|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| Ending September 30, 2005 |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
September 30, |
|
|
December 31 |
| |
|
|
|
|
2005 |
|
|
2004 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
5,584,217 |
|
$ |
5,311,776 |
| |
Interest-bearing deposits in other institutions |
|
|
524,323 |
|
|
614,506 |
| |
Investment securities available for sale |
|
|
59,953,883 |
|
|
57,240,965 |
| |
Investment securities held to maturity (estimated |
|
|
|
|
|
| |
market value of $238,965 and $243,810) |
|
|
221,441 |
|
|
221,412 |
| |
Loans |
|
|
225,849,676 |
|
|
215,653,283 |
| |
Less allowance for loan losses |
|
|
2,736,459 |
|
|
2,623,431 |
| |
|
Net loans |
|
|
223,113,217 |
|
|
213,029,852 |
| |
Premises and equipment |
|
|
6,590,323 |
|
|
6,617,594 |
| |
Bank-owned life insurance |
|
|
5,579,999 |
|
|
5,424,304 |
| |
Accrued interest and other assets |
|
|
3,754,241 |
|
|
2,753,577 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
305,321,644 |
|
$ |
291,213,986 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
38,673,001 |
|
$ |
36,331,809 |
| |
|
Interest-bearing demand |
|
|
8,834,416 |
|
|
8,817,873 |
| |
|
Money market |
|
|
14,338,961 |
|
|
15,666,730 |
| |
|
Savings |
|
|
66,244,617 |
|
|
75,280,343 |
| |
|
Time |
|
|
120,075,692 |
|
|
103,788,696 |
| |
|
Total deposits |
|
|
248,166,687 |
|
|
239,885,451 |
| |
Short-term borrowings |
|
|
2,196,742 |
|
|
1,871,763 |
| |
Other borrowings |
|
|
27,242,436 |
|
|
23,683,324 |
| |
Accrued interest and other liabilities |
|
|
1,029,983 |
|
|
951,424 |
| |
|
TOTAL LIABILITIES |
|
|
278,635,848 |
|
|
266,391,962 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
| |
1,366,246 and 1,355,488 shares issued |
|
|
13,235,160 |
|
|
12,815,927 |
| |
Retained earnings |
|
|
16,754,124 |
|
|
15,004,552 |
| |
Accumulated other comprehensive loss |
|
|
(333,716) |
|
|
(28,683) |
| |
Treasury stock, at cost 89,333 shares |
|
|
(2,969,772) |
|
|
(2,969,772) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
26,685,796 |
|
|
24,822,024 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
305,321,644 |
|
$ |
291,213,986 |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
Ending September 30, 2005 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
|
|
2005 |
|
|
2004 |
| INTEREST INCOME |
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
11,065,258 |
|
$ |
10,115,762 |
|
Interest-bearing deposits in other institutions |
|
|
10,461 |
|
|
3,539 |
|
Federal funds sold |
|
|
31,057 |
|
|
28,046 |
|
Investment securities: |
|
|
|
|
|
|
|
Taxable interest |
|
|
1,041,027 |
|
|
1,050,915 |
|
Tax-exempt interest |
|
|
621,423 |
|
|
429,556 |
|
Dividends on FHLB stock |
|
|
48,761 |
|
|
38,883 |
|
Total interest income |
|
|
12,817,987 |
|
|
11,666,701 |
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
|
|
4,041,713 |
|
|
3,642,941 |
|
Short term borrowings |
|
|
60,140 |
|
|
1,143 |
|
Other borrowings |
|
|
738,223 |
|
|
607,419 |
|
Total interest expense |
|
|
4,840,076 |
|
|
4,251,503 |
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
7,977,911 |
|
|
7,415,198 |
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
195,000 |
|
|
111,000 |
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
7,782,911 |
|
|
7,304,198 |
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,167,988 |
|
|
1,034,095 |
|
Investment securities gains, net |
|
|
- |
|
|
- |
|
Earnings on bank-owned life insurance |
|
|
155,684 |
|
|
167,970 |
|
Other income |
|
|
243,222 |
|
|
164,787 |
|
Total noninterest income |
|
|
1,566,894 |
|
|
1,366,852 |
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
2,758,504 |
|
|
2,652,971 |
|
Occupancy expense |
|
|
374,994 |
|
|
378,011 |
|
Equipment expense |
|
|
327,133 |
|
|
288,208 |
|
Data processing costs |
|
|
443,775 |
|
|
339,038 |
|
Ohio state franchise tax |
|
|
270,000 |
|
|
247,500 |
|
Other expense |
|
|
1,567,114 |
|
|
1,361,755 |
|
Total noninterest expense |
|
|
5,741,520 |
|
|
5,267,483 |
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
3,608,285 |
|
|
3,403,567 |
| Income taxes |
|
|
1,001,000 |
|
|
988,000 |
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
2,607,285 |
|
$ |
2,415,567 |
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
Basic |
|
$ |
2.05 |
|
$ |
1.87 |
|
Diluted |
|
|
2.02 |
|
|
1.86 |
| DIVIDENDS DECLARED PER SHARE |
|
|
0.68 |
|
|
0.61 |
|
|
|
