MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Unaudited)
           
          March 31,   December 31
          2006   2005
             
ASSETS        
  Cash and due from banks   $ 5,729,052 $ 5,294,641
  Interest-bearing deposits in other institutions     529,619   526,523
  Cash and cash equivalents     6,258,671   5,821,164
  Investment securities available for sale     55,888,308   57,887,130
  Investment securities held to maturity
  (estimated market value of $225,429 and $232,967)
  215,819   221,453
  Loans     235,782,594   234,054,797
  Less allowance for loan losses   2,887,945   2,841,098
    Net loans   232,894,649   231,213,699
  Premises and equipment   6,588,122   6,624,776
  Bank-owned life insurance     6,686,204   5,632,982
  Accrued interest and other assets   4,045,067   3,812,987
             
    TOTAL ASSETS   $ 312,576,840      $ 311,214,191
                 
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand   $ 39,562,323   39,782,375
    Interest-bearing demand   11,344,064   9,362,399
    Money market   13,069,480   13,078,829
    Savings   63,086,115   66,495,057
    Time   127,205,866   120,730,980
    Total deposits   254,267,848   249,449,640
  Short-term borrowings     4,118,708   6,710,914
  Other borrowings     25,233,510   26,578,211
  Accrued interest and other liabilities   1,065,190   1,186,061
    TOTAL LIABILITIES   284,685,256   283,924,826
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,      
  1,441,355 and 1,434,987 shares issued     16,203,384   15,976,335
  Retained earnings   15,460,839   14,959,891
  Accumulated other comprehensive loss     (747,065)   (677,088)
  Treasury stock, at cost;
90,694 shares in 2006 and 89,333 shares in 2005
    (3,025,574)   (2,969,773)
    TOTAL STOCKHOLDERS' EQUITY   27,891,584   27,289,365
                     
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 312,576,840 $ 311,214,191
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
       
      Three Months Ended
      March 31,
      2006   2005
INTEREST INCOME        
   Interest and fees on loans $ 3,985,618 $ 3,542,916
Interest-bearing deposits in        
other institutions   3,121   1,971
Federal funds sold   3,579   9,464
Investment securities:        
Taxable interest   305,970   363,677
Tax-exempt interest   245,151   183,452
    Dividends on FHLB stock   17,197   14,432
Total interest income   4,560,636   4,115,912
           
INTEREST EXPENSE        
Deposits   1,540,862   1,295,266
Short term borrowings   60,823   18,854
Other borrowings   272,974   233,591
Total interest expense   1,874,659 1,547,711
           
NET INTEREST INCOME   2,685,977   2,568,201
           
Provision for loan losses   75,000   60,000
           
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   2,610,977   2,508,201
           
NONINTEREST INCOME        
Service charges on deposit accounts   412,842   353,473
Investment securities (losses), net   (5,868)   -
Earnings on bank-owned life insurance   53,222   50,078
Other income   90,130   77,553
Total noninterest income   550,326   481,104
           
NONINTEREST EXPENSE        
Salaries and employee benefits   994,944   1,016,409
Occupancy expense   154,303   134,898
Equipment expense   92,213   108,325
Data processing costs   178,507   149,000
Ohio state franchise tax   90,000   90,000
Other expense   525,764   514,583
Total noninterest expense   2,035,731   2,013,215
           
Income before income taxes   1,125,572   976,090
Income taxes   308,000   262,000
         
NET INCOME $ 817,572 $ 714,090
           
EARNINGS PER SHARE        
Basic   $    0.61      $    0.53
Diluted   0.60   0.53
           
DIVIDENDS DECLARED PER SHARE $ 0.235 $ 0.210