|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
|
Nine Months Ended |
| |
|
|
September 30, |
|
|
September 30, |
| |
|
|
2008 |
|
|
2007 |
|
|
2008 |
|
|
2007 |
| INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and fees on loans |
|
$ |
5,425,266 |
|
$ |
5,604,206 |
|
$ |
16,273,630 |
|
$ |
15,449,822 |
| Interest-bearing deposits in |
|
|
|
|
|
|
|
|
|
|
|
|
| other institutions |
|
|
1,949 |
|
|
22,159 |
|
|
10,790 |
|
|
127,772 |
| Federal funds sold |
|
|
22,181 |
|
|
122,029 |
|
|
124,467 |
|
|
383,464 |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable interest |
|
|
622,184 |
|
|
323,806 |
|
|
1,793,645 |
|
|
844,454 |
| Tax-exempt interest |
|
|
449,351 |
|
|
468,552 |
|
|
1,360,226 |
|
|
1,310,932 |
| Dividends on FHLB stock |
|
|
29,514 |
|
|
32,426 |
|
|
88,526 |
|
|
84,193 |
| Total interest income |
|
|
6,550,445 |
|
|
6,573,178 |
|
|
19,651,284 |
|
|
18,200,637 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
2,948,998 |
|
|
3,176,508 |
|
|
9,381,666 |
|
|
8,360,623 |
| Short-term borrowings |
|
|
17,610 |
|
|
35,750 |
|
|
34,793 |
|
|
75,420 |
| Other borrowings |
|
|
432,055 |
|
|
453,853 |
|
|
1,254,040 |
|
|
1,368,738 |
| Total interest expense |
|
|
3,398,663 |
|
|
3,666,111 |
|
|
10,670,499 |
|
|
9,804,781 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
3,151,782 |
|
|
2,907,067 |
|
|
8,980,785 |
|
|
8,395,856 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
187,000 |
|
|
60,000 |
|
|
357,000 |
|
|
174,391 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
2,964,782 |
|
|
2,847,067 |
|
|
8,623,785 |
|
|
8,221,465 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
493,228 |
|
|
494,456 |
|
|
1,417,789 |
|
|
1,427,458 |
| Investment securities gains, net |
|
|
25,758 |
|
|
- |
|
|
34,508 |
|
|
- |
| Earnings on bank-owned life insurance |
|
|
75,336 |
|
|
69,909 |
|
|
217,798 |
|
|
210,162 |
| Other income |
|
|
85,925 |
|
|
89,445 |
|
|
284,820 |
|
|
286,061 |
| Total noninterest income |
|
|
680,247 |
|
|
653,810 |
|
|
1,954,915 |
|
|
1,923,681 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
|
1,322,026 |
|
|
1,220,646 |
|
|
3,643,199 |
|
|
3,365,646 |
| Occupancy expense |
|
|
203,298 |
|
|
184,078 |
|
|
643,884 |
|
|
551,586 |
| Equipment expense |
|
|
150,334 |
|
|
139,197 |
|
|
435,770 |
|
|
393,411 |
| Data processing costs |
|
|
193,033 |
|
|
186,213 |
|
|
591,098 |
|
|
498,932 |
| Ohio state franchise tax |
|
|
117,000 |
|
|
109,673 |
|
|
351,000 |
|
|
313,873 |
| Other expense |
|
|
743,890 |
|
|
577,126 |
|
|
2,159,276 |
|
|
1,888,020 |
| Total noninterest expense |
|
|
2,729,581 |
|
|
2,416,933 |
|
|
7,824,227 |
|
|
7,011,468 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
915,448 |
|
|
1,083,944 |
|
|
2,754,473 |
|
|
3,133,678 |
| Income taxes |
|
|
211,000 |
|
|
223,000 |
|
|
530,000 |
|
|
621,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
704,448 |
|
$ |
860,944 |
|
$ |
2,224,473 |
|
$ |
2,512,550 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.46 |
|
$ |
0.54 |
|
$ |
1.45 |
|
$ |
1.61 |
| Diluted |
|
|
0.46 |
|
|
0.53 |
|
|
1.44 |
|
|
1.59 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.260 |
|
$ |
0.233 |
|
$ |
0.770 |
|
$ |
0.690 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| See accompanying unaudited notes to the consolidated financial statements. |
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
|
|
| |
|
|
September 30, |
|
|
December 31 |
| |
|
|
2008 |
|
|
2007 |
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
8,263,756 |
|
$ |
9,072,972 |
| Federal funds sold |
|
|
4,570,826 |
|
|
8,631,963 |
| Interest-bearing deposits in other institutions |
|
|
112,215 |
|
|
110,387 |
| Cash and cash equivalents |
|
|
12,946,798 |
|
|
17,815,322 |
| Investment securities available for sale |
|
|
96,371,351 |
|
|
85,967,764 |
| Loans |
|
|
320,151,943 |
|
|
309,445,922 |
| Less allowance for loan losses |
|
|
3,613,857 |
|
|
3,299,276 |
| Net loans |
|
|
316,538,086 |
|
|
306,146,646 |
| Premises and equipment |
|
|
8,018,503 |
|
|
7,044,685 |
| Goodwill |
|
|
4,371,207 |
|
|
4,371,206 |
| Bank-owned life insurance |
|
|
7,371,180 |
|
|
7,153,381 |
| Accrued interest and other assets |
|
|
8,450,811 |
|
|
5,774,052 |
| |
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
454,067,936 |
|
$ |
434,273,056 |
| |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing demand |
|
$ |
40,929,373 |
|
$ |
41,348,219 |
| Interest-bearing demand |
|
|
27,409,745 |
|
|
19,566,035 |
| Money market |
|
|
26,831,740 |
|
|
22,684,041 |
| Savings |
|
|
69,835,964 |
|
|
76,895,857 |
| Time |
|
|
214,957,328 |
|
|
202,423,848 |
| Total deposits |
|
|
379,964,150 |
|
|
362,918,000 |
| Short-term borrowings |
|
|
1,693,699 |
|
|
1,510,607 |
| Federal funds purchased |
|
|
- |
|
|
- |
| Other borrowings |
|
|
36,687,924 |
|
|
32,395,319 |
| Accrued interest and other liabilities |
|
|
2,340,455 |
|
|
2,487,746 |
| TOTAL LIABILITIES |
|
|
420,686,229 |
|
|
399,311,672 |
| |
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| 1,718,822 and 1,705,608 shares issued |
|
|
27,159,602 |
|
|
26,650,123 |
| Retained earnings |
|
|
14,793,600 |
|
|
13,746,956 |
| Accumulated other comprehensive loss |
|
|
(1,837,888) |
|
|
(52,969) |
| Treasury stock, at cost; 189,530 shares in 2008 and |
|
|
|
|
|
|
| 151,745 shares in 2007 |
|
|
(6,733,607) |
|
|
(5,382,726) |
| TOTAL STOCKHOLDERS' EQUITY |
|
|
33,381,707 |
|
|
34,961,384 |
| |
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
454,067,936 |
|
$ |
434,273,056 |
| |
|
|
|
|
|
|
| See accompanying unaudited notes to the consolidated financial statements. |
|
|
|
