|
|
 |
|
|
| |
 |
| |
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED
BALANCE SHEET |
| (Dollar amounts
in thousands) |
| (Unaudited) |
| |
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
30,908 |
|
$ |
15,730 |
|
Federal funds sold |
|
|
11,953 |
|
|
18,660 |
|
|
Cash and cash equivalents |
|
|
42,861 |
|
|
34,390 |
|
Investment securities
available for sale |
|
|
173,446 |
|
|
193,977 |
|
Loans |
|
|
410,868 |
|
|
401,880 |
|
Less allowance for
loan losses |
|
|
7,752 |
|
|
6,819 |
|
|
Net loans |
|
|
403,116 |
|
|
395,061 |
|
Premises and
equipment, net |
|
|
8,598 |
|
|
8,264 |
|
Goodwill |
|
|
4,559 |
|
|
4,559 |
|
Bank-owned life
insurance |
|
|
8,394 |
|
|
8,257 |
|
Accrued interest and
other assets |
|
|
8,866 |
|
|
10,043 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
649,840 |
|
$ |
654,551 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing
demand |
|
$ |
65,969 |
|
$ |
63,348 |
|
|
Interest-bearing
demand |
|
|
61,935 |
|
|
55,853 |
|
|
Money market |
|
|
67,533 |
|
|
75,621 |
|
|
Savings |
|
|
171,150 |
|
|
167,207 |
|
|
Time |
|
|
205,142 |
|
|
218,933 |
|
|
Total deposits |
|
|
571,729 |
|
|
580,962 |
|
Short-term borrowings |
|
|
6,959 |
|
|
7,392 |
|
Federal funds
purchased |
|
|
- |
|
|
- |
|
Other borrowings |
|
|
16,363 |
|
|
16,831 |
|
Accrued interest and
other liabilities |
|
|
1,631 |
|
|
2,113 |
|
|
TOTAL LIABILITIES |
|
|
596,682 |
|
|
607,298 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Common stock, no par
value; 10,000,000 shares authorized, |
|
|
|
|
|
|
|
2,166,851 and 1,951,869 shares issued |
|
|
33,944 |
|
|
31,240 |
|
Retained earnings |
|
|
20,399 |
|
|
18,206 |
|
Accumulated other
comprehensive income |
|
|
5,549 |
|
|
4,541 |
|
|
|
|
|
|
|
|
|
|
Treasury stock, at
cost; 189,530 shares |
|
|
(6,734) |
|
|
(6,734) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
53,158 |
|
|
47,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
649,840 |
|
$ |
654,551 |
|
|
|
|
|
|
|
|
|
| |
| See
accompanying notes to the unaudited consolidated financial statements. |
|
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|
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|
|
| 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, |
| |
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
| INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and fees on
loans |
|
$ |
5,641 |
|
$ |
5,399 |
|
$ |
11,178 |
|
$ |
10,700 |
| Interest-bearing
deposits in |
|
|
|
|
|
|
|
|
|
|
|
|
| other institutions |
|
|
8 |
|
|
2 |
|
|
12 |
|
|
4 |
| Federal funds sold |
|
|
4 |
|
|
4 |
|
|
7 |
|
|
13 |
| Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable interest |
|
|
791 |
|
|
1,289 |
|
|
1,706 |
|
|
2,612 |
| Tax-exempt interest |
|
|
753 |
|
|
702 |
|
|
1,500 |
|
|
1,400 |
| Dividends on stock |
|
|
26 |
|
|
25 |
|
|
52 |
|
|
51 |
| Total interest income |
|
|
7,223 |
|
|
7,421 |
|
|
14,455 |
|
|
14,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
1,434 |
|
|
2,004 |
|
|
2,931 |
|
|
4,041 |
| Short-term
borrowings |
|
|
99 |
|
|
59 |
|
|
158 |
|
|
118 |
| Other borrowings |
|
|
82 |
|
|
104 |
|
|
166 |
|
|
213 |
| Trust preferred
securities |
|
|
31 |
|
|
137 |
|
|
77 |
|
|
273 |
| Total interest expense |
|
|
1,646 |
|
|
2,304 |
|
|
3,332 |
|
|
4,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME |
|
|
5,577 |
|
|
5,117 |
|
|
11,123 |
|
|
10,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Provision
for loan losses |
|
|
450 |
|
|
700 |
|
|
1,050 |
|
|
1,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
5,127 |
|
|
4,417 |
|
|
10,073 |
|
|
8,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on
deposit accounts |
|
|
471 |
|
|
416 |
|
|
902 |
|
|
844 |
| Investment
securities gains (losses), net |
|
|
296 |
|
|
(37) |
|
|
296 |
|
|
(22) |
| Earnings on
bank-owned life insurance |
|
|
69 |
|
|
66 |
|
|
137 |
|
|
139 |
| Other income |
|
|
181 |
|
|
149 |
|
|
476 |
|
|
332 |
|
Total noninterest income |
|
|
1,017 |
|
|
594 |
|
|
1,811 |
|
|
1,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and
employee benefits |
|
|
1,800 |
|
|
1,944 |
|
|
3,550 |
|
|
3,634 |
| Occupancy expense |
|
|
222 |
|
|
223 |
|
|
470 |
|
|
495 |
| Equipment expense |
|
|
201 |
|
|
155 |
|
|
371 |
|
|
313 |
| Data processing
costs |
|
|
191 |
|
|
173 |
|
|
390 |
|
|
353 |
| Ohio state franchise
tax |
|
|
128 |
|
|
97 |
|
|
257 |
|
|
225 |
| Federal deposit
insurance expense |
|
|
258 |
|
|
272 |
|
|
501 |
|
|
497 |
| Professional fees |
|
|
186 |
|
|
185 |
|
|
400 |
|
|
396 |
| Losses on other real
estate owned |
|
|
32 |
|
|
323 |
|
|
50 |
|
|
303 |
| Other expense |
|
|
1,023 |
|
|
920 |
|
|
1,834 |
|
|
1,781 |
|
Total noninterest expense |
|
|
4,041 |
|
|
4,292 |
|
|
7,823 |
|
|
7,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income
before income taxes |
|
|
2,103 |
|
|
719 |
|
|
4,061 |
|
|
1,866 |
| Income
taxes (benefit) |
|
|
463 |
|
|
(1) |
|
|
898 |
|
|
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCOME |
|
$ |
1,640 |
|
$ |
720 |
|
$ |
3,163 |
|
$ |
1,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS
PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.85 |
|
$ |
0.44 |
|
$ |
1.72 |
|
$ |
1.05 |
| Diluted |
|
|
0.85 |
|
|
0.44 |
|
|
1.72 |
|
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS
DECLARED PER SHARE |
|
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.52 |
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| See
accompanying notes to the unaudited consolidated financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
