|
|
 |
|
|
|
 |
|
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED STATEMENT OF INCOME |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Three Months Ended |
|
Nine Months Ended |
| |
|
|
September 30, |
|
|
September 30, |
| |
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
| INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and fees on loans |
|
$ |
5,175,354 |
|
$ |
5,425,266 |
|
$ |
15,079,662 |
|
$ |
16,273,630 |
| Interest-bearing deposits in |
|
|
|
|
|
|
|
|
|
|
|
|
| other institutions |
|
|
2,293 |
|
|
1,949 |
|
|
11,800 |
|
|
10,790 |
| Federal funds sold |
|
|
3,936 |
|
|
22,181 |
|
|
10,977 |
|
|
124,467 |
| Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Taxable interest |
|
|
975,580 |
|
|
622,184 |
|
|
2,752,897 |
|
|
1,793,645 |
| Tax-exempt interest |
|
|
474,629 |
|
|
449,351 |
|
|
1,374,847 |
|
|
1,360,226 |
| Dividends on FHLB stock |
|
|
15,847 |
|
|
29,514 |
|
|
46,611 |
|
|
88,526 |
| Total interest income |
|
|
6,647,639 |
|
|
6,550,445 |
|
|
19,276,794 |
|
|
19,651,284 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
2,501,502 |
|
|
2,948,998 |
|
|
7,776,369 |
|
|
9,381,666 |
| Short term borrowings |
|
|
4,987 |
|
|
17,610 |
|
|
15,161 |
|
|
34,793 |
| Other borrowings |
|
|
354,769 |
|
|
432,055 |
|
|
1,114,899 |
|
|
1,254,040 |
| Total interest expense |
|
|
2,861,258 |
|
|
3,398,663 |
|
|
8,906,429 |
|
|
10,670,499 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME |
|
|
3,786,381 |
|
|
3,151,782 |
|
|
10,370,365 |
|
|
8,980,785 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan losses |
|
|
1,346,000 |
|
|
187,000 |
|
|
1,760,000 |
|
|
357,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISION FOR LOAN LOSSES |
|
|
2,440,381 |
|
|
2,964,782 |
|
|
8,610,365 |
|
|
8,623,785 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
|
488,747 |
|
|
493,228 |
|
|
1,394,312 |
|
|
1,417,789 |
| Investment securities gains, net |
|
|
- |
|
|
25,758 |
|
|
- |
|
|
34,508 |
| Earnings on bank-owned life insurance |
|
|
68,413 |
|
|
75,336 |
|
|
197,044 |
|
|
217,798 |
| Other income |
|
|
133,300 |
|
|
85,925 |
|
|
358,775 |
|
|
284,820 |
| Total noninterest income |
|
|
690,460 |
|
|
680,247 |
|
|
1,950,131 |
|
|
1,954,915 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
|
1,395,388 |
|
|
1,322,026 |
|
|
4,303,972 |
|
|
3,643,199 |
| Occupancy expense |
|
|
215,768 |
|
|
203,298 |
|
|
691,538 |
|
|
643,884 |
| Equipment expense |
|
|
151,742 |
|
|
150,334 |
|
|
425,175 |
|
|
435,770 |
| Data processing costs |
|
|
224,615 |
|
|
193,033 |
|
|
692,362 |
|
|
591,098 |
| Ohio state franchise tax |
|
|
123,300 |
|
|
117,000 |
|
|
369,900 |
|
|
351,000 |
| FDIC assessment |
|
|
86,108 |
|
|
71,702 |
|
|
529,268 |
|
|
117,394 |
| Other expense |
|
|
843,030 |
|
|
672,188 |
|
|
2,326,521 |
|
|
2,041,882 |
| Total noninterest expense |
|
|
3,039,951 |
|
|
2,729,581 |
|
|
9,338,736 |
|
|
7,824,227 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
90,890 |
|
|
915,448 |
|
|
1,221,760 |
|
|
2,754,473 |
| Income taxes |
|
|
(122,574) |
|
|
211,000 |
|
|
(55,574) |
|
|
530,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME |
|
$ |
213,464 |
|
$ |
704,448 |
|
$ |
1,277,334 |
|
$ |
2,224,473 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.14 |
|
$ |
0.46 |
|
$ |
0.83 |
|
$ |
1.45 |
| Diluted |
|
|
0.14 |
|
|
0.46 |
|
|
0.83 |
|
|
1.44 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER SHARE |
|
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.78 |
|
$ |
0.77 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| See accompanying notes to the unaudited consolidated financial statements. |
| MIDDLEFIELD BANC CORP. |
| CONSOLIDATED BALANCE SHEET |
| (Unaudited) |
| |
|
|
|
|
|
|
| |
|
|
September 30, |
|
|
December 31 |
| |
|
|
2009 |
|
|
2008 |
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
11,143,127 |
|
$ |
9,795,248 |
| Federal funds sold |
|
|
19,533,878 |
|
|
7,548,000 |
| Interest-bearing deposits in other institutions |
|
|
120,885 |
|
|
112,215 |
| Cash and cash equivalents |
|
|
30,797,890 |
|
|
17,455,463 |
| Investment securities available for sale |
|
|
116,880,660 |
|
|
104,270,366 |
| Loans |
|
|
345,918,924 |
|
|
321,575,293 |
| Less allowance for loan losses |
|
|
4,422,250 |
|
|
3,556,763 |
| Net loans |
|
|
341,496,674 |
|
|
318,018,530 |
| Premises and equipment |
|
|
8,256,905 |
|
|
8,448,915 |
| Goodwill |
|
|
4,558,687 |
|
|
4,558,687 |
| Bank-owned life insurance |
|
|
7,637,731 |
|
|
7,440,687 |
| Accrued interest and other assets |
|
|
8,317,212 |
|
|
7,654,287 |
| |
|
|
|
|
|
|
| TOTAL ASSETS |
|
$ |
517,945,759 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing demand |
|
$ |
40,963,722 |
|
$ |
42,357,154 |
| Interest-bearing demand |
|
|
34,877,418 |
|
|
26,404,660 |
| Money market |
|
|
42,078,988 |
|
|
27,845,438 |
| Savings |
|
|
99,322,206 |
|
|
68,968,844 |
| Time |
|
|
230,686,676 |
|
|
229,243,506 |
| Total deposits |
|
|
447,929,010 |
|
|
394,819,602 |
| Short-term borrowings |
|
|
1,667,967 |
|
|
1,886,253 |
| Other borrowings |
|
|
28,772,173 |
|
|
33,903,019 |
| Accrued interest and other liabilities |
|
|
2,097,903 |
|
|
2,178,813 |
| TOTAL LIABILITIES |
|
|
480,467,053 |
|
|
432,787,687 |
| |
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| Common stock, no par value; 10,000,000 shares authorized, |
|
|
|
|
|
|
| 1,746,304 and 1,725,381 shares issued |
|
|
27,759,557 |
|
|
27,301,403 |
| Retained earnings |
|
|
14,860,713 |
|
|
14,786,353 |
| Accumulated other comprehensive income/(loss) |
|
|
1,592,043 |
|
|
(294,901) |
| |
|
|
|
|
|
|
| Treasury stock, at cost; 189,530 shares in 2009 and 2008 |
|
|
(6,733,607) |
|
|
(6,733,607) |
| TOTAL STOCKHOLDERS' EQUITY |
|
|
37,478,706 |
|
|
35,059,248 |
| |
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
517,945,759 |
|
$ |
467,846,935 |
| |
|
|
|
|
|
|
| See accompanying notes to the unaudited consolidated financial statements. |
|
|
|
