MIDDLEFIELD BANC CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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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

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

December 31, 2010 and December 31, 2009
(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	%

MIDDLEFIELD BANC CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 15, 2011