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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
               
          June 30,   December 31,
          2007   2006
             
ASSETS          
    Cash and due from banks   $ 7,590,873 $ 6,893,148
  Federal funds sold   4,299,341   6,200,000
  Interest-bearing deposits in other institutions     559,550   546,454
      Cash and cash equivalents     12,449,764   13,639,602
  Investment securities available for sale     71,874,997   63,048,135
  Investment securities held to maturity (estimated        
     market value of $130,579 and $134,306)   119,899   125,853
  Loans     302,528,037   249,190,534
  Less allowance for loan losses   3,283,975   2,848,887
    Net loans   299,244,062   246,341,647
  Premises and equipment   6,831,770   6,742,465
  Goodwill     3,224,264   123,175
  Bank-owned life insurance     7,012,996   6,872,743
  Accrued interest and other assets   5,649,867   3,958,084
               
    TOTAL ASSETS     $ 406,407,619     $ 340,851,704
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 41,348,568 $ 41,002,573
    Interest-bearing demand   13,128,166 11,724,173
    Money market   27,511,193   14,738,767
    Savings   73,077,850   54,246,499
    Time   171,792,572   149,338,181
    Total deposits   326,858,349   271,050,193
  Short-term borrowings     5,768,056   1,609,738
  Other borrowings     37,225,371   36,112,738
  Accrued interest and other liabilities   2,084,045   1,615,101
    TOTAL LIABILITIES   371,935,821   310,387,770
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,        
     1,621,550 and 1,519,887 shares issued     23,521,438   19,507,257
  Retained earnings   15,644,003   14,685,971
  Accumulated other comprehensive income     (1,288,586)   (520,987)
  Treasury stock, at cost; 100,080 shares in 2007 and    
     95,080 shares in 2006      (3,405,057)   (3,208,307)
   
    TOTAL STOCKHOLDERS' EQUITY   34,471,798   30,463,934
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 406,407,619 $ 340,851,704
               
See accompanying unaudited notes to the consolidated financial statements.
               
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
 (Unaudited)
                     
      Three Months Ended   Six Months Ended
      June 30,     June 30,
      2007   2006     2007   2006
INTEREST INCOME                      
   Interest and fees on loans $ 5,315,387     $ 4,219,061     $ 9,845,616     $ 8,204,679
   Interest-bearing deposits in                  
      other institutions     49,724   4,272     105,613   7,393
   Federal funds sold     130,200   5,358     261,435   8,937
   Investment securities:                    
   Taxable interest     254,534   289,841     520,648   595,811
   Tax-exempt interest     459,595   248,440     842,380   493,591
    Dividends on FHLB stock   26,272   23,341     51,767   40,538
         Total interest income   6,235,712   4,790,313     11,627,459   9,350,949
                     
INTEREST EXPENSE                    
   Deposits     2,869,444   1,677,832     5,184,115   3,218,694
   Short term borrowings     20,455   61,827     39,670   122,650
   Other borrowings     469,473   297,890     914,885   570,864
         Total interest expense   3,359,372 2,037,549     6,138,670 3,912,208
                     
NET INTEREST INCOME     2,876,340   2,752,764     5,488,789   5,438,741
                     
Provision for loan losses     69,391   75,000     114,391   150,000
                     
NET INTEREST INCOME AFTER                  
PROVISION FOR LOAN LOSSES   2,806,949   2,677,764     5,374,398   5,288,741
                     
NONINTEREST INCOME                    
   Service charges on deposit accounts   481,055   435,842     933,002   848,684
   Investment securities losses, net   -   -     -   (5,868)
   Earnings on bank-owned life insurance   68,174   59,950     140,253   113,172
   Other income     99,014   98,863     196,616   188,993
         Total noninterest income   648,243   594,655     1,269,871   1,144,981
                     
NONINTEREST EXPENSE                    
   Salaries and employee benefits   1,040,092   835,105     2,145,000   1,830,049
   Occupancy expense     198,278   113,544     367,508   267,847
   Equipment expense     132,423   100,473     254,214   192,686
   Data processing costs     161,471   158,279     312,719   336,786
   Ohio state franchise tax     108,200   90,000     204,200   180,000
   Other expense     680,369   600,631     1,310,894   1,126,395
         Total noninterest expense   2,320,833   1,898,032     4,594,535   3,933,763
                     
Income before income taxes     1,134,359   1,374,387     2,049,734   2,499,959
Income taxes     235,128   386,587     398,128   694,587
                   
NET INCOME   $ 899,231 $ 987,800   $ 1,651,606 $ 1,805,372
                     
EARNINGS PER SHARE                    
 Basic   $ 0.60 $ 0.70   $ 1.13 $ 1.28
 Diluted     0.59   0.69     1.11   1.26
                     
DIVIDENDS DECLARED PER SHARE $ 0.240 $ 0.224   $ 0.480 $ 0.448
                     
                     
See accompanying unaudited notes to the consolidated financial statements.