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MBC Financial Statement

(Yearly)

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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.