Middlefield Banc Corp.
Financial Statement
(Yearly)
| MIDDLEFIELD BANC CORP. | ||||||
| CONSOLIDATED BALANCE SHEET | ||||||
| (Dollar amounts in thousands) | ||||||
| December 31, | ||||||
| 2010 | 2009 | |||||
| ASSETS | ||||||
| Cash and due from banks | $ | 10,473 | $ | 12,909 | ||
| Federal funds sold | 20,162 | 28,123 | ||||
| Interest-bearing deposits in other institutions | - | 121 | ||||
| Cash and cash equivalents | 30,635 | 41,153 | ||||
| Investment securities available for sale | 201,772 | 136,711 | ||||
| Loans | 372,498 | 353,597 | ||||
| Less allowance for loan losses | 6,221 | 4,937 | ||||
| Net loans | 366,277 | 348,660 | ||||
| Premises and equipment | 8,179 | 8,394 | ||||
| Goodwill | 4,559 | 4,559 | ||||
| Bank-owned life insurance | 7,979 | 7,707 | ||||
| Accrued interest and other assets | 12,796 | 11,474 | ||||
| TOTAL ASSETS | $ | 632,197 | $ | 558,658 | ||
| LIABILITIES | ||||||
| Deposits: | ||||||
| Noninterest-bearing demand | $ | 53,391 | $ | 44,387 | ||
| Interest-bearing demand | 48,869 | 38,111 | ||||
| Money market | 71,105 | 56,451 | ||||
| Savings | 146,993 | 107,358 | ||||
| Time | 244,893 | 240,799 | ||||
| Total deposits | 565,251 | 487,106 | ||||
| Short-term borrowings | 7,632 | 6,800 | ||||
| Federal funds purchased | - | - | ||||
| Other borrowings | 19,321 | 25,865 | ||||
| Accrued interest and other liabilities | 1,971 | 2,180 | ||||
| TOTAL LIABILITIES | 594,175 | 521,951 | ||||
| STOCKHOLDERS' EQUITY | ||||||
| Common stock, no par value; 10,000,000 shares authorized, | ||||||
| 1,780,553 and 1,754,112 shares issued | 28,429 | 27,919 | ||||
| Retained earnings | 15,840 | 14,960 | ||||
| Accumulated other comprehensive income | 487 | 562 | ||||
| Treasury stock, at cost; 189,530 shares in 2010 and 2009 | (6,734) | (6,734) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 38,022 | 36,707 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 632,197 | $ | 558,658 | ||
| See accompanying notes to the consolidated financial statements. | ||||||
| MIDDLEFIELD BANC CORP. | |||||||||
| CONSOLIDATED STATEMENT OF INCOME | |||||||||
| (Dollar amounts in thousands, except per share data) | |||||||||
| Year Ended December 31, | |||||||||
| 2010 | 2009 | 2008 | |||||||
| INTEREST INCOME | |||||||||
| Interest and fees on loans | $ | 21,084 | $ | 20,271 | $ | 21,426 | |||
| Interest-bearing deposits in | |||||||||
| other institutions | 15 | 15 | 13 | ||||||
| Federal funds sold | 52 | 20 | 135 | ||||||
| Investment securities: | |||||||||
| Taxable interest | 5,185 | 3,794 | 2,538 | ||||||
| Tax-exempt interest | 2,650 | 1,882 | 1,810 | ||||||
| Dividends on stock | 108 | 69 | 116 | ||||||
| Total interest income | 29,094 | 26,051 | 26,038 | ||||||
| INTEREST EXPENSE | |||||||||
| Deposits | 9,504 | 10,296 | 12,352 | ||||||
| Short term borrowings | 249 | 34 | 46 | ||||||
| Other borrowings | 642 | 919 | 1,121 | ||||||
| Trust preferred securities | 550 | 534 | 539 | ||||||
| Total interest expense | 10,945 | 11,783 | 14,058 | ||||||
| NET INTEREST INCOME | 18,149 | 14,268 | 11,980 | ||||||
| Provision for loan losses | 3,580 | 2,578 | 608 | ||||||
| NET INTEREST INCOME AFTER | |||||||||
| PROVISION FOR LOAN LOSSES | 14,569 | 11,690 | 11,372 | ||||||
| NONINTEREST INCOME | |||||||||
| Service charges on deposit accounts | 1,784 | 1,905 | 1,888 | ||||||
| Investment securities gains/(losses), net | 11 | (14) | (344) | ||||||
| Earnings on bank-owned life insurance | 273 | 266 | 287 | ||||||
| Other income | 555 | 511 | 395 | ||||||
| Total noninterest income | 2,623 | 2,668 | 2,226 | ||||||
| NONINTEREST EXPENSE | |||||||||
| Salaries and employee benefits | 6,411 | 5,938 | 4,912 | ||||||
| Occupancy expense | 946 | 928 | 886 | ||||||
| Equipment expense | 626 | 509 | 539 | ||||||
| Data processing costs | 743 | 917 | 803 | ||||||
| Ohio state franchise tax | 348 | 493 | 468 | ||||||
| Federal deposit insurance expense | 1,166 | 707 | 188 | ||||||
| Professional fees | 678 | 673 | 586 | ||||||
| Loss on sale of other real estate owned | 783 | 183 | - | ||||||
| Other expense | 3,062 | 2,302 | 2,214 | ||||||
| Total noninterest expense | 14,763 | 12,650 | 10,596 | ||||||
| Income before income taxes | 2,429 | 1,708 | 3,002 | ||||||
| Income taxes (benefit) | (88) | (73) | 387 | ||||||
| NET INCOME | $ | 2,517 | $ | 1,781 | $ | 2,615 | |||
| EARNINGS PER SHARE | |||||||||
| Basic | $ | 1.60 | $ | 1.15 | $ | 1.72 | |||
| Diluted | 1.60 | 1.15 | 1.69 | ||||||
| DIVIDENDS DECLARED PER SHARE | $ | 1.04 | $ | 1.04 | $ | 1.03 | |||
| See accompanying notes to the consolidated financial statements. | |||||||||
The Middlefield Banking Company, Member FDIC. Equal Housing Lender 
Copyright © 2004- Middlefield Banc Corporation
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