The Middlefield Banking Company

The Middlefield Banking Company

 

Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
               
          December 31,
          2007   2006
               
ASSETS             
    Cash and due from banks     $ 9,072,972 $ 6,893,148
  Federal funds sold   8,631,963   6,200,000
  Interest-bearing deposits in other institutions     110,387   546,454
     Cash and cash equivalents     17,815,322   13,639,602
  Interest-bearing deposits in other institutions      
  Investment securities available for sale     85,967,764   63,048,135
  Investment securities held to maturity
(estimated market value of $0 and $134,306)
    125,853
  Loans     309,445,922   249,190,534
  Less allowance for loan losses   3,299,276   2,848,887
    Net loans   306,146,646   246,341,647
  Premises and equipment   7,044,685   6,742,465
  Goodwill   4,371,206  
  Bank-owned life insurance     7,153,381   6,872,743
  Accrued interest and other assets   5,774,052   4,081,259
    TOTAL ASSETS   $ 434,273,056 $ 340,851,704
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 41,348,219 $ 41,002,573
    Interest-bearing demand   19,566,035 11,724,173
    Money market   22,684,041   14,738,767
    Savings   76,895,857   54,246,499
    Time   202,423,848   149,338,181
    Total deposits   362,918,000   271,050,193
  Short-term borrowings     1,510,607   1,609,738
  Federal funds purchased      
  Other borrowings     32,395,319   36,112,738
  Trust preferred securities      
  Accrued interest and other liabilities   2,413,494   1,615,101
  
    TOTAL LIABILITIES   399,237,420   310,387,770
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,
1,701,546 and 1,593,434 shares issued
    26,650,123   19,507,257
  Retained earnings   13,821,208   14,685,971
  Accumulated other comprehensive income     (52,969)   (520,987)
  Treasury stock, at cost; 151,745 shares in 2007
and 95,080 shares in 2006
  (5,382,726)   (3,208,307)
    TOTAL STOCKHOLDERS' EQUITY   35,035,636   30,463,934
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 434,273,056 $ 340,851,704
               
               
See accompanying notes to consolidated financial statements.    
 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
                 
        Year Ended December 31,
        2007   2006   2005
INTEREST AND DIVIDEND INCOME              
   Interest and fees on loans    $ 21,063,258    $ 17,092,516    $ 15,040,518
Interest-bearing deposits in other institutions     155,550   20,175   15,500
Federal funds sold     498,040   117,115   35,173
Investment securities:            
   Taxable     1,265,673   1,143,375   1,353,035
Tax-exempt     1,774,033   1,038,318   864,745
Other dividend income     116,121   83,051   69,533
   Total interest and dividend income     24,872,675   19,494,550   17,378,504
                 
INTEREST EXPENSE              
Deposits     11,633,010   7,157,226   5,520,206
Short term borrowings     628,000   167,475   103,836
Other borrowings     734,630   1,226,877   1,030,572
Trust preferred securities     535,279   15,864  
Total interest expense     13,530,919 8,567,442 6,654,614
                 
NET INTEREST INCOME     11,341,756   10,927,108   10,723,890
                 
Provision for loan losses     429,391   60,000   302,000
                 
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES
    10,912,365   10,867,108   10,421,890
                 
NONINTEREST INCOME              
Service charges on deposit accounts     1,954,992   1,800,173   1,579,121
Investment securities gains     7,201   (5,868)  
Earnings on bank-owned life insurance     280,638   239,761   208,677
Other income     389,020   393,389   331,439
Total noninterest income     2,631,851   2,427,455   2,119,237
                 
NONINTEREST EXPENSE              
Salaries and employee benefits     4,458,075   3,675,120   3,568,603
Occupancy     745,935   507,250   495,982
Equipment     525,250   440,878   432,635
Data processing costs     693,987   634,707   625,856
Professional fees     422,991   333,932   293,138
Ohio state franchise tax     424,873   360,000   284,950
Advertising     316,112   331,644   302,679
Postage and freight     208,554   189,629   189,970
Other expense     1,576,873   1,465,213   1,230,826
Total noninterest expense     9,372,650   7,938,373   7,424,639
                 
Income before income taxes     4,171,566   5,356,190   5,116,488
Income taxes     796,223   1,471,943   1,415,156
               
NET INCOME   $ 3,375,343 $ 3,884,247 $ 3,701,332
                 
EARNINGS PER SHARE              
  Basic   $ 2.17 $ 2.60 $ 2.50
  Diluted     2.14   2.56   2.46
                 
See accompanying notes to consolidated financial statements.        
The Middlefield Banking Company, Member FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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