|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
December 31, |
| |
|
|
|
|
2006 |
|
|
2005 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
6,893,148 |
|
$ |
5,294,641 |
| |
Federal funds sold |
|
|
6,200,000 |
|
|
- |
| |
|
Cash and cash equivalents |
|
|
13,093,148 |
|
|
5,294,641 |
| |
Interest-bearing deposits in other institutions |
|
|
546,454 |
|
|
526,523 |
| |
|
Cash and cash equivalents |
|
|
26,732,750 |
|
|
5,821,164 |
| |
Investment securities available for sale |
|
|
63,048,135 |
|
|
57,887,130 |
| |
Investment securities held to maturity (estimated |
|
|
|
|
|
|
| |
market value of $134,306 and $232,967) |
|
|
125,853 |
|
|
221,453 |
| |
Loans |
|
|
249,190,534 |
|
|
234,054,797 |
| |
Less allowance for loan losses |
|
|
2,848,887 |
|
|
2,841,098 |
| |
|
Net loans |
|
|
246,341,647 |
|
|
231,213,699 |
| |
Premises and equipment |
|
|
6,742,465 |
|
|
6,624,776 |
| |
Bank-owned life insurance |
|
|
6,872,743 |
|
|
5,632,982 |
| |
Accrued interest and other assets |
|
|
3,833,259 |
|
|
3,812,987 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
340,603,704 |
|
$ |
311,214,191 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
41,002,573 |
|
$ |
39,782,375 |
| |
|
Interest-bearing demand |
|
|
11,724,173 |
|
|
9,362,399 |
| |
|
Money market |
|
|
14,738,767 |
|
|
13,078,829 |
| |
|
Savings |
|
|
54,246,499 |
|
|
66,495,057 |
| |
|
Time |
|
|
149,338,181 |
|
|
120,730,980 |
| |
|
Total deposits |
|
|
271,050,193 |
|
|
249,449,640 |
| |
Short-term borrowings |
|
|
1,609,738 |
|
|
6,710,914 |
| |
Federal funds purchased |
|
|
- |
|
|
- |
| |
Other borrowings |
|
|
27,864,738 |
|
|
26,578,211 |
| |
Trust preferred securities |
|
|
8,000,000 |
|
|
- |
| |
Accrued interest and other liabilities |
|
|
1,615,101 |
|
|
1,186,061 |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES |
|
|
310,139,770 |
|
|
283,924,826 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| |
1,519,887 and 1,434,987 shares issued |
|
|
19,507,257 |
|
|
15,976,335 |
| |
Retained earnings |
|
|
14,685,971 |
|
|
14,959,891 |
| |
Accumulated other comprehensive income |
|
|
(520,987) |
|
|
(677,088) |
| |
Treasury stock, at cost; 95,080 shares in 2006
and 89,333 shares in 2005 |
|
|
(3,208,307) |
|
|
(2,969,773) |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
30,463,934 |
|
|
27,289,365 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
340,603,704 |
|
$ |
311,214,191 |
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Year Ended December 31, |
| |
|
|
|
2006 |
|
|
2005 |
|
|
2004 |
| INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
17,092,516 |
|
$ |
15,040,518 |
|
$ |
13,617,560 |
|
Interest-bearing deposits in other institutions |
|
|
20,175 |
|
|
15,500 |
|
|
5,641 |
|
Federal funds sold |
|
|
117,115 |
|
|
35,173 |
|
|
50,608 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,143,375 |
|
|
1,353,035 |
|
|
1,400,063 |
|
Tax-exempt |
|
|
1,038,318 |
|
|
864,745 |
|
|
604,399 |
| |
Other dividend income |
|
|
83,051 |
|
|
69,533 |
|
|
54,265 |
| Total interest and dividend income |
|
|
19,494,550 |
|
|
17,378,504 |
|
|
15,732,536 |
| |
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
| |
Deposits |
|
|
7,157,226 |
|
|
5,520,206 |
|
|
4,905,899 |
| |
Short-term borrowings |
|
|
167,475 |
|
|
103,836 |
|
|
2,180 |
| |
Other borrowings |
|
|
1,226,877 |
|
|
1,030,572 |
|
|
860,819 |
| |
Trust preferred securities |
|
|
15,864 |
|
|
- |
|
|
- |
| Total interest expense |
|
|
8,567,442 |
|
|
6,654,614 |
|
|
5,768,898 |
| |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
10,927,108 |
|
|
10,723,890 |
|
|
9,963,638 |
| |
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
60,000 |
|
|
302,000 |
|
|
174,000 |
| |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
10,867,108 |
|
|
10,421,890 |
|
|
9,789,638 |
| |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
1,800,173 |
|
|
1,579,121 |
|
|
1,402,027 |
| Investment securities gains |
|
|
(5,868) |
|
|
- |
|
|
(98,375) |
| Earnings on bank-owned life insurance |
|
|
239,761 |
|
|
208,677 |
|
|
221,919 |
| Other income |
|
|
393,389 |
|
|
331,439 |
|
|
253,561 |
| Total noninterest income |
|
|
2,427,455 |
|
|
2,119,237 |
|
|
1,779,132 |
| |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,675,120 |
|
|
3,568,603 |
|
|
3,442,262 |
|
Occupancy |
|
|
507,250 |
|
|
495,982 |
|
|
494,759 |
|
Equipment |
|
|
440,878 |
|
|
432,635 |
|
|
356,346 |
|
Data processing costs |
|
|
634,707 |
|
|
625,856 |
|
|
538,349 |
|
Professional fees |
|
|
333,932 |
|
|
293,138 |
|
|
252,731 |
|
Ohio state franchise tax |
|
|
360,000 |
|
|
284,950 |
|
|
285,050 |
|
Advertising |
|
|
331,644 |
|
|
302,679 |
|
|
253,858 |
|
Postage and freight |
|
|
189,629 |
|
|
189,970 |
|
|
178,717 |
|
Other expense |
|
|
1,465,213 |
|
|
1,230,826 |
|
|
1,163,535 |
| Total noninterest expense |
|
|
7,938,373 |
|
|
7,424,639 |
|
|
6,965,607 |
| |
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
5,356,190 |
|
|
5,116,488 |
|
|
4,603,163 |
| Income taxes |
|
|
1,471,943 |
|
|
1,415,156 |
|
|
1,330,000 |
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
3,884,247 |
|
$ |
3,701,332 |
|
$ |
3,273,163 |
| |
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
2.74 |
|
$ |
2.63 |
|
$ |
2.29 |
| |
Diluted |
|
|
2.70 |
|
|
2.59 |
|
|
2.28 |
|
|
|
