Attached files
file | filename |
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8-K - FORM 8-K - MIDDLEFIELD BANC CORP | c12652e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - MIDDLEFIELD BANC CORP | c12652exv99w1.htm |
Exhibit 99.2
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
Consolidated Selected Financial Highlights
December 31, 2010 and December 31, 2009
(unaudited) | ||||||||
Balance Sheet as of | December 31, | December 31, | ||||||
(Dollar amounts in thousands) | 2010 | 2009 | ||||||
Assets |
||||||||
Cash and due from banks |
$ | 10,473 | $ | 12,909 | ||||
Federal funds sold |
20,162 | 28,123 | ||||||
Interest-bearing deposits in other
institutions |
0 | 121 | ||||||
Cash and cash equivalents |
30,635 | 41,153 | ||||||
Investment securities available for sale |
201,772 | 136,711 | ||||||
Loans: |
372,498 | 353,597 | ||||||
Less: reserve for loan losses |
6,221 | 4,937 | ||||||
Net loans |
366,277 | 348,660 | ||||||
Premises and equipment |
8,179 | 8,394 | ||||||
Goodwill |
4,559 | 4,559 | ||||||
Bank-owned life insurance |
7,979 | 7,707 | ||||||
Accrued interest receivable and other
assets |
12,796 | 11,474 | ||||||
Total Assets |
$ | 632,197 | $ | 558,658 | ||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Liabilities and Stockholders Equity |
||||||||
Non-interest bearing demand deposits |
$ | 53,391 | $ | 44,387 | ||||
Interest bearing demand deposits |
48,869 | 38,111 | ||||||
Money market accounts |
71,105 | 56,451 | ||||||
Savings deposits |
146,993 | 107,358 | ||||||
Time deposits |
244,893 | 240,799 | ||||||
Total Deposits |
565,251 | 487,106 | ||||||
Short-term borrowings |
7,632 | 6,800 | ||||||
Other borrowings |
19,321 | 25,865 | ||||||
Other liabilities |
1,971 | 2,180 | ||||||
Total Liabilities |
594,175 | 521,951 | ||||||
Common equity |
28,429 | 27,919 | ||||||
Retained earnings |
15,840 | 14,960 | ||||||
Accumulated other comprehensive income |
487 | 562 | ||||||
Treasury stock |
(6,734 | ) | (6,734 | ) | ||||
Total Stockholders Equity |
38,022 | 36,707 | ||||||
Total Liabilities and Stockholders Equity |
$ | 632,197 | $ | 558,658 | ||||
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
Consolidated Selected Financial Highlights
December 31, 2010 and December 31, 2009
(Dollar amounts in thousands)
(Dollar amounts in thousands)
(unaudited) | (unaudited) | |||||||||||||||
For the Three Months Ended | For the Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
Income Statement | 2010 | 2009 | 2010 | 2009 | ||||||||||||
INTEREST INCOME |
||||||||||||||||
Interest and fees on loans |
$ | 5,363 | $ | 5,191 | $ | 21,084 | $ | 20,271 | ||||||||
Interest-bearing deposits in other institutions |
5 | 3 | 15 | 15 | ||||||||||||
Federal funds sold |
14 | 10 | 52 | 20 | ||||||||||||
Investment securities |
||||||||||||||||
Taxable interest |
1,353 | 1,041 | 5,185 | 3,794 | ||||||||||||
Tax-exempt interest |
709 | 507 | 2,650 | 1,882 | ||||||||||||
Dividends on Stock |
26 | 22 | 108 | 69 | ||||||||||||
Total interest income |
7,470 | 6,774 | 29,094 | 26,051 | ||||||||||||
INTEREST EXPENSE |
||||||||||||||||
Deposits |
2,255 | 2,520 | 9,504 | 10,296 | ||||||||||||
Short term borrowings |
63 | 19 | 249 | 34 | ||||||||||||
Other borrowings |
121 | 203 | 642 | 919 | ||||||||||||
Trust preferred securities |
138 | 135 | 550 | 534 | ||||||||||||
Total interest expense |
2,577 | 2,877 | 10,945 | 11,783 | ||||||||||||
NET INTEREST INCOME |
4,893 | 3,897 | 18,149 | 14,268 | ||||||||||||
Provision for loan losses |
1,225 | 818 | 3,580 | 2,578 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES |
3,668 | 3,079 | 14,569 | 11,690 | ||||||||||||
NONINTEREST INCOME |
||||||||||||||||
Service charges on deposits |
463 | 511 | 1,784 | 1,905 | ||||||||||||
Net securities gains (losses) |
(34 | ) | (14 | ) | 11 | (14 | ) | |||||||||
Earnings on bank-owned life insurance |
