The Middlefield Banking Company

The Middlefield Banking Company

 

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 FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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