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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Unaudited)
           
          June 30,   December 31
          2006   2005
             
ASSETS        
  Cash and due from banks   $ 5,062,693 $ 5,294,641
  Interest-bearing deposits in other institutions     533,772   526,523
  Cash and cash equivalents     5,596,465   5,821,164
  Investment securities available for sale     54,372,565   57,887,130
  Investment securities held to maturity
  (estimated market value of $222,691 and $232,967)
  215,829   221,453
  Loans     240,402,350   234,054,797
  Less allowance for loan losses   2,952,858   2,841,098
    Net loans   237,449,492   231,213,699
  Premises and equipment   6,527,452   6,624,776
  Bank-owned life insurance     6,746,154   5,632,982
  Accrued interest and other assets   4,240,637   3,812,987
             
    TOTAL ASSETS   $ 315,148,594      $ 311,214,191
                 
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand   $ 39,476,009   39,782,375
    Interest-bearing demand   9,893,791   9,362,399
    Money market   11,898,950   13,078,829
    Savings   60,044,039   66,495,057
    Time   132,962,984   120,730,980
    Total deposits   254,275,773   249,449,640
  Short-term borrowings     2,962,647   6,710,914
  Other borrowings     28,590,484   26,578,211
  Accrued interest and other liabilities   1,225,271   1,186,061
    TOTAL LIABILITIES   287,054,175   283,924,826
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,      
  1,445,546 and 1,427,170 shares issued     16,337,352   15,976,335
  Retained earnings   16,131,950   14,959,891
  Accumulated other comprehensive loss     (1,239,265)   (677,088)
  Treasury stock, at cost;
94,297 shares in 2006 and 89,333 shares in 2005
    (3,175,618)   (2,969,773)
    TOTAL STOCKHOLDERS' EQUITY   28,094,419   27,289,365
                     
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 315,148,594 $ 311,214,191
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
       
      Six Months Ended
      June 30,
      2006   2005
INTEREST INCOME        
   Interest and fees on loans $ 8,204,679 $ 7,218,766
Interest-bearing deposits in        
other institutions   7,393   3,940
Federal funds sold   8,937   23,656
Investment securities:        
Taxable interest   595,811   719,510
Tax-exempt interest   493,591   395,140
    Dividends on FHLB stock   40,538   29,583
Total interest income   9,350,949   8,390,595
           
INTEREST EXPENSE        
Deposits   3,218,694   2,664,364
Short term borrowings   122,650   34,229
Other borrowings   570,864   478,061
Total interest expense   3,912,208 3,176,654
           
NET INTEREST INCOME   5,438,741   5,213,941
           
Provision for loan losses   150,000   120,000
           
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,288,741   5,093,941
           
NONINTEREST INCOME        
Service charges on deposit accounts   848,684   742,022
Investment securities (losses), net   (5,868)   -
Earnings on bank-owned life insurance   113,172   102,979
Other income   188,993   162,618
Total noninterest income   1,144,981   1,007,619
           
NONINTEREST EXPENSE        
Salaries and employee benefits   1,830,049   1,824,696
Occupancy expense   267,847   259,363
Equipment expense   192,686   215,114
Data processing costs   336,786   297,998
Ohio state franchise tax   180,000   180,000
Other expense   1,126,395   1,082,345
Total noninterest expense   3,933,763   3,859,516
           
Income before income taxes   2,499,959   2,242,044
Income taxes   694,587   611,000
         
NET INCOME $ 1,805,372 $ 1,631,044
           
EARNINGS PER SHARE        
Basic   $    1.34      $    1.22
Diluted   1.32   1.20
           
DIVIDENDS DECLARED PER SHARE $ 0.470 $ 0.419