Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)

		Three Months Ended			Nine Months Ended
		September 30,				September 30,
		2009		2008		2009		2008
INTEREST INCOME
Interest and fees on loans	$	5,175,354	$	5,425,266	$	15,079,662	$	16,273,630
Interest-bearing deposits in
other institutions		2,293		1,949		11,800		10,790
Federal funds sold		3,936		22,181		10,977		124,467
Investment securities:
Taxable interest		975,580		622,184		2,752,897		1,793,645
Tax-exempt interest		474,629		449,351		1,374,847		1,360,226
Dividends on FHLB stock		15,847		29,514		46,611		88,526
Total interest income		6,647,639		6,550,445		19,276,794		19,651,284

INTEREST EXPENSE
Deposits		2,501,502		2,948,998		7,776,369		9,381,666
Short term borrowings		4,987		17,610		15,161		34,793
Other borrowings		354,769		432,055		1,114,899		1,254,040
Total interest expense		2,861,258		3,398,663		8,906,429		10,670,499

NET INTEREST INCOME		3,786,381		3,151,782		10,370,365		8,980,785

Provision for loan losses		1,346,000		187,000		1,760,000		357,000

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		2,440,381		2,964,782		8,610,365		8,623,785

NONINTEREST INCOME
Service charges on deposit accounts		488,747		493,228		1,394,312		1,417,789
Investment securities gains, net		-		25,758		-		34,508
Earnings on bank-owned life insurance		68,413		75,336		197,044		217,798
Other income		133,300		85,925		358,775		284,820
Total noninterest income		690,460		680,247		1,950,131		1,954,915

NONINTEREST EXPENSE
Salaries and employee benefits		1,395,388		1,322,026		4,303,972		3,643,199
Occupancy expense		215,768		203,298		691,538		643,884
Equipment expense		151,742		150,334		425,175		435,770
Data processing costs		224,615		193,033		692,362		591,098
Ohio state franchise tax		123,300		117,000		369,900		351,000
FDIC assessment		86,108		71,702		529,268		117,394
Other expense		843,030		672,188		2,326,521		2,041,882
Total noninterest expense		3,039,951		2,729,581		9,338,736		7,824,227

Income before income taxes		90,890		915,448		1,221,760		2,754,473
Income taxes		(122,574)		211,000		(55,574)		530,000

NET INCOME	$	213,464	$	704,448	$	1,277,334	$	2,224,473

EARNINGS PER SHARE
Basic	$	0.14	$	0.46	$	0.83	$	1.45
Diluted		0.14		0.46		0.83		1.44

DIVIDENDS DECLARED PER SHARE	$	0.26	$	0.26	$	0.78	$	0.77


See accompanying notes to the unaudited consolidated financial statements.

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Unaudited)

		September 30,		December 31
		2009		2008

ASSETS
Cash and due from banks	$	11,143,127	$	9,795,248
Federal funds sold		19,533,878		7,548,000
Interest-bearing deposits in other institutions		120,885		112,215
Cash and cash equivalents		30,797,890		17,455,463
Investment securities available for sale		116,880,660		104,270,366
Loans		345,918,924		321,575,293
Less allowance for loan losses		4,422,250		3,556,763
Net loans		341,496,674		318,018,530
Premises and equipment		8,256,905		8,448,915
Goodwill		4,558,687		4,558,687
Bank-owned life insurance		7,637,731		7,440,687
Accrued interest and other assets		8,317,212		7,654,287

TOTAL ASSETS	$	517,945,759	$	467,846,935

LIABILITIES
Deposits:
Noninterest-bearing demand	$	40,963,722	$	42,357,154
Interest-bearing demand		34,877,418		26,404,660
Money market		42,078,988		27,845,438
Savings		99,322,206		68,968,844
Time		230,686,676		229,243,506
Total deposits		447,929,010		394,819,602
Short-term borrowings		1,667,967		1,886,253
Other borrowings		28,772,173		33,903,019
Accrued interest and other liabilities		2,097,903		2,178,813
TOTAL LIABILITIES		480,467,053		432,787,687

STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
1,746,304 and 1,725,381 shares issued		27,759,557		27,301,403
Retained earnings		14,860,713		14,786,353
Accumulated other comprehensive income/(loss)		1,592,043		(294,901)

Treasury stock, at cost; 189,530 shares in 2009 and 2008		(6,733,607)		(6,733,607)
TOTAL STOCKHOLDERS' EQUITY		37,478,706		35,059,248

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	517,945,759	$	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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