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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
Ending March 31, 2005
(Unaudited)
             
                March 31,   December 31
                2005   2004
               
ASSETS              
  Cash and due from banks       $ 4,386,048 $ 5,311,776
  Federal funds sold       4,675,000  
  Cash and cash equivalents       9,061,048   5,311,776
  Interest-bearing deposits in other institutions     616,393   614,506
  Investment securities available for sale     57,425,521   57,240,965
  Investment securities held to maturity (estimated      
  market value of $235,845 and $243,810)   221,420   221,412
  Loans           218,469,336   215,653,283
  Less allowance for loan losses     2,685,771   2,623,431
    Net loans       215,783,565   213,029,852
  Premises and equipment       6,616,452   6,617,594
  Bank-owned life insurance       5,474,382   5,424,304
  Accrued interest and other assets     3,364,487   2,753,577
                   
    TOTAL ASSETS       $ 298,563,268 $ 291,213,986
                   
LIABILITIES              
  Deposits:              
    Noninterest-bearing demand     $ 35,602,618   36,331,809
    Interest-bearing demand     8,897,595   8,817,873
    Money market       17,095,255   15,666,730
    Savings         74,539,029   75,280,343
    Time         113,307,040   103,788,696
    Total deposits       249,441,537   239,885,451
  Short-term borrowings         1,254,212   1,871,763
  Other borrowings         21,958,626   23,683,324
  Accrued interest and other liabilities     850,920   951,424
    TOTAL LIABILITIES     273,505,295   266,391,962
                   
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 5,000,000 shares authorized,      
  1,282,732 and 1,279,128 shares issued     13,011,239   12,815,927
  Retained earnings       15,440,071   15,004,552
  Accumulated other comprehensive income     (423,565)   (28,683)
  Treasury stock, at cost 89,333 shares     (2,969,772)   (2,969,772)
    TOTAL STOCKHOLDERS' EQUITY   25,057,973   24,822,024
                   
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 298,563,268 $ 291,213,986
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
Ending March 31, 2005
(Unaudited)
       
      Three Months Ended
      March 31,
    2005   2004
INTEREST INCOME        
Interest and fees on loans $ 3,542,916 $ 3,297,718
Interest-bearing deposits in other institutions   1,971   339
Federal funds sold   9,464   5,107
Investment securities:        
Taxable interest   363,677   357,477
Tax-exempt interest   183,452   125,303
  Dividends on FHLB stock   14,432   12,984
Total interest income   4,115,912   3,798,928
           
INTEREST EXPENSE        
Deposits   1,295,266   1,187,799
Short term borrowings   18,854   658
Other borrowings   233,591   194,614
Total interest expense   1,547,711 1,383,071
           
NET INTEREST INCOME   2,568,201   2,415,857
           
Provision for loan losses   60,000   30,000
           
NET INTEREST INCOME AFTER        
PROVISION FOR LOAN LOSSES   2,508,201   2,385,857
           
NONINTEREST INCOME        
Service charges on deposit accounts   353,473   281,479
Investment securities gains   -   -
Earnings on bank-owned life insurance   50,078   66,996
Other income   77,553   48,244
Total noninterest income   481,104   396,719
           
NONINTEREST EXPENSE        
Salaries and employee benefits   1,016,409   920,803
Occupancy expense   134,898   144,481
Equipment expense   108,325   93,986
Data processing costs   149,000   129,345
Ohio state franchise tax   90,000   82,500
Other expense   514,583   410,203
Total noninterest expense   2,013,215   1,781,318
           
Income before income taxes   976,090   1,001,258
Income taxes   262,000   316,000
         
NET INCOME $ 714,090 $ 685,258
           
EARNINGS PER SHARE        
  Basic $ 0.56 $ 0.53
  Diluted   0.56   0.53
           
DIVIDENDS DECLARED PER SHARE $ 0.22 $ 0.20