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MBC Financial Statement

(Quarterly)

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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