The Middlefield Banking Company

The Middlefield Banking Company

 

Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
      (Unaudited)      
      March 31,     December 31,
       2012      2011
           
ASSETS            
Cash and due from banks   $ 22,022   $ 15,730
Federal funds sold     23,587     18,660
Cash and cash equivalents     45,609     34,390
Investment securities available for sale     183,770     193,977
Loans      404,269     401,880
Less allowance for loan losses     7,267     6,819
Net loans     397,002     395,061
Premises and equipment     8,368     8,264
Goodwill     4,559     4,559
Bank-owned life insurance     8,326     8,257
Accrued interest and other assets     10,315     10,043
           
TOTAL ASSETS   $ 657,949   $ 654,551
           
LIABILITIES          
Deposits:          
Noninterest-bearing demand   $ 64,517   $ 63,348
Interest-bearing demand     63,509       55,853
Money market     71,047     75,621
Savings     172,236     167,207
Time     212,633     218,933
Total deposits     583,942     580,962
Short-term borrowings     7,365     7,392
Other borrowings     16,561     16,831
Accrued interest and other liabilities     1,622     2,113
TOTAL LIABILITIES     609,490     607,298
           
STOCKHOLDERS' EQUITY          
Common stock, no par value; 10,000,000 shares authorized 1,961,217 and 1,836,139 shares issued     31,420     31,240
Retained earnings     19,272     18,206
Accumulated other comprehensive income     4,501     4,541
Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
TOTAL STOCKHOLDERS' EQUITY     48,459     47,253
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 657,949   $ 654,551
             
             
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
      March 31,
      2012     2011
INTEREST INCOME          
Interest and fees on loans   $ 5,537   $ 5,301
Interest-bearing deposits in other institutions     4     2
Federal funds sold     3     9
Investment securities:          
Taxable interest     915     1,323
Tax-exempt interest     747     698
Dividends on stock     26     26
Total interest income     7,232     7,359
           
INTEREST EXPENSE          
Deposits     1,497     2,037
Short term borrowings     59     59
Other borrowings     84     109
Trust preferred securities     46     136
Total interest expense     1,686     2,341
           
NET INTEREST INCOME     5,546     5,018
           
Provision for loan losses     600     865
           
           
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES     4,946     4,153
           
NONINTEREST INCOME          
Service charges on deposit accounts     431     428
Investment securities gains, net     -     15
Earnings on bank-owned life insurance     68     73
Other income     295     183
Total noninterest income     794     699
           
NONINTEREST EXPENSE          
Salaries and employee benefits     1,750     1,690
Occupancy expense     248     272
Equipment expense     170     158
Data processing costs     199     180
Ohio state franchise tax     129     128
Federal deposit insurance expense     243     225
Professional fees     214     211
Loss (gain) on sale of other real estate owned     27     (20)
Other expense     802     861
Total noninterest expense     3,782     3,705
           
Income before income taxes     1,958     1,147
Income taxes      435     145
           
NET INCOME   $ 1,523   $ 1,002
           
EARNINGS PER SHARE          
Basic   $ 0.86   $ 0.62
Diluted     0.86     0.62
           
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26
           
See accompanying notes to the unaudited consolidated financial statements.
The Middlefield Banking Company, Member FDICEqual Housing Lender 
Copyright © 2004- Middlefield Banc Corp.
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