Middlefield Banc Corp.

Financial Statement

(Yearly)

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

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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