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MBC Financial Statement

(Yearly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
                 
        December 31,
        2006   2005
             
ASSETS        
  Cash and due from banks $ 6,893,148 $ 5,294,641
  Federal funds sold 6,200,000   -
    Cash and cash equivalents   13,093,148   5,294,641
  Interest-bearing deposits in other institutions   546,454   526,523
    Cash and cash equivalents   26,732,750        5,821,164
  Investment securities available for sale   63,048,135   57,887,130
  Investment securities held to maturity (estimated        
  market value of $134,306 and $232,967) 125,853   221,453
  Loans   249,190,534   234,054,797
  Less allowance for loan losses 2,848,887   2,841,098
    Net loans 246,341,647   231,213,699
  Premises and equipment 6,742,465   6,624,776
  Bank-owned life insurance   6,872,743   5,632,982
  Accrued interest and other assets 3,833,259   3,812,987
             
    TOTAL ASSETS 340,603,704 311,214,191
             
LIABILITIES        
  Deposits:        
    Noninterest-bearing demand $ 41,002,573 $ 39,782,375
    Interest-bearing demand 11,724,173 9,362,399
    Money market 14,738,767   13,078,829
    Savings 54,246,499   66,495,057
    Time 149,338,181   120,730,980
    Total deposits 271,050,193   249,449,640
  Short-term borrowings   1,609,738   6,710,914
  Federal funds purchased   -   -
  Other borrowings   27,864,738   26,578,211
  Trust preferred securities   8,000,000   -
  Accrued interest and other liabilities 1,615,101   1,186,061
 
    TOTAL LIABILITIES 310,139,770   283,924,826
             
STOCKHOLDERS' EQUITY        
  Common stock, no par value; 10,000,000 shares authorized,        
  1,519,887 and 1,434,987 shares issued   19,507,257   15,976,335
  Retained earnings 14,685,971   14,959,891
  Accumulated other comprehensive income   (520,987)   (677,088)
  Treasury stock, at cost; 95,080 shares in 2006
     and 89,333 shares in 2005
  (3,208,307)   (2,969,773)
 
    TOTAL STOCKHOLDERS' EQUITY 30,463,934   27,289,365
                  
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 340,603,704 $ 311,214,191
 
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
                 
        Year Ended December 31,
        2006   2005   2004
INTEREST AND DIVIDEND INCOME              
Interest and fees on loans   $ 17,092,516 $ 15,040,518 $ 13,617,560
Interest-bearing deposits in other institutions     20,175   15,500   5,641
Federal funds sold     117,115   35,173   50,608
Investment securities:              
   Taxable     1,143,375   1,353,035   1,400,063
   Tax-exempt     1,038,318   864,745   604,399
  Other dividend income     83,051   69,533   54,265
         Total interest and dividend income     19,494,550   17,378,504   15,732,536
                 
INTEREST EXPENSE              
  Deposits     7,157,226   5,520,206   4,905,899
    Short-term borrowings     167,475   103,836   2,180
    Other borrowings     1,226,877   1,030,572   860,819
  Trust preferred securities     15,864   -   -
         Total interest expense     8,567,442 6,654,614 5,768,898
                 
NET INTEREST INCOME     10,927,108   10,723,890   9,963,638
                 
Provision for loan losses     60,000   302,000   174,000
                 
NET INTEREST INCOME AFTER              
PROVISION FOR LOAN LOSSES     10,867,108   10,421,890   9,789,638
                 
NONINTEREST INCOME              
   Service charges on deposit accounts     1,800,173   1,579,121   1,402,027
   Investment securities gains     (5,868)   -   (98,375)
   Earnings on bank-owned life insurance     239,761   208,677   221,919
   Other income     393,389   331,439   253,561
         Total noninterest income     2,427,455   2,119,237   1,779,132
                 
NONINTEREST EXPENSE              
Salaries and employee benefits     3,675,120   3,568,603   3,442,262
Occupancy     507,250   495,982   494,759
Equipment     440,878   432,635   356,346
Data processing costs     634,707   625,856   538,349
Professional fees     333,932   293,138   252,731
Ohio state franchise tax     360,000   284,950   285,050
Advertising     331,644   302,679   253,858
Postage and freight     189,629   189,970   178,717
Other expense     1,465,213   1,230,826   1,163,535
         Total noninterest expense     7,938,373   7,424,639   6,965,607
                 
Income before income taxes     5,356,190   5,116,488   4,603,163
Income taxes     1,471,943   1,415,156   1,330,000
               
NET INCOME   3,884,247     3,701,332     3,273,163
                 
EARNINGS PER SHARE              
  Basic      $ 2.74 $ 2.63 $ 2.29
  Diluted     2.70   2.59   2.28