Noninterest-bearing demand   $ 81,760   75,912
Interest-bearing demand 59,799 63,915
Money market 77,118 81,349
Savings 179,581 175,406
Time 180,964 196,753
Total deposits 579,222 593,335
Short-term borrowings 10,575 6,538
Federal funds purchased 1,639 -
Other borrowings 12,261 12,970
Accrued interest and other liabilities 1,915 2,008
TOTAL LIABILITIES 605,612 614,851
   
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized, 2,216,099 and 2,181,763 shares issued 34,833 34,295
Retained earnings 26,123 22,485
Accumulated other comprehensive (loss) income  (1,693) 5,391
Treasury stock, at cost;  189,530 shares (6,734) (6,734)
       
TOTAL STOCKHOLDERS' EQUITY 52,529 55,437
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 658,141   670,288

 

 

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
    2013     2012     2013     2012
INTEREST INCOME
Interest and fees on loans   $ 5,754   $ 5,810 $ 16,876   $ 16,988
Interest-bearing deposits in
other institutions 6 7 23 19
Federal funds sold 4 6 12 13
Investment securities:
Taxable interest 610 749 1,909 2,455
Tax-exempt interest 782 749 2,259 2,249
Dividends on stock 18 21 56 73
Total interest income 7,174 7,342 21,135 21,797
   
INTEREST EXPENSE
Deposits 1,170 1,418 3,686 4,349
Short-term borrowings 41 61 140 219
Other borrowings 42 78 132 244
Trust preferred securities 75 45 156 122
Total interest expense 1,328 1,602 4,114 4,934
           
NET INTEREST INCOME 5,846 5,740 17,021 16,863
Provision for loan losses 153 143 766 1,193
   
NET INTEREST INCOME AFTER 
PROVISION FOR LOAN LOSSES 5,693 5,597 16,255 15,670
   
NONINTEREST INCOME
Service charges on deposit accounts 510 481 1,468 1,383
Investment securities gains (losses), net - 152 175 448
Earnings on bank-owned life insurance 66 71 209 208
Gain on sale of loans - - - 85
Other income 232 164 643 555
Total noninterest income 808 868 2,495 2,679
   
NONINTEREST EXPENSE
Salaries and employee benefits 1,872 1,705 5,649 5,255
Occupancy expense 273 233 795 703
Equipment expense 228 186 603 557
Data processing costs 209 184 609 574
Ohio state franchise tax 164 160 467 417
Federal deposit insurance expense 135 250 353 751
Professional fees 316 270 883 670
(Gain) loss on sale of other real estate owned (35) 188 (40) 238
Advertising expense 113 114 336 346
Other real estate expense 128 68 324 341
Directors fees 77 97 315 279
Other expense 635 667 1,770 1,814
Total noninterest expense 4,115 4,122 12,064 11,945
           
Income before income taxes 2,386 2,343 6,686 6,404
Income taxes 521 494 1,479 1,392
                         
NET INCOME   $ 1,865   $ 1,849 $ 5,207   $ 5,012
   
EARNINGS PER SHARE
Basic   $ 0.92   $ 0.93 $ 2.59   $ 2.66
Diluted 0.92 0.93 2.58 2.65
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26 $ 0.78   $ 0.78