Middlefield Banc Corp.
Financial Statement
(Quarterly)
| Middlefield Banc Corp. | ||||||
| Consolidated Balance Sheet | ||||||
| (unaudited) | ||||||
| March 31, | December 31, | |||||
| (Dollar amounts in thousands) | 2010 | 2009 | ||||
| ASSETS | ||||||
| Cash and due from banks | $ | 13,039 | $ | 12,909 | ||
| Federal funds sold | 28,492 | 28,123 | ||||
| Interest-bearing deposits in other institutions | 123 | 121 | ||||
| Cash and cash equivalents | 41,654 | 41,153 | ||||
| Investment securities available for sale | 164,852 | 136,711 | ||||
| Loans | 359,651 | 353,597 | ||||
| Less allowance for loan losses | 5,279 | 4,937 | ||||
| Net loans | 354,372 | 348,660 | ||||
| Premises and equipment | 8,408 | 8,394 | ||||
| Goodwill | 4,559 | 4,559 | ||||
| Bank-owned life insurance | 7,773 | 7,706 | ||||
| Accrued interest and other assets | 12,399 | 11,475 | ||||
| Total Assets | $ | 594,017 | $ | 558,658 | ||
| LIABILITIES | ||||||
| Noninterest-bearing demand | $ | 44,082 | $ | 44,387 | ||
| Interest-bearing demand | 41,959 | 38,111 | ||||
| Money market | 64,808 | 56,451 | ||||
| Savings | 120,544 | 107,358 | ||||
| Time | 250,885 | 240,799 | ||||
| Total deposits | 522,278 | 487,106 | ||||
| Short-term borrowings | 6,772 | 6,800 | ||||
| Other borrowings | 25,374 | 25,865 | ||||
| Accrued interest and other liabilities | 1,847 | 2,180 | ||||
| Total Liabilities | 556,271 | 521,951 | ||||
| STOCKHOLDERS' EQUITY | ||||||
| Common stock | 28,035 | 27,919 | ||||
| Retained earnings | 15,197 | 14,960 | ||||
| Accumulated other comprehensive gain/(loss) | 1,248 | 562 | ||||
| Treasury stock | (6,734) | (6,734) | ||||
| Total Stockholders' Equity | 37,746 | 36,707 | ||||
| Total Liabilities and Stockholders' Equity | $ | 594,017 | $ | 558,658 | ||
| MIDDLEFIELD BANC CORP. | ||||||
| Consolidated Statement of Income | ||||||
| (unaudited) | (unaudited) | |||||
| For the Three Months Ended | ||||||
| March31, | ||||||
| (Dollar amounts in thousands) | 2010 | 2009 | ||||
| INTEREST INCOME | ||||||
| Interest and fees on loans | $ | 5,097 | $ | 4,998 | ||
| Interest-bearing deposits in | ||||||
| other institutions | 4 | 7 | ||||
| Federal funds sold | 11 | 4 | ||||
| Investment securities: | ||||||
| Taxable interest | 1,203 | 853 | ||||
| Tax-exempt interest | 592 | 446 | ||||
| Dividends on FHLB stock | 17 | 16 | ||||
| Total interest income | 6,924 | 6,324 | ||||
| INTEREST EXPENSE | ||||||
| Deposits | 2,485 | 2,716 | ||||
| Short term borrowings | 58 | 6 | ||||
| Other borrowings | 190 | 257 | ||||
| Trust preferred securities | 136 | 132 | ||||
| Total interest expense | 2,869 | 3,111 | ||||
| NET INTEREST INCOME | 4,055 | 3,213 | ||||
| - | ||||||
| Provision for loan losses | 439 | 154 | ||||
| NET INTEREST INCOME AFTER | ||||||
| PROVISION FOR LOAN LOSSES | 3,616 | 3,059 | ||||
| NONINTEREST INCOME | ||||||
| Service charges on deposit accounts | 415 | 439 | ||||
| Investment securities gains, net | 9 | - | ||||
| Earnings on bank-owned life insurance | 67 | 69 | ||||
| Other income | 118 | 116 | ||||
| Total noninterest income | 609 | 624 | ||||
| NONINTEREST EXPENSE | ||||||
| Salaries and employee benefits | 1,511 | 1,371 | ||||
| Occupancy expense | 276 | 255 | ||||
| Equipment expense | 198 | 123 | ||||
| Data processing costs | 243 | 249 | ||||
| Ohio state franchise tax | 136 | 123 | ||||
| Federal deposit insurance expense | 202 | 172 | ||||
| Other expense | 992 | 703 | ||||
| Total noninterest expense | 3,558 | 2,996 | ||||
| Income before income taxes | 667 | 687 | ||||
| Income taxes | 22 | 84 | ||||
| NET INCOME | $ | 645 | $ | 603 | ||
| Per common share data | ||||||
| Net income per common share - basic | $ |
0.41
|
$ |
0.39
|
||
| Net income per common share - diluted | $ |
0.41
|
$ |
0.39
|
||
| Dividends declared | $ |
0.26
|
$ |
0.26
|
||
| Book value per share(period end) | $ |
24.05
|
$ |
23.82
|
||
| Tangible book value per share (period end) | $ |
21.15
|
$ |
20.86
|
||
| Dividend payout ratio |
63.26%
|
66.17%
|
||||
| Average shares outstanding - basic |
1,565,454
|
1,536,930
|
||||
| Average shares outstanding -diluted |
1,567,441
|
1,538,534
|
||||
| Period ending shares outstanding |
1,569,486
|
1,541,247
|
||||
| Selected ratios | ||||||
| Return on average assets | 0.45% | 0.52% | ||||
| Return on average equity | 7.06% | 7.00% | ||||
| Yield on earning assets | 5.45% | 6.11% | ||||
| Cost of interest bearing liabilities | 2.36% | 3.25% | ||||
| Net interest spread | 3.09% | 2.86% | ||||
| Net interest margin | 3.29% | 3.21% | ||||
| Efficiency (1) | 71.60% | 73.59% | ||||
| Equity to assets at period end | 6.35% | 6.57% | ||||
| (1) The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income. | ||||||
| March 31, | March 31, | |||||
| Asset quality data | 2010 | 2009 | ||||
| (Dollar amounts in thousands) | ||||||
| Non-accrual loazzns | $ | 18,140 | $ | 13,370 | ||
| 90 day past due and accruing | 3 | 1,331 | ||||
| Non-performing loans | 18,143 | 14,701 | ||||
| Other real estate owned | 2,175 | 2,164 | ||||
| Non-performing assets | $ | 20,318 | $ | 16,865 | ||
| Allowance for loan losses | $ | 5,279 | $ | 4,937 | ||
| Allowance for loan losses/total loans | 1.47% | 1.40% | ||||
| Net charge-offs: | ||||||
| Quarter-to-date | $ | 97 | $ | 90 | ||
| Year-to-date | 97 | 90 | ||||
| Net charge-offs to average loans | ||||||
| Quarter-to-date | 0.03% | 0.03% | ||||
| Year-to-date | 0.03% | 0.03% | ||||
| Non-performing loans/total loans | 5.04% | 4.16% | ||||
| Allowance for loan losses/non-performing loans | 29.10% | 33.58% | ||||
The Middlefield Banking Company, Member FDIC. Equal Housing Lender 
Copyright © 2004- Middlefield Banc Corporation
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