Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET

				March 31,		December 31
				2007		2006

ASSETS
	Cash and due from banks		$	6,811,047	$	6,893,148
	Federal funds sold			8,200,000		6,200,000
	Interest-bearing deposits in other institutions			552,487		546,454
		Cash and cash equivalents		15,563,534		13,639,602
	Investment securities available for sale			70,619,693		63,048,135
	Investment securities held to maturity (estimated
	market value of $127,663 and $134,306)			119,899		125,853
	Loans			254,776,398		249,190,534
	Less allowance for loan losses			2,787,810		2,848,887
		Net loans		251,988,588		246,341,647
	Premises and equipment			6,688,641		6,742,465
	Bank-owned life insurance			6,944,822		6,872,743
	Accrued interest and other assets			5,278,668		4,081,259

		TOTAL ASSETS	$	357,203,845	$	340,851,704

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	39,375,477	$	41,002,573
		Interest-bearing demand		13,241,825		11,724,173
		Money market		26,306,872		14,738,767
		Savings		53,622,139		54,246,499
		Time		154,979,513		149,338,181
		Total deposits		287,525,826		271,050,193
	Short-term borrowings			2,265,357		1,609,738
	Federal funds purchased			-		-
	Other borrowings			34,793,179		36,112,738
	Accrued interest and other liabilities			1,499,115		1,615,101

		TOTAL LIABILITIES		326,083,477		310,387,770

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,525,324 and 1,519,887 shares issued			19,712,463		19,507,257
	Retained earnings			15,108,995		14,685,971
	Accumulated other comprehensive income			(492,783)		(520,987)
	Treasury stock, at cost; 95,080 shares in 2007 and in 2006			(3,208,307)		(3,208,307)

		TOTAL STOCKHOLDERS' EQUITY		31,120,368		30,463,934

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	357,203,845	$	340,851,704


See accompanying notes to consolidated financial statements.

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)

					Three Months Ended
					March 31,
					2007		2006
INTEREST INCOME
	Interest and fees on loans			$	4,530,229	$	3,985,618

	Interest-bearing deposits in other institutions				55,889		3,121
	Federal funds sold				131,235		3,579
	Investment securities:
		Taxable interest			266,114		305,970
		Tax-exempt interest			382,785		245,151
	Dividends on FHLB stock				25,495		17,197
			Total interest income		5,391,747		4,560,636

INTEREST EXPENSE
	Deposits				2,314,671		1,540,862
		Short-term borrowings			152,292		60,823
		Other borrowings			312,335		272,974
			Total interest expense		2,779,298		1,874,659

NET INTEREST INCOME					2,612,449		2,685,977

Provision for loan losses					45,000		75,000


NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES					2,567,449		2,610,977

NONINTEREST INCOME
	Service charges on deposit accounts				451,947		412,842
	Investment securities losses, net				-		(5,868)
	Earnings on bank-owned life insurance				72,079		53,222
	Other income				97,602		90,130
			Total noninterest income		621,628		550,326

NONINTEREST EXPENSE
	Salaries and employee benefits				1,104,908		994,944
	Occupancy expense				169,230		154,303
	Equipment expense				121,791		92,213
	Data processing costs				151,248		178,507
	Ohio state franchise tax				96,000		90,000
	Other expense				630,525		525,764
			Total noninterest expense		2,273,702		2,035,731

Income before income taxes					915,375		1,125,572
Income taxes					163,000		308,000

NET INCOME				$	752,375	$	817,572

EARNINGS PER SHARE
	Basic			$	0.53	$	0.58
	Diluted				0.52		0.57

DIVIDENDS DECLARED PER SHARE				$	0.240	$	0.224


See accompanying unaudited notes to the consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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