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MBC Financial Statement

(Yearly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
         
        December 31   December 31
        2004   2003
             
ASSETS        
  Cash and due from banks $ 5,311,776 $ 3,956,453
  Federal funds sold   930,000
  Cash and cash equivalents   5,311,776   4,886,453
  Interest-bearing deposits in other institutions   614,506   539,147
  Investment securities available for sale   57,240,965   49,966,511
  Investment securities held to maturity (estimated        
     market value of $221,412 and $1,915,366) 221,412   1,858,904
  Loans   215,653,283   192,880,153
  Less allowance for loan losses 2,623,431   2,521,270
    Net loans 213,029,852   190,358,883
  Premises and equipment 6,617,594   6,807,930
  Bank-owned life insurance   5,424,304   5,202,385
  Accrued interest and other assets 2,753,575   2,749,235
             
    TOTAL ASSETS $ 291,213,984 $ 262,369,448
             
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand $ 36,331,809 $ 29,423,027
    Interest-bearing demand 8,817,873   7,369,754
    Money market 15,666,730   15,708,932
    Savings 75,280,343   69,570,895
    Time 103,788,696   97,767,302
       Total deposits 239,885,451   219,839,910
  Short-term borrowings   101,763   444,819
Federal funds purchased 570,000
  Other borrowings   24,883,323   17,665,661
  Accrued interest and other liabilities 951,424   914,744
    TOTAL LIABILITIES 266,391,961   238,865,134
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 5,000,000 shares authorized,        
     1,355,488 and 1,279,128 shares issued   12,815,927   10,038,156
  Retained earnings 15,004,551   15,085,868
  Accumulated other comprehensive income   (28,682)   125,199
  Treasury stock, at cost (89,333 and 55,309 shares)   (2,969,773)   (1,744,909)
    TOTAL STOCKHOLDERS' EQUITY 24,822,023   23,504,314
             
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 291,213,984 $ 262,369,448
 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
     
          Year Ending
          December 31,
          2004   2003 2002
INTEREST INCOME          
Interest and fees on loans $ 13,617,560 $ 12,846,525 $ 12,340,920
Interest-bearing deposits in other institutions     5,641   17,188 48,293
Federal funds sold     50,608   48,947 64,994
Investment securities:          
Taxable interest     1,400,063   1,196,221 1,190,508
Tax-exempt interest     604,399   486,485 424,357
Other dividend income   54,265   51,797 50,891
Total interest and dividend income   15,732,536   14,647,163 14,119,963
               
INTEREST EXPENSE          
Deposits     4,905,899   4,905,826 5,478,030
Short term borrowings     2,180   4,048 7,175
Other borrowings     860,819   815,033 662,881
Total interest expense   5,768,898 5,724,907 6,147,086
               
NET INTEREST INCOME     9,963,638   8,922,256 7,971,877
               
Provision for loan losses     174,000   315,000 300,000
               
NET INTEREST INCOME AFTER        
   PROVISION FOR LOAN LOSSES   9,789,638   8,607,256 7,671,877
               
NONINTEREST INCOME          
Service charges on deposit accounts   1,402,027   1,033,928 955,121
Investment securities gains, net   (98,375)   542
Earnings on bank-owned life insurance   221,919   202,385
Other income     253,561   191,289 188,096
Total noninterest income   1,779,132   1,428,144 1,143,217
               
NONINTEREST EXPENSE          
Salaries and employee benefits   3,442,262   3,085,451 2,523,433
Occupancy     494,759   403,591 357,500
Equipment     356,346   333,163 324,659
Data processing costs     538,349   470,393 427,164
Professional Fees 252,731 218,838 246,285
Ohio state franchise tax     285,050   265,050 250,050
Advertising 253,858 168,849 65,263
Postage and freight 178,717 161,632 140,628
Other expense     1,163,535   998,483 871,357
Total noninterest expense   6,965,607   6,105,450 5,206,339
               
Income before income taxes     4,603,163   3,929,950 3,608,755
Income taxes     1,330,000   1,131,330 1,107,806
             
NET INCOME   $ 3,273,163 $ 2,798,620 $ 2,500,949
               
EARNINGS PER SHARE          
    Basic   $ 2.54 $ 2.19 $ 1.96
    Diluted     2.51   2.18 1.96