The Middlefield Banking Company

The Middlefield Banking Company

 

Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
        December 31,
        2005   2004
             
ASSETS        
  Cash and due from banks $ 5,294,641 $ 5,311,776
  Federal funds sold  
    Cash and cash equivalents   5,294,641   5,311,776
  Interest-bearing deposits in other institutions   526,523   614,506
  Investment securities available for sale   57,887,130   57,240,965
  Investment securities held to maturity (estimated        
  market value of $232,967 and $221,412) 221,453   221,412
  Loans   234,054,797   215,653,283
  Less allowance for loan losses 2,841,098   2,623,431
    Net loans 231,213,699   213,029,852
  Premises and equipment 6,624,776   6,617,594
  Bank-owned life insurance   5,632,982   5,424,304
  Accrued interest and other assets 3,812,987   2,753,577
             
    TOTAL ASSETS $ 311,214,191 $ 291,213,986
             
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand $ 39,782,375 $ 36,331,809
    Interest-bearing demand 9,362,399 8,817,873
    Money market 13,078,829   15,666,730
    Savings 64,097,131   75,280,343
    Time 123,128,906   103,788,696
    Total deposits 249,449,640   239,885,451
  Short-term borrowings   6,710,914   1,871,763
  Federal funds purchased    
  Other borrowings   26,578,211   23,683,324
  Accrued interest and other liabilities 1,186,061   951,424
    TOTAL LIABILITIES 283,924,826   266,391,962
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,        
  1,434,987 and 1,355,488 shares issued   15,976,335   12,815,927
  Retained earnings 14,959,891   15,004,552
  Accumulated other comprehensive income   (677,088)   (28,682)
  Treasury stock, at cost (89,333 shares)   (2,969,773)   (2,969,773)
    TOTAL STOCKHOLDERS' EQUITY 27,289,365   24,822,023
             
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 311,214,191 $ 291,213,986
             
See accompanying notes to consolidated financial statements.        
 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
      Year Ended December 31,
      2005   2004   2003
INTEREST AND DIVIDEND INCOME            
Interest and fees on loans $ 15,040,518 $ 13,617,560 $ 12,846,525
Interest-bearing deposits in other institutions   15,500   5,641   17,188
Federal funds sold   35,173   50,608   48,947
Investment securities:            
Taxable   1,353,035   1,400,063   1,196,221
Tax-exempt   864,745   604,399   486,485
 Other dividend income   69,533   54,265   51,797
Total interest and dividend income   17,378,504   15,732,536   14,647,163
               
INTEREST EXPENSE            
Deposits   5,520,206   4,905,899   4,905,826
Short term borrowings   103,836   2,180   4,048
Other borrowings   1,030,572   860,819   815,033
Total interest expense   6,654,614 5,768,898 5,724,907
               
NET INTEREST INCOME   10,723,890   9,963,638   8,922,256
               
Provision for loan losses   302,000   174,000   315,000
               
NET INTEREST INCOME AFTER            
PROVISION FOR LOAN LOSSES   10,421,890   9,789,638   8,607,256
               
NONINTEREST INCOME            
Service charges on deposit accounts   1,579,121   1,402,027   1,033,928
Investment securities gains     (98,375)   542
Earnings on bank-owned life insurance   208,677   221,919   202,385
Other income   331,439   253,561   191,289
Total noninterest income   2,119,237   1,779,132   1,428,144
               
NONINTEREST EXPENSE            
Salaries and employee benefits   3,568,603   3,442,262   3,085,451
Occupancy   495,982   494,759   403,591
Equipment   432,635   356,346   333,163
Data processing costs   625,856   538,349   470,393
Professional fees   293,138   252,731   218,838
Ohio state franchise tax   284,950   285,050   265,050
Advertising   302,679   253,858   168,849
Postage and freight   189,970   178,717   161,632
Other expense   1,230,827   1,163,535   998,483
Total noninterest expense   7,424,640   6,965,607   6,105,450
               
Income before income taxes   5,116,487   4,603,163   3,929,950
Income taxes   1,415,156   1,330,000   1,131,330
             
NET INCOME $ 3,701,331 $ 3,273,163 $ 2,798,620
               
EARNINGS PER SHARE            
    Basic $ 2.90 $ 2.41 $ 2.09
    Diluted   2.85   2.39   2.08
               
               
               
See accompanying notes to consolidated financial statements.        
The Middlefield Banking Company, Member FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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