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,
      2009   2008     2009   2008
INTEREST INCOME                                
Interest and fees on loans $ 4,906,206 $ 5,393,090   $ 9,904,308 $ 10,848,364
Interest-bearing deposits in                  
other institutions     2,272   3,638     9,507   8,841
Federal funds sold     3,285   22,982     7,041   102,286
Investment securities:               -    
Taxable interest     924,120   606,382     1,777,317   1,171,461
Tax-exempt interest     453,894   456,932     900,218   910,875
Dividends on FHLB stock   15,395   29,612     30,764   59,012
Total interest income   6,305,172 - 6,512,636     12,629,155 - 13,100,839
                     
INTEREST EXPENSE                    
Deposits     2,558,647   3,098,688     5,274,867   6,432,668
Short term borrowings     4,511   7,288     10,174   17,183
Other borrowings     371,475   407,874     760,130   821,985
Total interest expense   2,934,633 3,513,850     6,045,171 7,271,836
                     
NET INTEREST INCOME     3,370,539   2,998,786     6,583,984   5,829,003
                     
Provision for loan losses     260,000   95,000     414,000   170,000
                     
NET INTEREST INCOME AFTER                  
PROVISION FOR LOAN LOSSES   3,110,539   2,903,786     6,169,984   5,659,003
                     
NONINTEREST INCOME                    
Service charges on deposit accounts   466,652   459,033     905,565   924,561
Investment securities losses, net   -   8,750     -   8,750
Earnings on bank-owned life insurance   60,054   72,374     128,631   142,462
Other income     109,514   97,060     225,475   198,895
Total noninterest income   636,220   637,217     1,259,671   1,274,668
                     
NONINTEREST EXPENSE                    
Salaries and employee benefits   1,538,004   1,126,754     2,908,584   2,321,173
Occupancy expense     220,854   209,403     475,770   440,586
Equipment expense     150,738   139,326     273,433   285,436
Data processing costs     218,865   188,785     467,747   398,065
Ohio state franchise tax     123,300   117,000     246,600   234,000
FDIC assessment     271,119   28,790     443,160   45,692
Other expense     780,117   768,916     1,483,491   1,369,694
Total noninterest expense   3,302,997   2,578,974     6,298,785   5,094,646
                     
Income before income taxes     443,762   962,029     1,130,870   1,839,025
Income taxes     (17,000)   179,000     67,000   319,000
                   
NET INCOME   $ 460,762 $ 783,029   $ 1,063,870 $ 1,520,025
                     
EARNINGS PER SHARE                    
Basic   $ 0.30 $ 0.51   $ 0.69 $ 0.99
Diluted     0.30   0.51     0.69   0.98
                     
DIVIDENDS DECLARED PER SHARE $ 0.260 $ 0.260   $ 0.520 $ 0.510
                     
See accompanying notes to the unaudited consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Unaudited)
      June 30,   December 31
        2009       2008
         
ASSETS          
Cash and due from banks   $ 9,169,682 $ 9,795,248
Federal funds sold   7,530,082   7,548,000
Interest-bearing deposits in other institutions     120,056   112,215
Cash and cash equivalents     16,819,820   17,455,463
Investment securities available for sale     101,635,476   104,270,366
Loans     335,513,351   321,575,293
Less allowance for loan losses   3,668,122   3,556,763
Net loans   331,845,229   318,018,530
Premises and equipment   8,300,496   8,448,915
Goodwill   4,558,687   4,558,687
Bank-owned life insurance     7,569,318   7,440,687
Accrued interest and other assets   8,990,338   7,654,287
           
TOTAL ASSETS   $ 479,719,364 $ 467,846,935
           
LIABILITIES          
Deposits:          
Noninterest-bearing demand   $ 41,512,139 $ 42,357,154
Interest-bearing demand   30,732,983 26,404,660
Money market   34,704,138   27,845,438
Savings   87,205,502   68,968,844
Time   216,345,304   229,243,506
Total deposits   410,500,065   394,819,602
Short-term borrowings     1,237,795   1,886,253
Federal funds purchased      
Other borrowings     30,104,627   33,903,019
Accrued interest and other liabilities   2,198,215   2,178,813
  
TOTAL LIABILITIES   444,040,702   432,787,687
           
STOCKHOLDERS' EQUITY          
Common stock, no par value; 10,000,000 shares authorized 1,739,382 and 1,725,381 shares issued     27,617,948   27,301,403
Retained earnings   15,050,193   14,786,353
Accumulated other comprehensive loss     (255,872)   (294,901)
Treasury stock, at cost; 189,530 shares in 2009 and 2008   (6,733,607)   (6,733,607)
 
TOTAL STOCKHOLDERS' EQUITY   35,678,662   35,059,248
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 479,719,364 $ 467,846,935
           
See accompanying notes to the unaudited consolidated financial statements.