UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
FORM 10-Q/A
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 2013
Commission File Number 000-32561
Middlefield Banc Corp. |
(Exact name of registrant as specified in its charter) |
Ohio | 34 - 1585111 |
(State or other jurisdiction of incorporation | (IRS Employer Identification No.) |
or organization) |
|
15985 East High Street, Middlefield, Ohio 44062-9263
(Address of principal executive offices)
(440) 632-1666
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES [√] NO [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [√] NO [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Small reporting company [√]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES [ ] NO [√]
State the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date:
Class: Common Stock, without par value
Outstanding at May 9, 2013 : 2,016,496
EXPLANATORY NOTE
This Form 10-Q/A amendment to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2013 is being filed for the sole purpose of filing the corrected Exhibits 31.1, 31.2 and 32.
This Amendment contains the complete text of the original report in addition to the corrected Exhibits listed above. This Amendment does not reflect any events occurring subsequent to the May 9, 2013 filing date of the original Form 10-Q for the quarter ended March 31, 2012 or in any way modify or update disclosures in the original Form 10-Q for the quarter ended March 31, 2013.
Page Number | |||||||||
PART I - FINANCIAL INFORMATION | |||||||||
Item 1. | Financial Statements (unaudited) | ||||||||
Consolidated Balance Sheet as of March 31, 2013 and December 31, 2012 | 3 | ||||||||
Consolidated Statement of Incomefor the Three Months ended March 31, 2013and 2012 | 4 | ||||||||
Consolidated Statement of Comprehensive Income for the Three Months ended March 31, 2013 and 2012 | 5 | ||||||||
Consolidated Statement of Changes in Stockholders' Equityfor the Three Months ended March 31, 2013 | 6 | ||||||||
Consolidated Statement of Cash Flows for the Three Months ended March 31, 2013 and 2012 | 7 | ||||||||
Notes to Consolidated Financial Statements | 8 | ||||||||
Item 2. | Management's Discussion and Analysis ofFinancial Condition and Results of Operations | 26 | |||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 35 | |||||||
Item 4. | Controls and Procedures | 36 | |||||||
PART II - OTHER INFORMATION | |||||||||
Item 1. | Legal Proceedings | 37 | |||||||
Item 1A. | Risk Factors | 37 | |||||||
Item 2. | Unregistered sales of equity securities and use of proceeds | 37 | |||||||
Item 3. | Default Upon Senior Securities | 37 | |||||||
Item 4. | Mine Safety Disclosures | 37 | |||||||
Item 5. | Other Information | 37 | |||||||
Item 6. | Exhibits and Reports on Form 8 - K | 37 | |||||||
SIGNATURES | 44 | ||||||||
Exhibit 31.1 | 45 | ||||||||
Exhibit 31.2 | 46 | ||||||||
Exhibit 32 | 47 |
March 31, 2013 | December 31, 2012 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 32,426 | $ | 33,568 | ||||
Federal funds sold | 13,204 | 11,778 | ||||||
Cash and cash equivalents | 45,630 | 45,346 | ||||||
Investment securities available for sale | 190,687 | 194,472 | ||||||
Loans | 407,054 | 408,433 | ||||||
Less allowance for loan losses | 7,732 | 7,779 | ||||||
Net loans | 399,322 | 400,654 | ||||||
Premises and equipment | 8,694 | 8,670 | ||||||
Goodwill | 4,559 | 4,559 | ||||||
Core deposit intangible | 184 | 195 | ||||||
Bank-owned life insurance | 8,604 | 8,536 | ||||||
Accrued interest and other assets | 9,294 | 7,856 | ||||||
TOTAL ASSETS | $ | 666,974 | $ | 670,288 | ||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 73,354 | $ | 75,912 | ||||
Interest-bearing demand | 68,060 | 63,915 | ||||||
Money market | 80,051 | 81,349 | ||||||
Savings | 181,872 | 175,406 | ||||||
Time | 188,160 | 196,753 | ||||||
Total deposits | 591,497 | 593,335 | ||||||
Short-term borrowings | 5,240 | 6,538 | ||||||
Other borrowings | 12,779 | 12,970 | ||||||
Accrued interest and other liabilities | 1,608 | 2,008 | ||||||
TOTAL LIABILITIES | 611,124 | 614,851 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Common stock, no par value; 10,000,000 shares authorized,2,205,814 and 2,181,763 shares issued | 34,697 | 34,295 | ||||||
Retained earnings | 23,622 | 22,485 | ||||||
Accumulated other comprehensive income | 4,265 | 5,391 | ||||||
Treasury stock, at cost; 189,530 shares | (6,734 | ) | (6,734 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY | 55,850 | 55,437 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 666,974 | $ | 670,288 |
Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||
INTEREST INCOME | ||||||||
Interest and fees on loans | $ | 5,572 | $ | 5,537 | ||||
Interest-bearing deposits inother institutions | 8 | 4 | ||||||
Federal funds sold | 4 | 3 | ||||||
Investment securities: | ||||||||
Taxable interest | 674 | 915 | ||||||
Tax-exempt interest | 733 | 747 | ||||||
Dividends on stock | 23 | 26 | ||||||
Total interest income | 7,014 | 7,232 | ||||||
INTEREST EXPENSE | ||||||||
Deposits | 1,297 | 1,497 | ||||||
Short term borrowings | 52 | 59 | ||||||
Other borrowings | 46 | 84 | ||||||
Trust preferred debt | 34 | 46 | ||||||
Total interest expense | 1,429 | 1,686 | ||||||
NET INTEREST INCOME | 5,585 | 5,546 | ||||||
Provision for loan losses | 313 | 600 | ||||||
NET INTEREST INCOME AFTERPROVISION FOR LOAN LOSSES | 5,272 | 4,946 | ||||||
NONINTEREST INCOME | ||||||||
Service charges on deposit accounts | 447 | 431 | ||||||
Investment securities gains, net | 185 | - | ||||||
Earnings on bank-owned life insurance | 68 | 68 | ||||||
Gain on sale of loans | - | 85 | ||||||
Other income | 168 | 210 | ||||||
Total noninterest income | 868 | 794 | ||||||
NONINTEREST EXPENSE | ||||||||
Salaries and employee benefits | 1,871 | 1,750 | ||||||
Occupancy expense | 274 | 248 | ||||||
Equipment expense | 189 | 170 | ||||||
Data processing costs | 213 | 199 | ||||||
Ohio state franchise tax | 154 | 129 | ||||||
Federal deposit insurance expense | 154 | 243 | ||||||
