|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
| |
|
|
|
December 31 |
|
|
December 31 |
| |
|
|
|
2004 |
|
|
2003 |
| |
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
| |
Cash and due from banks |
$ |
5,311,776 |
|
$ |
3,956,453 |
| |
Federal funds sold |
|
– |
|
|
930,000 |
| |
|
Cash and cash equivalents |
|
5,311,776 |
|
|
4,886,453 |
| |
Interest-bearing deposits in other institutions |
|
614,506 |
|
|
539,147 |
| |
Investment securities available for sale |
|
57,240,965 |
|
|
49,966,511 |
| |
Investment securities held to maturity (estimated |
|
|
|
|
|
| |
market value of $221,412 and $1,915,366) |
|
221,412 |
|
|
1,858,904 |
| |
Loans |
|
215,653,283 |
|
|
192,880,153 |
| |
Less allowance for loan losses |
|
2,623,431 |
|
|
2,521,270 |
| |
|
Net loans |
|
213,029,852 |
|
|
190,358,883 |
| |
Premises and equipment |
|
6,617,594 |
|
|
6,807,930 |
| |
Bank-owned life insurance |
|
5,424,304 |
|
|
5,202,385 |
| |
Accrued interest and other assets |
|
2,753,575 |
|
|
2,749,235 |
| |
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
$ |
291,213,984 |
|
$ |
262,369,448 |
| |
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
| |
|
Noninterest-bearing demand |
$ |
36,331,809 |
|
$ |
29,423,027 |
| |
|
Interest-bearing demand |
|
8,817,873 |
|
|
7,369,754 |
| |
|
Money market |
|
15,666,730 |
|
|
15,708,932 |
| |
|
Savings |
|
75,280,343 |
|
|
69,570,895 |
| |
|
Time |
|
103,788,696 |
|
|
97,767,302 |
| |
|
Total deposits |
|
239,885,451 |
|
|
219,839,910 |
| |
Short-term borrowings |
|
101,763 |
|
|
444,819 |
|
Federal funds purchased |
|
570,000 |
|
|
– |
| |
Other borrowings |
|
24,883,323 |
|
|
17,665,661 |
| |
Accrued interest and other liabilities |
|
951,424 |
|
|
914,744 |
| |
|
TOTAL LIABILITIES |
|
266,391,961 |
|
|
238,865,134 |
| |
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
| |
Common stock, no par value; 5,000,000 shares authorized, |
|
|
|
|
|
| |
1,355,488 and 1,279,128 shares issued |
|
12,815,927 |
|
|
10,038,156 |
| |
Retained earnings |
|
15,004,551 |
|
|
15,085,868 |
| |
Accumulated other comprehensive income |
|
(28,682) |
|
|
125,199 |
| |
Treasury stock, at cost (89,333 and 55,309 shares) |
|
(2,969,773) |
|
|
(1,744,909) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
24,822,023 |
|
|
23,504,314 |
| |
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
291,213,984 |
|
$ |
262,369,448 |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ending |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2004 |
|
|
2003 |
|
|
2002 |
| INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
13,617,560 |
|
$ |
12,846,525 |
|
$ |
12,340,920 |
|
Interest-bearing deposits in other institutions |
|
|
5,641 |
|
|
17,188 |
|
|
48,293 |
|
Federal funds sold |
|
|
50,608 |
|
|
48,947 |
|
|
64,994 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
1,400,063 |
|
|
1,196,221 |
|
|
1,190,508 |
|
|
Tax-exempt interest |
|
|
604,399 |
|
|
486,485 |
|
|
424,357 |
|
Other dividend income |
|
|
54,265 |
|
|
51,797 |
|
|
50,891 |
|
|
|
Total interest and dividend income |
|
|
15,732,536 |
|
|
14,647,163 |
|
|
14,119,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
4,905,899 |
|
|
4,905,826 |
|
|
5,478,030 |
|
Short term borrowings |
|
|
2,180 |
|
|
4,048 |
|
|
7,175 |
|
Other borrowings |
|
|
860,819 |
|
|
815,033 |
|
|
662,881 |
|
|
|
Total interest expense |
|
|
5,768,898 |
|
|
5,724,907 |
|
|
6,147,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
9,963,638 |
|
|
8,922,256 |
|
|
7,971,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
174,000 |
|
|
315,000 |
|
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
9,789,638 |
|
|
8,607,256 |
|
|
7,671,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,402,027 |
|
|
1,033,928 |
|
|
955,121 |
|
Investment securities gains, net |
|
|
(98,375) |
|
|
542 |
|
|
– |
|
Earnings on bank-owned life insurance |
|
|
221,919 |
|
|
202,385 |
|
|
– |
|
Other income |
|
|
253,561 |
|
|
191,289 |
|
|
188,096 |
|
|
|
Total noninterest income |
|
|
1,779,132 |
|
|
1,428,144 |
|
|
1,143,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,442,262 |
|
|
3,085,451 |
|
|
2,523,433 |
|
Occupancy |
|
|
494,759 |
|
|
403,591 |
|
|
357,500 |
|
Equipment |
|
|
356,346 |
|
|
333,163 |
|
|
324,659 |
|
Data processing costs |
|
|
538,349 |
|
|
470,393 |
|
|
427,164 |
|
Professional Fees |
|
|
252,731 |
|
|
218,838 |
|
|
246,285 |
|
Ohio state franchise tax |
|
|
285,050 |
|
|
265,050 |
|
|
250,050 |
|
Advertising |
|
|
253,858 |
|
|
168,849 |
|
|
65,263 |
|
Postage and freight |
|
|
178,717 |
|
|
161,632 |
|
|
140,628 |
|
Other expense |
|
|
1,163,535 |
|
|
998,483 |
|
|
871,357 |
|
|
|
Total noninterest expense |
|
|
6,965,607 |
|
|
6,105,450 |
|
|
5,206,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
4,603,163 |
|
|
3,929,950 |
|
|
3,608,755 |
| Income taxes |
|
|
1,330,000 |
|
|
1,131,330 |
|
|
1,107,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
3,273,163 |
|
$ |
2,798,620 |
|
$ |
2,500,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.54 |
|
$ |
2.19 |
|
$ |
1.96 |
|
|
|
Diluted |
|
|
2.51 |
|
|
2.18 |
|
|
1.96 |
|
|
|
