|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
December 31, |
|
|
December 31 |
| |
|
|
|
|
2009 |
|
|
2008 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
12,908,859 |
|
$ |
9,795,248 |
| |
Federal funds sold |
|
|
28,122,892 |
|
|
7,548,000 |
| |
Interest-bearing deposits in other institutions |
|
|
120,885 |
|
|
112,215 |
| |
|
Cash and cash equivalents |
|
|
41,152,636 |
|
|
17,455,463 |
| |
Investment securities available for sale |
|
|
136,711,100 |
|
|
104,270,366 |
| |
Loans |
|
|
353,596,712 |
|
|
321,575,293 |
| |
Less allowance for loan losses |
|
|
4,936,575 |
|
|
3,556,763 |
| |
|
Net loans |
|
|
348,660,137 |
|
|
318,018,530 |
| |
Premises and equipment |
|
|
8,394,369 |
|
|
8,448,915 |
| |
Goodwill |
|
|
4,558,687 |
|
|
4,558,687 |
| |
Bank-owned life insurance |
|
|
7,706,476 |
|
|
7,440,687 |
| |
Accrued interest and other assets |
|
|
11,474,364 |
|
|
7,654,287 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
558,657,769 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
44,386,654 |
|
$ |
42,357,154 |
| |
|
Interest-bearing demand |
|
|
38,111,042 |
|
|
26,404,660 |
| |
|
Money market |
|
|
56,451,504 |
|
|
27,845,438 |
| |
|
Savings |
|
|
107,358,352 |
|
|
68,968,844 |
| |
|
Time |
|
|
240,798,732 |
|
|
229,243,506 |
| |
|
Total deposits |
|
|
487,106,284 |
|
|
394,819,602 |
| |
Short-term borrowings |
|
|
6,799,555 |
|
|
1,886,253 |
| |
Other borrowings |
|
|
25,864,508 |
|
|
33,903,019 |
| |
Accrued interest and other liabilities |
|
|
2,180,151 |
|
|
2,178,813 |
| |
|
TOTAL LIABILITIES |
|
|
521,950,498 |
|
|
432,787,687 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| |
1,754,112 and 1,725,381 shares issued |
|
|
27,919,228 |
|
|
27,301,403 |
| |
Retained earnings |
|
|
14,959,428 |
|
|
14,786,353 |
| |
Accumulated other comprehensive income/(loss) |
|
|
562,222 |
|
|
(294,901) |
| |
Treasury stock, at cost; 189,530 shares in 2009 and 2008 |
|
|
(6,733,607) |
|
|
(6,733,607) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
36,707,271 |
|
|
35,059,248 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
558,657,769 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| See accompanying notes to the consolidated financial statements. |
| |
|
|
|
|
|
|
|
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
| |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Year Ended December 31, |
| |
|
|
|
|
|
|
| |
|
|
2009 |
|
|
2008 |
|
|
2007 |
| INTEREST INCOME |
|
|
|
|
|
|
|
|
|
| Interest and fees on loans |
|
$ |
20,270,987 |
|
$ |
21,426,372 |
|
$ |
21,063,258 |
| Interest-bearing deposits in |
|
|
|
|
|
|
|
|
|
| other institutions |
|
|
14,561 |
|
|
12,468 |
|
|
155,550 |
| Federal funds sold |
|
|
20,557 |
|
|
135,104 |
|
|
498,040 |
| Investment securities: |
|
|
|
|
|
|
|
|
|
| Taxable interest |
|
|
3,794,149 |
|
|
2,538,237 |
|
|
1,265,673 |
| Tax-exempt interest |
|
|
1,881,752 |
|
|
1,810,319 |
|
|
1,773,292 |
| Dividends on FHLB stock |
|
|
68,575 |
|
|
115,313 |
|
|
116,121 |
| Total interest income |
|
|
26,050,581 |
|
|
26,037,813 |
|
|
24,871,934 |
| |
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
10,296,404 |
|
|
12,352,211 |
|
|
11,633,010 |
| Short term borrowings |
|
|
34,110 |
|
|
46,084 |
|
|
92,720 |
| Other borrowings |
|
|
918,600 |
|
|
1,120,491 |
|
|
1,269,910 |
| Trust preferred securities |
|
|
533,711 |
|
|
539,298 |
|
|
535,279 |
| Total interest expense |
|
|
11,782,825 |
|
|
14,058,084 |
|
|
13,530,919 |
| |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
14,267,756 |
|
|
11,979,729 |
|
|
11,341,015 |
| |
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
2,578,047 |
|
|
608,000 |
|
|
429,391 |
| |
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
11,689,709 |
|
|
11,371,729 |
|
|
10,911,624 |
| |
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
1,905,130 |
|
|
1,888,059 |
|
|
1,954,992 |
| Investment securities gains/(losses), net |
|
|
(14,323) |
|
|
(344,049) |
|
|
7,942 |
| Earnings on bank-owned life insurance |
|
|
265,788 |
|
|
287,305 |
|
|
280,638 |
| Other income |
|
|
511,685 |
|
|
395,191 |
|
|
389,020 |
| Total noninterest income |
|
|
2,668,280 |
|
|
2,226,506 |
|
|
2,632,592 |
| |
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
|
5,938,239 |
|
|
4,911,671 |
|
|
4,458,075 |
| Occupancy expense |
|
|
928,425 |
|
|
885,904 |
|
|
745,935 |
| Equipment expense |
|
|
508,875 |
|
|
539,040 |
|
|
525,250 |
| Data processing costs |
|
|
916,990 |
|
|
803,230 |
|
|
699,185 |
| Ohio state franchise tax |
|
|
493,200 |
|
|
468,000 |
|
|
424,873 |
| FDIC assessment |
|
|
707,328 |
|
|
187,867 |
|
|
49,209 |
| Other expense |
|
|
3,156,520 |
|
|
2,800,641 |
|
|
2,470,123 |
| Total noninterest expense |
|
|
12,649,577 |
|
|
10,596,353 |
|
|
9,372,650 |
| |
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
1,708,412 |
|
|
3,001,882 |
|
|
4,171,566 |
| Income taxes |
|
|
(72,574) |
|
|
387,003 |
|
|
796,223 |
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
1,780,986 |
|
$ |
2,614,879 |
|
$ |
3,375,343 |
| |
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
1.15 |
|
$ |
1.72 |
|
$ |
2.17 |
| Diluted |
|
|
1.15 |
|
|
1.69 |
|
|
2.14 |
| |
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
1.04 |
|
$ |
1.03 |
|
$ |
0.94 |
| |
|
|
|
|
|
|
|
|
|
| See accompanying notes to the consolidated financial statements. |
|
|
|
