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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
               
          September 30,   December 31,
          2007   2006
             
ASSETS          
    Cash and due from banks     $ 7,732,190     $ 6,893,148
  Federal funds sold   4,525,161   6,200,000
  Interest-bearing deposits in other institutions     564,831   546,454
      Cash and cash equivalents     12,822,182   13,639,602
  Investment securities available for sale     81,367,463   63,048,135
  Investment securities held to maturity (estimated        
     market value of $120,545 and $134,306)   119,899   125,853
  Loans     307,026,362   249,190,534
  Less allowance for loan losses   3,112,669   2,848,887
    Net loans   303,913,693   246,341,647
  Premises and equipment   6,996,275   6,742,465
  Goodwill     5,439,066   123,175
  Bank-owned life insurance     7,082,906   6,872,743
  Accrued interest and other assets   5,750,920   3,958,084
               
    TOTAL ASSETS   $ 423,492,404 $ 340,851,704
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 42,109,757 $ 41,002,573
    Interest-bearing demand   20,294,998 11,724,173
    Money market   24,406,099   14,738,767
    Savings   79,468,128   54,246,499
    Time   186,471,126   149,338,181
    Total deposits   352,750,108   271,050,193
  Short-term borrowings     2,512,582   1,609,738
  Other borrowings     31,102,006   36,112,738
  Accrued interest and other liabilities   2,281,561   1,615,101
    TOTAL LIABILITIES   388,646,257   310,387,770
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,        
     1,624,389 and 1,519,887 shares issued     23,632,830   19,507,257
  Retained earnings   16,137,862   14,685,971
  Accumulated other comprehensive loss     (632,343)   (520,987)
  Treasury stock, at cost; 123,106 shares in 2007 and        
     95,080 shares in 2006     (4,292,202)   (3,208,307)
    TOTAL STOCKHOLDERS' EQUITY   34,846,147   30,463,934
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 423,492,404 $ 340,851,704
               
               
See accompanying unaudited notes to the consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
 (Unaudited)
                         
          Three Months Ended   Nine Months Ended
          September 30,     September 30,
          2007   2006     2007   2006
INTEREST INCOME                    
  Interest and fees on loans $ 5,604,206 $ 4,393,937   $ 15,449,822 $ 12,598,616
  Interest-bearing deposits in                  
    other institutions     22,159   4,546     127,772   11,939
  Federal funds sold     122,029   29,391     383,464   38,328
  Investment securities:                    
  Taxable interest     323,806   275,448     844,454   871,259
  Tax-exempt interest     468,552   251,777     1,310,932   745,368
  Dividends on FHLB stock   32,426   20,979     84,193   61,517
          Total interest income   6,573,178   4,976,078     18,200,637   14,327,027
                         
INTEREST EXPENSE                    
  Deposits     3,176,508   1,867,011     8,360,623   5,085,705
Short-term borrowings     35,750   22,563     75,420   145,213
Other borrowings     453,853   327,907     1,368,738   898,771
          Total interest expense   3,666,111 2,217,481     9,804,781 6,129,689
                         
NET INTEREST INCOME     2,907,067   2,758,597     8,395,856   8,197,338
                         
Provision for loan losses     60,000   90,000     174,391   240,000
                         
NET INTEREST INCOME AFTER                  
  PROVISION FOR LOAN LOSSES   2,847,067   2,668,597     8,221,465   7,957,338
                         
NONINTEREST INCOME                    
  Service charges on deposit accounts   494,456   462,295     1,427,458   1,310,979
  Investment securities losses, net   -   -     -   (5,868)
  Earnings on bank-owned life insurance   69,917   64,431     210,170   177,603
  Other income     89,437   116,876     286,053   305,869
          Total noninterest income   653,810   643,602     1,923,681   1,788,583
                         
NONINTEREST EXPENSE                    
  Salaries and employee benefits   1,220,646   1,010,312     3,365,646   2,840,361
  Occupancy expense     184,078   117,190     551,586   385,037
  Equipment expense     139,197   108,380     393,411   301,066
  Data processing costs     186,213   147,484     498,932   484,270
  Ohio state franchise tax     109,673   90,000     313,873   270,000
  Other expense     577,126   569,039     1,888,020   1,695,434
          Total noninterest expense   2,416,933   2,042,405     7,011,468   5,976,168
                         
Income before income taxes     1,083,944   1,269,794     3,133,678   3,769,753
Income taxes     223,000   339,000     621,128   1,033,587
                       
NET INCOME   $ 860,944 $ 930,794   $ 2,512,550 $ 2,736,166
                         
EARNINGS PER SHARE                    
    Basic   $ 0.57 $ 0.65   $ 1.70 $ 1.92
        Diluted     0.56   0.64     1.68   1.90
                            
DIVIDENDS DECLARED PER SHARE    $ 0.245    $ 0.229    $ 0.725    $ 0.686
                         
                         
See accompanying unaudited notes to the consolidated financial statements.