Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2009		2008		2009		2008
INTEREST INCOME
Interest and fees on loans	$	4,906,206	$	5,393,090	$	9,904,308	$	10,848,364
Interest-bearing deposits in
other institutions		2,272		3,638		9,507		8,841
Federal funds sold		3,285		22,982		7,041		102,286
Investment securities:						-
Taxable interest		924,120		606,382		1,777,317		1,171,461
Tax-exempt interest		453,894		456,932		900,218		910,875
Dividends on FHLB stock		15,395		29,612		30,764		59,012
Total interest income		6,305,172	-	6,512,636		12,629,155	-	13,100,839

INTEREST EXPENSE
Deposits		2,558,647		3,098,688		5,274,867		6,432,668
Short term borrowings		4,511		7,288		10,174		17,183
Other borrowings		371,475		407,874		760,130		821,985
Total interest expense		2,934,633		3,513,850		6,045,171		7,271,836

NET INTEREST INCOME		3,370,539		2,998,786		6,583,984		5,829,003

Provision for loan losses		260,000		95,000		414,000		170,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		3,110,539		2,903,786		6,169,984		5,659,003

NONINTEREST INCOME
Service charges on deposit accounts		466,652		459,033		905,565		924,561
Investment securities losses, net		-		8,750		-		8,750
Earnings on bank-owned life insurance		60,054		72,374		128,631		142,462
Other income		109,514		97,060		225,475		198,895
Total noninterest income		636,220		637,217		1,259,671		1,274,668

NONINTEREST EXPENSE
Salaries and employee benefits		1,538,004		1,126,754		2,908,584		2,321,173
Occupancy expense		220,854		209,403		475,770		440,586
Equipment expense		150,738		139,326		273,433		285,436
Data processing costs		218,865		188,785		467,747		398,065
Ohio state franchise tax		123,300		117,000		246,600		234,000
FDIC assessment		271,119		28,790		443,160		45,692
Other expense		780,117		768,916		1,483,491		1,369,694
Total noninterest expense		3,302,997		2,578,974		6,298,785		5,094,646

Income before income taxes		443,762		962,029		1,130,870		1,839,025
Income taxes		(17,000)		179,000		67,000		319,000

NET INCOME	$	460,762	$	783,029	$	1,063,870	$	1,520,025

EARNINGS PER SHARE
Basic	$	0.30	$	0.51	$	0.69	$	0.99
Diluted		0.30		0.51		0.69		0.98

DIVIDENDS DECLARED PER SHARE	$	0.260	$	0.260	$	0.520	$	0.510

See accompanying notes to the unaudited consolidated financial statements.

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Unaudited)
		June 30,		December 31
		2009		2008

ASSETS
Cash and due from banks	$	9,169,682	$	9,795,248
Federal funds sold		7,530,082		7,548,000
Interest-bearing deposits in other institutions		120,056		112,215
Cash and cash equivalents		16,819,820		17,455,463
Investment securities available for sale		101,635,476		104,270,366
Loans		335,513,351		321,575,293
Less allowance for loan losses		3,668,122		3,556,763
Net loans		331,845,229		318,018,530
Premises and equipment		8,300,496		8,448,915
Goodwill		4,558,687		4,558,687
Bank-owned life insurance		7,569,318		7,440,687
Accrued interest and other assets		8,990,338		7,654,287

TOTAL ASSETS	$	479,719,364	$	467,846,935

LIABILITIES
Deposits:
Noninterest-bearing demand	$	41,512,139	$	42,357,154
Interest-bearing demand		30,732,983		26,404,660
Money market		34,704,138		27,845,438
Savings		87,205,502		68,968,844
Time		216,345,304		229,243,506
Total deposits		410,500,065		394,819,602
Short-term borrowings		1,237,795		1,886,253
Federal funds purchased		—		—
Other borrowings		30,104,627		33,903,019
Accrued interest and other liabilities		2,198,215		2,178,813

TOTAL LIABILITIES		444,040,702		432,787,687

STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized 1,739,382 and 1,725,381 shares issued		27,617,948		27,301,403
Retained earnings		15,050,193		14,786,353
Accumulated other comprehensive loss		(255,872)		(294,901)
Treasury stock, at cost; 189,530 shares in 2009 and 2008		(6,733,607)		(6,733,607)

TOTAL STOCKHOLDERS' EQUITY		35,678,662		35,059,248

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	479,719,364	$	467,846,935

See accompanying notes to the unaudited consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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