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|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
March 31, |
|
|
December 31, |
| |
|
|
|
|
2008 |
|
|
2007 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
9,733,382 |
|
$ |
9,072,972 |
| |
Federal funds sold |
|
|
4,090,687 |
|
|
8,631,963 |
| |
Interest-bearing deposits in other institutions |
|
|
110,387 |
|
|
110,387 |
| |
|
Cash and cash equivalents |
|
|
13,934,456 |
|
|
17,815,322 |
| |
Investment securities available for sale |
|
|
98,848,546 |
|
|
85,967,764 |
| |
Loans |
|
|
314,915,193 |
|
|
309,445,922 |
| |
Less allowance for loan losses |
|
|
3,351,137 |
|
|
3,299,276 |
| |
|
Net loans |
|
|
311,564,056 |
|
|
306,146,646 |
| |
Premises and equipment |
|
|
7,371,350 |
|
|
7,044,685 |
| |
Goodwill |
|
|
4,371,207 |
|
|
4,371,206 |
| |
Bank-owned life insurance |
|
|
7,223,471 |
|
|
7,153,381 |
| |
Accrued interest and other assets |
|
|
6,424,829 |
|
|
5,774,052 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
449,737,915 |
|
$ |
434,273,056 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
39,525,150 |
|
$ |
41,348,219 |
| |
|
Interest-bearing demand |
|
|
24,092,145 |
|
|
19,566,035 |
| |
|
Money market |
|
|
24,036,386 |
|
|
22,684,041 |
| |
|
Savings |
|
|
73,299,591 |
|
|
76,895,857 |
| |
|
Time |
|
|
216,819,834 |
|
|
202,423,848 |
| |
|
Total deposits |
|
|
377,773,106 |
|
|
362,918,000 |
| |
Short-term borrowings |
|
|
2,090,086 |
|
|
1,510,607 |
| |
Federal funds purchased |
|
|
— |
|
|
— |
| |
Other borrowings |
|
|
32,423,165 |
|
|
32,395,319 |
| |
Accrued interest and other liabilities |
|
|
2,202,547 |
|
|
2,487,746 |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES |
|
|
414,488,904 |
|
|
399,311,672 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| |
|
1,525,324 and 1,519,887 shares issued |
|
|
26,848,601 |
|
|
26,650,123 |
| |
Retained earnings |
|
|
14,096,814 |
|
|
13,746,956 |
| |
Accumulated other comprehensive income |
|
|
179,015 |
|
|
(52,969) |
| |
Treasury stock, at cost; 165,208 shares in 2008 and |
|
|
|
|
|
| |
|
151,745 shares in 2007 |
|
|
(5,875,419) |
|
|
(5,382,726) |
|
|
|
|
|
|
|
|
|
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
35,249,011 |
|
|
34,961,384 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
449,737,915 |
|
$ |
434,273,056 |
| |
|
|
|
|
|
|
|
|
| See accompanying unaudited notes to the consolidated financial statements. |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2008 |
|
|
2007 |
| INTEREST INCOME |
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
5,455,274 |
|
$ |
4,530,229 |
|
Interest-bearing deposits in other institutions |
|
|
5,203 |
|
|
55,889 |
|
Federal funds sold |
|
|
79,304 |
|
|
131,235 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
565,079 |
|
|
266,114 |
|
|
Tax-exempt interest |
|
|
453,943 |
|
|
382,785 |
|
Dividends on FHLB stock |
|
|
29,400 |
|
|
25,495 |
|
|
|
Total interest income |
|
|
6,588,203 |
|
|
5,391,747 |
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
|
|
3,333,980 |
|
|
2,314,671 |
|
|
Short-term borrowings |
|
|
9,895 |
|
|
152,292 |
|
|
Other borrowings |
|
|
414,111 |
|
|
312,335 |
|
|
|
Total interest expense |
|
|
3,757,986 |
|
|
2,779,298 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
2,830,217 |
|
|
2,612,449 |
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
75,000 |
|
|
45,000 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
|
|
2,755,217 |
|
|
2,567,449 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
465,528 |
|
|
451,947 |
|
Investment securities losses, net |
|
— |
|
|
— |
|
Earnings on bank-owned life insurance |
|
70,088 |
|
|
72,079 |
|
Other income |
|
|
101,835 |
|
|
97,602 |
|
|
|
Total noninterest income |
|
|
637,451 |
|
|
621,628 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
1,194,419 |
|
|
1,104,908 |
|
Occupancy expense |
|
|
231,183 |
|
|
169,230 |
|
Equipment expense |
|
|
146,110 |
|
|
121,791 |
|
Data processing costs |
|
|
209,280 |
|
|
151,248 |
|
Ohio state franchise tax |
|
|
117,000 |
|
|
96,000 |
|
Other expense |
|
|
617,680 |
|
|
630,525 |
|
|
|
Total noninterest expense |
|
|
2,515,672 |
|
|
2,273,702 |
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
876,996 |
|
|
915,375 |
| Income taxes |
|
|
140,000 |
|
|
163,000 |
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
736,996 |
|
$ |
752,375 |
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.48 |
|
$ |
0.50 |
|
|
|
Diluted |
|
|
0.47 |
|
|
0.49 |
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.250 |
|
$ |
0.224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying unaudited notes to the consolidated financial statements. |
|
|
|