69 | 68 | 273 | 266 | ||||||||||||
Other income |
136 | 153 | 555 | 511 | ||||||||||||
Total non-interest income |
634 | 718 | 2,623 | 2,668 | ||||||||||||
NONINTEREST EXPENSE |
||||||||||||||||
Salaries and employee benefits |
1,644 | 1,634 | 6,411 | 5,938 | ||||||||||||
Occupancy expense |
229 | 237 | 946 | 928 | ||||||||||||
Equipment expense |
68 | 84 | 626 | 509 | ||||||||||||
Data processing costs |
168 | 225 | 743 | 917 | ||||||||||||
Ohio state franchise tax |
(56 | ) | 123 | 348 | 493 | |||||||||||
FDIC assessment |
577 | 178 | 1,166 | 707 | ||||||||||||
Professional fees |
188 | 236 | 678 | 673 | ||||||||||||
Loss on sale of other real estate owned |
33 | | 783 | 183 | ||||||||||||
Other operating expense |
784 | 593 | 3,062 | 2,302 | ||||||||||||
Total non-interest expense |
3,635 | 3,310 | 14,763 | 12,650 | ||||||||||||
Income before income taxes |
667 | 487 | 2,429 | 1,708 | ||||||||||||
Provision for income taxes |
(28 | ) | (17 | ) | (88 | ) | (73 | ) | ||||||||
NET INCOME |
$ | 695 | $ | 504 | $ | 2,517 | $ | 1,781 | ||||||||
(unaudited) | (unaudited) | |||||||||||||||
For the Three Months Ended | For the Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
Income Statement | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Per common share data |
||||||||||||||||
Net income per common share basic |
$ | 0.44 | $ | 0.32 | $ | 1.60 | $ | 1.15 | ||||||||
Net income per common share diluted |
$ | 0.44 | $ | 0.32 | $ | 1.60 | $ | 1.15 | ||||||||
Dividends declared |
$ | 0.26 | $ | 0.26 | $ | 1.04 | $ | 1.04 | ||||||||
Book value per share(period end) |
$ | 23.90 | $ | 23.46 | $ | 23.90 | $ | 23.46 | ||||||||
Tangible book value per share
(period end) |
$ | 21.03 | $ | 20.55 | $ | 21.03 | $ | 20.55 | ||||||||
Dividend payout ratio |
59.28 | % | 80.40 | % | 65.04 | % | 90.28 | % | ||||||||
Average shares outstanding basic |
1,585,454 | 1,558,132 | 1,575,213 | 1,547,239 | ||||||||||||
Average shares outstanding -diluted |
1,585,454 | 1,558,132 | 1,575,821 | 1,547,979 | ||||||||||||
Period ending shares outstanding |
1,591,023 | 1,564,582 | 1,591,023 | 1,564,582 | ||||||||||||
Selected ratios |
||||||||||||||||
Return on average assets |
0.43 | % | 0.37 | % | 0.41 | % | 0.36 | % | ||||||||
Return on average equity |
6.80 | % | 5.42 | % | 6.44 | % | 4.90 | % | ||||||||
Yield on earning assets |
5.17 | % | 5.56 | % | 5.32 | % | 5.85 | % | ||||||||
Cost of interest bearing liabilities |
1.88 | % | 2.50 | % | 2.11 | % | 2.84 | % | ||||||||
Net interest spread |
3.29 | % | 3.06 | % | 3.22 | % | 3.01 | % | ||||||||
Net interest margin |
3.47 | % | 3.28 | % | 3.41 | % | 3.30 | % | ||||||||
Efficiency (1) |
61.69 | % | 67.89 | % | 66.69 | % | 70.65 | % | ||||||||
Equity to assets at period end |
6.01 | % | 6.57 | % | 6.01 | % | 6.57 | % |
(1) | The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income. |
December 31, | December 31, | |||||||
Asset quality data | 2010 | 2009 | ||||||
(Dollar amounts in thousands) | ||||||||
Non-accrual loans |
$ | 18,399 | $ | 14,519 | ||||
Troubled debt restructuring |
1,587 | | ||||||
90 day past due and accruing |
| 1,766 | ||||||
Non-performing loans |
19,986 | 16,285 | ||||||
Other real estate owned |
2,302 | 2,165 | ||||||
Non-performing assets |
$ | 22,288 | $ | 18,450 | ||||
Allowance for loan losses |
$ | 6,221 | $ | 4,937 | ||||
Allowance for loan losses/total loans |
1.67 | % | 1.40 | % | ||||
Net charge-offs: |
||||||||
Quarter-to-date |
$ | 975 | $ | 304 | ||||
Year-to-date |
2,296 | 1,198 | ||||||
Net charge-offs to average loans |
||||||||
Quarter-to-date |
0.26 | % | 0.09 | % | ||||
Year-to-date |
0.63 | % | 0.36 | % | ||||
Non-performing loans/total loans |
5.37 | % | 4.61 | % | ||||
Allowance for loan
losses/non-performing loans |
31.13 | % | 30.31 | % | ||||
Non-performing assets/total assets |
3.53 | % | 3.30 | % |