The Middlefield Banking Company

The Middlefield Banking Company

 

Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
         
          March 31,   December 31
          2009   2008
             
ASSETS          
  Cash and due from banks   $ 12,569,069 $ 9,795,248
  Federal funds sold   5,780,125   7,548,000
  Interest-bearing deposits in other institutions     118,694   112,215
    Cash and cash equivalents     18,467,888   17,455,463
  Investment securities available for sale     102,323,856   104,270,366
  Loans     326,688,314   321,575,293
  Less allowance for loan losses   3,620,618   3,556,763
    Net loans   323,067,696   318,018,530
  Premises and equipment   8,332,898   8,448,915
  Goodwill   4,558,687   4,558,687
  Bank-owned life insurance     7,509,264   7,440,687
  Accrued interest and other assets   9,113,608   7,654,287
               
    TOTAL ASSETS   $ 473,373,898 $ 467,846,935
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 43,271,194 $ 42,357,154
    Interest-bearing demand   29,753,343 26,404,660
    Money market   31,058,973   27,845,438
    Savings   77,705,826   68,968,844
    Time     222,296,346       229,243,506
        Total deposits   404,085,682   394,819,602
  Short-term borrowings     1,532,609   1,886,253
  Federal funds purchased     -   -
  Other borrowings     30,889,915   33,903,019
  Accrued interest and other liabilities   2,007,485   2,178,813
    TOTAL LIABILITIES   438,515,691   432,787,687
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,        
  1,730,777 and 1,725,381546 shares issued     27,427,697   27,301,403
  Retained earnings   14,990,150   14,786,353
  Accumulated other comprehensive income     (826,033)   (294,901)
  Treasury stock, at cost; 189,530 shares in 2009 and 2008   (6,733,607)   (6,733,607)
    TOTAL STOCKHOLDERS' EQUITY   34,858,207   35,059,248
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 473,373,898 $ 467,846,935
               
See accompanying unaudited notes to the consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
       
      Three Months Ended
      March 31,
      2009   2008
INTEREST INCOME          
Interest and fees on loans $ 4,998,102 $ 5,455,274
Interest-bearing deposits in        
other institutions     7,235   5,203
Federal funds sold     3,756   79,304
Investment securities:          
Taxable interest     853,197   565,079
Tax-exempt interest     446,324   453,943
Dividends on FHLB stock   15,369   29,400
Total interest income   6,323,983 - 6,588,203
           
INTEREST EXPENSE          
Deposits     2,716,220   3,333,980
Short-term borrowings     5,663   9,895
Other borrowings     388,655   414,111
Total interest expense   3,110,539 3,757,986
           
NET INTEREST INCOME     3,213,444   2,830,217
           
Provision for loan losses     154,000   75,000
           
NET INTEREST INCOME AFTER        
PROVISION FOR LOAN LOSSES   3,059,444   2,755,217
           
NONINTEREST INCOME          
Service charges on deposit accounts   438,913   465,528
Investment securities losses, net   -   -
Earnings on bank-owned life insurance   68,577   70,088
Other income     115,961   101,835
Total noninterest income   623,451   637,451
           
NONINTEREST EXPENSE          
Salaries and employee benefits   1,370,580   1,194,419
Occupancy expense     254,916   231,183
Equipment expense     122,695   146,110
Data processing costs     248,882   209,280
Ohio state franchise tax     123,300   117,000
Other expense     875,415   617,680
Total noninterest expense   2,995,788   2,515,672
           
Income before income taxes     687,107   876,996
Income taxes     84,000   140,000
           
NET INCOME   $ 603,107 $ 736,996
           
EARNINGS PER SHARE          
Basic   $ 0.38 $ 0.48
Diluted     0.38   0.47
           
DIVIDENDS DECLARED PER SHARE $ 0.260 $ 0.250
           
           
See accompanying unaudited notes to the consolidated financial statements.
The Middlefield Banking Company, Member FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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