Ohio | 000-32561 | 34-1585111 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
15985 East High Street Middlefield, Ohio |
44062 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(c) | Exhibits. |
MIDDLEFIELD BANC CORP. |
||||
Date: May 9, 2011 | /s/ James R. Heslop, II, | |||
Executive Vice President and COO | ||||
Contact: | James R. Heslop, 2nd Executive Vice President/Chief Operating Officer (440) 632-1666 Ext. 3219 jheslop@middlefieldbank.com |
Balance Sheet (period end) | ||||||||||||
(Dollar amounts in thousands) | March 31, | December 31, | March 31, | |||||||||
(unaudited) | 2011 | 2010 | 2010 | |||||||||
Assets |
||||||||||||
Cash and due from banks |
$ | 11,555 | $ | 10,473 | $ | 13,039 | ||||||
Federal funds sold |
30,581 | 20,162 | 28,492 | |||||||||
Interest-bearing deposits in other institutions |
| | 123 | |||||||||
Cash and cash equivalents |
42,136 | 30,635 | 41,654 | |||||||||
Investment securities available for sale |
189,640 | 201,772 | 164,852 | |||||||||
Loans: |
376,529 | 372,498 | 359,651 | |||||||||
Less: reserve for loan losses |
6,685 | 6,221 | 5,279 | |||||||||
Net loans |
369,844 | 366,277 | 354,372 | |||||||||
Premises and equipment |
8,053 | 8,179 | 8,408 | |||||||||
Goodwill |
4,559 | 4,559 | 4,559 | |||||||||
Bank-owned life insurance |
8,052 | 7,979 | 7,773 | |||||||||
Accrued interest receivable and other assets |
13,553 | 12,796 | 12,399 | |||||||||
Total Assets |
$ | 635,837 | $ | 632,197 | $ | 594,017 | ||||||
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Liabilities and Stockholders Equity |
||||||||||||
Non-interest bearing demand deposits |
$ | 52,831 | $ | 53,391 | $ | 44,082 | ||||||
Interest bearing demand deposits |
54,371 | 48,869 | 41,959 | |||||||||
Money market accounts |
75,046 | 71,105 | 64,808 | |||||||||
Savings deposits |
155,945 | 146,993 | 120,544 | |||||||||
Time deposits |
230,411 | 244,893 | 250,885 | |||||||||
Total Deposits |
568,604 | 565,251 | 522,278 | |||||||||
Short-term borrowings |
7,301 | 7,632 | 6,772 | |||||||||
Federal funds purchased |
| | | |||||||||
Other borrowings |
18,956 | 19,321 | 25,374 | |||||||||
Other liabilities |
1,693 | 1,971 | 1,847 | |||||||||
Total Liabilities |
596,554 | 594,175 | 556,271 | |||||||||
Common equity |
29,286 | 28,429 | 28,035 | |||||||||
Retained earnings |
16,418 | 15,840 | 15,197 | |||||||||
Accumulated other comprehensive income |
313 | 487 | 1,248 | |||||||||
Treasury stock |
(6,734 | ) | (6,734 | ) | (6,734 | ) | ||||||
Total Stockholders Equity |
39,283 | 38,022 | 37,746 | |||||||||
Total Liabilities and Stockholders Equity |
$ | 635,837 | $ | 632,197 | $ | 594,017 | ||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
INTEREST INCOME |
||||||||
Interest and fees on loans |
$ | 5,301 | $ | 5,097 | ||||
Interest-bearing deposits in other institutions |
2 | 4 | ||||||
Federal funds sold |
9 | 11 | ||||||
Investment securities |
||||||||
Taxable interest |
1,323 | 1,203 | ||||||
Tax-exempt interest |
698 | 592 | ||||||
Dividends on stock |
26 | 17 | ||||||
Total interest income |
7,359 | 6,924 | ||||||
INTEREST EXPENSE |
||||||||
Deposits |
2,037 | 2,485 | ||||||
Short term borrowings |
59 | 58 | ||||||
Other borrowings |
109 | 190 | ||||||
