|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| Ending March 31, 2005 |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
March 31, |
|
|
December 31 |
| |
|
|
|
|
|
|
|
2005 |
|
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
|
|
$ |
4,386,048 |
|
$ |
5,311,776 |
| |
Federal funds sold |
|
|
|
|
4,675,000 |
|
|
– |
| |
Cash and cash equivalents |
|
|
|
9,061,048 |
|
|
5,311,776 |
| |
Interest-bearing deposits in other institutions |
|
|
616,393 |
|
|
614,506 |
| |
Investment securities available for sale |
|
|
57,425,521 |
|
|
57,240,965 |
| |
Investment securities held to maturity (estimated |
|
|
|
|
|
| |
market value of $235,845 and $243,810) |
|
|
221,420 |
|
|
221,412 |
| |
Loans |
|
|
|
|
|
218,469,336 |
|
|
215,653,283 |
| |
Less allowance for loan losses |
|
|
|
2,685,771 |
|
|
2,623,431 |
| |
|
Net loans |
|
|
|
|
215,783,565 |
|
|
213,029,852 |
| |
Premises and equipment |
|
|
|
|
6,616,452 |
|
|
6,617,594 |
| |
Bank-owned life insurance |
|
|
|
5,474,382 |
|
|
5,424,304 |
| |
Accrued interest and other assets |
|
|
|
3,364,487 |
|
|
2,753,577 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
|
|
$ |
298,563,268 |
|
$ |
291,213,986 |
| |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
|
$ |
35,602,618 |
|
|
36,331,809 |
| |
|
Interest-bearing demand |
|
|
|
8,897,595 |
|
|
8,817,873 |
| |
|
Money market |
|
|
|
|
17,095,255 |
|
|
15,666,730 |
| |
|
Savings |
|
|
|
|
|
74,539,029 |
|
|
75,280,343 |
| |
|
Time |
|
|
|
|
|
113,307,040 |
|
|
103,788,696 |
| |
|
Total deposits |
|
|
|
|
249,441,537 |
|
|
239,885,451 |
| |
Short-term borrowings |
|
|
|
|
1,254,212 |
|
|
1,871,763 |
| |
Other borrowings |
|
|
|
|
21,958,626 |
|
|
23,683,324 |
| |
Accrued interest and other liabilities |
|
|
|
850,920 |
|
|
951,424 |
| |
|
TOTAL LIABILITIES |
|
|
|
273,505,295 |
|
|
266,391,962 |
| |
|
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
| |
Common stock, no par value; 5,000,000 shares authorized, |
|
|
|
|
|
| |
1,282,732 and 1,279,128 shares issued |
|
|
13,011,239 |
|
|
12,815,927 |
| |
Retained earnings |
|
|
|
|
15,440,071 |
|
|
15,004,552 |
| |
Accumulated other comprehensive income |
|
|
(423,565) |
|
|
(28,683) |
| |
Treasury stock, at cost 89,333 shares |
|
|
(2,969,772) |
|
|
(2,969,772) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
25,057,973 |
|
|
24,822,024 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
298,563,268 |
|
$ |
291,213,986 |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
Ending March 31, 2005 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
|
|
|
|
2005 |
|
|
2004 |
| INTEREST INCOME |
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
3,542,916 |
|
$ |
3,297,718 |
|
Interest-bearing deposits in other institutions |
|
|
1,971 |
|
|
339 |
|
Federal funds sold |
|
|
9,464 |
|
|
5,107 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
363,677 |
|
|
357,477 |
|
|
Tax-exempt interest |
|
|
183,452 |
|
|
125,303 |
|
|
Dividends on FHLB stock |
|
|
14,432 |
|
|
12,984 |
|
Total interest income |
|
|
4,115,912 |
|
|
3,798,928 |
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
|
|
1,295,266 |
|
|
1,187,799 |
|
Short term borrowings |
|
|
18,854 |
|
|
658 |
|
Other borrowings |
|
|
233,591 |
|
|
194,614 |
|
Total interest expense |
|
|
1,547,711 |
|
|
1,383,071 |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
2,568,201 |
|
|
2,415,857 |
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
60,000 |
|
|
30,000 |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
2,508,201 |
|
|
2,385,857 |
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
353,473 |
|
|
281,479 |
|
Investment securities gains |
|
|
- |
|
|
- |
|
Earnings on bank-owned life insurance |
|
|
50,078 |
|
|
66,996 |
|
Other income |
|
|
77,553 |
|
|
48,244 |
|
|
Total noninterest income |
|
|
481,104 |
|
|
396,719 |
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,016,409 |
|
|
920,803 |
|
Occupancy expense |
|
|
134,898 |
|
|
144,481 |
|
Equipment expense |
|
|
108,325 |
|
|
93,986 |
|
Data processing costs |
|
|
149,000 |
|
|
129,345 |
|
Ohio state franchise tax |
|
|
90,000 |
|
|
82,500 |
|
Other expense |
|
|
514,583 |
|
|
410,203 |
|
|
Total noninterest expense |
|
|
2,013,215 |
|
|
1,781,318 |
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
976,090 |
|
|
1,001,258 |
| Income taxes |
|
|
262,000 |
|
|
316,000 |
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
714,090 |
|
$ |
685,258 |
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.56 |
|
$ |
0.53 |
|
|
Diluted |
|
|
0.56 |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.22 |
|
$ |
0.20 |
|
|
|
