MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
  
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
INTEREST INCOME
   Interest and fees on loans    $ 5,393,090    $ 5,315,387    $ 10,848,364    $ 9,845,616
Interest-bearing deposits
  in other institutions 3,638 49,724 8,841 105,613
Federal funds sold 22,982 130,200 102,286 261,435
Investment securities:
   Taxable interest 615,132 254,534 1,180,211 520,648
Tax-exempt interest 456,932 459,595 910,875 842,380
Dividends on FHLB stock 29,612 26,272 59,012 51,767
         Total interest income 6,521,386 6,235,712 13,109,589 11,627,459
 
INTEREST EXPENSE
Deposits 3,098,688 2,869,444 6,432,668 5,184,115
Short-term borrowings 7,288 20,455 17,183 39,670
Other borrowings 407,874 469,473 821,985 914,885
Total interest expense 3,513,850 3,359,372 7,271,836 6,138,670
NET INTEREST INCOME 3,007,536 2,876,340 5,837,753 5,488,789
 
Provision for loan losses 95,000 69,391 170,000 114,391
 
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,912,536 2,806,949 5,667,753 5,374,398
 
NONINTEREST INCOME
Service charges on deposit accounts 459,033 481,055 924,561 933,002
Earnings on bank-
  owned life insurance 72,374 68,174 142,462 140,253
Other income 97,060 99,014 198,895 196,616
Total noninterest income 628,467 648,243 1,265,918 1,269,871
 
NONINTEREST EXPENSE
Salaries and employee benefits 1,126,754 1,040,092 2,321,173 2,145,000
Occupancy expense 209,403 198,278 440,586 367,508
Equipment expense 139,326 132,423 285,436 254,214
Data processing costs 188,785 161,471 398,065 312,719
Ohio state franchise tax 117,000 108,200 234,000 204,200
Other expense 797,706 680,369 1,415,386 1,310,894
Total noninterest expense 2,578,974 2,320,833 5,094,646 4,594,535
 
Income before income taxes 962,029 1,134,359 1,839,025 2,049,734
Income taxes 179,000 235,128 319,000 398,128
NET INCOME $ 783,029 $ 899,231 $ 1,520,025 $ 1,651,606
EARNINGS PER SHARE
Basic $ 0.51 $ 0.57 $ 0.99 $ 1.07
Diluted 0.51 0.56 0.98 1.06
DIVIDENDS DECLARED PER SHARE $ 0.260 $ 0.224 $ 0.510 $ 0.457
See accompanying unaudited notes to the consolidated financial statements.
 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
  
June 30, December 31
2008 2007
              
ASSETS
Cash and due from banks $ 9,502,382 $ 9,072,972
Federal funds sold 790,062 8,631,963
Interest-bearing deposits in other institutions 110,387 110,387
Cash and cash equivalents 10,402,831 17,815,322
Investment securities available for sale 93,797,174 85,967,764
Loans 319,350,603 309,445,922
Less allowance for loan losses 3,434,993 3,299,276
Net loans 315,915,610 306,146,646
Premises and equipment 7,974,133 7,044,685
Goodwill 4,371,207 4,371,206
Bank-owned life insurance 7,295,844 7,153,381
Accrued interest and other assets 7,597,413 5,774,052
  
TOTAL ASSETS $ 447,354,212 $ 434,273,056
  
LIABILITIES
Deposits:
Noninterest-bearing demand $ 43,132,291 $ 41,348,219
Interest-bearing demand 23,501,076 19,566,035
Money market 24,849,884 22,684,041
Savings 71,953,596 76,895,857
Time 210,651,595 202,423,848
Total deposits 374,088,442 362,918,000
Short-term borrowings 1,402,320 1,510,607
Federal funds purchased 4,310,000 -
Other borrowings 31,656,317 32,395,319
Accrued interest and other liabilities 2,262,658 2,487,746
TOTAL LIABILITIES 413,719,737 399,311,672
  
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares
  authorized 1,711,920 and 1,701,546 shares issued 26,900,738 26,650,123
Retained earnings 14,594,769 13,746,956
Accumulated other comprehensive income (1,127,425) (52,969)
Treasury stock, at cost; 189,530 shares in
  2008 and 151,745 shares in 2007 (6,733,607) (5,382,726)
TOTAL STOCKHOLDERS' EQUITY 33,634,475 34,961,384
  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 447,354,212 $ 434,273,056
     
See accompanying unaudited notes to the consolidated financial statements.