|
|
 |
|
|
|
 |
|
|
MIDDLEFIELD BANC CORP. |
|
CONSOLIDATED STATEMENT OF INCOME |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
|
|
2008 |
|
|
2007 |
|
|
2008 |
|
|
2007 |
| INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest and fees on loans |
|
$ |
5,393,090 |
|
$ |
5,315,387 |
|
$ |
10,848,364 |
|
$ |
9,845,616 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
in other institutions |
|
|
3,638 |
|
|
49,724 |
|
|
8,841 |
|
|
105,613 |
|
Federal funds sold |
|
|
22,982 |
|
|
130,200 |
|
|
102,286 |
|
|
261,435 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
615,132 |
|
|
254,534 |
|
|
1,180,211 |
|
|
520,648 |
|
|
Tax-exempt interest |
|
|
456,932 |
|
|
459,595 |
|
|
910,875 |
|
|
842,380 |
|
Dividends on FHLB stock |
|
|
29,612 |
|
|
26,272 |
|
|
59,012 |
|
|
51,767 |
| |
|
|
Total interest income |
|
|
6,521,386 |
|
|
6,235,712 |
|
|
13,109,589 |
|
|
11,627,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,098,688 |
|
|
2,869,444 |
|
|
6,432,668 |
|
|
5,184,115 |
|
Short-term borrowings |
|
|
7,288 |
|
|
20,455 |
|
|
17,183 |
|
|
39,670 |
|
Other borrowings |
|
|
407,874 |
|
|
469,473 |
|
|
821,985 |
|
|
914,885 |
|
|
|
Total interest expense |
|
|
3,513,850 |
|
|
3,359,372 |
|
|
7,271,836 |
|
|
6,138,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
3,007,536 |
|
|
2,876,340 |
|
|
5,837,753 |
|
|
5,488,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
95,000 |
|
|
69,391 |
|
|
170,000 |
|
|
114,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
|
2,912,536 |
|
|
2,806,949 |
|
|
5,667,753 |
|
|
5,374,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
459,033 |
|
|
481,055 |
|
|
924,561 |
|
|
933,002 |
|
Earnings on bank- |
|
|
|
|
|
|
|
|
|
|
|
|
|
owned life insurance |
|
|
72,374 |
|
|
68,174 |
|
|
142,462 |
|
|
140,253 |
|
Other income |
|
|
97,060 |
|
|
99,014 |
|
|
198,895 |
|
|
196,616 |
|
|
|
Total noninterest income |
|
|
628,467 |
|
|
648,243 |
|
|
1,265,918 |
|
|
1,269,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,126,754 |
|
|
1,040,092 |
|
|
2,321,173 |
|
|
2,145,000 |
|
Occupancy expense |
|
|
209,403 |
|
|
198,278 |
|
|
440,586 |
|
|
367,508 |
|
Equipment expense |
|
|
139,326 |
|
|
132,423 |
|
|
285,436 |
|
|
254,214 |
|
Data processing costs |
|
|
188,785 |
|
|
161,471 |
|
|
398,065 |
|
|
312,719 |
|
Ohio state franchise tax |
|
|
117,000 |
|
|
108,200 |
|
|
234,000 |
|
|
204,200 |
|
Other expense |
|
|
797,706 |
|
|
680,369 |
|
|
1,415,386 |
|
|
1,310,894 |
|
|
|
Total noninterest expense |
|
|
2,578,974 |
|
|
2,320,833 |
|
|
5,094,646 |
|
|
4,594,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
962,029 |
|
|
1,134,359 |
|
|
1,839,025 |
|
|
2,049,734 |
| Income taxes |
|
|
179,000 |
|
|
235,128 |
|
|
319,000 |
|
|
398,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
783,029 |
|
$ |
899,231 |
|
$ |
1,520,025 |
|
$ |
1,651,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.51 |
|
$ |
0.57 |
|
$ |
0.99 |
|
$ |
1.07 |
|
|
|
Diluted |
|
|
0.51 |
|
|
0.56 |
|
|
0.98 |
|
|
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.260 |
|
$ |
0.224 |
|
$ |
0.510 |
|
$ |
0.457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying unaudited notes to the consolidated financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31 |
|
|
|
|
|
2008 |
|
|
2007 |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
9,502,382 |
|
$ |
9,072,972 |
|
Federal funds sold |
|
|
790,062 |
|
|
8,631,963 |
|
Interest-bearing deposits in other institutions |
|
|
110,387 |
|
|
110,387 |
|
|
Cash and cash equivalents |
|
|
10,402,831 |
|
|
17,815,322 |
|
Investment securities available for sale |
|
|
93,797,174 |
|
|
85,967,764 |
|
Loans |
|
|
319,350,603 |
|
|
309,445,922 |
|
Less allowance for loan losses |
|
|
3,434,993 |
|
|
3,299,276 |
|
|
Net loans |
|
|
315,915,610 |
|
|
306,146,646 |
|
Premises and equipment |
|
|
7,974,133 |
|
|
7,044,685 |
|
Goodwill |
|
|
4,371,207 |
|
|
4,371,206 |
|
Bank-owned life insurance |
|
|
7,295,844 |
|
|
7,153,381 |
|
Accrued interest and other assets |
|
|
7,597,413 |
|
|
5,774,052 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
447,354,212 |
|
$ |
434,273,056 |
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
43,132,291 |
|
$ |
41,348,219 |
|
|
Interest-bearing demand |
|
|
23,501,076 |
|
|
19,566,035 |
|
|
Money market |
|
|
24,849,884 |
|
|
22,684,041 |
|
|
Savings |
|
|
71,953,596 |
|
|
76,895,857 |
|
|
Time |
|
|
210,651,595 |
|
|
202,423,848 |
|
|
Total deposits |
|
|
374,088,442 |
|
|
362,918,000 |
|
Short-term borrowings |
|
|
1,402,320 |
|
|
1,510,607 |
|
Federal funds purchased |
|
|
4,310,000 |
|
|
- |
|
Other borrowings |
|
|
31,656,317 |
|
|
32,395,319 |
|
Accrued interest and other liabilities |
|
|
2,262,658 |
|
|
2,487,746 |
|
|
TOTAL LIABILITIES |
|
|
413,719,737 |
|
|
399,311,672 |
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Common stock, no par value; 10,000,000 shares |
|
|
|
|
|
|
|
authorized 1,711,920 and 1,701,546 shares issued |
|
|
26,900,738 |
|
|
26,650,123 |
|
Retained earnings |
|
|
14,594,769 |
|
|
13,746,956 |
|
Accumulated other comprehensive income |
|
|
(1,127,425) |
|
|
(52,969) |
|
Treasury stock, at cost; 189,530 shares in |
|
|
|
|
|
|
|
2008 and 151,745 shares in 2007 |
|
|
(6,733,607) |
|
|
(5,382,726) |
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
33,634,475 |
|
|
34,961,384 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
447,354,212 |
|
$ |
434,273,056 |
|
|
|
|
|
|
|
|
|
| See accompanying unaudited notes to the consolidated financial statements. |
|
|
|
