Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)

		(Unaudited)
		September 30,		December 31,
		2010		2009

ASSETS
Cash and due from banks	$	13,645	$	12,909
Federal funds sold		37,701		28,123
Interest-bearing deposits in other institutions		124		121
Cash and cash equivalents		51,470		41,153
Investment securities available for sale		195,101		136,711
Loans		365,219		353,597
Less allowance for loan losses		5,971		4,937
Net loans		359,248		348,660
Premises and equipment		8,222		8,394
Goodwill		4,559		4,559
Bank-owned life insurance		7,911		7,706
Accrued interest and other assets		10,578		11,475

TOTAL ASSETS	$	637,089	$	558,658

LIABILITIES
Deposits
Noninterest-bearing demand	$	55,448	$	44,387
Interest-bearing demand		44,232		38,111
Money market		71,097		56,451
Savings		141,693		107,358
Time		251,021		240,799
Total deposits		563,491		487,106
Short-term borrowings		7,762		6,800
Federal funds purchased		-		-
Other borrowings		22,035		25,865
Accrued interest and other liabilities		2,111		2,180
TOTAL LIABILITIES		595,399		521,951

STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
1,773,811 and 1,754,112 shares issued		28,315		27,919
Retained earnings		15,558		14,960
Accumulated other comprehensive income		4,551		562

Treasury stock, at cost; 189,530 shares in 2010 and 2009		(6,734)		(6,734)
TOTAL STOCKHOLDERS' EQUITY		41,690		36,707

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	637,089	$	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				Nine Months Ended
		September 30,				September 30,
		2010		2009		2010		2009
INTEREST INCOME
Interest and fees on loans	$	5,325		5,176	$	15,721		15,080
Interest-bearing deposits in
other institutions		3		2		10		12
Federal funds sold		15		4		38		11
Investment securities:
Taxable interest		1,290		976		3,832		2,753
Tax-exempt interest		702		475		1,941		1,375
Dividends on stock		33		15		82		46
Total interest income		7,368		6,648		21,624		19,277

INTEREST EXPENSE
Deposits		2,391		2,501		7,249		7,776
Short term borrowings		66		5		186		15
Other borrowings		147		222		520		717
Trust preferred securities		148		134		412		399
Total interest expense		2,752		2,862		8,367		8,907

NET INTEREST INCOME		4,616		3,786		13,257		10,370

Provision for loan losses		1,226		1,346		2,355		1,760

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		3,390		2,440		10,902		8,610

NONINTEREST INCOME
Service charges on deposit accounts		473		488		1,321		1,394
Investment securities gains, net		18		-		45		-
Earnings on bank-owned life insurance		72		68		204		197
Other income		132		134		419		359
Total noninterest income		695		690		1,989		1,950

NONINTEREST EXPENSE
Salaries and employee benefits		1,543		1,396		4,767		4,304
Occupancy expense		224		215		717		691
Equipment expense		156		152		558		425
Data processing costs		160		224		575		692
Ohio state franchise tax		134		123		404		370
Federal deposit insurance expense		197		86		589		529
Professional fees		110		159		490		444
Loss on sale of other real estate owned		536		128		750		183
Other expense		682		556		2,278		1,700
Total noninterest expense		3,742		3,039		11,128		9,338

Income before income taxes		343		91		1,763		1,222
Income taxes (benefit)		(120)		(122)		(60)		(55)

NET INCOME	$	463		213	$	1,823		1,277

EARNINGS PER SHARE
Basic	$	0.29	$	0.14	$	1.16	$	0.83
Diluted		0.29		0.14		1.16		0.83

DIVIDENDS DECLARED PER SHARE	$	0.26	$	0.26		0.78	$	0.78

See accompanying notes to the unaudited consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

Font Size