• personal banking
  • business banking
  • online banking
  • investments
  • planning/tools

MBC Financial Statement

(Yearly)

Font Size 
MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
               
          December 31,
          2008   2007
                              
ASSETS          
  Cash and due from banks   $ 9,795,248 $ 9,072,972
  Federal funds sold   7,548,000   8,631,963
  Interest-bearing deposits in other institutions     112,215   110,387
    Cash and cash equivalents     17,455,464   17,815,322
  Investment securities available for sale     104,270,366   85,967,764
  Loans     321,575,293   309,445,922
  Less allowance for loan losses   3,556,763   3,299,276
    Net loans   318,018,530   306,146,646
  Premises and equipment   8,448,915   7,044,685
  Goodwill   4,558,687   4,371,206
  Bank-owned life insurance     7,440,687   7,153,381
  Accrued interest and other assets   7,654,285   5,774,052
               
    TOTAL ASSETS   $ 467,846,934 $ 434,273,056
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing-demand   $ 42,357,154 $ 41,348,219
    Interest-bearing demand   26,404,660 19,566,035
    Money market   27,845,438   22,684,041
    Savings   68,968,844   76,895,857
    Time   229,243,506   202,423,848
    Total deposits   394,819,601   362,918,000
  Short-term borrowings     1,886,253   1,510,607
  Other borrowings     33,903,019   32,395,319
  Accrued interest and other liabilities   2,178,813   2,487,746
    TOTAL LIABILITIES   432,787,686   399,311,672
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,        
  1,725,381 and 1,701,546 shares issued     27,301,403   26,650,123
  Retained earnings   14,786,353   13,746,956
  Accumulated other comprehensive income     (294,901)   (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   35,059,248   34,961,384
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 467,846,934 $ 434,273,056
               
 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
               
      Year Ended December 31,
            2008        2007        2006
INTEREST AND DIVIDEND INCOME              
Interest and fees on loans   $ 21,426,372 $ 21,063,258 $ 17,092,516
Interest-bearing deposits in other institutions     12,468   155,550   20,175
Federal funds sold     135,104   498,040   117,115
Investment securities:              
Taxable     2,538,237   1,265,673   1,143,375
Tax-exempt     1,810,319   1,774,033   1,038,318
Other dividend income     115,313   116,121   83,051
Total interest and dividend income     26,037,812   24,872,675   19,494,550
               
INTEREST EXPENSE              
Deposits     12,352,211   11,633,010   7,157,226
Short-term borrowings     46,084   92,720   167,475
Other borrowings     1,120,491   1,269,910   1,226,877
Trust preferred securities     539,298   535,279   15,864
Total interest expense     14,058,084 13,530,919 8,567,442
               
NET INTEREST INCOME     11,979,728   11,341,756   10,927,108
               
Provision for loan losses     608,000   429,391   60,000
               
NET INTEREST INCOME AFTER              
PROVISION FOR LOAN LOSSES     11,371,728   10,912,365   10,867,108
               
NONINTEREST INCOME              
Service charges on deposit accounts     1,888,059   1,954,992   1,800,173
Investment securities gains     (344,049)   7,201   (5,868)
Earnings on bank-owned life insurance     287,305   280,638   239,761
Other income     395,191   389,020   393,389
Total noninterest income     2,226,506   2,631,851   2,427,455
               
NONINTEREST EXPENSE              
Salaries and employee benefits     4,911,671   4,458,075   3,675,120
Occupancy     885,904   745,935   507,250
Equipment     539,040   525,250   440,878
Data processing costs     803,230   699,185   634,707
Professional fees     586,873   422,991   333,932
Ohio state franchise tax     468,000   424,873   360,000
Advertising     372,988   316,112   331,644
Postage and freight     243,765   208,554   189,629
Other expense     1,784,882   1,571,675   1,465,213
Total noninterest expense     10,596,352   9,372,650   7,938,373
               
Income before income taxes     3,001,882   4,171,566   5,356,190
Income taxes     387,003   796,223   1,471,943
               
NET INCOME   $ 2,614,879 $ 3,375,343 $ 3,884,247
               
EARNINGS PER SHARE              
Basic   $ 1.71 $ 2.17 $ 2.61
Diluted     1.69   2.14   2.57
               
               
               
See accompanying notes to consolidated financial statements.