Professional fees | 276 | 214 | ||||||
Loss on sale of other real estate owned | 8 | 18 | ||||||
Advertising expense | 112 | 20 | ||||||
Other real estate expense | 106 | 10 | ||||||
Other expense | 644 | 781 | ||||||
Total noninterest expense | 4,001 | 3,782 | ||||||
Income before income taxes | 2,139 | 1,958 | ||||||
Income taxes | 482 | 435 | ||||||
NET INCOME | $ | 1,657 | $ | 1,523 | ||||
EARNINGS PER SHARE | ||||||||
Basic | $ | 0.83 | $ | 0.86 | ||||
Diluted | 0.82 | 0.86 | ||||||
DIVIDENDS DECLARED PER SHARE | $ | 0.26 | $ | 0.26 |
Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||
Net income | $ | 1,657 | $ | 1,523 | ||||
Other comprehensive loss: | ||||||||
Net unrealized holding loss on available for sale securities | (1,521 | ) | (60 | ) | ||||
Tax effect | 517 | 20 | ||||||
Reclassification adjustment for gains included in net income | (185 | ) | - | |||||
Tax effect | 63 | - | ||||||
Total other comprehensive loss | (1,126 | ) | (40 | ) | ||||
Comprehensive income | $ | 531 | $ | 1,483 |
Common Stock | Retained Earnings | Accumulated Other | Treasury Stock | Total Stockholders' | ||||||||||||||||
Balance, December 31, 2012 | $ | 34,295 | $ | 22,485 | $ | 5,391 | $ | (6,734 | ) | $ | 55,437 | |||||||||
Net income | 1,657 | 1,657 | ||||||||||||||||||
Comprehensive loss | (1,126 | ) | (1,126 | ) | ||||||||||||||||
Common stock issuance (13,320 shares) | 213 | 213 | ||||||||||||||||||
Dividend reinvestment and purchase plan (10,731 shares) | 300 | 300 | ||||||||||||||||||
Stock options exercised | (111 | ) | (111 | ) | ||||||||||||||||
Cash dividends ($0.26 per share) | (520 | ) | (520 | ) | ||||||||||||||||
Balance, March 31, 2013 | $ | 34,697 | $ | 23,622 | $ | 4,265 | $ | (6,734 | ) | $ | 55,850 |
Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 1,657 | $ | 1,523 | ||||
Adjustments to reconcile net income tonet cash provided by operating activities: | ||||||||
Provision for loan losses | 313 | 600 | ||||||
Investment securities gains, net | 185 | - | ||||||
Depreciation and amortization | 222 | 221 | ||||||
Amortization of premium anddiscount on investment securities | 183 | 224 | ||||||
Accretion of deferred loan fees, net | (33 | ) | (55 | ) | ||||
Origination of loans held for sale | - | (1,084 | ) | |||||
Proceeds from sale of loans held for sale | - | 1,169 | ||||||
Gain on sale of loans | - | (85 | ) | |||||
Earnings on bank-owned life insurance | (68 | ) | (68 | ) | ||||
Deferred income taxes | 58 | (28 | ) | |||||
Loss on sale of other real estate owned | 8 | 18 | ||||||
Increase in accrued interest receivable | (529 | ) | (442 | ) | ||||
Decrease in accrued interest payable | (24 | ) | (104 | ) | ||||
Decrease in prepaid federal deposit insurance | 9 | 211 | ||||||
Other, net | (507 | ) | (523 | ) | ||||
Net cash provided by operating activities | 1,474 | 1,577 | ||||||
INVESTING ACTIVITIES | ||||||||
Investment securities available for sale: | ||||||||
Proceeds from repayments and maturities | 6,773 | 18,533 | ||||||
Proceeds from sale of securities | 7,438 | - | ||||||
Purchases | (12,500 | ) | (8,611 | ) | ||||
Increase (decrease) in loans, net | 598 | (2,643 | ) | |||||
Proceeds from the sale of other real estate owned | 137 | 210 | ||||||
Purchase of premises and equipment | (191 | ) | (253 | ) | ||||
Net cash provided by investing activities | 2,255 | 7,236 | ||||||
FINANCING ACTIVITIES | ||||||||
Net (decrease) increase in deposits | (1,838 | ) | 2,980 | |||||
Decrease in short-term borrowings, net | (1,298 | ) | (27 | ) | ||||
Repayment of other borrowings | (191 | ) | (270 | ) | ||||
Common stock issuance | 213 | - | ||||||
Stock options exercised | (111 | ) | - | |||||
Proceeds from dividend reinvestment & purchase plan | 300 | 180 | ||||||
Cash dividends | (520 | ) | (457 | ) | ||||
Net cash (used for) provided by financing activities | (3,445 | ) | 2,406 | |||||
Increase in cash and cash equivalents | 284 | 11,219 | ||||||
CASH AND CASH EQUIVALENTSAT BEGINNING OF PERIOD | 45,346 | 34,390 | ||||||
CASH AND CASH EQUIVALENTSAT END OF PERIOD | $ | 45,630 | $ | 45,609 | ||||
SUPPLEMENTAL INFORMATION | ||||||||
Cash paid during the year for: | ||||||||
Interest on deposits and borrowings | $ | 1,453 | $ | 1,790 | ||||
Income taxes | 555 | 200 | ||||||
Non-cash investing transactions: | ||||||||
Transfers from loans to other real estate owned | $ | 454 | $ | 157 |
2013 | Weighted- average | 2012 | Weighted- average | |||||||||||||
Outstanding, January 1 | 79,693 | $ | 27.25 | 88,774 | $ | 26.81 | ||||||||||
Exercised | 18,561 | 24.08 | - | - | ||||||||||||
Outstanding, March 31 | 61,132 | $ | 28.21 | 88,774 | $ | 26.81 | ||||||||||
Exercisable, March 31 | 61,132 | $ | 28.21 | 88,774 | $ | 26.81 |
For the Three Months EndedMarch 31, | ||||||||
2013 | 2012 | |||||||
Weighted average common sharesoutstanding | 2,189,175 | 1,953,512 | ||||||
Average treasury stock shares | (189,530 | ) | (189,530 | ) | ||||
Weighted average common shares andcommon stock equivalents used tocalculate basic earnings per share | 1,999,645 | 1,763,982 | ||||||
Additional common stock equivalents(stock options) used to calculatediluted earnings per share | 10,647 | 603 | ||||||
Weighted average common shares andcommon stock equivalents usedto calculate diluted earnings per share | 2,010,292 | 1,764,585 |
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. |
Level II: | Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. |
Level III: | Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. |
March 31, 2013 | ||||||||||||||||
(Dollar amounts in thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||
U.S. government agency securities | $ | - | $ | 25,752 | $ | - | $ | 25,752 | ||||||||
Obligations of states and political subdivisions | - | 94,462 | - | 94,462 | ||||||||||||
Mortgage-backed securities in government-sponsored entities | - | 65,026 | - | 65,026 | ||||||||||||
Private-label mortgage-backed securities | - | 4,697 | - | 4,697 | ||||||||||||
