MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
                    (Unaudited)            
September 30, December 31,
2012 2011
ASSETS
Cash and due from banks $ 32,735 $ 15,730
Federal funds sold 19,871 18,660
Cash and cash equivalents 52,606 34,390
Investment securities available for sale 179,140 193,977
Loans  409,175 401,880
Less allowance for loan losses 7,173 6,819
Net loans 402,002 395,061
Premises and equipment 8,701 8,264
Goodwill 4,559 4,559
Bank-owned life insurance 8,465 8,257
Accrued interest and other assets 8,708 10,043
TOTAL ASSETS $ 664,181 $ 654,551
     
LIABILITIES
Deposits:
Noninterest-bearing demand $ 70,505 $ 63,348
Interest-bearing demand 65,164 55,853
Money market 72,831 75,621
Savings 174,273 167,207
Time 201,965 218,933
Total deposits 584,738 580,962
Short-term borrowings 6,518 7,392
Federal funds purchased - -
Other borrowings 15,836 16,831
Accrued interest and other liabilities 2,003 2,113
TOTAL LIABILITIES 609,095 607,298
     
STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized 2,172,934 and 1,951,868 shares issued 34,082 31,240
Retained earnings 21,736 18,206
Accumulated other comprehensive income 6,002 4,541
-
Treasury stock, at cost;  189,530 shares (6,734) (6,734)
TOTAL STOCKHOLDERS' EQUITY 55,086 47,253
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 664,181 $ 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 Nine Months Ended
September 30, September 30,
               2012       2011       2012       2011
INTEREST INCOME
  Interest and fees on loans   $ 5,810   $ 5,555 $ 16,988   $ 16,255
  Interest-bearing deposits in
other institutions 7 4 19 8
  Federal funds sold 6 - 13 13
  Investment securities:
Taxable interest 749 1,220 2,455 3,832
Tax-exempt interest 749 724 2,249 2,124
Dividends on stock 21 25 73 76
Total interest income 7,342 7,528 21,797 22,308
     
INTEREST EXPENSE
  Deposits 1,418 1,836 4,349 5,877
  Short term borrowings 61 59 219 177
  Other borrowings 78 100 244 313
  Trust preferred securities 45 139 122 412
Total interest expense 1,602 2,134 4,934 6,779
           
NET INTEREST INCOME 5,740 5,394 16,863 15,529
Provision for loan losses 143 920 1,193 2,485
     
NET INTEREST INCOME AFTER 
   PROVISION FOR LOAN LOSSES 5,597 4,474 15,670 13,044
     
NONINTEREST INCOME
  Service charges on deposit accounts 481 455 1,383 1,299
  Investment securities gains (losses), net 152 6 448 (16)
  Earnings on bank-owned life insurance 71 70 208 209
  Other income 164 155 640 487
  Total noninterest income 868 686 2,679 1,979
     
NONINTEREST EXPENSE
  Salaries and employee benefits 1,705 1,754 5,255 5,388
  Occupancy expense 233 242 703 737
  Equipment expense 186 175 557 488
  Data processing costs 184 162 574 515
  Ohio state franchise tax 160 126 417 351
  Federal deposit insurance expense 250 176 751 673
  Professional fees 270 181 670 577
  Losses on other real estate owned 188 195 238 498
  Other expense 946 895 2,780 2,676
Total noninterest expense 4,122 3,906 11,945 11,903
           
Income before income taxes 2,343 1,254 6,404 3,120
Income taxes 494 175 1,392 319
                       
NET INCOME   $ 1,849   $ 1,079 $ 5,012   $ 2,801
   
EARNINGS PER SHARE
Basic   $ 0.93   $ 0.63 $ 2.66   $ 1.69
Diluted 0.93 0.63 2.65 1.69
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26 $ 0.78   $ 0.78
   
See accompanying notes to the unaudited consolidated financial statements.