Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET

				December 31,
				2008		2007

ASSETS
	Cash and due from banks		$	9,795,248	$	9,072,972
	Federal funds sold			7,548,000		8,631,963
	Interest-bearing deposits in other institutions			112,215		110,387
		Cash and cash equivalents		17,455,464		17,815,322
	Investment securities available for sale			104,270,366		85,967,764
	Loans			321,575,293		309,445,922
	Less allowance for loan losses			3,556,763		3,299,276
		Net loans		318,018,530		306,146,646
	Premises and equipment			8,448,915		7,044,685
	Goodwill			4,558,687		4,371,206
	Bank-owned life insurance			7,440,687		7,153,381
	Accrued interest and other assets			7,654,285		5,774,052

		TOTAL ASSETS	$	467,846,934	$	434,273,056

LIABILITIES
	Deposits:
		Noninterest-bearing-demand	$	42,357,154	$	41,348,219
		Interest-bearing demand		26,404,660		19,566,035
		Money market		27,845,438		22,684,041
		Savings		68,968,844		76,895,857
		Time		229,243,506		202,423,848
		Total deposits		394,819,601		362,918,000
	Short-term borrowings			1,886,253		1,510,607
	Other borrowings			33,903,019		32,395,319
	Accrued interest and other liabilities			2,178,813		2,487,746
		TOTAL LIABILITIES		432,787,686		399,311,672

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,725,381 and 1,701,546 shares issued			27,301,403		26,650,123
	Retained earnings			14,786,353		13,746,956
	Accumulated other comprehensive income			(294,901)		(52,969)
	Treasury stock, at cost; 189,530 shares in 2008 and 151,745 shares in 2007			(6,733,607)		(5,382,726)
		TOTAL STOCKHOLDERS' EQUITY		35,059,248		34,961,384

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	467,846,934	$	434,273,056

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME

		Year Ended December 31,
		2008		2007		2006
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	21,426,372	$	21,063,258	$	17,092,516
Interest-bearing deposits in other institutions		12,468		155,550		20,175
Federal funds sold		135,104		498,040		117,115
Investment securities:
Taxable		2,538,237		1,265,673		1,143,375
Tax-exempt		1,810,319		1,774,033		1,038,318
Other dividend income		115,313		116,121		83,051
Total interest and dividend income		26,037,812		24,872,675		19,494,550

INTEREST EXPENSE
Deposits		12,352,211		11,633,010		7,157,226
Short-term borrowings		46,084		92,720		167,475
Other borrowings		1,120,491		1,269,910		1,226,877
Trust preferred securities		539,298		535,279		15,864
Total interest expense		14,058,084		13,530,919		8,567,442

NET INTEREST INCOME		11,979,728		11,341,756		10,927,108

Provision for loan losses		608,000		429,391		60,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		11,371,728		10,912,365		10,867,108

NONINTEREST INCOME
Service charges on deposit accounts		1,888,059		1,954,992		1,800,173
Investment securities gains		(344,049)		7,201		(5,868)
Earnings on bank-owned life insurance		287,305		280,638		239,761
Other income		395,191		389,020		393,389
Total noninterest income		2,226,506		2,631,851		2,427,455

NONINTEREST EXPENSE
Salaries and employee benefits		4,911,671		4,458,075		3,675,120
Occupancy		885,904		745,935		507,250
Equipment		539,040		525,250		440,878
Data processing costs		803,230		699,185		634,707
Professional fees		586,873		422,991		333,932
Ohio state franchise tax		468,000		424,873		360,000
Advertising		372,988		316,112		331,644
Postage and freight		243,765		208,554		189,629
Other expense		1,784,882		1,571,675		1,465,213
Total noninterest expense		10,596,352		9,372,650		7,938,373

Income before income taxes		3,001,882		4,171,566		5,356,190
Income taxes		387,003		796,223		1,471,943

NET INCOME	$	2,614,879	$	3,375,343	$	3,884,247

EARNINGS PER SHARE
Basic	$	1.71	$	2.17	$	2.61
Diluted		1.69		2.14		2.57



See accompanying notes to consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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