Total debt securities | - | 189,937 | - | 189,937 | ||||||||||||
Equity securities in financial institutions | 5 | 745 | - | 750 | ||||||||||||
Total | $ | 5 | $ | 190,682 | $ | - | $ | 190,687 |
December 31, 2012 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||
U.S. government agency securities | $ | - | $ | 24,960 | $ | - | $ | 24,960 | ||||||||
Obligations of states and political subdivisions | - | 92,596 | - | 92,596 | ||||||||||||
Mortgage-backed securities in government-sponsored entities | - | 71,102 | - | 71,102 | ||||||||||||
Private-label mortgage-backed securities | - | 5,064 | - | 5,064 | ||||||||||||
Total debt securities | - | 193,722 | - | 193,722 | ||||||||||||
Equity securities in financial institutions | 5 | 745 | - | 750 | ||||||||||||
Total | $ | 5 | $ | 194,467 | $ | - | $ | 194,472 |
March 31, 2013 | ||||||||||||||||
(Dollar amounts in thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 16,363 | $ | 16,363 | ||||||||
Other real estate owned | - | - | 2,155 | 2,155 |
December 31, 2012 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 17,600 | $ | 17,600 | ||||||||
Other real estate owned | - | - | 1,846 | 1,846 |
Quantitative Information about Level III Fair Value Measurements | ||||||||||||
(unaudited, in thousands) | Estimate | Valuation Techniquest | Unobservable Input | |||||||||
March 31, 2013 | December 31, 2012 | |||||||||||
Impaired loans | $ | 16,363 | 17,600 | Appraisal of collateral (1) | Appraisal adjustments (2) | |||||||
Liquidation expenses (2) | ||||||||||||
Other real estate owned | $ | 2,155 | 1,846 | Appraisal of collateral (1), (3) |
March 31, 2013 | ||||||||||||||||||||
Carrying Value | Level I | Level II | Level III | Total Fair Value | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 45,630 | $ | 45,630 | $ | - | $ | - | $ | 45,630 | ||||||||||
Investment securitiesavailable for sale | 190,687 | 5 | 190,682 | - | 190,687 | |||||||||||||||
Net loans | 399,322 | - | - | 402,219 | 402,219 | |||||||||||||||
Bank-owned life insurance | 8,604 | 8,604 | - | - | 8,604 | |||||||||||||||
Federal Home Loan Bank stock | 1,627 | 1,627 | - | - | 1,627 | |||||||||||||||
Accrued interest receivable | 2,692 | 2,692 | - | - | 2,692 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 591,497 | $ | 403,337 | $ | - | $ | 190,881 | $ | 594,218 | ||||||||||
Short-term borrowings | 5,240 | 5,240 | - | - | 5,240 | |||||||||||||||
Other borrowings | 12,779 | - | - | 13,092 | 13,092 | |||||||||||||||
Accrued interest payable | 468 | 468 | - | - | 468 |
December 31, 2012 | ||||||||||||||||||||
Carrying Value | Level I | Level II | Level III | Total Fair Value | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 45,346 | $ | 45,346 | $ | - | $ | - | $ | 45,346 | ||||||||||
Investment securitiesavailable for sale | 194,472 | 5 | 194,467 | - | 194,472 | |||||||||||||||
Net loans | 400,654 | - | - | 390,206 | 390,206 | |||||||||||||||
Bank-owned life insurance | 8,536 | 8,536 | - | - | 8,536 | |||||||||||||||
Federal Home Loan Bank stock | 1,887 | 1,887 | - | - | 1,887 | |||||||||||||||
Accrued interest receivable | 2,163 | 2,163 | - | - | 2,163 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 593,335 | $ | 396,582 | $ | - | $ | 196,122 | $ | 592,704 | ||||||||||
Short-term borrowings | 6,538 | 6,538 | - | - | 6,538 | |||||||||||||||
Other borrowings | 12,970 | - | - | 13,337 | 13,337 | |||||||||||||||
Accrued interest payable | 492 | 492 | - | - | 492 |
Unrealized gains on available for sale | ||||
Balance as of December 31, 2012 | $ | 5,391 | ||
Other comprehensive loss before reclassification | (1,004 | ) | ||
Amount reclassified from accumulated other comprehensive income | (122 | ) | ||
Total other comprehensive loss | (1,126 | ) | ||
Balance as of March 31, 2013 | $ | 4,265 |
Details about other comprehensive income | Amount Reclassified from Accumulated | Affected Line Item in the Statement Where | |||
Unealized gains on available for sale securities | |||||
$ | 185 | Investment securities gains, net | |||
(63 | ) | Income taxes | |||
$ | 122 | Net of tax |
March 31, 2013 | ||||||||||||||||
(Dollar amounts in thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||
U.S. government agencysecurities | $ | 25,277 | $ | 556 | $ | (81 | ) | $ | 25,752 | |||||||
Obligations of states and political subdivisions: | ||||||||||||||||
Taxable | 5,892 | 597 | - | 6,489 | ||||||||||||
Tax-exempt | 84,379 | 3,985 | (391 | ) | 87,973 | |||||||||||
Mortgage-backed securities ingovernment-sponsored entities | 63,710 | 1,481 | (165 | ) | 65,026 | |||||||||||
Private-label mortgage-backed securities | 4,216 | 481 | - | 4,697 | ||||||||||||
Total debt securities | 183,474 | 7,100 | (637 | ) | 189,937 | |||||||||||
Equity securities in financial institutions | 750 | - | - | 750 | ||||||||||||
Total | $ | 184,224 | $ | 7,100 | $ | (637 | ) | $ | 190,687 |
December 31, 2012 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | |||||||||||||
U.S. government agency securities | $ | 24,485 | $ | 566 | $ | (91 | ) | $ | 24,960 | |||||||
Obligations of states andpolitical subdivisions: | ||||||||||||||||
Taxable | 6,888 | 738 | - | 7,626 | ||||||||||||
Tax-exempt | 80,391 | 4,683 | (104 | ) | 84,970 | |||||||||||
Mortgage-backed securities ingovernment-sponsored entities | 69,238 | 1,929 | (65 | ) | 71,102 | |||||||||||
Private-label mortgage-backed securities | 4,553 | 511 | - | 5,064 | ||||||||||||
Total debt securities | 185,555 | 8,427 | (260 | ) | 193,722 | |||||||||||
Equity securities in financial institutions | 750 | - | - | 750 | ||||||||||||
Total | $ | 186,305 | $ | 8,427 | $ | (260 | ) | $ | 194,472 |
(Dollar amounts in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 2,915 | $ | 2,985 | ||||
Due after one year through five years | 4,543 | 4,811 | ||||||
Due after five years through ten years | 21,842 | 22,805 | ||||||
Due after ten years | 154,174 | 159,336 | ||||||
Total | $ | 183,474 | $ | 189,937 |
2013 | 2012 | |||||||
Proceeds from sales | $ | 7,438 | - | |||||
