Middlefield Banc Corp.

Financial Statement

(Quarterly)

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

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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