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,
          2012     2011
                   
ASSETS            
  Cash and due from banks   $ 33,568    $  15,730
  Federal funds sold     11,778     18,660
        Cash and cash equivalents     45,346     34,390
  Investment securities available for sale, at fair value     194,472     193,977
  Loans      408,433     401,880
  Less allowance for loan losses     7,779     6,819
        Net loans     400,654     395,061
  Premises and equipment, net     8,670     8,264
  Goodwill     4,559     4,559
  Core deposit intangibles     195 235
  Bank-owned life insurance     8,536     8,257
  Accrued interest and other assets     7,856     9,808
             
        TOTAL ASSETS   $ 670,288    $  654,551
             
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand   $ 75,912    $  63,348
    Interest-bearing demand     63,915       55,853
    Money market     81,349     75,621
    Savings     175,406     167,207
    Time     196,753     218,933
        Total deposits     593,335     580,962
  Short-term borrowings     6,538     7,392
  Other borrowings     12,970     16,831
  Accrued interest and other liabilities     2,008     2,113
        TOTAL LIABILITIES     614,851     607,298
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,        
   2,181,763 and  1,951,868 shares issued     34,295     31,240
  Retained earnings     22,485     18,206
  Accumulated other comprehensive income     5,391     4,541
  Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
        TOTAL STOCKHOLDERS' EQUITY     55,437     47,253
             
        TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 670,288    $  654,551
                 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
                       
          Year Ended December 31,
         
          2012     2011 2010
INTEREST INCOME               
     Interest and fees on loans   $ 22,418   $ 21,854   $ 21,084
     Interest-bearing deposits in              
          other institutions     26     14 15
     Federal funds sold     20     12 52
     Investment securities:              
          Taxable interest     3,209     4,862 5,185
          Tax-exempt interest     2,976     2,883 2,650
  Dividends on stock     97     102 108
                   Total interest income     28,746     29,727 29,094
                 
INTEREST EXPENSE            
     Deposits     5,728     7,467 9,504
     Short-term borrowings     261     235 249
     Other borrowings     294     400 642
     Trust preferred securities     164     550 550
                   Total interest expense     6,447     8,652 10,945
                   
NET INTEREST INCOME     22,299     21,075 18,149
                   
Provision for loan losses     2,168     3,085 3,580
                   
NET INTEREST INCOME AFTER               
   PROVISION FOR LOAN LOSSES     20,131     17,990 14,569
                   
NONINTEREST INCOME              
     Service charges on deposit accounts     1,765     1,512 1,784
     Investment securities gains (losses), net     610     (173) 11
     Earnings on bank-owned life insurance     279     278 273
  Gains on sale of loans     85     - -
     Other income     712     620 555
                    Total noninterest income     3,451     2,237 2,623
                   
NONINTEREST EXPENSE              
     Salaries and employee benefits     7,127     7,233 6,411
     Occupancy expense     959     953 946
     Equipment expense     759     556 626
     Data processing costs     772     693 743
     Ohio state franchise tax     590     461 348
     Federal deposit insurance expense     487     966 1,166
     Professional fees     948     800 678
     Losses on other real estate owned     258     497 783
  Advertising expenses     423     439 401
  Other real estate expenses     498     194 82
     Other expense     2,818     2,709 2,579
                    Total noninterest expense     15,639     15,501 14,763
                   
Income before income taxes     7,943     4,726 2,429
Income taxes (benefit)     1,662     596 (88)
                   
NET INCOME   $ 6,281   $ 4,130   $ 2,517
                   
EARNINGS PER SHARE              
    Basic   $ 3.29   $ 2.45   $ 1.60
    Diluted     3.28     2.45     1.60
                   
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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