MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
(Unaudited)
June 30, December 31,
2010 2009
  
ASSETS
Cash and due from banks     $ 15,065     $ 12,909
Federal funds sold 22,152 28,123
Interest-bearing deposits in other institutions 124 121
Cash and cash equivalents 37,341 41,153
Investment securities available for sale 178,963 136,711
Loans 364,762 353,597
Less allowance for loan losses 5,834 4,937
Net loans 358,928 348,660
Premises and equipment 8,360 8,394
Goodwill 4,559 4,559
Bank-owned life insurance 7,839 7,706
Accrued interest and other assets 10,949 11,475
  
TOTAL ASSETS $ 606,939 $ 558,658
  
LIABILITIES
Deposits:
Noninterest-bearing demand $ 51,118 $ 44,387
Interest-bearing demand 40,055 38,111
Money market 65,275 56,451
Savings 131,818 107,358
Time 244,829 240,799
Total deposits 533,095 487,106
Short-term borrowings 7,201 6,800
Federal funds purchased - -
Other borrowings 25,040 25,865
Accrued interest and other liabilities 1,995 2,180
TOTAL LIABILITIES 567,331 521,951
  
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
1,767,301 and 1,754,112 shares issued 28,201 27,919
Retained earnings 15,504 14,960
Accumulated other comprehensive income 2,637 562
  
Treasury stock, at cost; 189,530 shares in 2010 and 2009 (6,734) (6,734)
TOTAL STOCKHOLDERS' EQUITY 39,608 36,707
  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 606,939 $ 558,658
   
See accompanying notes to the unaudited consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
INTEREST INCOME
Interest and fees on loans    $  5,299    $  4,906    $  10,396    $  9,904
Interest-bearing deposits in
other institutions  3  3  7  10
Federal funds sold  12  3  23  7
Investment securities:
Taxable interest  1,339  924  2,542  1,777
Tax-exempt interest  647  454  1,239  900
Dividends on FHLB stock  32  15  49  31
Total interest income  7,332  -  6,305  14,256  -  12,629
  
INTEREST EXPENSE
Deposits  2,373  2,559  4,858  5,275
Short-term borrowings  62  4  120  10
Other borrowings  183  238  373  495
Trust preferred Securities  128  133  264  265
Total interest expense  2,746     2,934  5,615  6,045
  
NET INTEREST INCOME  4,586  3,371  8,641  6,584
  
Provision for loan losses  690  260  1,129  414
  
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES  3,896  3,111  7,512  6,170
  
NONINTEREST INCOME
Service charges on deposit accounts  433  467  848  906
Investment securities gains, net  18  -  27  -
Earnings on bank-owned life insurance  65  60  132  129
Other income  169  109  287  225
Total noninterest income  685  636  1,294  1,260
  
NONINTEREST EXPENSE
Salaries and employee benefits  1,713  1,537  3,224  2,908
Occupancy expense  217  221  493  476
Equipment expense  204  150  402  273
Data processing costs  172  219  415  468
Ohio state franchise tax  134  124  270  247
FDIC assessment  190  271  392  443
Professional fees  188  132  380  285
Loss on sale of other real estate owned  39  55  214  55
Other expense  971  594  1,596  1,144
Total noninterest expense  3,828  3,303  7,386  6,299
  
Income before income taxes  753  444  1,420  1,131
Income taxes  38  (17)  60  67
  
NET INCOME $  715 $  461  $  1,360  $  1,064
  
EARNINGS PER SHARE    
Basic $  0.46 $  0.30 $  0.87 $  0.69
Diluted    0.45    0.30    0.87    0.69
DIVIDENDS DECLARED PER SHARE $  0.26 $  0.26 $  0.52 $  0.52
  
See accompanying notes to the unaudited consolidated financial statements.