Gross realized gains | 204 | - | ||||||
Gross realized losses | (19 | ) | - |
March 31, 2013 | ||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
(Dollar amounts in thousands) | Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | ||||||||||||||||||
U.S. government agency securities | $ | 11,925 | $ | (81 | ) | $ | - | $ | - | $ | 11,925 | $ | (81 | ) | ||||||||||
Obligations of states and political subdivisions | 14,834 | (391 | ) | - | - | 14,834 | (391 | ) | ||||||||||||||||
Mortgage-backed securities in government-sponsored entities | 15,768 | (165 | ) | - | - | 15,768 | (165 | ) | ||||||||||||||||
Total | $ | 42,527 | $ | (637 | ) | $ | - | $ | - | $ | 42,527 | $ | (637 | ) |
December 31, 2012 | ||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | Fair Value | Gross Unrealized | |||||||||||||||||||
U.S. government agency securities | $ | 9,938 | $ | (91 | ) | $ | - | $ | - | $ | 9,938 | $ | (91 | ) | ||||||||||
Obligations of states and political subdivisions | 9,240 | (104 | ) | - | - | 9,240 | (104 | ) | ||||||||||||||||
Mortgage-backed securities in government-sponsored entities | 12,353 | (65 | ) | - | - | 12,353 | (65 | ) | ||||||||||||||||
Total | $ | 31,531 | $ | (260 | ) | $ | - | $ | - | $ | 31,531 | $ | (260 | ) |
• | The length of time and the extent to which the fair value has been less than the amortized cost basis. | ||
• | Changes in the near term prospects of the underlying collateral of a security such as changes in default rates, loss severity given default and significant changes in prepayment assumptions; |
• | The level of cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities; and | ||
• | Any adverse change to the credit conditions and liquidity of the issuer, taking into consideration the latest information available about the overall financial condition of the issuer, credit ratings, recent legislation and government actions affecting the issuer’s industry and actions taken by the issuer to deal with the present economic climate. |
March 31, 2013 | December 31, 2012 | |||||||
Commercial and industrial | $ | 55,401 | $ | 62,188 | ||||
Real estate - construction | 22,817 | 22,522 | ||||||
Real estate - mortgage: | ||||||||
Residential | 199,063 | 203,872 | ||||||
Commercial | 125,799 | 115,734 | ||||||
Consumer installment | 3,974 | 4,117 | ||||||
407,054 | 408,433 | |||||||
Less allowance for loan losses | 7,732 | 7,779 | ||||||
Net loans | $ | 399,322 | $ | 400,654 |
Real Estate- Mortgage | ||||||||||||||||||||||||
March 31, 2013 | Commercial and industrial | Real estate- construction | Residential | Commercial | Consumer installment | Total | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,975 | $ | 3,772 | $ | 5,794 | $ | 6,832 | $ | 18 | $ | 19,391 | ||||||||||||
Collectively evaluated for impairment | 52,426 | 19,045 | 193,269 | 118,967 | 3,956 | 387,663 | ||||||||||||||||||
Total loans | $ | 55,401 | $ | 22,817 | $ | 199,063 | $ | 125,799 | $ | 3,974 | $ | 407,054 |
Real estate- Mortgage | ||||||||||||||||||||||||
December 31, 2012 | Commercial and industrial | Real estate- construction | Residential | Commercial | Consumer installment | Total | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,592 | $ | 3,993 | $ | 5,761 | $ | 6,914 | $ | 28 | $ | 21,288 | ||||||||||||
Collectively evaluated for impairment | 57,596 | 18,529 | 198,111 | 108,820 | 4,089 | 387,145 | ||||||||||||||||||
Total loans | $ | 62,188 | $ | 22,522 | $ | 203,872 | $ | 115,734 | $ | 4,117 | $ | 408,433 |
Real Estate- Mortgage | ||||||||||||||||||||||||
March 31, 2013 | Commercial and industrial | Real estate- construction | Residential | Commercial | Consumer installment | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 700 | $ | 790 | $ | 703 | $ | 682 | $ | 1 | $ | 2,876 | ||||||||||||
Collectively evaluated for impairment | 530 | 258 | 2,503 | 1,519 | 46 | 4,856 | ||||||||||||||||||
Total ending allowance balance | $ | 1,230 | $ | 1,048 | $ | 3,206 | $ | 2,201 | $ | 47 | $ | 7,732 |
Real Estate- Mortgage | ||||||||||||||||||||||||
December 31, 2012 | Commercial and industrial | Real estate- construction | Residential | Commercial | Consumer installment | Total | ||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,189 | $ | 933 | $ | 600 | $ | 960 | $ | 6 | $ | 3,688 | ||||||||||||
Collectively evaluated for impairment | 543 | 190 | 2,272 | 1,031 | 55 | 4,091 | ||||||||||||||||||
Total ending allowance balance | $ | 1,732 | $ | 1,123 | $ | 2,872 | $ | 1,991 | $ | 61 | $ | 7,779 |
March 31, 2013 | |||||||||||||
Impaired Loans | |||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||
With no related allowance recorded: | |||||||||||||
Commercial and industrial | $ | 1,271 | $ | 1,271 | $ | - | |||||||
Real estate - construction | 322 | 322 | - | ||||||||||
Real estate - mortgage: | |||||||||||||
Residential | 2,617 | 2,730 | - | ||||||||||
Commercial | 3,772 | 3,772 | - | ||||||||||
Consumer installment | 10 | 10 | - | ||||||||||
Total | $ | 7,992 | $ | 8,105 | $ | - | |||||||
With an allowance recorded: | |||||||||||||
Commercial and industrial | $ | 1,704 | $ | 1,704 | $ | 700 | |||||||
Real estate - construction | 3,450 | 3,450 | 790 | ||||||||||
Real estate - mortgage: | - | - | |||||||||||
Residential | 3,025 | 3,064 | 703 | ||||||||||
Commercial | 3,060 | 3,060 | 682 | ||||||||||
Consumer installment | 8 | 8 | 1 | ||||||||||
Total | $ | 11,247 | $ | 11,286 | $ | 2,876 | |||||||
Total: | |||||||||||||
Commercial and industrial | $ | 2,975 | $ | 2,975 | $ | 700 | |||||||
Real estate - construction | 3,772 | 3,772 | 790 | ||||||||||
Real estate - mortgage: | |||||||||||||
Residential | 5,642 | 5,794 | 703 | ||||||||||
Commercial | 6,832 | 6,832 | 682 | ||||||||||
Consumer installment | 18 | 18 | 1 | ||||||||||
Total | $ | 19,239 | $ | 19,391 | $ | 2,876 |
December 31, 2012 | |||||||||||||
Impaired Loans | |||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||
With no related allowance recorded: | |||||||||||||
Commercial and industrial | $ | 1,230 | $ | 1,229 | $ | - | |||||||
