MBC Financial Statement

(Yearly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except shares)
 
December 31,
   2013    2012
 
ASSETS
Cash and due from banks $ 20,926   $ 33,568
Federal funds sold 5,267 11,778
Cash and cash equivalents 26,193 45,346
Investment securities available for sale, at fair value 157,143 194,472
Loans 435,725 408,433
Less allowance for loan and lease losses 7,046 7,779
Net loans 428,679 400,654
Premises and equipment, net 9,828 8,670
Goodwill 4,559 4,559
Core deposit intangibles 156 195
Bank-owned life insurance 8,816 8,536
Accrued interest and other assets 11,716 7,855
 
TOTAL ASSETS $ 647,090   $ 670,288
 
LIABILITIES
Deposits:
Noninterest-bearing demand $ 85,905   $ 75,912
Interest-bearing demand 53,741 63,915
Money market 77,473 81,349
Savings 177,303 175,406
Time 174,414 196,753
Total deposits 568,836 593,335
Short-term borrowings 10,809 6,538
Other borrowings 11,609 12,970
Accrued interest and other liabilities 2,363 2,008
TOTAL LIABILITIES 593,617 614,851
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
2,221,834 and 2,181,763 shares issued; 2,032,304 and
1,992,233 shares outstanding 34,979 34,295
Retained earnings 27,465 22,485
Accumulated other comprehensive (loss) income (2,237) 5,391
Treasury stock, at cost; 189,530 shares (6,734) (6,734)
TOTAL STOCKHOLDERS' EQUITY 53,473 55,437
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 647,090   $ 670,288
 
See accompanying notes to the consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
 
Year Ended December 31,
   2013    2012    2011
INTEREST INCOME
Interest and fees on loans $ 22,496 $ 22,418 $ 21,854
Interest-bearing deposits in
other institutions 30 26 14
Federal funds sold 15 20 12
Investment securities:
Taxable interest 2,514 3,209 4,862
Tax-exempt interest 3,044 2,976 2,883
Dividends on stock 79 97 102
Total interest income 28,178 28,746 29,727
 
INTEREST EXPENSE
Deposits 4,709 5,728 7,467
Short-term borrowings 178 261 235
Federal funds purchased 7 - -
Other borrowings 166 294 400
Trust preferred securities 190 164 550
Total interest expense 5,250 6,447 8,652
 
NET INTEREST INCOME 22,928 22,299 21,075
 
Provision for loan losses 196 2,168 3,085
 
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 22,732 20,131 17,990
 
NONINTEREST INCOME
Service charges on deposit accounts 1,956 1,765 1,512
Investment securities gains (losses), net 11 610 (173)
Earnings on bank-owned life insurance 280 279 278
Gains on sale of loans - 85 -
Other income 898 712 620
Total noninterest income 3,145 3,451 2,237
 
NONINTEREST EXPENSE
Salaries and employee benefits 7,913 7,127 7,233
Occupancy expense 1,231 959 953
Equipment expense 950 759 556
Data processing costs 854 772 693
Ohio state franchise tax 618 590 461
Federal deposit insurance expense 516 487 966
Professional fees 1,174 948 800
Losses on other real estate owned 18 258 497
Advertising expenses 445 423 439
Other real estate expenses 410 498 194
Directors fees 403 386 315
Other expense 2,338 2,432 2,394
Total noninterest expense 16,870 15,639 15,501
 
Income before income taxes 9,007 7,943 4,726
Income taxes 1,979 1,662 596
 
NET INCOME $ 7,028 $ 6,281 $ 4,130
 
EARNINGS PER SHARE
Basic $ 3.48 $ 3.29 $ 2.45
Diluted 3.47 3.28 2.45
 
DIVIDENDS DECLARED PER SHARE $ 1.04 $ 1.04 $ 1.04
 
See accompanying notes to the consolidated financial statements.