Trust preferred securities |
136 | 136 | ||||||
Total interest expense |
2,341 | 2,869 | ||||||
NET INTEREST INCOME |
5,018 | 4,055 | ||||||
Provision for loan losses |
865 | 439 | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
4,153 | 3,616 | ||||||
NONINTEREST INCOME |
||||||||
Service charges on deposits |
428 | 415 | ||||||
Investment securities gains, net |
15 | 9 | ||||||
Earnings on bank-owned life insurance |
73 | 67 | ||||||
Other income |
183 | 118 | ||||||
Total non-interest income |
699 | 609 | ||||||
NONINTEREST EXPENSE |
||||||||
Salaries and employee benefits |
1,690 | 1,511 | ||||||
Occupancy expense |
272 | 276 | ||||||
Equipment expense |
158 | 198 | ||||||
Data processing costs |
180 | 243 | ||||||
Ohio state franchise tax |
128 | 136 | ||||||
Federal deposit insurance expense |
225 | 202 | ||||||
Professional fees |
211 | 192 | ||||||
Loss on sale of other real estate owned |
(20 | ) | 121 | |||||
Other operating expense |
861 | 679 | ||||||
Total non-interest expense |
3,705 | 3,558 | ||||||
Income before income taxes |
1,147 | 667 | ||||||
Provision for income taxes |
145 | 22 | ||||||
NET INCOME |
$ | 1,002 | $ | 645 | ||||
Per common share data | ||||||||
Net income per common share basic |
$ | 0.62 | $ | 0.41 | ||||
Net income per common share diluted |
$ | 0.62 | $ | 0.41 | ||||
Dividends declared |
$ | 0.26 | $ | 0.26 | ||||
Book value per share(period end) |
$ | 23.86 | $ | 24.05 | ||||
Tangible book value per share (period end) |
$ | 21.09 | $ | 21.15 | ||||
Dividend payout ratio |
40.92 | % | 63.26 | % | ||||
Average shares outstanding basic |
1,621,889 | 1,565,454 | ||||||
Average shares outstanding diluted |
1,621,889 | 1,567,441 | ||||||
Period ending shares outstanding |
1,646,609 | 1,569,486 |
Selected ratios | ||||||||
Return on average assets |
0.63 | % | 0.45 | % | ||||
Return on average equity |
10.50 | % | 7.06 | % | ||||
Yield on earning assets |
5.28 | % | 5.45 | % | ||||
Cost of interest bearing liabilities |
1.77 | % | 2.36 | % | ||||
Net interest spread |
3.51 | % | 3.09 | % | ||||
Net interest margin |
3.68 | % | 3.29 | % | ||||
Efficiency (1) |
60.97 | % | 71.60 | % | ||||
Equity to assets at period end |
6.18 | % | 6.35 | % |
(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. |
March 31, | March 31, | |||||||
Asset quality data | 2011 | 2010 | ||||||
(Dollar amounts in thousands) | ||||||||
Non-accrual loans |
$ | 19,017 | $ | 18,140 | ||||
Troubled debt restructuring |
2,942 | | ||||||
90 day past due and accruing |
55 | 3 | ||||||
Non-performing loans |
22,014 | 18,143 | ||||||
Other real estate owned |
2,248 | 2,175 | ||||||
Non-performing assets |
$ | 24,262 | $ | 20,318 | ||||
Allowance for loan losses |
$ | 6,685 | $ | 5,279 | ||||
Allowance for loan losses/total loans |
1.78 | % | 1.47 | % | ||||
Net charge-offs: |
||||||||
Quarter-to-date |
$ | 401 | $ | 97 | ||||
Year-to-date |
401 | 97 | ||||||
Net charge-offs to average loans |
||||||||
Quarter-to-date |
0.11 | % | 0.03 | % | ||||
Year-to-date |
0.11 | % | 0.03 | % | ||||
Non-performing loans/total loans |
5.85 | % | 5.04 | % | ||||
Allowance for loan losses/non-performing loans |
30.37 | % | 29.10 | % |
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