Real estate - construction | 308 | 308 | - | ||||||||||
Real estate - mortgage: | |||||||||||||
Residential | 2,716 | 2,729 | - | ||||||||||
Commercial | 4,143 | 4,164 | - | ||||||||||
Consumer installment | 11 | 11 | - | ||||||||||
Total | $ | 8,408 | $ | 8,441 | $ | - | |||||||
With an allowance recorded: | |||||||||||||
Commercial and industrial | $ | 3,362 | $ | 3,367 | $ | 1,189 | |||||||
Real estate - construction | 3,685 | 3,685 | 933 | ||||||||||
Real estate - mortgage: | |||||||||||||
Residential | 3,045 | 3,054 | 600 | ||||||||||
Commercial | 2,771 | 2,776 | 960 | ||||||||||
Consumer installment | 17 | 17 | 6 | ||||||||||
Total | $ | 12,880 | $ | 12,899 | $ | 3,688 | |||||||
Total: | |||||||||||||
Commercial and industrial | $ | 4,592 | $ | 4,596 | $ | 1,189 | |||||||
Real estate - construction | 3,993 | 3,993 | 933 | ||||||||||
Real estate - mortgage: | |||||||||||||
Residential | 5,761 | 5,783 | 600 | ||||||||||
Commercial | 6,914 | 6,940 | 960 | ||||||||||
Consumer installment | 28 | 28 | 6 | ||||||||||
Total | $ | 21,288 | $ | 21,340 | $ | 3,688 |
As of March 31, 2013 | As of March 31, 2012 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
Total: | ||||||||||||||||
Commercial and industrial | $ | 2,975 | $ | 55 | $ | 1,781 | $ | 12 | ||||||||
Real estate - construction | 3,772 | 37 | 471 | 1 | ||||||||||||
Real estate - mortgage: | ||||||||||||||||
Residential | 5,642 | 74 | 2,809 | 27 | ||||||||||||
Commercial | 6,832 | 110 | 1,884 | 26 | ||||||||||||
Consumer installment | 18 | - | 28 | 1 |
Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Commercial and industrial | $ | 51,789 | $ | 929 | $ | 2,640 | $ | 43 | $ | 55,401 | |||||||||||
Real estate - construction | 18,105 | 923 | 3,790 | - | 22,817 | ||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||
Residential | 185,856 | 967 | 12,240 | - | 199,063 | ||||||||||||||||
Commercial | 117,462 | 3,149 | 5,189 | - | 125,799 | ||||||||||||||||
Consumer installment | 3,953 | - | 21 | - | 3,974 | ||||||||||||||||
Total | $ | 377,165 | $ | 5,967 | $ | 23,880 | $ | 43 | $ | 407,054 |
December 31, 2012 | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||
Commercial and industrial | $ | 59,390 | $ | 678 | $ | 2,061 | $ | 59 | $ | 62,188 | |||||||||||
Real estate - construction | 17,601 | - | 4,921 | - | 22,522 | ||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||
Residential | 190,967 | 758 | 12,147 | - | 203,872 | ||||||||||||||||
Commercial | 106,509 | 1,928 | 7,297 | - | 115,734 | ||||||||||||||||
Consumer installment | 4,084 | - | 33 | - | 4,117 | ||||||||||||||||
Total | $ | 378,551 | $ | 3,364 | $ | 26,459 | $ | 59 | $ | 408,433 |
Still Accruing | ||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days+ Past Due | Total Past Due | Non- Accrual | Total Loans | ||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 53,319 | $ | 1,545 | $ | 156 | $ | - | $ | 1,701 | $ | 381 | $ | 55,401 | ||||||||||||||
Real estate - construction | 22,669 | - | - | - | - | 148 | 22,817 | |||||||||||||||||||||
Real estate - mortgage: | ||||||||||||||||||||||||||||
Residential | 185,879 | 3,976 | 613 | 361 | 4,950 | 8,234 | 199,063 | |||||||||||||||||||||
Commercial | 123,720 | 650 | 115 | - | 765 | 1,314 | 125,799 | |||||||||||||||||||||
Consumer installment | 3,890 | 66 | 4 | - | 70 | 14 | 3,974 | |||||||||||||||||||||
Total | $ | 389,477 | $ | 6,237 | $ | 888 | $ | 361 | $ | 7,486 | $ | 10,091 | $ | 407,054 |
Still Accruing | |||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days+ Past Due | Total Past Due | Non- Accrual | Total Loans | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 60,428 | $ | 441 | $ | 63 | $ | 348 | $ | 852 | $ | 908 | $ | 62,188 | |||||||||||||||
Real estate - construction | 22,158 | - | - | - | - | 364 | 22,522 | ||||||||||||||||||||||
Real estate - mortgage: | |||||||||||||||||||||||||||||
Residential | 191,349 | 2,614 | 1,401 | 90 | 4,105 | 8,418 | 203,872 | ||||||||||||||||||||||
Commercial | 113,023 | 509 | 97 | - | 606 | 2,105 | 115,734 | ||||||||||||||||||||||
Consumer installment | 4,074 | 25 | - | - | 25 | 18 | 4,117 | ||||||||||||||||||||||
Total | $ | 391,032 | $ | 3,589 | $ | 1,561 | $ | 438 | $ | 5,588 | $ | 11,813 | $ | 408,433 |
Commercial and industrial | Real estate- construction | Real estate- residential mortgage | Real estate- commercial mortgage | Consumer installment | Total | |||||||||||||||||||
ALL balance at December 31, 2012 | $ | 1,732 | $ | 1,123 | $ | 2,872 | $ | 1,991 | $ | 61 | $ | 7,779 | ||||||||||||
Charge-offs | (325 | ) | (61 | ) | (67 | ) | - | (17 | ) | (470 | ) | |||||||||||||
Recoveries | 1 | 33 | 24 | 46 | 6 | 110 | ||||||||||||||||||
Provision | (178 | ) | (47 | ) | 377 | 164 | (3 | ) | 313 | |||||||||||||||
ALL balance at March 31, 2013 | $ | 1,230 | $ | 1,048 | $ | 3,206 | $ | 2,201 | $ | 47 | $ | 7,732 |
Commercial and industrial | Real estate- construction | Real estate- residential mortgage | Real estate- commercial mortgage | Consumer installment | Total | |||||||||||||||||||
ALL balance at December 31, 2011 | $ | 1,296 | $ | 438 | $ | 3,731 | $ | 1,306 | $ | 48 | $ | 6,819 | ||||||||||||
Charge-offs | (1 | ) | - | (98 | ) | (53 | ) | (14 | ) | (166 | ) | |||||||||||||
Recoveries | 3 | - | 3 | - | 8 | 14 | ||||||||||||||||||
Provision | 114 | 39 | 328 | 115 | 4 | 600 | ||||||||||||||||||
ALL balance at March 31, 2012 | $ | 1,412 | $ | 477 | $ | 3,964 | $ | 1,368 | $ | 46 | $ | 7,267 |
Modifications As of March 31, 2013 | ||||||||||||||||
Number of Contracts | Pre-Modification | |||||||||||||||
Troubled Debt Restructurings | Term Modification | Other | Total | OutstandingRecorded Investment | ||||||||||||
Commercial and industrial | 4 | - | 4 | $ | 735 | |||||||||||
Real estate- mortgage: | ||||||||||||||||
Residential | 2 | 1 | 3 | 383 | ||||||||||||
Commercial | 1 | - | 1 | 644 |
Troubled Debt Restructuringssubsequently defaulted | Numberof Contracts | Recorded Investment | ||||||
Commercial and industrial | 6 | $ | 248 | |||||
