|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED
BALANCE SHEET |
| (Dollar amounts
in thousands) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
December 31, |
| |
|
|
|
|
2012 |
|
|
2011 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from
banks |
|
$ |
33,568 |
|
$ |
15,730 |
| |
Federal funds sold |
|
|
11,778 |
|
|
18,660 |
| |
|
Cash and cash equivalents |
|
|
45,346 |
|
|
34,390 |
| |
Investment securities
available for sale, at fair value |
|
|
194,472 |
|
|
193,977 |
| |
Loans |
|
|
408,433 |
|
|
401,880 |
| |
Less allowance for
loan losses |
|
|
7,779 |
|
|
6,819 |
| |
|
Net loans |
|
|
400,654 |
|
|
395,061 |
| |
Premises and
equipment, net |
|
|
8,670 |
|
|
8,264 |
| |
Goodwill |
|
|
4,559 |
|
|
4,559 |
| |
Core deposit
intangibles |
|
|
195 |
|
|
235 |
| |
Bank-owned life
insurance |
|
|
8,536 |
|
|
8,257 |
| |
Accrued interest and
other assets |
|
|
7,856 |
|
|
9,808 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
670,288 |
|
$ |
654,551 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing
demand |
|
$ |
75,912 |
|
$ |
63,348 |
| |
|
Interest-bearing
demand |
|
|
63,915 |
|
|
55,853 |
| |
|
Money market |
|
|
81,349 |
|
|
75,621 |
| |
|
Savings |
|
|
175,406 |
|
|
167,207 |
| |
|
Time |
|
|
196,753 |
|
|
218,933 |
| |
|
Total deposits |
|
|
593,335 |
|
|
580,962 |
| |
Short-term borrowings |
|
|
6,538 |
|
|
7,392 |
| |
Other borrowings |
|
|
12,970 |
|
|
16,831 |
| |
Accrued interest and
other liabilities |
|
|
2,008 |
|
|
2,113 |
| |
|
TOTAL LIABILITIES |
|
|
614,851 |
|
|
607,298 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
| |
Common stock, no par
value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| |
2,181,763 and 1,951,868 shares issued |
|
|
34,295 |
|
|
31,240 |
| |
Retained earnings |
|
|
22,485 |
|
|
18,206 |
| |
Accumulated other
comprehensive income |
|
|
5,391 |
|
|
4,541 |
| |
Treasury stock, at
cost; 189,530 shares |
|
|
(6,734) |
|
|
(6,734) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
55,437 |
|
|
47,253 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
670,288 |
|
$ |
654,551 |
| |
|
|
|
|
|
|
|
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED
STATEMENT OF INCOME |
| (Dollar amounts
in thousands, except per share data) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Year Ended December 31, |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
| INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
| Interest and fees on
loans |
|
$ |
22,418 |
|
$ |
21,854 |
|
$ |
21,084 |
| Interest-bearing
deposits in |
|
|
|
|
|
|
|
|
|
|
other institutions |
|
|
26 |
|
|
14 |
|
|
15 |
| Federal funds sold |
|
|
20 |
|
|
12 |
|
|
52 |
| Investment
securities: |
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
3,209 |
|
|
4,862 |
|
|
5,185 |
|
Tax-exempt interest |
|
|
2,976 |
|
|
2,883 |
|
|
2,650 |
| |
Dividends on stock |
|
|
97 |
|
|
102 |
|
|
108 |
|
Total interest income |
|
|
28,746 |
|
|
29,727 |
|
|
29,094 |
| |
|
|
|
|
|
|
|
|
|
|
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
5,728 |
|
|
7,467 |
|
|
9,504 |
| Short-term
borrowings |
|
|
261 |
|
|
235 |
|
|
249 |
| Other borrowings |
|
|
294 |
|
|
400 |
|
|
642 |
| Trust preferred
securities |
|
|
164 |
|
|
550 |
|
|
550 |
|
Total interest expense |
|
|
6,447 |
|
|
8,652 |
|
|
10,945 |
| |
|
|
|
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME |
|
|
22,299 |
|
|
21,075 |
|
|
18,149 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Provision
for loan losses |
|
|
2,168 |
|
|
3,085 |
|
|
3,580 |
| |
|
|
|
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
20,131 |
|
|
17,990 |
|
|
14,569 |
| |
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
| Service charges on
deposit accounts |
|
|
1,765 |
|
|
1,512 |
|
|
1,784 |
| Investment
securities gains (losses), net |
|
|
610 |
|
|
(173) |
|
|
11 |
| Earnings on
bank-owned life insurance |
|
|
279 |
|
|
278 |
|
|
273 |
| |
Gains on sale of loans |
|
|
85 |
|
|
- |
|
|
- |
| Other income |
|
|
712 |
|
|
620 |
|
|
555 |
|
Total noninterest income |
|
|
3,451 |
|
|
2,237 |
|
|
2,623 |
| |
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
| Salaries and
employee benefits |
|
|
7,127 |
|
|
7,233 |
|
|
6,411 |
| Occupancy expense |
|
|
959 |
|
|
953 |
|
|
946 |
| Equipment expense |
|
|
759 |
|
|
556 |
|
|
626 |
| Data processing
costs |
|
|
772 |
|
|
693 |
|
|
743 |
| Ohio state franchise
tax |
|
|
590 |
|
|
461 |
|
|
348 |
| Federal deposit
insurance expense |
|
|
487 |
|
|
966 |
|
|
1,166 |
| Professional fees |
|
|
948 |
|
|
800 |
|
|
678 |
| Losses on other real
estate owned |
|
|
258 |
|
|
497 |
|
|
783 |
| |
Advertising expenses |
|
|
423 |
|
|
439 |
|
|
401 |
| |
Other real estate
expenses |
|
|
498 |
|
|
194 |
|
|
82 |
| Other expense |
|
|
2,818 |
|
|
2,709 |
|
|
2,579 |
|
Total noninterest expense |
|
|
15,639 |
|
|
15,501 |
|
|
14,763 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Income
before income taxes |
|
|
7,943 |
|
|
4,726 |
|
|
2,429 |
| Income
taxes (benefit) |
|
|
1,662 |
|
|
596 |
|
|
(88) |
| |
|
|
|
|
|
|
|
|
|
|
|
| NET
INCOME |
|
$ |
6,281 |
|
$ |
4,130 |
|
$ |
2,517 |
| |
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS
PER SHARE |
|
|
|
|
|
|
|
|
|
| |
|
Basic |
|
$ |
3.29 |
|
$ |
2.45 |
|
$ |
1.60 |
| |
|
Diluted |
|
|
3.28 |
|
|
2.45 |
|
|
1.60 |
| |
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS
DECLARED PER SHARE |
|
$ |
1.04 |
|
$ |
1.04 |
|
$ |
1.04 |
| |
|
|
|
|
|
|
|
|
|
|
|
| See accompanying notes to the consolidated financial statements. |
|
| |
|
|
