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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
                   
    Three Months Ended   Nine Months Ended
    September 30,     September 30,
       2009      2008      2009      2008
INTEREST INCOME                  
Interest and fees on loans $ 5,175,354 $ 5,425,266 $ 15,079,662 $ 16,273,630
Interest-bearing deposits in                  
other institutions   2,293   1,949     11,800   10,790
Federal funds sold   3,936   22,181     10,977   124,467
Investment securities:                  
Taxable interest   975,580   622,184     2,752,897   1,793,645
Tax-exempt interest   474,629   449,351     1,374,847   1,360,226
 Dividends on FHLB stock   15,847   29,514     46,611   88,526
Total interest income   6,647,639 6,550,445     19,276,794 19,651,284
                   
INTEREST EXPENSE                  
Deposits   2,501,502   2,948,998     7,776,369   9,381,666
Short term borrowings   4,987   17,610     15,161   34,793
Other borrowings   354,769   432,055     1,114,899   1,254,040
Total interest expense   2,861,258 3,398,663     8,906,429 10,670,499
                   
NET INTEREST INCOME   3,786,381   3,151,782     10,370,365   8,980,785
                   
Provision for loan losses   1,346,000   187,000     1,760,000   357,000
                   
NET INTEREST INCOME AFTER                  
PROVISION FOR LOAN LOSSES   2,440,381   2,964,782     8,610,365   8,623,785
                   
NONINTEREST INCOME                  
Service charges on deposit accounts   488,747   493,228     1,394,312   1,417,789
Investment securities gains, net   -   25,758     -   34,508
Earnings on bank-owned life insurance   68,413   75,336     197,044   217,798
Other income   133,300   85,925     358,775   284,820
Total noninterest income   690,460   680,247     1,950,131   1,954,915
                   
NONINTEREST EXPENSE                  
Salaries and employee benefits   1,395,388   1,322,026     4,303,972   3,643,199
Occupancy expense   215,768   203,298     691,538   643,884
Equipment expense   151,742   150,334     425,175   435,770
Data processing costs   224,615   193,033     692,362   591,098
Ohio state franchise tax   123,300   117,000     369,900   351,000
FDIC assessment   86,108   71,702     529,268   117,394
Other expense   843,030   672,188     2,326,521   2,041,882
Total noninterest expense   3,039,951   2,729,581     9,338,736   7,824,227
                   
Income before income taxes   90,890   915,448     1,221,760   2,754,473
Income taxes   (122,574)   211,000     (55,574)   530,000
                 
NET INCOME $ 213,464 $ 704,448   $ 1,277,334 $ 2,224,473
                   
EARNINGS PER SHARE                  
Basic $ 0.14 $ 0.46   $ 0.83 $ 1.45
Diluted   0.14   0.46     0.83   1.44
                   
DIVIDENDS DECLARED PER SHARE $ 0.26 $ 0.26   $ 0.78 $ 0.77
                   
                   
See accompanying notes to the unaudited consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
 (Unaudited)
  
    September 30,   December 31
       2009      2008
       
ASSETS        
Cash and due from banks $ 11,143,127 $ 9,795,248
Federal funds sold 19,533,878   7,548,000
Interest-bearing deposits in other institutions   120,885   112,215
Cash and cash equivalents   30,797,890   17,455,463
Investment securities available for sale   116,880,660   104,270,366
Loans   345,918,924   321,575,293
Less allowance for loan losses 4,422,250   3,556,763
Net loans 341,496,674   318,018,530
Premises and equipment 8,256,905   8,448,915
Goodwill 4,558,687   4,558,687
Bank-owned life insurance   7,637,731   7,440,687
Accrued interest and other assets 8,317,212   7,654,287
         
TOTAL ASSETS $ 517,945,759 $ 467,846,935
         
LIABILITIES        
Deposits:        
Noninterest-bearing demand $ 40,963,722 $ 42,357,154
Interest-bearing demand 34,877,418 26,404,660
Money market 42,078,988   27,845,438
Savings 99,322,206   68,968,844
Time 230,686,676   229,243,506
Total deposits 447,929,010   394,819,602
Short-term borrowings   1,667,967   1,886,253
Other borrowings   28,772,173   33,903,019
Accrued interest and other liabilities 2,097,903   2,178,813
TOTAL LIABILITIES 480,467,053   432,787,687
         
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares authorized,        
1,746,304 and 1,725,381 shares issued   27,759,557   27,301,403
Retained earnings 14,860,713   14,786,353
Accumulated other comprehensive income/(loss)   1,592,043   (294,901)
         
Treasury stock, at cost; 189,530 shares in 2009 and 2008   (6,733,607)   (6,733,607)
TOTAL STOCKHOLDERS' EQUITY 37,478,706   35,059,248
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 517,945,759 $ 467,846,935
         
See accompanying notes to the unaudited consolidated financial statements.