|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED
BALANCE SHEET |
| (Dollar amounts
in thousands) |
| |
|
|
(Unaudited) |
|
|
|
| |
|
|
March 31, |
|
|
December 31, |
| |
|
|
2012 |
|
|
2011 |
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Cash and due from
banks |
|
$ |
22,022 |
|
$ |
15,730 |
| Federal funds sold |
|
|
23,587 |
|
|
18,660 |
| Cash and cash equivalents |
|
|
45,609 |
|
|
34,390 |
| Investment securities
available for sale |
|
|
183,770 |
|
|
193,977 |
| Loans |
|
|
404,269 |
|
|
401,880 |
| Less allowance for
loan losses |
|
|
7,267 |
|
|
6,819 |
| Net loans |
|
|
397,002 |
|
|
395,061 |
| Premises and equipment |
|
|
8,368 |
|
|
8,264 |
| Goodwill |
|
|
4,559 |
|
|
4,559 |
| Bank-owned life
insurance |
|
|
8,326 |
|
|
8,257 |
| Accrued interest and
other assets |
|
|
10,315 |
|
|
10,043 |
| |
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
657,949 |
|
$ |
654,551 |
| |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing
demand |
|
$ |
64,517 |
|
$ |
63,348 |
| Interest-bearing
demand |
|
|
63,509 |
|
|
55,853 |
| Money market |
|
|
71,047 |
|
|
75,621 |
| Savings |
|
|
172,236 |
|
|
167,207 |
| Time |
|
|
212,633 |
|
|
218,933 |
| Total deposits |
|
|
583,942 |
|
|
580,962 |
| Short-term borrowings |
|
|
7,365 |
|
|
7,392 |
| Other borrowings |
|
|
16,561 |
|
|
16,831 |
| Accrued interest and
other liabilities |
|
|
1,622 |
|
|
2,113 |
| TOTAL LIABILITIES |
|
|
609,490 |
|
|
607,298 |
| |
|
|
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
| Common stock, no par value; 10,000,000 shares authorized 1,961,217 and 1,836,139 shares issued |
|
|
31,420 |
|
|
31,240 |
| Retained earnings |
|
|
19,272 |
|
|
18,206 |
| Accumulated other
comprehensive income |
|
|
4,501 |
|
|
4,541 |
| Treasury stock, at
cost; 189,530 shares |
|
|
(6,734) |
|
|
(6,734) |
| TOTAL STOCKHOLDERS' EQUITY |
|
|
48,459 |
|
|
47,253 |
| |
|
|
|
|
|
|
| TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
657,949 |
|
$ |
654,551 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 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, |
| |
|
|
2012 |
|
|
2011 |
| INTEREST
INCOME |
|
|
|
|
|
|
| Interest and fees on
loans |
|
$ |
5,537 |
|
$ |
5,301 |
| Interest-bearing
deposits in other institutions |
|
|
4 |
|
|
2 |
| Federal funds sold |
|
|
3 |
|
|
9 |
| Investment
securities: |
|
|
|
|
|
|
| Taxable interest |
|
|
915 |
|
|
1,323 |
| Tax-exempt interest |
|
|
747 |
|
|
698 |
| Dividends on stock |
|
|
26 |
|
|
26 |
| Total interest income |
|
|
7,232 |
|
|
7,359 |
| |
|
|
|
|
|
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
| Deposits |
|
|
1,497 |
|
|
2,037 |
| Short term
borrowings |
|
|
59 |
|
|
59 |
| Other borrowings |
|
|
84 |
|
|
109 |
| Trust preferred
securities |
|
|
46 |
|
|
136 |
| Total interest expense |
|
|
1,686 |
|
|
2,341 |
| |
|
|
|
|
|
|
| NET
INTEREST INCOME |
|
|
5,546 |
|
|
5,018 |
| |
|
|
|
|
|
|
| Provision
for loan losses |
|
|
600 |
|
|
865 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
|
|
4,946 |
|
|
4,153 |
| |
|
|
|
|
|
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
| Service charges on
deposit accounts |
|
|
431 |
|
|
428 |
| Investment
securities gains, net |
|
|
- |
|
|
15 |
| Earnings on
bank-owned life insurance |
|
|
68 |
|
|
73 |
| Other income |
|
|
295 |
|
|
183 |
| Total noninterest income |
|
|
794 |
|
|
699 |
| |
|
|
|
|
|
|
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
| Salaries and
employee benefits |
|
|
1,750 |
|
|
1,690 |
| Occupancy expense |
|
|
248 |
|
|
272 |
| Equipment expense |
|
|
170 |
|
|
158 |
| Data processing
costs |
|
|
199 |
|
|
180 |
| Ohio state franchise
tax |
|
|
129 |
|
|
128 |
| Federal deposit
insurance expense |
|
|
243 |
|
|
225 |
| Professional fees |
|
|
214 |
|
|
211 |
| Loss (gain) on sale
of other real estate owned |
|
|
27 |
|
|
(20) |
| Other expense |
|
|
802 |
|
|
861 |
| Total noninterest expense |
|
|
3,782 |
|
|
3,705 |
| |
|
|
|
|
|
|
| Income
before income taxes |
|
|
1,958 |
|
|
1,147 |
| Income
taxes |
|
|
435 |
|
|
145 |
| |
|
|
|
|
|
|
| NET
INCOME |
|
$ |
1,523 |
|
$ |
1,002 |
| |
|
|
|
|
|
|
| EARNINGS
PER SHARE |
|
|
|
|
|
|
| Basic |
|
$ |
0.86 |
|
$ |
0.62 |
| Diluted |
|
|
0.86 |
|
|
0.62 |
| |
|
|
|
|
|
|
| DIVIDENDS
DECLARED PER SHARE |
|
$ |
0.26 |
|
$ |
0.26 |
| |
|
|
|
|
|
|
| See accompanying notes to the unaudited consolidated financial statements. |
|
|
|
