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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
Ending September 30, 2005
(Unaudited)
               
          September 30,   December 31
          2005   2004
             
ASSETS        
    Cash and due from banks     $ 5,584,217     $ 5,311,776
  Interest-bearing deposits in other institutions     524,323   614,506
  Investment securities available for sale     59,953,883   57,240,965
  Investment securities held to maturity (estimated      
     market value of $238,965 and $243,810)   221,441   221,412
  Loans     225,849,676   215,653,283
  Less allowance for loan losses   2,736,459   2,623,431
    Net loans   223,113,217   213,029,852
  Premises and equipment   6,590,323   6,617,594
  Bank-owned life insurance     5,579,999   5,424,304
  Accrued interest and other assets   3,754,241   2,753,577
             
    TOTAL ASSETS   $ 305,321,644 $ 291,213,986
             
LIABILITIES        
  Deposits:        
      Noninterest-bearing demand   $ 38,673,001 $ 36,331,809
    Interest-bearing demand   8,834,416   8,817,873
    Money market   14,338,961   15,666,730
    Savings   66,244,617   75,280,343
    Time   120,075,692   103,788,696
    Total deposits   248,166,687   239,885,451
  Short-term borrowings     2,196,742   1,871,763
  Other borrowings     27,242,436   23,683,324
  Accrued interest and other liabilities   1,029,983   951,424
    TOTAL LIABILITIES   278,635,848   266,391,962
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,      
     1,366,246 and 1,355,488 shares issued     13,235,160   12,815,927
  Retained earnings   16,754,124   15,004,552
  Accumulated other comprehensive loss     (333,716)   (28,683)
  Treasury stock, at cost 89,333 shares     (2,969,772)   (2,969,772)
    TOTAL STOCKHOLDERS' EQUITY   26,685,796   24,822,024
             
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 305,321,644 $ 291,213,986
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
Ending September 30, 2005
(Unaudited)
         
    Nine Months Ended
    September 30,
    2005   2004
INTEREST INCOME        
     Interest and fees on loans     $ 11,065,258     $ 10,115,762
Interest-bearing deposits in other institutions   10,461   3,539
Federal funds sold   31,057   28,046
Investment securities:        
   Taxable interest   1,041,027   1,050,915
   Tax-exempt interest   621,423   429,556
Dividends on FHLB stock   48,761   38,883
      Total interest income   12,817,987   11,666,701
         
INTEREST EXPENSE        
Deposits   4,041,713   3,642,941
Short term borrowings   60,140   1,143
Other borrowings   738,223   607,419
      Total interest expense   4,840,076 4,251,503
         
NET INTEREST INCOME   7,977,911   7,415,198
         
Provision for loan losses   195,000   111,000
         
NET INTEREST INCOME AFTER        
PROVISION FOR LOAN LOSSES   7,782,911   7,304,198
         
NONINTEREST INCOME        
Service charges on deposit accounts   1,167,988   1,034,095
Investment securities gains, net   -   -
Earnings on bank-owned life insurance   155,684   167,970
Other income   243,222   164,787
      Total noninterest income   1,566,894   1,366,852
         
NONINTEREST EXPENSE        
Salaries and employee benefits   2,758,504   2,652,971
Occupancy expense   374,994   378,011
Equipment expense   327,133   288,208
Data processing costs   443,775   339,038
Ohio state franchise tax   270,000   247,500
Other expense   1,567,114   1,361,755
      Total noninterest expense   5,741,520   5,267,483
         
Income before income taxes   3,608,285   3,403,567
Income taxes   1,001,000   988,000
       
NET INCOME $ 2,607,285 $ 2,415,567
         
EARNINGS PER SHARE        
Basic $ 2.05 $ 1.87
Diluted   2.02   1.86
DIVIDENDS DECLARED PER SHARE   0.68   0.61