The Middlefield Banking Company

The Middlefield Banking Company

 

Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
                     
        December 31,   December 31
        2009   2008
           
ASSETS        
    Cash and due from banks $ 12,908,859 $ 9,795,248
  Federal funds sold 28,122,892   7,548,000
  Interest-bearing deposits in other institutions   120,885   112,215
      Cash and cash equivalents   41,152,636   17,455,463
  Investment securities available for sale   136,711,100   104,270,366
  Loans   353,596,712   321,575,293
  Less allowance for loan losses 4,936,575   3,556,763
    Net loans 348,660,137   318,018,530
  Premises and equipment 8,394,369   8,448,915
  Goodwill 4,558,687   4,558,687
  Bank-owned life insurance   7,706,476   7,440,687
  Accrued interest and other assets 11,474,364   7,654,287
             
    TOTAL ASSETS $ 558,657,769 $ 467,846,935
             
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand $ 44,386,654 $ 42,357,154
    Interest-bearing demand 38,111,042 26,404,660
    Money market 56,451,504   27,845,438
    Savings 107,358,352   68,968,844
    Time 240,798,732   229,243,506
    Total deposits 487,106,284   394,819,602
  Short-term borrowings   6,799,555   1,886,253
  Other borrowings   25,864,508   33,903,019
  Accrued interest and other liabilities 2,180,151   2,178,813
    TOTAL LIABILITIES 521,950,498   432,787,687
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,        
  1,754,112 and 1,725,381 shares issued   27,919,228   27,301,403
  Retained earnings 14,959,428   14,786,353
  Accumulated other comprehensive income/(loss)   562,222   (294,901)
  Treasury stock, at cost; 189,530 shares in 2009 and 2008   (6,733,607)   (6,733,607)
    TOTAL STOCKHOLDERS' EQUITY 36,707,271   35,059,248
             
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 558,657,769 $ 467,846,935
             
             
See accompanying notes to the consolidated financial statements.
             
 
 
 
 
MIDDLEFIELD BANC CORP.
 CONSOLIDATED STATEMENT OF INCOME
 
             
    Year Ended December 31,
         
        2009       2008       2007
INTEREST INCOME            
Interest and fees on loans $ 20,270,987 $ 21,426,372 $ 21,063,258
Interest-bearing deposits in            
other institutions   14,561   12,468   155,550
Federal funds sold   20,557   135,104   498,040
Investment securities:            
Taxable interest   3,794,149   2,538,237   1,265,673
Tax-exempt interest   1,881,752   1,810,319   1,773,292
Dividends on FHLB stock   68,575   115,313   116,121
Total interest income   26,050,581 26,037,813   24,871,934
             
INTEREST EXPENSE            
Deposits   10,296,404   12,352,211   11,633,010
Short term borrowings   34,110   46,084   92,720
Other borrowings   918,600   1,120,491   1,269,910
Trust preferred securities   533,711   539,298   535,279
Total interest expense   11,782,825 14,058,084   13,530,919
             
NET INTEREST INCOME   14,267,756   11,979,729   11,341,015
             
Provision for loan losses   2,578,047   608,000   429,391
             
NET INTEREST INCOME AFTER            
PROVISION FOR LOAN LOSSES   11,689,709   11,371,729   10,911,624
             
NONINTEREST INCOME            
Service charges on deposit accounts   1,905,130   1,888,059   1,954,992
Investment securities gains/(losses), net   (14,323)   (344,049)   7,942
Earnings on bank-owned life insurance   265,788   287,305   280,638
Other income   511,685   395,191   389,020
Total noninterest income   2,668,280   2,226,506   2,632,592
             
NONINTEREST EXPENSE            
Salaries and employee benefits   5,938,239   4,911,671   4,458,075
Occupancy expense   928,425   885,904   745,935
Equipment expense   508,875   539,040   525,250
Data processing costs   916,990   803,230   699,185
Ohio state franchise tax   493,200   468,000   424,873
FDIC assessment   707,328   187,867   49,209
Other expense   3,156,520   2,800,641   2,470,123
Total noninterest expense   12,649,577   10,596,353   9,372,650
             
Income before income taxes   1,708,412   3,001,882   4,171,566
Income taxes   (72,574)   387,003   796,223
           
NET INCOME $ 1,780,986 $ 2,614,879 $ 3,375,343
             
EARNINGS PER SHARE            
Basic $ 1.15 $ 1.72 $ 2.17
Diluted   1.15   1.69   2.14
             
DIVIDENDS DECLARED PER SHARE $ 1.04 $ 1.03 $ 0.94
           
See accompanying notes to the consolidated financial statements.
The Middlefield Banking Company, Member FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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