Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Unaudited)

				March 31,		December 31
				2006		2005

ASSETS
	Cash and due from banks		$	5,729,052	$	5,294,641
	Interest-bearing deposits in other institutions			529,619		526,523
	Cash and cash equivalents			6,258,671		5,821,164
	Investment securities available for sale			55,888,308		57,887,130
	Investment securities held to maturity (estimated market value of $225,429 and $232,967)			215,819		221,453
	Loans			235,782,594		234,054,797
	Less allowance for loan losses			2,887,945		2,841,098
		Net loans		232,894,649		231,213,699
	Premises and equipment			6,588,122		6,624,776
	Bank-owned life insurance			6,686,204		5,632,982
	Accrued interest and other assets			4,045,067		3,812,987

		TOTAL ASSETS	$	312,576,840	$	311,214,191

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	39,562,323		39,782,375
		Interest-bearing demand		11,344,064		9,362,399
		Money market		13,069,480		13,078,829
		Savings		63,086,115		66,495,057
		Time		127,205,866		120,730,980
		Total deposits		254,267,848		249,449,640
	Short-term borrowings			4,118,708		6,710,914
	Other borrowings			25,233,510		26,578,211
	Accrued interest and other liabilities			1,065,190		1,186,061
		TOTAL LIABILITIES		284,685,256		283,924,826

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,441,355 and 1,434,987 shares issued			16,203,384		15,976,335
	Retained earnings			15,460,839		14,959,891
	Accumulated other comprehensive loss			(747,065)		(677,088)
	Treasury stock, at cost; 90,694 shares in 2006 and 89,333 shares in 2005			(3,025,574)		(2,969,773)
		TOTAL STOCKHOLDERS' EQUITY		27,891,584		27,289,365

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	312,576,840	$	311,214,191

	MIDDLEFIELD BANC CORP.
	CONSOLIDATED STATEMENT OF INCOME
	(Unaudited)

				Three Months Ended
				March 31,
				2006		2005
INTEREST INCOME
	Interest and fees on loans		$	3,985,618	$	3,542,916
	Interest-bearing deposits in
	other institutions			3,121		1,971
	Federal funds sold			3,579		9,464
	Investment securities:
	Taxable interest			305,970		363,677
	Tax-exempt interest			245,151		183,452
		Dividends on FHLB stock		17,197		14,432
	Total interest income			4,560,636		4,115,912

INTEREST EXPENSE
	Deposits			1,540,862		1,295,266
	Short term borrowings			60,823		18,854
	Other borrowings			272,974		233,591
	Total interest expense			1,874,659		1,547,711

NET INTEREST INCOME				2,685,977		2,568,201

	Provision for loan losses			75,000		60,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES				2,610,977		2,508,201

NONINTEREST INCOME
	Service charges on deposit accounts			412,842		353,473
	Investment securities (losses), net			(5,868)		-
	Earnings on bank-owned life insurance			53,222		50,078
	Other income			90,130		77,553
	Total noninterest income			550,326		481,104

NONINTEREST EXPENSE
	Salaries and employee benefits			994,944		1,016,409
	Occupancy expense			154,303		134,898
	Equipment expense			92,213		108,325
	Data processing costs			178,507		149,000
	Ohio state franchise tax			90,000		90,000
	Other expense			525,764		514,583
	Total noninterest expense			2,035,731		2,013,215

	Income before income taxes			1,125,572		976,090
	Income taxes			308,000		262,000

NET INCOME			$	817,572	$	714,090

EARNINGS PER SHARE
	Basic		$	0.61	$	0.53
	Diluted			0.60		0.53

DIVIDENDS DECLARED PER SHARE			$	0.235	$	0.210

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

Font Size