Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET

				March 31,		December 31
				2009		2008

ASSETS
	Cash and due from banks		$	12,569,069	$	9,795,248
	Federal funds sold			5,780,125		7,548,000
	Interest-bearing deposits in other institutions			118,694		112,215
		Cash and cash equivalents		18,467,888		17,455,463
	Investment securities available for sale			102,323,856		104,270,366
	Loans			326,688,314		321,575,293
	Less allowance for loan losses			3,620,618		3,556,763
		Net loans		323,067,696		318,018,530
	Premises and equipment			8,332,898		8,448,915
	Goodwill			4,558,687		4,558,687
	Bank-owned life insurance			7,509,264		7,440,687
	Accrued interest and other assets			9,113,608		7,654,287

		TOTAL ASSETS	$	473,373,898	$	467,846,935

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	43,271,194	$	42,357,154
		Interest-bearing demand		29,753,343		26,404,660
		Money market		31,058,973		27,845,438
		Savings		77,705,826		68,968,844
		Time		222,296,346		229,243,506
		Total deposits		404,085,682		394,819,602
	Short-term borrowings			1,532,609		1,886,253
	Federal funds purchased			-		-
	Other borrowings			30,889,915		33,903,019
	Accrued interest and other liabilities			2,007,485		2,178,813
		TOTAL LIABILITIES		438,515,691		432,787,687

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,730,777 and 1,725,381546 shares issued			27,427,697		27,301,403
	Retained earnings			14,990,150		14,786,353
	Accumulated other comprehensive income			(826,033)		(294,901)
	Treasury stock, at cost; 189,530 shares in 2009 and 2008			(6,733,607)		(6,733,607)
		TOTAL STOCKHOLDERS' EQUITY		34,858,207		35,059,248

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	473,373,898	$	467,846,935

See accompanying unaudited notes to the consolidated financial statements.

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)

		Three Months Ended
		March 31,
		2009		2008
INTEREST INCOME
Interest and fees on loans	$	4,998,102	$	5,455,274
Interest-bearing deposits in
other institutions		7,235		5,203
Federal funds sold		3,756		79,304
Investment securities:
Taxable interest		853,197		565,079
Tax-exempt interest		446,324		453,943
Dividends on FHLB stock		15,369		29,400
Total interest income		6,323,983	-	6,588,203

INTEREST EXPENSE
Deposits		2,716,220		3,333,980
Short-term borrowings		5,663		9,895
Other borrowings		388,655		414,111
Total interest expense		3,110,539		3,757,986

NET INTEREST INCOME		3,213,444		2,830,217

Provision for loan losses		154,000		75,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		3,059,444		2,755,217

NONINTEREST INCOME
Service charges on deposit accounts		438,913		465,528
Investment securities losses, net		-		-
Earnings on bank-owned life insurance		68,577		70,088
Other income		115,961		101,835
Total noninterest income		623,451		637,451

NONINTEREST EXPENSE
Salaries and employee benefits		1,370,580		1,194,419
Occupancy expense		254,916		231,183
Equipment expense		122,695		146,110
Data processing costs		248,882		209,280
Ohio state franchise tax		123,300		117,000
Other expense		875,415		617,680
Total noninterest expense		2,995,788		2,515,672

Income before income taxes		687,107		876,996
Income taxes		84,000		140,000

NET INCOME	$	603,107	$	736,996

EARNINGS PER SHARE
Basic	$	0.38	$	0.48
Diluted		0.38		0.47

DIVIDENDS DECLARED PER SHARE	$	0.260	$	0.250


See accompanying unaudited notes to the consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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