|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
December 31, |
| |
|
|
|
|
2007 |
|
|
2006 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
9,072,972 |
|
$ |
6,893,148 |
| |
Federal funds sold |
|
|
8,631,963 |
|
|
6,200,000 |
| |
Interest-bearing deposits in other institutions |
|
|
110,387 |
|
|
546,454 |
| |
|
Cash and cash equivalents |
|
|
17,815,322 |
|
|
13,639,602 |
| |
Interest-bearing deposits in other institutions |
|
|
— |
|
|
— |
| |
Investment securities available for sale |
|
|
85,967,764 |
|
|
63,048,135 |
| |
Investment securities held to maturity
(estimated market value of $0 and $134,306) |
|
|
— |
|
|
125,853 |
| |
Loans |
|
|
309,445,922 |
|
|
249,190,534 |
| |
Less allowance for loan losses |
|
|
3,299,276 |
|
|
2,848,887 |
| |
|
Net loans |
|
|
306,146,646 |
|
|
246,341,647 |
| |
Premises and equipment |
|
|
7,044,685 |
|
|
6,742,465 |
| |
Goodwill |
|
|
4,371,206 |
|
|
— |
| |
Bank-owned life insurance |
|
|
7,153,381 |
|
|
6,872,743 |
| |
Accrued interest and other assets |
|
|
5,774,052 |
|
|
4,081,259 |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
434,273,056 |
|
$ |
340,851,704 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
41,348,219 |
|
$ |
41,002,573 |
| |
|
Interest-bearing demand |
|
|
19,566,035 |
|
|
11,724,173 |
| |
|
Money market |
|
|
22,684,041 |
|
|
14,738,767 |
| |
|
Savings |
|
|
76,895,857 |
|
|
54,246,499 |
| |
|
Time |
|
|
202,423,848 |
|
|
149,338,181 |
| |
|
Total deposits |
|
|
362,918,000 |
|
|
271,050,193 |
| |
Short-term borrowings |
|
|
1,510,607 |
|
|
1,609,738 |
| |
Federal funds purchased |
|
|
— |
|
|
— |
| |
Other borrowings |
|
|
32,395,319 |
|
|
36,112,738 |
| |
Trust preferred securities |
|
|
— |
|
|
— |
| |
Accrued interest and other liabilities |
|
|
2,413,494 |
|
|
1,615,101 |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES |
|
|
399,237,420 |
|
|
310,387,770 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized,
1,701,546 and 1,593,434 shares issued |
|
|
26,650,123 |
|
|
19,507,257 |
| |
Retained earnings |
|
|
13,821,208 |
|
|
14,685,971 |
| |
Accumulated other comprehensive income |
|
|
(52,969) |
|
|
(520,987) |
| |
Treasury stock, at cost; 151,745 shares in 2007
and 95,080 shares in 2006 |
|
|
(5,382,726) |
|
|
(3,208,307) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
35,035,636 |
|
|
30,463,934 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
434,273,056 |
|
$ |
340,851,704 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
|
|
|
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2007 |
|
|
2006 |
|
|
2005 |
| INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
21,063,258 |
|
$ |
17,092,516 |
|
$ |
15,040,518 |
|
Interest-bearing deposits in other institutions |
|
|
155,550 |
|
|
20,175 |
|
|
15,500 |
|
Federal funds sold |
|
|
498,040 |
|
|
117,115 |
|
|
35,173 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,265,673 |
|
|
1,143,375 |
|
|
1,353,035 |
|
|
Tax-exempt |
|
|
1,774,033 |
|
|
1,038,318 |
|
|
864,745 |
|
Other dividend income |
|
|
116,121 |
|
|
83,051 |
|
|
69,533 |
|
|
|
Total interest and dividend income |
|
|
24,872,675 |
|
|
19,494,550 |
|
|
17,378,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
11,633,010 |
|
|
7,157,226 |
|
|
5,520,206 |
|
Short term borrowings |
|
|
628,000 |
|
|
167,475 |
|
|
103,836 |
|
Other borrowings |
|
|
734,630 |
|
|
1,226,877 |
|
|
1,030,572 |
|
Trust preferred securities |
|
|
535,279 |
|
|
15,864 |
|
|
— |
|
|
|
Total interest expense |
|
|
13,530,919 |
|
|
8,567,442 |
|
|
6,654,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
11,341,756 |
|
|
10,927,108 |
|
|
10,723,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
429,391 |
|
|
60,000 |
|
|
302,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES |
|
|
10,912,365 |
|
|
10,867,108 |
|
|
10,421,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,954,992 |
|
|
1,800,173 |
|
|
1,579,121 |
|
Investment securities gains |
|
|
7,201 |
|
|
(5,868) |
|
|
— |
|
Earnings on bank-owned life insurance |
|
|
280,638 |
|
|
239,761 |
|
|
208,677 |
|
Other income |
|
|
389,020 |
|
|
393,389 |
|
|
331,439 |
|
|
|
Total noninterest income |
|
|
2,631,851 |
|
|
2,427,455 |
|
|
2,119,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,458,075 |
|
|
3,675,120 |
|
|
3,568,603 |
|
Occupancy |
|
|
745,935 |
|
|
507,250 |
|
|
495,982 |
|
Equipment |
|
|
525,250 |
|
|
440,878 |
|
|
432,635 |
|
Data processing costs |
|
|
693,987 |
|
|
634,707 |
|
|
625,856 |
|
Professional fees |
|
|
422,991 |
|
|
333,932 |
|
|
293,138 |
|
Ohio state franchise tax |
|
|
424,873 |
|
|
360,000 |
|
|
284,950 |
|
Advertising |
|
|
316,112 |
|
|
331,644 |
|
|
302,679 |
|
Postage and freight |
|
|
208,554 |
|
|
189,629 |
|
|
189,970 |
|
Other expense |
|
|
1,576,873 |
|
|
1,465,213 |
|
|
1,230,826 |
|
|
|
Total noninterest expense |
|
|
9,372,650 |
|
|
7,938,373 |
|
|
7,424,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
4,171,566 |
|
|
5,356,190 |
|
|
5,116,488 |
| Income taxes |
|
|
796,223 |
|
|
1,471,943 |
|
|
1,415,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
3,375,343 |
|
$ |
3,884,247 |
|
$ |
3,701,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.17 |
|
$ |
2.60 |
|
$ |
2.50 |
|
|
Diluted |
|
|
2.14 |
|
|
2.56 |
|
|
2.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements. |
|
|
|
|
|
|
|
|
|
