|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| (Unaudited) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
March 31, |
|
|
|
December 31 |
| |
|
|
|
|
|
2006 |
|
|
|
2005 |
| |
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
|
5,729,052 |
|
$ |
|
5,294,641 |
| |
Interest-bearing deposits in other institutions |
|
|
|
529,619 |
|
|
|
526,523 |
| |
Cash and cash equivalents |
|
|
|
6,258,671 |
|
|
|
5,821,164 |
| |
Investment securities available for sale |
|
|
|
55,888,308 |
|
|
|
57,887,130 |
| |
Investment securities held to maturity
(estimated market value of $225,429 and $232,967) |
|
|
|
215,819 |
|
|
|
221,453 |
| |
Loans |
|
|
|
235,782,594 |
|
|
|
234,054,797 |
| |
Less allowance for loan losses |
|
|
|
2,887,945 |
|
|
|
2,841,098 |
| |
|
Net loans |
|
|
|
232,894,649 |
|
|
|
231,213,699 |
| |
Premises and equipment |
|
|
|
6,588,122 |
|
|
|
6,624,776 |
| |
Bank-owned life insurance |
|
|
|
6,686,204 |
|
|
|
5,632,982 |
| |
Accrued interest and other assets |
|
|
|
4,045,067 |
|
|
|
3,812,987 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
|
312,576,840 |
|
$ |
|
311,214,191 |
| |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
|
39,562,323 |
|
|
|
39,782,375 |
| |
|
Interest-bearing demand |
|
|
|
11,344,064 |
|
|
|
9,362,399 |
| |
|
Money market |
|
|
|
13,069,480 |
|
|
|
13,078,829 |
| |
|
Savings |
|
|
|
63,086,115 |
|
|
|
66,495,057 |
| |
|
Time |
|
|
|
127,205,866 |
|
|
|
120,730,980 |
| |
|
Total deposits |
|
|
|
254,267,848 |
|
|
|
249,449,640 |
| |
Short-term borrowings |
|
|
|
4,118,708 |
|
|
|
6,710,914 |
| |
Other borrowings |
|
|
|
25,233,510 |
|
|
|
26,578,211 |
| |
Accrued interest and other liabilities |
|
|
|
1,065,190 |
|
|
|
1,186,061 |
| |
|
TOTAL LIABILITIES |
|
|
|
284,685,256 |
|
|
|
283,924,826 |
| |
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
|
| |
1,441,355 and 1,434,987 shares issued |
|
|
|
16,203,384 |
|
|
|
15,976,335 |
| |
Retained earnings |
|
|
|
15,460,839 |
|
|
|
14,959,891 |
| |
Accumulated other comprehensive loss |
|
|
|
(747,065) |
|
|
|
(677,088) |
| |
Treasury stock, at cost;
90,694 shares in 2006 and 89,333 shares in 2005 |
|
|
|
(3,025,574) |
|
|
|
(2,969,773) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
|
27,891,584 |
|
|
|
27,289,365 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
|
312,576,840 |
|
$ |
|
311,214,191 |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
|
|
|
|
2006 |
|
|
|
2005 |
| INTEREST INCOME |
|
|
|
|
|
|
|
| |
Interest and fees on loans |
$ |
|
3,985,618 |
|
$ |
|
3,542,916 |
|
Interest-bearing deposits in |
|
|
|
|
|
|
|
|
other institutions |
|
|
3,121 |
|
|
|
1,971 |
|
Federal funds sold |
|
|
3,579 |
|
|
|
9,464 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
305,970 |
|
|
|
363,677 |
|
Tax-exempt interest |
|
|
245,151 |
|
|
|
183,452 |
|
|
Dividends on FHLB stock |
|
|
17,197 |
|
|
|
14,432 |
|
Total interest income |
|
|
4,560,636 |
|
|
|
4,115,912 |
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
Deposits |
|
|
1,540,862 |
|
|
|
1,295,266 |
|
Short term borrowings |
|
|
60,823 |
|
|
|
18,854 |
|
Other borrowings |
|
|
272,974 |
|
|
|
233,591 |
|
Total interest expense |
|
|
1,874,659 |
|
|
|
1,547,711 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
2,685,977 |
|
|
|
2,568,201 |
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
75,000 |
|
|
|
60,000 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
|
|
2,610,977 |
|
|
|
2,508,201 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
412,842 |
|
|
|
353,473 |
|
Investment securities (losses), net |
|
|
(5,868) |
|
|
|
- |
|
Earnings on bank-owned life insurance |
|
|
53,222 |
|
|
|
50,078 |
|
Other income |
|
|
90,130 |
|
|
|
77,553 |
|
Total noninterest income |
|
|
550,326 |
|
|
|
481,104 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
994,944 |
|
|
|
1,016,409 |
|
Occupancy expense |
|
|
154,303 |
|
|
|
134,898 |
|
Equipment expense |
|
|
92,213 |
|
|
|
108,325 |
|
Data processing costs |
|
|
178,507 |
|
|
|
149,000 |
|
Ohio state franchise tax |
|
|
90,000 |
|
|
|
90,000 |
|
Other expense |
|
|
525,764 |
|
|
|
514,583 |
|
Total noninterest expense |
|
|
2,035,731 |
|
|
|
2,013,215 |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,125,572 |
|
|
|
976,090 |
|
Income taxes |
|
|
308,000 |
|
|
|
262,000 |
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
$ |
|
817,572 |
|
$ |
|
714,090 |
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.61 |
|
$ |
|
0.53 |
|
Diluted |
|
|
0.60 |
|
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
$ |
|
0.235 |
|
$ |
|
0.210 |
|
|
|
