MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
          (Unaudited)      
          June 30,     December 31,
          2011     2010
                   
ASSETS              
  Cash and due from banks     $ 15,540   10,473
  Federal funds sold     19,364     20,162
        Cash and cash equivalents     34,904     30,635
  Investment securities available for sale     193,821     201,772
  Loans      385,339     372,498
  Less allowance for loan losses     7,027     6,221
        Net loans     378,312     366,277
  Premises and equipment     7,939     8,179
  Goodwill     4,559     4,559
  Bank-owned life insurance     8,118     7,979
  Accrued interest and other assets     11,921     12,796
               
        TOTAL ASSETS   $ 639,574   632,197
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 58,219   53,391
    Interest-bearing demand     55,315       48,869
    Money market     74,482     71,105
    Savings     160,141     146,993
    Time     221,588     244,893
        Total deposits     569,745     565,251
  Short-term borrowings     6,787     7,632
  Other borrowings     18,694     19,321
  Accrued interest and other liabilities     2,045     1,971
        TOTAL LIABILITIES     597,271     594,175
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,          
   1,843,190 and 1,780,553 shares issued     29,485     28,429
  Retained earnings     16,712     15,840
  Accumulated other comprehensive income     2,840     487
                -
  Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
        TOTAL STOCKHOLDERS' EQUITY     42,303     38,022
               
        TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 639,574   632,197
                 
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,
          2011   2010   2011     2010
INTEREST INCOME            
     Interest and fees on loans    $ 5,399    $ 5,299    $ 10,700    $ 10,396
     Interest-bearing deposits in                
          other institutions     2     3   4 7
     Federal funds sold     4     12   13 23
     Investment securities:                
          Taxable interest     1,289     1,339   2,612 2,542
          Tax-exempt interest     702     647   1,400 1,239
  Dividends on stock     25     32   51 49
                   Total interest income     7,421     7,332   14,780 14,256
                     
INTEREST EXPENSE                
     Deposits     2,004     2,373   4,041 4,858
     Short term borrowings     59     62   118 120
     Other borrowings     104     183   213 373
     Trust preferred securities     137     128   273 264
                   Total interest expense     2,304   2,746   4,645     5,615
                     
NET INTEREST INCOME     5,117     4,586   10,135 8,641
                     
Provision for loan losses     700     690   1,565 1,129
                     
NET INTEREST INCOME AFTER                 
   PROVISION FOR LOAN LOSSES     4,417     3,896   8,570 7,512
                     
NONINTEREST INCOME                
     Service charges on deposit accounts     416     433   844 848
     Investment securities gains (losses), net     (37)     18   (22) 27
     Earnings on bank-owned life insurance     66     65   139 132
     Other income     149     169   332 287
                    Total noninterest income     594     685   1,293 1,294
                     
NONINTEREST EXPENSE                
     Salaries and employee benefits     1,944     1,713   3,634 3,224
     Occupancy expense     223     217   495 493
     Equipment expense     155     204   313 402
     Data processing costs     173     172   353 415
     Ohio state franchise tax     97     134   225 270
     Federal deposit insurance expense     272     190   497 392
     Professional fees     185     188   396 380
     Losses on other real estate owned     323     175   303 214
     Other expense     920     835   1,781 1,596
                    Total noninterest expense     4,292     3,828   7,997 7,386
                     
Income before income taxes     719     753   1,866 1,420
Income taxes (benefit)     (1)     38   144 60
                     
NET INCOME   $ 720   $ 715   $ 1,722   $ 1,360
                     
EARNINGS PER SHARE                
    Basic   $ 0.44   $ 0.46   $ 1.05   $ 0.87
    Diluted     0.44     0.45     1.05     0.87
                     
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26   $ 0.52   $ 0.52
                           
                           
See accompanying notes to the unaudited consolidated financial statements.