Real estate- mortgage: | ||||||||
Residential | 1 | 68 | ||||||
Consumer Installment | 1 | 5 |
Modifications As of March 31, 2012 | ||||||||||||||||
Number of Contracts | Pre-Modification | |||||||||||||||
Troubled Debt Restructurings | Term Modification | Other | Total | OutstandingRecorded Investment | ||||||||||||
Commercial and industrial | 3 | 3 | 6 | $ | 178 | |||||||||||
Real estate- mortgage: | ||||||||||||||||
Residential | 2 | 2 | 4 | 94 | ||||||||||||
Consumer Installment | 1 | - | 1 | 5 |
Troubled Debt Restructuringssubsequently defaulted | Number of Contracts | Recorded Investment | ||||||
Commercial and industrial | 2 | $ | 90 | |||||
Consumer Installment | 2 | 28 |
(Dollar amounts in thousands) | ||||||||||||||||||||
(Dollar amounts in thousands) | 3/31/2013 | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | |||||||||||||||
Nonperforming loans | $ | 13,899 | $ | 14,194 | $ | 15,404 | $ | 17,177 | $ | 17,677 | ||||||||||
Real estate owned | 2,155 | 1,846 | 2,332 | 1,986 | 2,125 | |||||||||||||||
Nonperforming assets | 16,054 | 16,040 | 17,736 | 19,163 | 19,802 | |||||||||||||||
Allowance for loan losses | 7,732 | 7,779 | 7,173 | 7,752 | 7,267 | |||||||||||||||
Ratios | ||||||||||||||||||||
Nonperforming loans to total loans | 3.41 | % | 3.48 | % | 3.76 | % | 4.18 | % | 4.37 | % | ||||||||||
Nonperforming assets to totalassets | 2.41 | % | 2.39 | % | 2.67 | % | 2.95 | % | 3.01 | % | ||||||||||
Allowance for loan losses to totalloans | 1.90 | % | 1.90 | % | 1.75 | % | 1.89 | % | 1.80 | % | ||||||||||
Allowance for loan losses tononperforming loans | 55.63 | % | 54.80 | % | 46.57 | % | 45.13 | % | 41.11 | % |
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable | $ | 407,236 | $ | 5,572 | 5.55 | % | $ | 401,047 | $ | 5,537 | 5.55 | % | ||||||||||||
Investment securities (3) | 190,457 | 1,407 | 3.80 | % | 189,280 | 1,662 | 4.35 | % | ||||||||||||||||
Interest-bearing deposits with other banks | 18,642 | 35 | 0.76 | % | 23,049 | 33 | 0.58 | % | ||||||||||||||||
Total interest-earning assets | 616,335 | 7,014 | 4.86 | % | 613,376 | 7,232 | 4.99 | % | ||||||||||||||||
Noninterest-earning assets | 47,713 | 39,916 | ||||||||||||||||||||||
Total assets | $ | 664,048 | $ | 653,292 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest - bearing demand deposits | $ | 63,647 | $ | 58 | 0.37 | % | $ | 57,976 | $ | 60 | 0.42 | % | ||||||||||||
Money market deposits | 78,659 | 81 | 0.42 | % | 72,390 | 74 | 0.41 | % | ||||||||||||||||
Savings deposits | 177,649 | 158 | 0.36 | % | 168,575 | 166 | 0.40 | % | ||||||||||||||||
Certificates of deposit | 193,476 | 1,000 | 2.10 | % | 216,503 | 1,197 | 2.22 | % | ||||||||||||||||
Borrowings | 18,839 | 132 | 2.84 | % | 24,107 | 189 | 3.15 | % | ||||||||||||||||
Total interest-bearing liabilities | 532,270 | 1,429 | 1.09 | % | 539,551 | 1,686 | 1.26 | % | ||||||||||||||||
Noninterest-bearing liabilities | ||||||||||||||||||||||||
Other liabilities | 76,600 | 0.23 | % | 65,926 | 0.28 | % | ||||||||||||||||||
Stockholders' equity | 55,178 | 47,815 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 664,048 | $ | 653,292 | ||||||||||||||||||||
Net interest income | $ | 5,585 | $ | 5,546 | ||||||||||||||||||||
Interest rate spread (1) | 3.78 | % | 3.74 | % | ||||||||||||||||||||
Net yield on interest-earning assets (2) | 3.92 | % | 3.89 | % | ||||||||||||||||||||
Ratio of average interest-earning assets toaverage interest-bearing liabilities | 115.79 | % | 113.68 | % |
For the Three Months ended March 31, 2013 versus 2012 | ||||||||||||
Increase (decrease) due to | ||||||||||||
(Dollars in thousands) | Volume | Rate | Total | |||||||||
Interest-earning assets: | ||||||||||||
Loans receivable | $ | 85 | $ | (50 | ) | $ | 35 | |||||
Investment securities | 13 | (268 | ) | (255 | ) | |||||||
Interest-bearing deposits with other banks | (6 | ) | 8 | 2 | ||||||||
Total interest-earning assets | 91 | (309 | ) | (218 | ) | |||||||
Interest-bearing liabilities: | ||||||||||||
Interest - bearing demand deposits | 6 | (8 | ) | (2 | ) | |||||||
Money market deposits | 6 | 1 | 7 | |||||||||
Savings deposits | 9 | (17 | ) | (8 | ) | |||||||
Certificates of deposit | (126 | ) | (71 | ) | (197 | ) | ||||||
Borrowings | (41 | ) | (16 | ) | (57 | ) | ||||||
Total interest-bearing liabilities | (146 | ) | (111 | ) | (257 | ) | ||||||
Net interest income | $ | 237 | $ | (198 | ) | $ | 39 |
FDIC Regulations | ||||||||||||||||||||
Capital Ratio | Adequately Capitalized | Well Capitalized | March 31, 2013 | December 31, 2012 | March 31, 2012 | |||||||||||||||
Tier I Leverage Capital | 4.00 | % | 5.00 | % | (1) | 10.86 | % | 10.61 | % | 9.77 | % | |||||||||
Risk-Based Capital: | ||||||||||||||||||||
Tier I | 4.00 | 6.00 | 14.51 | 14.16 | 13.57 | % | ||||||||||||||
Total | 8.00 | 10.00 | 15.80 | 15.45 | 14.85 | % |
Middlefield Banc Corp. March 31, | The Middlefield Banking Co. March 31, | Emerald Bank March 31, | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital | ||||||||||||||||||||||||
(to Risk-weighted Assets) | ||||||||||||||||||||||||
Actual | $ | 59,454 | 14.11 | % | $ | 49,162 | 13.47 | % | $ | 8,620 | 15.80 | % | ||||||||||||
For Capital Adequacy Purposes | 33,703 | 8.00 | 29,187 | 8.00 | 4,365 | 8.00 | ||||||||||||||||||
To Be Well Capitalized | 42,129 | 10.00 | 36,484 | 10.00 | 5,457 | 10.00 | ||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||
(to Risk-weighted Assets) | ||||||||||||||||||||||||
Actual | $ | 54,157 | 12.86 | % | $ | 44,590 | 12.22 | % | $ | 7,919 | 14.51 | % | ||||||||||||
For Capital Adequacy Purposes | 16,852 | 4.00 | 14,594 | 4.00 | 2,183 | 4.00 | ||||||||||||||||||
To Be Well Capitalized | 25,277 | 6.00 | 21,891 | 6.00 | 3,274 | 6.00 | ||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||
(to Average Assets) | ||||||||||||||||||||||||
Actual | $ | 54,157 | 8.22 | % | $ | 44,590 | 7.64 | % | $ | 7,919 | 10.86 | % | ||||||||||||
For Capital Adequacy Purposes | 26,345 | 4.00 | 23,331 | 4.00 | 2,917 | 4.00 | ||||||||||||||||||
