|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| (Dollar amounts in thousands) |
| |
|
|
|
|
(Unaudited) |
|
|
|
| |
|
|
|
|
June 30, |
|
|
December 31, |
| |
|
|
|
|
2011 |
|
|
2010 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
15,540 |
|
$ |
10,473 |
| |
Federal funds sold |
|
|
19,364 |
|
|
20,162 |
| |
|
Cash and cash equivalents |
|
|
34,904 |
|
|
30,635 |
| |
Investment securities available for sale |
|
|
193,821 |
|
|
201,772 |
| |
Loans |
|
|
385,339 |
|
|
372,498 |
| |
Less allowance for
loan losses |
|
|
7,027 |
|
|
6,221 |
| |
|
Net loans |
|
|
378,312 |
|
|
366,277 |
| |
Premises and equipment |
|
|
7,939 |
|
|
8,179 |
| |
Goodwill |
|
|
4,559 |
|
|
4,559 |
| |
Bank-owned life insurance |
|
|
8,118 |
|
|
7,979 |
| |
Accrued interest and other assets |
|
|
11,921 |
|
|
12,796 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
639,574 |
|
$ |
632,197 |
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
|
Noninterest-bearing
demand |
|
$ |
58,219 |
|
$ |
53,391 |
| |
|
Interest-bearing
demand |
|
|
55,315 |
|
|
48,869 |
| |
|
Money market |
|
|
74,482 |
|
|
71,105 |
| |
|
Savings |
|
|
160,141 |
|
|
146,993 |
| |
|
Time |
|
|
221,588 |
|
|
244,893 |
| |
|
Total deposits |
|
|
569,745 |
|
|
565,251 |
| |
Short-term borrowings |
|
|
6,787 |
|
|
7,632 |
| |
Other borrowings |
|
|
18,694 |
|
|
19,321 |
| |
Accrued interest and
other liabilities |
|
|
2,045 |
|
|
1,971 |
| |
|
TOTAL LIABILITIES |
|
|
597,271 |
|
|
594,175 |
| |
|
|
|
|
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| |
1,843,190 and 1,780,553 shares issued |
|
|
29,485 |
|
|
28,429 |
| |
Retained earnings |
|
|
16,712 |
|
|
15,840 |
| |
Accumulated other comprehensive income |
|
|
2,840 |
|
|
487 |
| |
|
|
|
|
|
|
|
- |
| |
Treasury stock, at cost; 189,530 shares |
|
|
(6,734) |
|
|
(6,734) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
42,303 |
|
|
38,022 |
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
639,574 |
|
$ |
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 |
|
|
Six Months Ended |
| |
|
|
|
|
June 30, |
|
|
June 30, |
| |
|
|
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
| INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and fees on
loans |
|
$ |
5,399 |
|
$ |
5,299 |
|
$ |
10,700 |
|
$ |
10,396 |
| Interest-bearing
deposits in |
|
|
|
|
|
|
|
|
|
|
|
|
|
other institutions |
|
|
2 |
|
|
3 |
|
|
4 |
|
|
7 |
| Federal funds sold |
|
|
4 |
|
|
12 |
|
|
13 |
|
|
23 |
| Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
1,289 |
|
|
1,339 |
|
|
2,612 |
|
|
2,542 |
|
Tax-exempt interest |
|
|
702 |
|
|
647 |
|
|
1,400 |
|
|
1,239 |
| |
Dividends on stock |
|
|
25 |
|
|
32 |
|
|
51 |
|
|
49 |
|
Total interest income |
|
|
7,421 |
|
|
7,332 |
|
|
14,780 |
|
|
14,256 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
2,004 |
|
|
2,373 |
|
|
4,041 |
|
|
4,858 |
| Short term
borrowings |
|
|
59 |
|
|
62 |
|
|
118 |
|
|
120 |
| Other borrowings |
|
|
104 |
|
|
183 |
|
|
213 |
|
|
373 |
| Trust preferred
securities |
|
|
137 |
|
|
128 |
|
|
273 |
|
|
264 |
|
Total interest expense |
|
|
2,304 |
|
|
2,746 |
|
|
4,645 |
|
|
5,615 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME |
|
|
5,117 |
|
|
4,586 |
|
|
10,135 |
|
|
8,641 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision
for loan losses |
|
|
700 |
|
|
690 |
|
|
1,565 |
|
|
1,129 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
4,417 |
|
|
3,896 |
|
|
8,570 |
|
|
7,512 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on
deposit accounts |
|
|
416 |
|
|
433 |
|
|
844 |
|
|
848 |
| Investment
securities gains (losses), net |
|
|
(37) |
|
|
18 |
|
|
(22) |
|
|
27 |
| Earnings on
bank-owned life insurance |
|
|
66 |
|
|
65 |
|
|
139 |
|
|
132 |
| Other income |
|
|
149 |
|
|
169 |
|
|
332 |
|
|
287 |
|
Total noninterest income |
|
|
594 |
|
|
685 |
|
|
1,293 |
|
|
1,294 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and
employee benefits |
|
|
1,944 |
|
|
1,713 |
|
|
3,634 |
|
|
3,224 |
| Occupancy expense |
|
|
223 |
|
|
217 |
|
|
495 |
|
|
493 |
| Equipment expense |
|
|
155 |
|
|
204 |
|
|
313 |
|
|
402 |
| Data processing
costs |
|
|
173 |
|
|
172 |
|
|
353 |
|
|
415 |
| Ohio state franchise
tax |
|
|
97 |
|
|
134 |
|
|
225 |
|
|
270 |
| Federal deposit
insurance expense |
|
|
272 |
|
|
190 |
|
|
497 |
|
|
392 |
| Professional fees |
|
|
185 |
|
|
188 |
|
|
396 |
|
|
380 |
| Losses on other real
estate owned |
|
|
323 |
|
|
175 |
|
|
303 |
|
|
214 |
| Other expense |
|
|
920 |
|
|
835 |
|
|
1,781 |
|
|
1,596 |
|
Total noninterest expense |
|
|
4,292 |
|
|
3,828 |
|
|
7,997 |
|
|
7,386 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
before income taxes |
|
|
719 |
|
|
753 |
|
|
1,866 |
|
|
1,420 |
| Income
taxes (benefit) |
|
|
(1) |
|
|
38 |
|
|
144 |
|
|
60 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCOME |
|
$ |
720 |
|
$ |
715 |
|
$ |
1,722 |
|
$ |
1,360 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS
PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Basic |
|
$ |
0.44 |
|
$ |
0.46 |
|
$ |
1.05 |
|
$ |
0.87 |
| |
|
Diluted |
|
|
0.44 |
|
|
0.45 |
|
|
1.05 |
|
|
0.87 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS
DECLARED PER SHARE |
|
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.52 |
|
$ |
0.52 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See
accompanying notes to the unaudited consolidated financial statements. |
|
|
|
