MBC Financial Statement

(Quarterly)

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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.