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)
            June 30,     December 31,
2012 2011
ASSETS
Cash and due from banks   $ 30,908   $ 15,730
Federal funds sold 11,953 18,660
Cash and cash equivalents 42,861 34,390
Investment securities available for sale 173,446 193,977
Loans  410,868 401,880
Less allowance for loan losses 7,752 6,819
Net loans 403,116 395,061
Premises and equipment, net 8,598 8,264
Goodwill 4,559 4,559
Bank-owned life insurance 8,394 8,257
Accrued interest and other assets 8,866 10,043
TOTAL ASSETS   $ 649,840   $ 654,551
   
LIABILITIES
Deposits:
Noninterest-bearing demand   $ 65,969   $ 63,348
Interest-bearing demand 61,935 55,853
Money market 67,533 75,621
Savings 171,150 167,207
Time 205,142 218,933
Total deposits 571,729 580,962
Short-term borrowings 6,959 7,392
Federal funds purchased - -
Other borrowings 16,363 16,831
Accrued interest and other liabilities 1,631 2,113
TOTAL LIABILITIES 596,682 607,298
   
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
 2,166,851 and 1,951,869 shares issued 33,944 31,240
Retained earnings 20,399 18,206
Accumulated other comprehensive income 5,549 4,541
Treasury stock, at cost;  189,530 shares (6,734) (6,734)
       
TOTAL STOCKHOLDERS' EQUITY 53,158 47,253
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 649,840   $ 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 Six Months Ended
June 30, June 30,
        2012     2011     2012     2011
INTEREST INCOME
Interest and fees on loans   $ 5,641   $ 5,399 $ 11,178   $ 10,700
Interest-bearing deposits in
other institutions 8 2 12 4
Federal funds sold 4 4 7 13
Investment securities:
Taxable interest 791 1,289 1,706 2,612
Tax-exempt interest 753 702 1,500 1,400
Dividends on stock 26 25 52 51
Total interest income 7,223 7,421 14,455 14,780
   
INTEREST EXPENSE
Deposits 1,434 2,004 2,931 4,041
Short-term borrowings 99 59 158 118
Other borrowings 82 104 166 213
Trust preferred securities 31 137 77 273
Total interest expense 1,646 2,304 3,332 4,645
           
NET INTEREST INCOME 5,577 5,117 11,123 10,135
           
Provision for loan losses 450 700 1,050 1,565
   
NET INTEREST INCOME AFTER 
   PROVISION FOR LOAN LOSSES 5,127 4,417 10,073 8,570
   
NONINTEREST INCOME
Service charges on deposit accounts 471 416 902 844
Investment securities gains (losses), net 296     (37) 296 (22)
Earnings on bank-owned life insurance 69 66 137 139
Other income 181 149 476 332
  Total noninterest income 1,017 594 1,811 1,293
   
NONINTEREST EXPENSE
Salaries and employee benefits 1,800 1,944 3,550 3,634
Occupancy expense 222 223 470 495
Equipment expense 201 155 371 313
Data processing costs 191 173 390 353
Ohio state franchise tax 128 97 257 225
Federal deposit insurance expense 258 272 501 497
Professional fees 186 185 400 396
Losses on other real estate owned 32 323 50 303
Other expense 1,023 920 1,834 1,781
  Total noninterest expense 4,041 4,292 7,823 7,997
           
Income before income taxes 2,103 719 4,061 1,866
Income taxes (benefit) 463 (1) 898 144
                         
NET INCOME   $ 1,640   $ 720 $ 3,163   $ 1,722
 
EARNINGS PER SHARE
Basic   $ 0.85   $ 0.44 $ 1.72   $ 1.05
Diluted 0.85 0.44 1.72 1.05
                       
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26 $ 0.52   $ 0.52
   
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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