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 |
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| Middlefield Banc Corp. |
| Consolidated Balance Sheet |
| |
|
|
|
|
|
|
| |
|
|
(unaudited) |
|
|
|
|
|
|
March 31, |
|
|
December 31, |
| (Dollar amounts in thousands) |
|
|
2010 |
|
|
2009 |
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
13,039 |
|
$ |
12,909 |
| Federal funds sold |
|
|
28,492 |
|
|
28,123 |
| Interest-bearing deposits in other institutions |
|
|
123 |
|
|
121 |
| Cash and cash equivalents |
|
|
41,654 |
|
|
41,153 |
| Investment securities available for sale |
|
|
164,852 |
|
|
136,711 |
| Loans |
|
|
359,651 |
|
|
353,597 |
| Less allowance for loan losses |
|
|
5,279 |
|
|
4,937 |
| Net loans |
|
|
354,372 |
|
|
348,660 |
| Premises and equipment |
|
|
8,408 |
|
|
8,394 |
| Goodwill |
|
|
4,559 |
|
|
4,559 |
| Bank-owned life insurance |
|
|
7,773 |
|
|
7,706 |
| Accrued interest and other assets |
|
|
12,399 |
|
|
11,475 |
| |
|
|
|
|
|
|
| Total Assets |
|
$ |
594,017 |
|
$ |
558,658 |
| |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Noninterest-bearing demand |
|
$ |
44,082 |
|
$ |
44,387 |
| Interest-bearing demand |
|
|
41,959 |
|
|
38,111 |
| Money market |
|
|
64,808 |
|
|
56,451 |
| Savings |
|
|
120,544 |
|
|
107,358 |
| Time |
|
|
250,885 |
|
|
240,799 |
| Total deposits |
|
|
522,278 |
|
|
487,106 |
| Short-term borrowings |
|
|
6,772 |
|
|
6,800 |
| Other borrowings |
|
|
25,374 |
|
|
25,865 |
| Accrued interest and other liabilities |
|
|
1,847 |
|
|
2,180 |
| Total Liabilities |
|
|
556,271 |
|
|
521,951 |
| |
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| Common stock |
|
|
28,035 |
|
|
27,919 |
| Retained earnings |
|
|
15,197 |
|
|
14,960 |
| Accumulated other comprehensive gain/(loss) |
|
|
1,248 |
|
|
562 |
| Treasury stock |
|
|
(6,734) |
|
|
(6,734) |
| Total Stockholders' Equity |
|
|
37,746 |
|
|
36,707 |
| |
|
|
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$ |
594,017 |
|
$ |
558,658 |
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| |
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| MIDDLEFIELD BANC CORP. |
| Consolidated Statement of Income |
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|
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|
(unaudited) |
|
|
(unaudited) |
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|
For the Three Months Ended |
|
|
March31, |
| (Dollar amounts in thousands) |
|
|
2010 |
|
|
2009 |
| |
|
|
|
|
|
|
| INTEREST INCOME |
|
|
|
|
|
|
| Interest and fees on loans |
|
$ |
5,097 |
|
$ |
4,998 |
| Interest-bearing deposits in |
|
|
|
|
|
|
| other institutions |
|
|
4 |
|
|
7 |
| Federal funds sold |
|
|
11 |
|
|
4 |
| Investment securities: |
|
|
|
|
|
|
| Taxable interest |
|
|
1,203 |
|
|
853 |
| Tax-exempt interest |
|
|
592 |
|
|
446 |
| Dividends on FHLB stock |
|
|
17 |
|
|
16 |
| Total interest income |
|
|
6,924 |
|
|
6,324 |
| |
|
|
|
|
|
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| INTEREST EXPENSE |
|
|
|
|
|
|
| Deposits |
|
|
2,485 |
|
|
2,716 |
| Short term borrowings |
|
|
58 |
|
|
6 |
| Other borrowings |
|
|
190 |
|
|
257 |
| Trust preferred securities |
|
|
136 |
|
|
132 |
| Total interest expense |
|
|
2,869 |
|
|
3,111 |
| |
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
4,055 |
|
|
3,213 |
| |
|
|
- |
|
|
|
| Provision for loan losses |
|
|
439 |
|
|
154 |
| |
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
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| PROVISION FOR LOAN LOSSES |
|
|
3,616 |
|
|
3,059 |
| |
|
|
|
|
|
