MBC Financial Statement

(Quarterly)

Font Size 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
                 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
           2008       2007       2008       2007
INTEREST INCOME                
Interest and fees on loans $ 5,425,266 $ 5,604,206 $ 16,273,630 $ 15,449,822
Interest-bearing deposits in                
other institutions   1,949   22,159   10,790   127,772
Federal funds sold   22,181   122,029   124,467   383,464
Investment securities:                
Taxable interest   622,184   323,806   1,793,645   844,454
Tax-exempt interest   449,351   468,552   1,360,226   1,310,932
Dividends on FHLB stock   29,514   32,426   88,526   84,193
Total interest income   6,550,445 6,573,178   19,651,284 18,200,637
                 
INTEREST EXPENSE                
Deposits   2,948,998   3,176,508   9,381,666   8,360,623
Short-term borrowings   17,610   35,750   34,793   75,420
Other borrowings   432,055   453,853   1,254,040   1,368,738
Total interest expense   3,398,663 3,666,111   10,670,499 9,804,781
                 
NET INTEREST INCOME   3,151,782   2,907,067   8,980,785   8,395,856
                 
Provision for loan losses   187,000   60,000   357,000   174,391
                 
NET INTEREST INCOME AFTER                
PROVISION FOR LOAN LOSSES   2,964,782   2,847,067   8,623,785   8,221,465
                 
NONINTEREST INCOME                
Service charges on deposit accounts   493,228   494,456   1,417,789   1,427,458
Investment securities gains, net   25,758   -   34,508   -
Earnings on bank-owned life insurance   75,336   69,909   217,798   210,162
Other income   85,925   89,445   284,820   286,061
Total noninterest income   680,247   653,810   1,954,915   1,923,681
                 
NONINTEREST EXPENSE                
Salaries and employee benefits   1,322,026   1,220,646   3,643,199   3,365,646
Occupancy expense   203,298   184,078   643,884   551,586
Equipment expense   150,334   139,197   435,770   393,411
Data processing costs   193,033   186,213   591,098   498,932
Ohio state franchise tax   117,000   109,673   351,000   313,873
Other expense   743,890   577,126   2,159,276   1,888,020
Total noninterest expense   2,729,581   2,416,933   7,824,227   7,011,468
                 
Income before income taxes   915,448   1,083,944   2,754,473   3,133,678
Income taxes   211,000   223,000   530,000   621,128
               
NET INCOME $ 704,448 $ 860,944 $ 2,224,473 $ 2,512,550
                 
EARNINGS PER SHARE                
Basic $ 0.46 $ 0.54 $ 1.45 $ 1.61
Diluted   0.46   0.53   1.44   1.59
                 
DIVIDENDS DECLARED PER SHARE $ 0.260 $ 0.233 $ 0.770 $ 0.690
                 
                 
See accompanying unaudited notes to the consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
         
           September 30,       December 31
    2008   2007
       
ASSETS        
 Cash and due from banks $ 8,263,756 $ 9,072,972
 Federal funds sold 4,570,826   8,631,963
 Interest-bearing deposits in other institutions   112,215   110,387
 Cash and cash equivalents   12,946,798   17,815,322
 Investment securities available for sale   96,371,351   85,967,764
 Loans   320,151,943   309,445,922
 Less allowance for loan losses 3,613,857   3,299,276
 Net loans 316,538,086   306,146,646
 Premises and equipment 8,018,503   7,044,685
 Goodwill 4,371,207   4,371,206
 Bank-owned life insurance   7,371,180   7,153,381
 Accrued interest and other assets 8,450,811   5,774,052
         
 TOTAL ASSETS $ 454,067,936 $ 434,273,056
         
LIABILITIES        
 Deposits:        
 Noninterest-bearing demand $ 40,929,373 $ 41,348,219
 Interest-bearing demand 27,409,745 19,566,035
 Money market 26,831,740   22,684,041
 Savings 69,835,964   76,895,857
 Time 214,957,328   202,423,848
 Total deposits 379,964,150   362,918,000
 Short-term borrowings   1,693,699   1,510,607
 Federal funds purchased   -   -
 Other borrowings   36,687,924   32,395,319
 Accrued interest and other liabilities 2,340,455   2,487,746
 TOTAL LIABILITIES 420,686,229   399,311,672
         
STOCKHOLDERS' EQUITY        
 Common stock, no par value; 10,000,000 shares authorized,        
 1,718,822 and 1,705,608 shares issued   27,159,602   26,650,123
 Retained earnings 14,793,600   13,746,956
 Accumulated other comprehensive loss   (1,837,888)   (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 33,381,707   34,961,384
         
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 454,067,936 $ 434,273,056
         
See accompanying unaudited notes to the consolidated financial statements.