The Middlefield Banking Company

The Middlefield Banking Company

 

Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
             
      December 31,
      2011     2010
                 
ASSETS            
Cash and due from banks   $ 16,235   10,473
Federal funds sold     18,660     20,162
Cash and cash equivalents     34,895     30,635
Investment securities available for sale     193,977     201,772
Loans      401,375     372,498
Less allowance for loan losses     6,819     6,221
Net loans     394,556     366,277
Premises and equipment     8,264     8,179
Goodwill     4,559     4,559
Bank-owned life insurance     8,257     7,979
Accrued interest and other assets     10,043     12,796
TOTAL ASSETS   $ 654,551   632,197
         
LIABILITIES        
Deposits:        
Noninterest-bearing demand   $ 63,348   53,391
Interest-bearing demand     55,853       48,869
Money market     75,621     71,105
Savings     167,207     146,993
Time     218,933     244,893
Total deposits     580,962     565,251
Short-term borrowings     7,392     7,632
Other borrowings     16,831     19,321
Accrued interest and other liabilities     2,113     1,971
TOTAL LIABILITIES     607,298     594,175
         
STOCKHOLDERS' EQUITY        
Common stock, no par value; 10,000,000 shares authorized,        
 1,951,868 and 1,780,553 shares issued     31,240     28,429
Retained earnings     18,206     15,840
Accumulated other comprehensive income     4,541     487
Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
TOTAL STOCKHOLDERS' EQUITY     47,253     38,022
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 654,551   632,197
             
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,
      2011     2010 2009
INTEREST INCOME          
Interest and fees on loans      $ 21,854      21,084      20,271
Interest-bearing deposits in other institutions     14     15 15
Federal funds sold     12     52 20
Investment securities:              
Taxable interest     4,862     5,185 3,794
Tax-exempt interest     2,883     2,650 1,882
Dividends on stock     102     108 69
Total interest income     29,727     29,094 26,051
             
INTEREST EXPENSE            
Deposits     7,467     9,504 10,296
Short term borrowings     235     249 34
Other borrowings     400     642 919
Trust preferred securities     550     550 534
Total interest expense     8,652     10,945 11,783
               
NET INTEREST INCOME     21,075     18,149 14,268
               
Provision for loan losses     3,085     3,580 2,578
               
NET INTEREST INCOME AFTER               
PROVISION FOR LOAN LOSSES     17,990     14,569 11,690
               
NONINTEREST INCOME              
Service charges on deposit accounts     1,512     1,784 1,905
Investment securities gains (losses), net     (173)     11 (14)
Earnings on bank-owned life insurance     278     273 266
Other income     620     555 511
Total noninterest income     2,237     2,623 2,668
               
NONINTEREST EXPENSE              
Salaries and employee benefits     7,233     6,411 5,938
Occupancy expense     953     946 928
Equipment expense     556     626 509
Data processing costs     693     743 917
Ohio state franchise tax     461     348 493
Federal deposit insurance expense     966     1,166 707
Professional fees     800     678 673
Losses on other real estate owned     497     783 183
Other expense     3,342     3,062 2,302
Total noninterest expense     15,501     14,763 12,650
               
Income before income taxes     4,726     2,429 1,708
Income taxes (benefit)     596     (88) (73)
               
NET INCOME   $ 4,130   $ 2,517   $ 1,781
               
EARNINGS PER SHARE              
Basic   $ 2.45   $ 1.60   $ 1.15
Diluted     2.45     1.60     1.15
               
DIVIDENDS DECLARED PER SHARE     1.04     1.04 1.04
                 
                 
See accompanying notes to the consolidated financial statements.
                 
                 
The Middlefield Banking Company, Member FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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