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MBC Financial Statement

(Quarterly)

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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%