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 |
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 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
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| |
|
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|
|
March 31, |
|
|
December 31 |
| |
|
|
|
|
2009 |
|
|
2008 |
| |
|
|
|
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|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
12,569,069 |
|
$ |
9,795,248 |
| |
Federal funds sold |
|
|
5,780,125 |
|
|
7,548,000 |
| |
Interest-bearing deposits in other institutions |
|
|
118,694 |
|
|
112,215 |
| |
|
Cash and cash equivalents |
|
|
18,467,888 |
|
|
17,455,463 |
| |
Investment securities available for sale |
|
|
102,323,856 |
|
|
104,270,366 |
| |
Loans |
|
|
326,688,314 |
|
|
321,575,293 |
| |
Less allowance for loan losses |
|
|
3,620,618 |
|
|
3,556,763 |
| |
|
Net loans |
|
|
323,067,696 |
|
|
318,018,530 |
| |
Premises and equipment |
|
|
8,332,898 |
|
|
8,448,915 |
| |
Goodwill |
|
|
4,558,687 |
|
|
4,558,687 |
| |
Bank-owned life insurance |
|
|
7,509,264 |
|
|
7,440,687 |
| |
Accrued interest and other assets |
|
|
9,113,608 |
|
|
7,654,287 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
473,373,898 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
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|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
43,271,194 |
|
$ |
42,357,154 |
| |
|
Interest-bearing demand |
|
|
29,753,343 |
|
|
26,404,660 |
| |
|
Money market |
|
|
31,058,973 |
|
|
27,845,438 |
| |
|
Savings |
|
|
77,705,826 |
|
|
68,968,844 |
| |
|
Time |
|
|
222,296,346 |
|
|
229,243,506 |
| |
|
Total deposits |
|
|
404,085,682 |
|
|
394,819,602 |
| |
Short-term borrowings |
|
|
1,532,609 |
|
|
1,886,253 |
| |
Federal funds purchased |
|
|
- |
|
|
- |
| |
Other borrowings |
|
|
30,889,915 |
|
|
33,903,019 |
| |
Accrued interest and other liabilities |
|
|
2,007,485 |
|
|
2,178,813 |
| |
|
TOTAL LIABILITIES |
|
|
438,515,691 |
|
|
432,787,687 |
| |
|
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| STOCKHOLDERS' EQUITY |
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| |
Common stock, no par value; 10,000,000 shares authorized, |
|
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| |
1,730,777 and 1,725,381546 shares issued |
|
|
27,427,697 |
|
|
27,301,403 |
| |
Retained earnings |
|
|
14,990,150 |
|
|
14,786,353 |
| |
Accumulated other comprehensive income |
|
|
(826,033) |
|
|
(294,901) |
| |
Treasury stock, at cost; 189,530 shares in 2009 and 2008 |
|
(6,733,607) |
|
|
(6,733,607) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
34,858,207 |
|
|
35,059,248 |
| |
|
|
|
|
|
|
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| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
473,373,898 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
|
|
| See accompanying unaudited notes to the consolidated financial statements. |
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
| (Unaudited) |
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Three Months Ended |
| |
|
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March 31, |
| |
|
|
2009 |
|
|
2008 |
| INTEREST INCOME |
|
|
|
|
|
|
| Interest and fees on loans |
$ |
4,998,102 |
|
$ |
5,455,274 |
| Interest-bearing deposits in |
|
|
|
|
|
| other institutions |
|
|
7,235 |
|
|
5,203 |
| Federal funds sold |
|
|
3,756 |
|
|
79,304 |
| Investment securities: |
|
|
|
|
|
|
| Taxable interest |
|
|
853,197 |
|
|
565,079 |
| Tax-exempt interest |
|
|
446,324 |
|
|
453,943 |
| Dividends on FHLB stock |
|
15,369 |
|
|
29,400 |
| Total interest income |
|
6,323,983 |
|
- |
6,588,203 |
| |
|
|
|
|
|
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| INTEREST EXPENSE |
|
|
|
|
|
|
| Deposits |
|
|
2,716,220 |
|
|
3,333,980 |
| Short-term borrowings |
|
|
5,663 |
|
|
9,895 |
| Other borrowings |
|
|
388,655 |
|
|
414,111 |
| Total interest expense |
|
3,110,539 |
|
|
3,757,986 |
| |
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
3,213,444 |
|
|
2,830,217 |
| |
|
|
|
|
|
|
| Provision for loan losses |
|
|
154,000 |
|
|
75,000 |
| |
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
3,059,444 |
|
|
2,755,217 |
| |
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
| Service charges on deposit accounts |
|
438,913 |
|
|
465,528 |
| Investment securities losses, net |
|
- |
|
|
- |
| Earnings on bank-owned life insurance |
|
68,577 |
|
|
70,088 |
| Other income |
|
|
115,961 |
|
|
101,835 |
| Total noninterest income |
|
623,451 |
|
|
637,451 |
| |
|
|
|
|
|
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| NONINTEREST EXPENSE |
|
|
|
|
|
|
| Salaries and employee benefits |
|
1,370,580 |
|
|
1,194,419 |
| Occupancy expense |
|
|
254,916 |
|
|
231,183 |
| Equipment expense |
|
|
122,695 |
|
|
146,110 |
| Data processing costs |
|
|
248,882 |
|
|
209,280 |
| Ohio state franchise tax |
|
|
123,300 |
|
|
117,000 |
| Other expense |
|
|
875,415 |
|
|
617,680 |
| Total noninterest expense |
|
2,995,788 |
|
|
2,515,672 |
| |
|
|
|
|
|
|
| Income before income taxes |
|
|
687,107 |
|
|
876,996 |
| Income taxes |
|
|
84,000 |
|
|
140,000 |
| |
|
|
|
|
|
|
| NET INCOME |
|
$ |
603,107 |
|
$ |
736,996 |
| |
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
| Basic |
|
$ |
0.38 |
|
$ |
0.48 |
| Diluted |
|
|
0.38 |
|
|
0.47 |
| |
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
$ |
0.260 |
|
$ |
0.250 |
| |
|
|
|
|
|
|
| |
|
|
|
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|
|
| See accompanying unaudited notes to the consolidated financial statements. |
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|
