Middlefield Banc Corp.
Financial Statement
(Quarterly)
| MIDDLEFIELD BANC CORP. | ||||||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31 | |||||||
| 2006 | 2005 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 5,217,424 | $ | 5,294,641 | ||||
| Federal funds sold | 5,440,000 | - | ||||||
| Cash and cash equivalents | 10,657,424 | 5,294,641 | ||||||
| Interest-bearing deposits in other institutions | 538,369 | 526,523 | ||||||
| Investment securities available for sale | 55,025,592 | 57,887,130 | ||||||
| Investment securities held to maturity (estimated | ||||||||
| market value of $225,604 and $232,967) | 215,836 | 221,453 | ||||||
| Loans | 244,851,623 | 234,054,797 | ||||||
| Less allowance for loan losses | 3,049,076 | 2,841,098 | ||||||
| Net loans | 241,802,547 | 231,213,699 | ||||||
| Premises and equipment | 6,570,303 | 6,624,776 | ||||||
| Bank-owned life insurance | 6,810,585 | 5,632,982 | ||||||
| Accrued interest and other assets | 4,053,955 | 3,812,987 | ||||||
| TOTAL ASSETS | $ | 325,674,611 | $ | 311,214,191 | ||||
| LIABILITIES | ||||||||
| Deposits: | ||||||||
| Noninterest-bearing demand | $ | 40,490,319 | 39,782,375 | |||||
| Interest-bearing demand | 12,612,933 | 9,362,399 | ||||||
| Money market | 14,908,162 | 13,078,829 | ||||||
| Savings | 57,241,678 | 66,495,057 | ||||||
| Time | 139,452,806 | 120,730,980 | ||||||
| Total deposits | 264,705,898 | 249,449,640 | ||||||
| Short-term borrowings | 1,309,558 | 6,710,914 | ||||||
| Other borrowings | 28,690,292 | 26,578,211 | ||||||
| Accrued interest and other liabilities | 1,401,631 | 1,186,061 | ||||||
| TOTAL LIABILITIES | 296,107,379 | 283,924,826 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock, no par value; 10,000,000 shares authorized, | ||||||||
| 1,448,546 and 1,434,987 shares issued | 16,503,343 | 15,976,335 | ||||||
| Retained earnings | 16,738,454 | 14,959,891 | ||||||
| Accumulated other comprehensive loss | (466,258) | (677,088) | ||||||
| Treasury stock, at cost; 95,080 shares in 2006 and 89,333 shares in 2005 | (3,208,307) | (2,969,773) | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 29,567,232 | 27,289,365 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 325,674,611 | $ | 311,214,191 | ||||
| MIDDLEFIELD BANC CORP | ||||||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2006 | 2005 | |||||||
| INTEREST INCOME | ||||||||
| Interest and fees on loans | $ | 12,598,616 | $ | 11,065,258 | ||||
| Interest-bearing deposits in other institutions | 11,939 | 10,461 | ||||||
| Federal funds sold | 38,328 | 31,057 | ||||||
| Investment securities: | ||||||||
| Taxable interest | 871,259 | 1,041,027 | ||||||
| Tax-exempt interest | 745,368 | 621,423 | ||||||
| Dividends on FHLB stock | 61,517 | 48,761 | ||||||
| Total interest income | 14,327,027 | 12,817,987 | ||||||
| INTEREST EXPENSE | ||||||||
| Deposits | 5,085,705 | 4,041,713 | ||||||
| Short-term borrowings | 145,213 | 60,140 | ||||||
| Other borrowings | 898,771 | 738,223 | ||||||
| Total interest expense | 6,129,689 | 4,840,076 | ||||||
| NET INTEREST INCOME | 8,197,338 | 7,977,911 | ||||||
| Provision for loan losses | 240,000 | 195,000 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,957,338 | 7,782,911 | ||||||
| NONINTEREST INCOME | ||||||||
| Service charges on deposit accounts | 1,310,979 | 1,167,988 | ||||||
| Investment securities losses, net | (5,868) | - | ||||||
| Earnings on bank-owned life insurance | 177,603 | 155,684 | ||||||
| Other income | 305,869 | 243,222 | ||||||
| Total noninterest income | 1,788,583 | 1,566,894 | ||||||
| NONINTEREST EXPENSE | ||||||||
| Salaries and employee benefits | 2,840,361 | 2,758,504 | ||||||
| Occupancy expense | 385,037 | 374,994 | ||||||
| Equipment expense | 301,066 | 327,133 | ||||||
| Data processing costs | 484,270 | 443,775 | ||||||
| Ohio state franchise tax | 270,000 | 270,000 | ||||||
| Other expense | 1,695,434 | 1,567,114 | ||||||
| Total noninterest expense | 5,976,168 | 5,741,520 | ||||||
| Income before income taxes | 3,769,753 | 3,608,285 | ||||||
| Income taxes | 1,033,587 | 1,001,000 | ||||||
| NET INCOME | $ | 2,736,166 | $ | 2,607,285 | ||||
| EARNINGS PER SHARE | ||||||||
| Basic | $ | 2.03 | $ | 1.95 | ||||
| Diluted | 2.00 | 1.92 | ||||||
| DIVIDENDS DECLARED PER SHARE | $ | 0.710 | $ | 0.648 | ||||
The Middlefield Banking Company, Member FDIC. Equal Housing Lender 
Copyright © 2004- Middlefield Banc Corporation
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