Middlefield Banc Corp.

Financial Statement

(Quarterly)

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.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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