|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
March 31, |
|
|
December 31 |
| |
|
|
|
|
2007 |
|
|
2006 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
6,811,047 |
|
$ |
6,893,148 |
| |
Federal funds sold |
|
|
8,200,000 |
|
|
6,200,000 |
| |
Interest-bearing deposits in other institutions |
|
|
552,487 |
|
|
546,454 |
| |
|
Cash and cash equivalents |
|
|
15,563,534 |
|
|
13,639,602 |
| |
Investment securities available for sale |
|
|
70,619,693 |
|
|
63,048,135 |
| |
Investment securities held to maturity (estimated |
|
|
|
|
|
| |
market value of $127,663 and $134,306) |
|
|
119,899 |
|
|
125,853 |
| |
Loans |
|
|
254,776,398 |
|
|
249,190,534 |
| |
Less allowance for loan losses |
|
|
2,787,810 |
|
|
2,848,887 |
| |
|
Net loans |
|
|
251,988,588 |
|
|
246,341,647 |
| |
Premises and equipment |
|
|
6,688,641 |
|
|
6,742,465 |
| |
Bank-owned life insurance |
|
|
6,944,822 |
|
|
6,872,743 |
| |
Accrued interest and other assets |
|
|
5,278,668 |
|
|
4,081,259 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
357,203,845 |
|
$ |
340,851,704 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
39,375,477 |
|
$ |
41,002,573 |
| |
|
Interest-bearing demand |
|
|
13,241,825 |
|
|
11,724,173 |
| |
|
Money market |
|
|
26,306,872 |
|
|
14,738,767 |
| |
|
Savings |
|
|
53,622,139 |
|
|
54,246,499 |
| |
|
Time |
|
|
154,979,513 |
|
|
149,338,181 |
| |
|
Total deposits |
|
|
287,525,826 |
|
|
271,050,193 |
| |
Short-term borrowings |
|
|
2,265,357 |
|
|
1,609,738 |
| |
Federal funds purchased |
|
|
- |
|
|
- |
| |
Other borrowings |
|
|
34,793,179 |
|
|
36,112,738 |
| |
Accrued interest and other liabilities |
|
|
1,499,115 |
|
|
1,615,101 |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES |
|
|
326,083,477 |
|
|
310,387,770 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
| |
1,525,324 and 1,519,887 shares issued |
|
|
19,712,463 |
|
|
19,507,257 |
| |
Retained earnings |
|
|
15,108,995 |
|
|
14,685,971 |
| |
Accumulated other comprehensive income |
|
|
(492,783) |
|
|
(520,987) |
| |
Treasury stock, at cost; 95,080 shares in 2007 and in 2006 |
|
(3,208,307) |
|
|
(3,208,307) |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
31,120,368 |
|
|
30,463,934 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
357,203,845 |
|
$ |
340,851,704 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
|
|
|
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2007 |
|
|
2006 |
| INTEREST INCOME |
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
4,530,229 |
|
$ |
3,985,618 |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in other institutions |
|
|
55,889 |
|
|
3,121 |
|
Federal funds sold |
|
|
131,235 |
|
|
3,579 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
266,114 |
|
|
305,970 |
|
|
Tax-exempt interest |
|
|
382,785 |
|
|
245,151 |
|
Dividends on FHLB stock |
|
|
25,495 |
|
|
17,197 |
|
|
|
Total interest income |
|
|
5,391,747 |
|
|
4,560,636 |
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
|
|
2,314,671 |
|
|
1,540,862 |
|
|
Short-term borrowings |
|
|
152,292 |
|
|
60,823 |
|
|
Other borrowings |
|
|
312,335 |
|
|
272,974 |
|
|
|
Total interest expense |
|
|
2,779,298 |
|
|
1,874,659 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
2,612,449 |
|
|
2,685,977 |
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
45,000 |
|
|
75,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES |
|
|
2,567,449 |
|
|
2,610,977 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
451,947 |
|
|
412,842 |
|
Investment securities losses, net |
|
|
- |
|
|
(5,868) |
|
Earnings on bank-owned life insurance |
|
|
72,079 |
|
|
53,222 |
|
Other income |
|
|
97,602 |
|
|
90,130 |
|
|
|
Total noninterest income |
|
|
621,628 |
|
|
550,326 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,104,908 |
|
|
994,944 |
|
Occupancy expense |
|
|
169,230 |
|
|
154,303 |
|
Equipment expense |
|
|
121,791 |
|
|
92,213 |
|
Data processing costs |
|
|
151,248 |
|
|
178,507 |
|
Ohio state franchise tax |
|
|
96,000 |
|
|
90,000 |
|
Other expense |
|
|
630,525 |
|
|
525,764 |
|
|
|
Total noninterest expense |
|
|
2,273,702 |
|
|
2,035,731 |
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
915,375 |
|
|
1,125,572 |
| Income taxes |
|
|
163,000 |
|
|
308,000 |
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
752,375 |
|
$ |
817,572 |
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
Basic |
|
$ |
0.53 |
|
$ |
0.58 |
|
Diluted |
|
|
0.52 |
|
|
0.57 |
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.240 |
|
$ |
0.224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See accompanying unaudited notes to the consolidated financial statements. |
|
|
|
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|
