MBC Financial Statement

(Quarterly)

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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.