To Be Well Capitalized | 32,931 | 5.00 | 29,163 | 5.00 | 3,646 | 5.00 |
Middlefield Banc Corp. December 31, 2012 | The Middlefield Banking Co. December 31, 2012 | Emerald Bank December 31, 2012 | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital | ||||||||||||||||||||||||
(to Risk-weighted Assets) | ||||||||||||||||||||||||
Actual | $ | 57,784 | 13.86 | % | $ | 47,887 | 13.29 | % | $ | 8,440 | 15.45 | % | ||||||||||||
For Capital Adequacy Purposes | 33,344 | 8.00 | 28,822 | 8.00 | 4,370 | 8.00 | ||||||||||||||||||
To Be Well Capitalized | 41,680 | 10.00 | 36,027 | 10.00 | 5,463 | 10.00 | ||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||
(to Risk-weighted Assets) | ||||||||||||||||||||||||
Actual | $ | 52,543 | 12.61 | % | $ | 43,371 | 12.04 | % | $ | 7,737 | 14.16 | % | ||||||||||||
For Capital Adequacy Purposes | 16,672 | 4.00 | 14,411 | 4.00 | 2,185 | 4.00 | ||||||||||||||||||
To Be Well Capitalized | 25,008 | 6.00 | 21,616 | 6.00 | 3,278 | 6.00 | ||||||||||||||||||
Tier I Capital | ||||||||||||||||||||||||
(to Average Assets) | ||||||||||||||||||||||||
Actual | $ | 52,543 | 7.88 | % | $ | 43,371 | 7.32 | % | $ | 7,737 | 10.61 | % | ||||||||||||
For Capital Adequacy Purposes | 26,675 | 4.00 | 23,684 | 4.00 | 2,916 | 4.00 | ||||||||||||||||||
To Be Well Capitalized | 33,344 | 5.00 | 29,605 | 5.00 | 3,646 | 5.00 |
Increase 200 Basis Points | Decrease 200 Basis Points | |||||||
Net interest income - increase (decrease) | 0.23 | % | 0.68 | % | ||||
Portfolio equity - increase (decrease) | (16.18 | ) % | (7.62 | ) % |
3.1 | Second Amended and Restated Articles of Incorporation of Middlefield Banc Corp., as amended | Incorporated by reference to Exhibit 3.1 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2005, filed on March 29, 2006 | ||
3.2 | Regulations of Middlefield Banc Corp. | Incorporated by reference to Exhibit 3.2 of Middlefield Banc Corp.’s registration statement on Form 10 filed on April 17, 2001 | ||
4.0 | Specimen stock certificate | Incorporated by reference to Exhibit 4 of Middlefield Banc Corp.’s registration statement on Form 10 filed on April 17, 2001 | ||
4.1 | Amended and Restated Trust Agreement, dated as of December 21, 2006, between Middlefield Banc Corp., as Depositor, Wilmington Trust Company, as Property trustee, Wilmington Trust Company, as Delaware Trustee, and Administrative Trustees | Incorporated by reference to Exhibit 4.1 of Middlefield Banc Corp.’s Form 8-K Current Report filed on December 27, 2006 | ||
4.2 | Junior Subordinated Indenture, dated as of December 21, 2006, between Middlefield Banc Corp. and Wilmington Trust Company | Incorporated by reference to Exhibit 4.2 of Middlefield Banc Corp.’s Form 8-K Current Report filed on December 27, 2006 | ||
4.3 | Guarantee Agreement, dated as of December 21, 2006, between Middlefield Banc Corp. and Wilmington Trust Company | Incorporated by reference to Exhibit 4.3 of Middlefield Banc Corp.’s Form 8-K Current Report filed on December 27, 2006 | ||
10.1.0* | 1999 Stock Option Plan of Middlefield Banc Corp. | Incorporated by reference to Exhibit 10.1 of Middlefield Banc Corp.’s registration statement on Form 10 filed on April 17, 2001 | ||
10.1.1* | 2007 Omnibus Equity Plan | Incorporated by reference to Middlefield Banc Corp.’s definitive proxy statement for the 2008 Annual Meeting of Shareholders, Appendix A, filed on April 7, 2008 | ||
10.2* | Severance Agreement between Middlefield Banc Corp. and Thomas G. Caldwell, dated January 7, 2008 | Incorporated by reference to Exhibit 10.2 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.3* | Severance Agreement between Middlefield Banc Corp. and James R. Heslop, II, dated January 7, 2008 | Incorporated by reference to Exhibit 10.3 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 |
10.4.0* | Severance Agreement between Middlefield Banc Corp. and Jay P. Giles, dated January 7, 2008 | Incorporated by reference to Exhibit 10.4 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.4.1* | Severance Agreement between Middlefield Banc Corp. and Teresa M. Hetrick, dated January 7, 2008 | Incorporated by reference to Exhibit 10.4.1 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.4.2 | [reserved] | |||
10.4.3* | Severance Agreement between Middlefield Banc Corp. and Donald L. Stacy, dated January 7, 2008 | Incorporated by reference to Exhibit 10.4.3 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.4.4* | Severance Agreement between Middlefield Banc Corp. and Alfred F. Thompson Jr., dated January 7, 2008 | Incorporated by reference to Exhibit 10.4.4 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.5 | Federal Home Loan Bank of Cincinnati Agreement for Advances and Security Agreement dated September 14, 2000 | Incorporated by reference to Exhibit 10.4 of Middlefield Banc Corp.’s registration statement on Form 10 filed on April 17, 2001 | ||
10.6* | Amended Director Retirement Agreement with Richard T. Coyne | Incorporated by reference to Exhibit 10.6 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.7* | Amended Director Retirement Agreement with Frances H. Frank | Incorporated by reference to Exhibit 10.7 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.8* | Amended Director Retirement Agreement with Thomas C. Halstead | Incorporated by reference to Exhibit 10.8 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.9* | Director Retirement Agreement with George F. Hasman | Incorporated by reference to Exhibit 10.9 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2001, filed on March 28, 2002 | ||
10.10* | Director Retirement Agreement with Donald D. Hunter | Incorporated by reference to Exhibit 10.10 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2001, filed on March 28, 2002 |
10.11* | Director Retirement Agreement with Martin S. Paul | Incorporated by reference to Exhibit 10.11 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2001, filed on March 28, 2002 | ||
