Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET


				December 31		December 31
				2004		2003

ASSETS
	Cash and due from banks		$	5,311,776	$	3,956,453
	Federal funds sold			–		930,000
		Cash and cash equivalents		5,311,776		4,886,453
	Interest-bearing deposits in other institutions			614,506		539,147
	Investment securities available for sale			57,240,965		49,966,511
	Investment securities held to maturity (estimated
	market value of $221,412 and $1,915,366)			221,412		1,858,904
	Loans			215,653,283		192,880,153
	Less allowance for loan losses			2,623,431		2,521,270
		Net loans		213,029,852		190,358,883
	Premises and equipment			6,617,594		6,807,930
	Bank-owned life insurance			5,424,304		5,202,385
	Accrued interest and other assets			2,753,575		2,749,235

		TOTAL ASSETS	$	291,213,984	$	262,369,448

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	36,331,809	$	29,423,027
		Interest-bearing demand		8,817,873		7,369,754
		Money market		15,666,730		15,708,932
		Savings		75,280,343		69,570,895
		Time		103,788,696		97,767,302
		Total deposits		239,885,451		219,839,910
	Short-term borrowings			101,763		444,819
	Federal funds purchased			570,000		–
	Other borrowings			24,883,323		17,665,661
	Accrued interest and other liabilities			951,424		914,744
		TOTAL LIABILITIES		266,391,961		238,865,134

STOCKHOLDERS' EQUITY
	Common stock, no par value; 5,000,000 shares authorized,
	1,355,488 and 1,279,128 shares issued			12,815,927		10,038,156
	Retained earnings			15,004,551		15,085,868
	Accumulated other comprehensive income			(28,682)		125,199
	Treasury stock, at cost (89,333 and 55,309 shares)			(2,969,773)		(1,744,909)
		TOTAL STOCKHOLDERS' EQUITY		24,822,023		23,504,314

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	291,213,984	$	262,369,448

	MIDDLEFIELD BANC CORP.
	CONSOLIDATED STATEMENT OF INCOME


					Year Ending
					December 31,
					2004		2003		2002
INTEREST INCOME
	Interest and fees on loans			$	13,617,560	$	12,846,525	$	12,340,920
	Interest-bearing deposits in other institutions				5,641		17,188		48,293
	Federal funds sold				50,608		48,947		64,994
	Investment securities:
		Taxable interest			1,400,063		1,196,221		1,190,508
		Tax-exempt interest			604,399		486,485		424,357
	Other dividend income				54,265		51,797		50,891
			Total interest and dividend income		15,732,536		14,647,163		14,119,963

INTEREST EXPENSE
	Deposits				4,905,899		4,905,826		5,478,030
	Short term borrowings				2,180		4,048		7,175
	Other borrowings				860,819		815,033		662,881
			Total interest expense		5,768,898		5,724,907		6,147,086

NET INTEREST INCOME					9,963,638		8,922,256		7,971,877

Provision for loan losses					174,000		315,000		300,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES					9,789,638		8,607,256		7,671,877

NONINTEREST INCOME
	Service charges on deposit accounts				1,402,027		1,033,928		955,121
	Investment securities gains, net				(98,375)		542		–
	Earnings on bank-owned life insurance				221,919		202,385		–
	Other income				253,561		191,289		188,096
			Total noninterest income		1,779,132		1,428,144		1,143,217

NONINTEREST EXPENSE
	Salaries and employee benefits				3,442,262		3,085,451		2,523,433
	Occupancy				494,759		403,591		357,500
	Equipment				356,346		333,163		324,659
	Data processing costs				538,349		470,393		427,164
	Professional Fees				252,731		218,838		246,285
	Ohio state franchise tax				285,050		265,050		250,050
	Advertising				253,858		168,849		65,263
	Postage and freight				178,717		161,632		140,628
	Other expense				1,163,535		998,483		871,357
			Total noninterest expense		6,965,607		6,105,450		5,206,339

Income before income taxes					4,603,163		3,929,950		3,608,755
Income taxes					1,330,000		1,131,330		1,107,806

NET INCOME				$	3,273,163	$	2,798,620	$	2,500,949

EARNINGS PER SHARE
			Basic	$	2.54	$	2.19	$	1.96
			Diluted		2.51		2.18		1.96

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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