Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
Ending June 30, 2005
(Unaudited)

				June 30,		December 31
				2005		2004

ASSETS
	Cash and due from banks		$	6,398,701	$	5,311,776
	Federal funds sold			–		–
	Cash and cash equivalents			6,398,701		5,311,776
	Interest-bearing deposits in other institutions			618,236		614,506
	Investment securities available for sale			60,473,109		57,240,965
	Investment securities held to maturity (estimated
	market value of $242,970 and $243,810)			221,432		221,412
	Loans			223,486,513		215,653,283
	Less allowance for loan losses			2,677,398		2,623,431
		Net loans		220,809,115		213,029,852
	Premises and equipment			6,562,098		6,617,594
	Bank-owned life insurance			5,527,284		5,424,304
	Accrued interest and other assets			3,359,142		2,753,577

		TOTAL ASSETS	$	303,969,117	$	291,213,986

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	38,110,070		36,331,809
		Interest-bearing demand		9,909,872		8,817,873
		Money market		14,965,451		15,666,730
		Savings		69,839,313		75,280,343
		Time		116,372,996		103,788,696
		Total deposits		249,197,702		239,885,451
	Short-term borrowings			1,902,880		1,871,763
	Other borrowings			25,695,964		23,683,324
	Accrued interest and other liabilities			934,691		951,424
		TOTAL LIABILITIES		277,731,237		266,391,962

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,363,621 and 1,355,488 shares issued			13,132,164		12,815,927
	Retained earnings			16,077,355		15,004,552
	Accumulated other comprehensive income			(1,867)		(28,683)
	Treasury stock, at cost 89,333 shares			(2,969,772)		(2,969,772)
		TOTAL STOCKHOLDERS' EQUITY		26,237,880		24,822,024

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	303,969,117	$	291,213,986

	MIDDLEFIELD BANC CORP.
	CONSOLIDATED STATEMENT OF INCOME
	Ending June 30, 2005
	(Unaudited)

				Six Months Ended
				June 30,
				2005		2004
INTEREST INCOME
	Interest and fees on loans		$	7,218,766	$	6,683,609
	Interest-bearing deposits in other institutions			3,940		2,001
	Federal funds sold			23,656		17,162
	Investment securities:
		Taxable interest		719,510		696,523
		Tax-exempt interest		395,140		262,911
		Dividends on FHLB stock		29,583		25,919
	Total interest income			8,390,595		7,688,125

INTEREST EXPENSE
	Deposits			2,664,364		2,396,324
	Short term borrowings			34,229		839
	Other borrowings			478,061		397,869
	Total interest expense			3,176,654		2,795,032

NET INTEREST INCOME				5,213,941		4,893,093

Provision for loan losses				120,000		60,000

NET INTEREST INCOME AFTER
		PROVISION FOR LOAN LOSSES		5,093,941		4,833,093

NONINTEREST INCOME
	Service charges on deposit accounts			742,022		662,600
	Investment securities gains			-		-
	Earnings on bank-owned life insurance			102,979		114,856
	Other income			162,618		105,152
		Total noninterest income		1,007,619		882,608

NONINTEREST EXPENSE
	Salaries and employee benefits			1,824,696		1,711,618
	Occupancy expense			259,363		263,320
	Equipment expense			215,114		193,260
	Data processing costs			297,998		213,961
	Ohio state franchise tax			180,000		165,000
	Other expense			1,082,345		916,766
		Total noninterest expense		3,859,516		3,463,925

Income before income taxes				2,242,044		2,251,776
Income taxes				611,000		658,000

NET INCOME			$	1,631,044	$	1,593,776

EARNINGS PER SHARE
		Basic	$	1.28	$	1.24
		Diluted		1.27		1.23

DIVIDENDS DECLARED PER SHARE			$	0.44	$	0.40

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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