|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED
BALANCE SHEET |
| (Dollar amounts
in thousands) |
| |
|
|
|
|
(Unaudited) |
|
|
|
| |
|
|
|
|
March 31, |
|
|
December 31, |
| |
|
|
|
|
2011 |
|
|
2010 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from
banks |
|
$ |
11,555 |
|
$ |
10,473 |
| |
Federal funds sold |
|
|
30,581 |
|
|
20,162 |
| |
|
Cash and cash equivalents |
|
|
42,136 |
|
|
30,635 |
| |
Investment securities
available for sale |
|
|
189,640 |
|
|
201,772 |
| |
Loans |
|
|
376,529 |
|
|
372,498 |
| |
Less allowance for
loan losses |
|
|
6,685 |
|
|
6,221 |
| |
|
Net loans |
|
|
369,844 |
|
|
366,277 |
| |
Premises and equipment |
|
|
8,053 |
|
|
8,179 |
| |
Goodwill |
|
|
4,559 |
|
|
4,559 |
| |
Bank-owned life
insurance |
|
|
8,052 |
|
|
7,979 |
| |
Accrued interest and
other assets |
|
|
13,553 |
|
|
12,796 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
635,837 |
|
$ |
632,197 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing
demand |
|
$ |
52,831 |
|
$ |
53,391 |
| |
|
Interest-bearing
demand |
|
|
54,371 |
|
|
48,869 |
| |
|
Money market |
|
|
75,046 |
|
|
71,105 |
| |
|
Savings |
|
|
155,945 |
|
|
146,993 |
| |
|
Time |
|
|
230,411 |
|
|
244,893 |
| |
|
Total deposits |
|
|
568,604 |
|
|
565,251 |
| |
Short-term borrowings |
|
|
7,301 |
|
|
7,632 |
| |
Other borrowings |
|
|
18,956 |
|
|
19,321 |
| |
Accrued interest and
other liabilities |
|
|
1,693 |
|
|
1,971 |
| |
|
TOTAL LIABILITIES |
|
|
596,554 |
|
|
594,175 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
| |
Common stock, no par
value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| |
1,836,139 and 1,780,553 shares issued |
|
|
29,286 |
|
|
28,429 |
| |
Retained earnings |
|
|
16,418 |
|
|
15,840 |
| |
Accumulated other
comprehensive income |
|
|
313 |
|
|
487 |
| |
|
|
|
|
|
|
|
- |
| |
Treasury stock, at
cost; 189,530 shares |
|
|
(6,734) |
|
|
(6,734) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
39,283 |
|
|
38,022 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
635,837 |
|
$ |
632,197 |
| |
|
|
|
|
|
|
|
|
| See
accompanying notes to the unaudited consolidated financial statements. |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED
STATEMENT OF INCOME |
| (Dollar amounts
in thousands, except per share data) |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
Three Months Ended |
| |
|
|
|
|
March 31, |
| |
|
|
|
|
2011 |
|
|
2010 |
| INTEREST
INCOME |
|
|
|
|
|
|
| Interest and fees on
loans |
|
$ |
5,301 |
|
$ |
5,097 |
| Interest-bearing
deposits in |
|
|
|
|
|
|
|
other institutions |
|
|
2 |
|
|
4 |
| Federal funds sold |
|
|
9 |
|
|
11 |
| Investment
securities: |
|
|
|
|
|
|
|
Taxable interest |
|
|
1,323 |
|
|
1,203 |
|
Tax-exempt interest |
|
|
698 |
|
|
592 |
| |
Dividends on stock |
|
|
26 |
|
|
17 |
|
Total interest income |
|
|
7,359 |
|
|
6,924 |
| |
|
|
|
|
|
|
|
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
| Deposits |
|
|
2,037 |
|
|
2,485 |
| Short term
borrowings |
|
|
59 |
|
|
58 |
| Other borrowings |
|
|
109 |
|
|
190 |
| Trust preferred
securities |
|
|
136 |
|
|
136 |
|
Total interest expense |
|
|
2,341 |
|
|
2,869 |
| |
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME |
|
|
5,018 |
|
|
4,055 |
| |
|
|
|
|
|
|
|
|
| Provision
for loan losses |
|
|
865 |
|
|
439 |
| |
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME AFTER |
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
4,153 |
|
|
3,616 |
| |
|
|
|
|
|
|
|
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
| Service charges on
deposit accounts |
|
|
428 |
|
|
415 |
| Investment
securities gains, net |
|
|
15 |
|
|
9 |
| Earnings on
bank-owned life insurance |
|
|
73 |
|
|
67 |
| Other income |
|
|
183 |
|
|
118 |
|
Total noninterest income |
|
|
699 |
|
|
609 |
| |
|
|
|
|
|
|
|
|
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
| Salaries and
employee benefits |
|
|
1,690 |
|
|
1,511 |
| Occupancy expense |
|
|
272 |
|
|
276 |
| Equipment expense |
|
|
158 |
|
|
198 |
| Data processing
costs |
|
|
180 |
|
|
243 |
| Ohio state franchise
tax |
|
|
128 |
|
|
136 |
| Federal deposit
insurance expense |
|
|
225 |
|
|
202 |
| Professional fees |
|
|
211 |
|
|
192 |
| Loss (gain) on sale
of other real estate owned |
|
|
(20) |
|
|
121 |
| Other expense |
|
|
861 |
|
|
679 |
|
Total noninterest expense |
|
|
3,705 |
|
|
3,558 |
| |
|
|
|
|
|
|
|
|
| Income
before income taxes |
|
|
1,147 |
|
|
667 |
| Income
taxes |
|
|
145 |
|
|
22 |
| |
|
|
|
|
|
|
|
|
| NET
INCOME |
|
$ |
1,002 |
|
$ |
645 |
| |
|
|
|
|
|
|
|
|
| EARNINGS
PER SHARE |
|
|
|
|
|
|
| |
|
Basic |
|
$ |
0.62 |
|
$ |
0.41 |
| |
|
Diluted |
|
|
0.62 |
|
|
0.41 |
| |
|
|
|
|
|
|
|
|
| DIVIDENDS
DECLARED PER SHARE |
|
$ |
0.26 |
|
$ |
0.26 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| See
accompanying notes to the unaudited consolidated financial statements. |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
