|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| Ending June 30, 2005 |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
June 30, |
|
|
December 31 |
| |
|
|
|
|
|
|
|
2005 |
|
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
|
|
$ |
6,398,701 |
|
$ |
5,311,776 |
| |
Federal funds sold |
|
|
|
|
– |
|
|
– |
| |
Cash and cash equivalents |
|
|
|
6,398,701 |
|
|
5,311,776 |
| |
Interest-bearing deposits in other institutions |
|
|
618,236 |
|
|
614,506 |
| |
Investment securities available for sale |
|
|
60,473,109 |
|
|
57,240,965 |
| |
Investment securities held to maturity (estimated |
|
|
|
|
|
| |
market value of $242,970 and $243,810) |
|
|
221,432 |
|
|
221,412 |
| |
Loans |
|
|
|
|
|
223,486,513 |
|
|
215,653,283 |
| |
Less allowance for loan losses |
|
|
|
2,677,398 |
|
|
2,623,431 |
| |
|
Net loans |
|
|
|
|
220,809,115 |
|
|
213,029,852 |
| |
Premises and equipment |
|
|
|
|
6,562,098 |
|
|
6,617,594 |
| |
Bank-owned life insurance |
|
|
|
5,527,284 |
|
|
5,424,304 |
| |
Accrued interest and other assets |
|
|
|
3,359,142 |
|
|
2,753,577 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
|
|
$ |
303,969,117 |
|
$ |
291,213,986 |
| |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
|
$ |
38,110,070 |
|
|
36,331,809 |
| |
|
Interest-bearing demand |
|
|
|
9,909,872 |
|
|
8,817,873 |
| |
|
Money market |
|
|
|
|
14,965,451 |
|
|
15,666,730 |
| |
|
Savings |
|
|
|
|
|
69,839,313 |
|
|
75,280,343 |
| |
|
Time |
|
|
|
|
|
116,372,996 |
|
|
103,788,696 |
| |
|
Total deposits |
|
|
|
|
249,197,702 |
|
|
239,885,451 |
| |
Short-term borrowings |
|
|
|
|
1,902,880 |
|
|
1,871,763 |
| |
Other borrowings |
|
|
|
|
25,695,964 |
|
|
23,683,324 |
| |
Accrued interest and other liabilities |
|
|
|
934,691 |
|
|
951,424 |
| |
|
TOTAL LIABILITIES |
|
|
|
277,731,237 |
|
|
266,391,962 |
| |
|
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
| |
1,363,621 and 1,355,488 shares issued |
|
|
13,132,164 |
|
|
12,815,927 |
| |
Retained earnings |
|
|
|
|
16,077,355 |
|
|
15,004,552 |
| |
Accumulated other comprehensive income |
|
|
(1,867) |
|
|
(28,683) |
| |
Treasury stock, at cost 89,333 shares |
|
|
(2,969,772) |
|
|
(2,969,772) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
26,237,880 |
|
|
24,822,024 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
303,969,117 |
|
$ |
291,213,986 |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
Ending June 30, 2005 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
June 30, |
|
|
|
|
|
2005 |
|
|
2004 |
| INTEREST INCOME |
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
7,218,766 |
|
$ |
6,683,609 |
|
Interest-bearing deposits in other institutions |
|
|
3,940 |
|
|
2,001 |
|
Federal funds sold |
|
|
23,656 |
|
|
17,162 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
719,510 |
|
|
696,523 |
|
|
Tax-exempt interest |
|
|
395,140 |
|
|
262,911 |
|
|
Dividends on FHLB stock |
|
|
29,583 |
|
|
25,919 |
|
Total interest income |
|
|
8,390,595 |
|
|
7,688,125 |
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
|
|
2,664,364 |
|
|
2,396,324 |
|
Short term borrowings |
|
|
34,229 |
|
|
839 |
|
Other borrowings |
|
|
478,061 |
|
|
397,869 |
|
Total interest expense |
|
|
3,176,654 |
|
|
2,795,032 |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
5,213,941 |
|
|
4,893,093 |
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
120,000 |
|
|
60,000 |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
5,093,941 |
|
|
4,833,093 |
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
742,022 |
|
|
662,600 |
|
Investment securities gains |
|
|
- |
|
|
- |
|
Earnings on bank-owned life insurance |
|
|
102,979 |
|
|
114,856 |
|
Other income |
|
|
162,618 |
|
|
105,152 |
|
|
Total noninterest income |
|
|
1,007,619 |
|
|
882,608 |
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,824,696 |
|
|
1,711,618 |
|
Occupancy expense |
|
|
259,363 |
|
|
263,320 |
|
Equipment expense |
|
|
215,114 |
|
|
193,260 |
|
Data processing costs |
|
|
297,998 |
|
|
213,961 |
|
Ohio state franchise tax |
|
|
180,000 |
|
|
165,000 |
|
Other expense |
|
|
1,082,345 |
|
|
916,766 |
|
|
Total noninterest expense |
|
|
3,859,516 |
|
|
3,463,925 |
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
2,242,044 |
|
|
2,251,776 |
| Income taxes |
|
|
611,000 |
|
|
658,000 |
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
1,631,044 |
|
$ |
1,593,776 |
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.28 |
|
$ |
1.24 |
|
|
Diluted |
|
|
1.27 |
|
|
1.23 |
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.44 |
|
$ |
0.40 |
|
|
|
