|
|
 |
|
|
|
 |
|
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
|
Six Months Ended |
| |
|
|
June 30, |
|
|
June 30, |
| |
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
| INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and fees on loans |
|
$ |
4,906,206 |
|
$ |
5,393,090 |
|
$ |
9,904,308 |
|
$ |
10,848,364 |
| Interest-bearing deposits in |
|
|
|
|
|
|
|
|
|
|
|
|
| other institutions |
|
|
2,272 |
|
|
3,638 |
|
|
9,507 |
|
|
8,841 |
| Federal funds sold |
|
|
3,285 |
|
|
22,982 |
|
|
7,041 |
|
|
102,286 |
| Investment securities: |
|
|
|
|
|
|
|
|
- |
|
|
|
| Taxable interest |
|
|
924,120 |
|
|
606,382 |
|
|
1,777,317 |
|
|
1,171,461 |
| Tax-exempt interest |
|
|
453,894 |
|
|
456,932 |
|
|
900,218 |
|
|
910,875 |
| Dividends on FHLB stock |
|
|
15,395 |
|
|
29,612 |
|
|
30,764 |
|
|
59,012 |
| Total interest income |
|
|
6,305,172 |
|
- |
6,512,636 |
|
|
12,629,155 |
|
- |
13,100,839 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
2,558,647 |
|
|
3,098,688 |
|
|
5,274,867 |
|
|
6,432,668 |
| Short term
borrowings |
|
|
4,511 |
|
|
7,288 |
|
|
10,174 |
|
|
17,183 |
| Other borrowings |
|
|
371,475 |
|
|
407,874 |
|
|
760,130 |
|
|
821,985 |
| Total interest expense |
|
|
2,934,633 |
|
|
3,513,850 |
|
|
6,045,171 |
|
|
7,271,836 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
3,370,539 |
|
|
2,998,786 |
|
|
6,583,984 |
|
|
5,829,003 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
260,000 |
|
|
95,000 |
|
|
414,000 |
|
|
170,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
3,110,539 |
|
|
2,903,786 |
|
|
6,169,984 |
|
|
5,659,003 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
466,652 |
|
|
459,033 |
|
|
905,565 |
|
|
924,561 |
| Investment securities losses, net |
|
|
- |
|
|
8,750 |
|
|
- |
|
|
8,750 |
| Earnings on bank-owned life
insurance |
|
|
60,054 |
|
|
72,374 |
|
|
128,631 |
|
|
142,462 |
| Other income |
|
|
109,514 |
|
|
97,060 |
|
|
225,475 |
|
|
198,895 |
| Total noninterest
income |
|
|
636,220 |
|
|
637,217 |
|
|
1,259,671 |
|
|
1,274,668 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
|
1,538,004 |
|
|
1,126,754 |
|
|
2,908,584 |
|
|
2,321,173 |
| Occupancy expense |
|
|
220,854 |
|
|
209,403 |
|
|
475,770 |
|
|
440,586 |
| Equipment expense |
|
|
150,738 |
|
|
139,326 |
|
|
273,433 |
|
|
285,436 |
| Data processing costs |
|
|
218,865 |
|
|
188,785 |
|
|
467,747 |
|
|
398,065 |
| Ohio state franchise tax |
|
|
123,300 |
|
|
117,000 |
|
|
246,600 |
|
|
234,000 |
| FDIC assessment |
|
|
271,119 |
|
|
28,790 |
|
|
443,160 |
|
|
45,692 |
| Other expense |
|
|
780,117 |
|
|
768,916 |
|
|
1,483,491 |
|
|
1,369,694 |
| Total noninterest
expense |
|
|
3,302,997 |
|
|
2,578,974 |
|
|
6,298,785 |
|
|
5,094,646 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
443,762 |
|
|
962,029 |
|
|
1,130,870 |
|
|
1,839,025 |
| Income taxes |
|
|
(17,000) |
|
|
179,000 |
|
|
67,000 |
|
|
319,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
460,762 |
|
$ |
783,029 |
|
$ |
1,063,870 |
|
$ |
1,520,025 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.30 |
|
$ |
0.51 |
|
$ |
0.69 |
|
$ |
0.99 |
| Diluted |
|
|
0.30 |
|
|
0.51 |
|
|
0.69 |
|
|
0.98 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.260 |
|
$ |
0.260 |
|
$ |
0.520 |
|
$ |
0.510 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| See accompanying notes to the unaudited
consolidated financial statements. |
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| (Unaudited) |
| |
|
|
June 30, |
|
|
December 31 |
| |
|
|
2009 |
|
|
2008 |
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
9,169,682 |
|
$ |
9,795,248 |
| Federal funds sold |
|
|
7,530,082 |
|
|
7,548,000 |
| Interest-bearing deposits in other institutions |
|
|
120,056 |
|
|
112,215 |
| Cash and cash equivalents |
|
|
16,819,820 |
|
|
17,455,463 |
| Investment securities available for sale |
|
|
101,635,476 |
|
|
104,270,366 |
| Loans |
|
|
335,513,351 |
|
|
321,575,293 |
| Less allowance for loan losses |
|
|
3,668,122 |
|
|
3,556,763 |
| Net loans |
|
|
331,845,229 |
|
|
318,018,530 |
| Premises and equipment |
|
|
8,300,496 |
|
|
8,448,915 |
| Goodwill |
|
|
4,558,687 |
|
|
4,558,687 |
| Bank-owned life insurance |
|
|
7,569,318 |
|
|
7,440,687 |
| Accrued interest and other assets |
|
|
8,990,338 |
|
|
7,654,287 |
| |
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
479,719,364 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing demand |
|
$ |
41,512,139 |
|
$ |
42,357,154 |
| Interest-bearing demand |
|
|
30,732,983 |
|
|
26,404,660 |
| Money market |
|
|
34,704,138 |
|
|
27,845,438 |
| Savings |
|
|
87,205,502 |
|
|
68,968,844 |
| Time |
|
|
216,345,304 |
|
|
229,243,506 |
| Total deposits |
|
|
410,500,065 |
|
|
394,819,602 |
| Short-term borrowings |
|
|
1,237,795 |
|
|
1,886,253 |
| Federal funds purchased |
|
|
— |
|
|
— |
| Other borrowings |
|
|
30,104,627 |
|
|
33,903,019 |
| Accrued interest and other liabilities |
|
|
2,198,215 |
|
|
2,178,813 |
| |
|
|
|
|
|
|
| TOTAL LIABILITIES |
|
|
444,040,702 |
|
|
432,787,687 |
| |
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| Common stock, no par value; 10,000,000 shares authorized 1,739,382 and 1,725,381 shares issued |
|
|
27,617,948 |
|
|
27,301,403 |
| Retained earnings |
|
|
15,050,193 |
|
|
14,786,353 |
| Accumulated other comprehensive loss |
|
|
(255,872) |
|
|
(294,901) |
| Treasury stock, at cost; 189,530 shares in 2009 and 2008 |
|
|
(6,733,607) |
|
|
(6,733,607) |
| |
|
|
|
|
|
|
| TOTAL STOCKHOLDERS' EQUITY |
|
|
35,678,662 |
|
|
35,059,248 |
| |
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
479,719,364 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
| See accompanying notes to the unaudited consolidated financial statements. |
|
|
|
