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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
               
            March 31,       December 31,
          2008   2007
             
ASSETS          
   Cash and due from banks   $ 9,733,382 $ 9,072,972
  Federal funds sold   4,090,687   8,631,963
  Interest-bearing deposits in other institutions     110,387   110,387
    Cash and cash equivalents     13,934,456   17,815,322
  Investment securities available for sale     98,848,546   85,967,764
  Loans     314,915,193   309,445,922
  Less allowance for loan losses   3,351,137   3,299,276
    Net loans   311,564,056   306,146,646
  Premises and equipment   7,371,350   7,044,685
  Goodwill   4,371,207   4,371,206
  Bank-owned life insurance     7,223,471   7,153,381
  Accrued interest and other assets   6,424,829   5,774,052
               
    TOTAL ASSETS   $ 449,737,915 $ 434,273,056
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 39,525,150 $ 41,348,219
    Interest-bearing demand   24,092,145 19,566,035
    Money market   24,036,386   22,684,041
    Savings   73,299,591   76,895,857
    Time   216,819,834   202,423,848
    Total deposits   377,773,106   362,918,000
  Short-term borrowings     2,090,086   1,510,607
  Federal funds purchased      
  Other borrowings     32,423,165   32,395,319
  Accrued interest and other liabilities   2,202,547   2,487,746
  
    TOTAL LIABILITIES   414,488,904   399,311,672
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,        
  1,525,324 and 1,519,887 shares issued     26,848,601   26,650,123
  Retained earnings   14,096,814   13,746,956
  Accumulated other comprehensive income     179,015   (52,969)
  Treasury stock, at cost; 165,208 shares in 2008 and        
  151,745 shares in 2007     (5,875,419)   (5,382,726)
  
    TOTAL STOCKHOLDERS' EQUITY   35,249,011   34,961,384
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 449,737,915 $ 434,273,056
               
See accompanying unaudited notes to the consolidated financial statements.
 
 
 
MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
               
          Three Months Ended
            March 31,
          2008       2007
INTEREST INCOME          
   Interest and fees on loans $ 5,455,274 $ 4,530,229
Interest-bearing deposits in other institutions     5,203   55,889
Federal funds sold     79,304   131,235
Investment securities:          
Taxable interest     565,079   266,114
Tax-exempt interest     453,943   382,785
Dividends on FHLB stock   29,400   25,495
Total interest income   6,588,203 5,391,747
               
INTEREST EXPENSE          
Deposits     3,333,980   2,314,671
    Short-term borrowings     9,895   152,292
    Other borrowings     414,111   312,335
Total interest expense   3,757,986 2,779,298
               
NET INTEREST INCOME     2,830,217   2,612,449
               
Provision for loan losses     75,000   45,000
               
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   2,755,217   2,567,449
               
NONINTEREST INCOME          
Service charges on deposit accounts   465,528   451,947
Investment securities losses, net    
Earnings on bank-owned life insurance   70,088   72,079
Other income     101,835   97,602
Total noninterest income   637,451   621,628
               
NONINTEREST EXPENSE          
Salaries and employee benefits   1,194,419   1,104,908
Occupancy expense     231,183   169,230
Equipment expense     146,110   121,791
Data processing costs     209,280   151,248
Ohio state franchise tax     117,000   96,000
Other expense     617,680   630,525
Total noninterest expense   2,515,672   2,273,702
               
Income before income taxes     876,996   915,375
Income taxes     140,000   163,000
             
NET INCOME   $ 736,996 $ 752,375
               
EARNINGS PER SHARE          
    Basic   $ 0.48 $ 0.50
    Diluted     0.47   0.49
               
DIVIDENDS DECLARED PER SHARE $ 0.250 $ 0.224
               
               
See accompanying unaudited notes to the consolidated financial statements.