SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2011
Middlefield Banc Corp.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (440) 632-1666
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.02. Results of Operations and Financial Condition.
Net income information contained in the Companys January 26, 2011 press release (the Release) announcing its unaudited results of operations and financial condition for the fiscal periods ended December 31, 2010 is no longer accurate. Following the earnings announcement, the company determined that it had incorrectly recognized expense related to the assessment of the Federal Deposit Insurance Corporation for deposit insurance.
For the fiscal year ended December 31, 2010, the Companys net income was $2,517,000, as compared to the net income of $2,768,000 initially reported in the Release. On a per share basis, the Companys diluted earnings were $1.60 for 2010; a reduction of $0.16 per share from the amount initially reported in the Release. In addition, the Companys total assets and total shareholder equity at December 31, 2010 were approximately $632.2 million and $38.0 million, respectively.
The Release was filed as Exhibit 99 to the Companys Form 8-K filed with the Commission on January 27, 2011.
Item 8.01. Other Events.
On February 15, 2011, the Company issued a press release announcing a quarterly cash dividend of $0.26 per share of its common stock payable on March 15, 2011 to shareholders of record on March 4, 2011. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
The following exhibits are furnished herewith:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.