10.12* | Amended Director Retirement Agreement with Donald E. Villers | Incorporated by reference to Exhibit 10.12 of Middlefield Banc Corp.’s Form 8-K Current Report filed on January 9, 2008 | ||
10.13* | Executive Survivor Income Agreement (aka DBO agreement [death benefit only]) with Donald L. Stacy | Incorporated by reference to Exhibit 10.14 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 30, 2004 | ||
10.14* | DBO Agreement with Jay P. Giles | Incorporated by reference to Exhibit 10.15 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 30, 2004 | ||
10.15* | DBO Agreement with Alfred F. Thompson Jr. | Incorporated by reference to Exhibit 10.16 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 30, 2004 | ||
10.16 | [reserved] | |||
10.17* | DBO Agreement with Theresa M. Hetrick | Incorporated by reference to Exhibit 10.18 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 30, 2004 | ||
10.18 * | Executive Deferred Compensation Agreement with Jay P. Giles | Incorporated by reference to Exhibit 10.18 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2011, filed on March 20, 2012 | ||
10.19* | DBO Agreement with James R. Heslop, II | Incorporated by reference to Exhibit 10.20 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 30, 2004 | ||
10.20* | DBO Agreement with Thomas G. Caldwell | Incorporated by reference to Exhibit 10.21 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 30, 2004 |
10.21* | Form of Indemnification Agreement with directors of Middlefield Banc Corp. and with executive officers of Middlefield Banc Corp. and The Middlefield Banking Company | Incorporated by reference to Exhibit 99.1 of Middlefield Banc Corp.’s registration statement on Form 10, Amendment No. 1, filed on June 14, 2001 | ||
10.22* | Annual Incentive Plan Summary | Incorporated by reference to Exhibit 10.22 of Middlefield Banc Corp.’s Form 8-K Current Report filed on June 12, 2012 | ||
10.23* | Amended Executive Deferred Compensation Agreement with Thomas G. Caldwell | Incorporated by reference to Exhibit 10.23 of Middlefield Banc Corp.’s Form 8-K Current Report filed on May 9, 2008 | ||
10.24* | Amended Executive Deferred Compensation Agreement with James R. Heslop, II | Incorporated by reference to Exhibit 10.24 of Middlefield Banc Corp.’s Form 8-K Current Report filed on May 9, 2008 | ||
10.25* | Amended Executive Deferred Compensation Agreement with Donald L. Stacy | Incorporated by reference to Exhibit 10.25 of Middlefield Banc Corp.’s Form 8-K Current Report filed on May 9, 2008 | ||
10.26* | Stock Purchase Agreement dated August 15, 2011 between Bank Opportunity Fund LLC and Middlefield Banc Corp. | Incorporated by reference to Exhibit 10.26 of Middlefield Banc Corp.’s Form 8-K Current Report filed on August 18, 2011 | ||
10.26.1 | Amendment 1 of the Stock Purchase Agreement with Bank Opportunity Fund LLC (amendment dated September 29, 2011) | Incorporated by reference to Exhibit 10.26.1 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2011, filed on March 20, 2012 | ||
10.26.2 | Amendment 2 of the Stock Purchase Agreement with Bank Opportunity Fund LLC (amendment dated October 20, 2011) | Incorporated by reference to Exhibit 10.26.2 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2011, filed on March 20, 2012 | ||
10.26.3 | Amendment 3 of the Stock Purchase Agreement with Bank Opportunity Fund LLC (amendment dated November 28, 2011) | Incorporated by reference to Exhibit 10.26.3 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2011, filed on March 20, 2012 | ||
10.26.4 | Amendment 4 of the Stock Purchase Agreement with Bank Opportunity Fund LLC (amendment dated December 21, 2011) | Incorporated by reference to Exhibit 10.26.4 of Middlefield Banc Corp.’s Annual Report on Form 10-K for the Year Ended December 31, 2011, filed on March 20, 2012 |
10.26.5 | March 21, 2012 letter agreement between Bank Opportunity Fund LLC and Middlefield Banc Corp. | Incorporated by reference to Exhibit 10.26.5 of Middlefield Banc Corp.’s Form 8-K Current Report filed on March 27, 2012 | ||
10.26.6 | Amendment 5 of the Stock Purchase Agreement with Bank Opportunity Fund LLC (amendment dated April 17, 2012) | Incorporated by reference to Exhibit 10.26.6 of Middlefield Banc Corp.’s Form 8-K Current Report filed on April 23, 2012 | ||
10.26.7 | Amendment 6 of the Stock Purchase Agreement with Bank Opportunity Fund LLC (amendment dated August 23, 2012) | Incorporated by reference to Exhibit 10.26.7 of Middlefield Banc Corp.’s Form 8-K Current Report filed on August 24, 2012 | ||
10.27 | [reserved] | |||
10.28 | Amended and Restated Purchaser’s Rights and Voting Agreement, dated April 17, 2012, among Bank Opportunity Fund LLC, Middlefield Banc Corp., and directors and officers of Middlefield Banc Corp.. | Incorporated by reference to Exhibit 10.28 of Middlefield Banc Corp.’s Form 8-K Current Report filed on April 23, 2012 | ||
10.28.1 | Amendment of the Amended and Restated Purchaser’s Rights and Voting Agreement (amendment dated August 23, 2012) | Incorporated by reference to Exhibit 10.28.1 of Middlefield Banc Corp.’s Form 8-K Current Report filed on August 24, 2012 | ||
31.1 | Rule 13a-14(a) certification of Chief Executive Officer | filed herewith | ||
31.2 | Rule 13a-14(a) certification of Chief Financial Officer | filed herewith | ||
32 | Rule 13a-14(b) certification | filed herewith | ||
101.INS** | XBRL Instance | furnished herewith | ||
101.SCH** | XBRL Taxonomy Extension Schema | furnished herewith | ||
101.CAL** | XBRL Taxonomy Extension Calculation | furnished herewith |
101.DEF** | XBRL Taxonomy Extension Definition | furnished herewith | ||
101.LAB** | XBRL Taxonomy Extension Labels | furnished herewith | ||
101.PRE** | XBRL Taxonomy Extension Presentation | furnished herewith |
MIDDLEFIELD BANC CORP. | |||
Date: December 13, 2013 | By: | /s/ Thomas G. Caldwell | |
Thomas G. Caldwell | |||
President and Chief Executive Officer |
Date: December 13, 2013 | By: | /s/ Donald L. Stacy | |
Donald L. Stacy | |||
Principal Financial and Accounting Officer |