|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| (Unaudited) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
June 30, |
|
|
|
December 31 |
| |
|
|
|
|
|
2006 |
|
|
|
2005 |
| |
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
|
$ |
|
5,062,693 |
|
$ |
|
5,294,641 |
| |
Interest-bearing deposits in other institutions |
|
|
|
533,772 |
|
|
|
526,523 |
| |
Cash and cash equivalents |
|
|
|
5,596,465 |
|
|
|
5,821,164 |
| |
Investment securities available for sale |
|
|
|
54,372,565 |
|
|
|
57,887,130 |
| |
Investment securities held to maturity
(estimated market value of $222,691 and $232,967) |
|
|
|
215,829 |
|
|
|
221,453 |
| |
Loans |
|
|
|
240,402,350 |
|
|
|
234,054,797 |
| |
Less allowance for loan losses |
|
|
|
2,952,858 |
|
|
|
2,841,098 |
| |
|
Net loans |
|
|
|
237,449,492 |
|
|
|
231,213,699 |
| |
Premises and equipment |
|
|
|
6,527,452 |
|
|
|
6,624,776 |
| |
Bank-owned life insurance |
|
|
|
6,746,154 |
|
|
|
5,632,982 |
| |
Accrued interest and other assets |
|
|
|
4,240,637 |
|
|
|
3,812,987 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
|
315,148,594 |
|
$ |
|
311,214,191 |
| |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
|
|
| |
|
Noninterest-bearing demand |
|
$ |
|
39,476,009 |
|
|
|
39,782,375 |
| |
|
Interest-bearing demand |
|
|
|
9,893,791 |
|
|
|
9,362,399 |
| |
|
Money market |
|
|
|
11,898,950 |
|
|
|
13,078,829 |
| |
|
Savings |
|
|
|
60,044,039 |
|
|
|
66,495,057 |
| |
|
Time |
|
|
|
132,962,984 |
|
|
|
120,730,980 |
| |
|
Total deposits |
|
|
|
254,275,773 |
|
|
|
249,449,640 |
| |
Short-term borrowings |
|
|
|
2,962,647 |
|
|
|
6,710,914 |
| |
Other borrowings |
|
|
|
28,590,484 |
|
|
|
26,578,211 |
| |
Accrued interest and other liabilities |
|
|
|
1,225,271 |
|
|
|
1,186,061 |
| |
|
TOTAL LIABILITIES |
|
|
|
287,054,175 |
|
|
|
283,924,826 |
| |
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| |
Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
|
| |
1,445,546 and 1,427,170 shares issued |
|
|
|
16,337,352 |
|
|
|
15,976,335 |
| |
Retained earnings |
|
|
|
16,131,950 |
|
|
|
14,959,891 |
| |
Accumulated other comprehensive loss |
|
|
|
(1,239,265) |
|
|
|
(677,088) |
| |
Treasury stock, at cost;
94,297 shares in 2006 and 89,333 shares in 2005 |
|
|
|
(3,175,618) |
|
|
|
(2,969,773) |
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
|
28,094,419 |
|
|
|
27,289,365 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
|
315,148,594 |
|
$ |
|
311,214,191 |
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
June 30, |
|
|
|
|
|
2006 |
|
|
|
2005 |
| INTEREST INCOME |
|
|
|
|
|
|
|
| |
Interest and fees on loans |
$ |
|
8,204,679 |
|
$ |
|
7,218,766 |
|
Interest-bearing deposits in |
|
|
|
|
|
|
|
|
other institutions |
|
|
7,393 |
|
|
|
3,940 |
|
Federal funds sold |
|
|
8,937 |
|
|
|
23,656 |
|
Investment securities: |
|
|
|
|
|
|
|
|
Taxable interest |
|
|
595,811 |
|
|
|
719,510 |
|
Tax-exempt interest |
|
|
493,591 |
|
|
|
395,140 |
|
|
Dividends on FHLB stock |
|
|
40,538 |
|
|
|
29,583 |
|
Total interest income |
|
|
9,350,949 |
|
|
|
8,390,595 |
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
Deposits |
|
|
3,218,694 |
|
|
|
2,664,364 |
|
Short term borrowings |
|
|
122,650 |
|
|
|
34,229 |
|
Other borrowings |
|
|
570,864 |
|
|
|
478,061 |
|
Total interest expense |
|
|
3,912,208 |
|
|
|
3,176,654 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
5,438,741 |
|
|
|
5,213,941 |
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
150,000 |
|
|
|
120,000 |
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
|
|
5,288,741 |
|
|
|
5,093,941 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
848,684 |
|
|
|
742,022 |
|
Investment securities (losses), net |
|
|
(5,868) |
|
|
|
- |
|
Earnings on bank-owned life insurance |
|
|
113,172 |
|
|
|
102,979 |
|
Other income |
|
|
188,993 |
|
|
|
162,618 |
|
Total noninterest income |
|
|
1,144,981 |
|
|
|
1,007,619 |
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,830,049 |
|
|
|
1,824,696 |
|
Occupancy expense |
|
|
267,847 |
|
|
|
259,363 |
|
Equipment expense |
|
|
192,686 |
|
|
|
215,114 |
|
Data processing costs |
|
|
336,786 |
|
|
|
297,998 |
|
Ohio state franchise tax |
|
|
180,000 |
|
|
|
180,000 |
|
Other expense |
|
|
1,126,395 |
|
|
|
1,082,345 |
|
Total noninterest expense |
|
|
3,933,763 |
|
|
|
3,859,516 |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
2,499,959 |
|
|
|
2,242,044 |
|
Income taxes |
|
|
694,587 |
|
|
|
611,000 |
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
$ |
|
1,805,372 |
|
$ |
|
1,631,044 |
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Basic |
$ |
|
1.34 |
|
$ |
|
1.22 |
|
Diluted |
|
|
1.32 |
|
|
|
1.20 |
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
$ |
|
0.470 |
|
$ |
|
0.419 |
|
|
|