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| NONINTEREST INCOME |
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
415 |
|
|
439 |
| Investment securities gains, net |
|
|
9 |
|
|
- |
| Earnings on bank-owned life insurance |
|
|
67 |
|
|
69 |
| Other income |
|
|
118 |
|
|
116 |
| Total noninterest income |
|
|
609 |
|
|
624 |
| |
|
|
|
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| NONINTEREST EXPENSE |
|
|
|
|
|
|
| Salaries and employee benefits |
|
|
1,511 |
|
|
1,371 |
| Occupancy expense |
|
|
276 |
|
|
255 |
| Equipment expense |
|
|
198 |
|
|
123 |
| Data processing costs |
|
|
243 |
|
|
249 |
| Ohio state franchise tax |
|
|
136 |
|
|
123 |
| Federal deposit insurance expense |
|
|
202 |
|
|
172 |
| Other expense |
|
|
992 |
|
|
703 |
| Total noninterest expense |
|
|
3,558 |
|
|
2,996 |
| |
|
|
|
|
|
|
| Income before income taxes |
|
|
667 |
|
|
687 |
| Income taxes |
|
|
22 |
|
|
84 |
| |
|
|
|
|
|
|
| NET INCOME |
|
$ |
645 |
|
$ |
603 |
| |
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| Per common share data |
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| Net income per common share - basic |
|
$ |
0.41
|
|
$ |
0.39
|
| Net income per common share - diluted |
|
$ |
0.41
|
|
$ |
0.39
|
| Dividends declared |
|
$ |
0.26
|
|
$ |
0.26
|
| Book value per share(period end) |
|
$ |
24.05
|
|
$ |
23.82
|
| Tangible book value per share (period end) |
|
$ |
21.15
|
|
$ |
20.86
|
| Dividend payout ratio |
|
|
63.26%
|
|
|
66.17%
|
| Average shares outstanding - basic |
|
|
1,565,454
|
|
|
1,536,930
|
| Average shares outstanding -diluted |
|
|
1,567,441
|
|
|
1,538,534
|
| Period ending shares outstanding |
|
|
1,569,486
|
|
|
1,541,247
|
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| Selected ratios |
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| Return on average assets |
|
|
0.45% |
|
|
0.52% |
| Return on average equity |
|
|
7.06% |
|
|
7.00% |
| Yield on earning assets |
|
|
5.45% |
|
|
6.11% |
| Cost of interest bearing liabilities |
|
|
2.36% |
|
|
3.25% |
| Net interest spread |
|
|
3.09% |
|
|
2.86% |
| Net interest margin |
|
|
3.29% |
|
|
3.21% |
| Efficiency (1) |
|
|
71.60% |
|
|
73.59% |
| Equity to assets at period end |
|
|
6.35% |
|
|
6.57% |
| |
|
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|
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|
(1) The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles
by the sum of net interest income on a fully taxable equivalent basis plus non-interest income. |
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March 31, |
|
|
March 31, |
| Asset quality data |
|
|
2010 |
|
|
2009 |
| (Dollar amounts in thousands) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Non-accrual loazzns |
|
$ |
18,140 |
|
$ |
13,370 |
| 90 day past due and accruing |
|
|
3 |
|
|
1,331 |
| Non-performing loans |
|
|
18,143 |
|
|
14,701 |
| Other real estate owned |
|
|
2,175 |
|
|
2,164 |
| Non-performing assets |
|
$ |
20,318 |
|
$ |
16,865 |
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
5,279 |
|
$ |
4,937 |
| Allowance for loan losses/total loans |
|
|
1.47% |
|
|
1.40% |
| Net charge-offs: |
|
|
|
|
|
|
| Quarter-to-date |
|
$ |
97 |
|
$ |
90 |
| Year-to-date |
|
|
97 |
|
|
90 |
| Net charge-offs to average loans |
|
|
|
|
|
|
| Quarter-to-date |
|
|
0.03% |
|
|
0.03% |
| Year-to-date |
|
|
0.03% |
|
|
0.03% |
| Non-performing loans/total loans |
|
|
5.04% |
|
|
4.16% |
| Allowance for loan losses/non-performing loans |
|
|
29.10% |
|
|
33.58% |
| |
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