Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET

				December 31,		December 31
				2009		2008

ASSETS
	Cash and due from banks		$	12,908,859	$	9,795,248
	Federal funds sold			28,122,892		7,548,000
	Interest-bearing deposits in other institutions			120,885		112,215
		Cash and cash equivalents		41,152,636		17,455,463
	Investment securities available for sale			136,711,100		104,270,366
	Loans			353,596,712		321,575,293
	Less allowance for loan losses			4,936,575		3,556,763
		Net loans		348,660,137		318,018,530
	Premises and equipment			8,394,369		8,448,915
	Goodwill			4,558,687		4,558,687
	Bank-owned life insurance			7,706,476		7,440,687
	Accrued interest and other assets			11,474,364		7,654,287

		TOTAL ASSETS	$	558,657,769	$	467,846,935

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	44,386,654	$	42,357,154
		Interest-bearing demand		38,111,042		26,404,660
		Money market		56,451,504		27,845,438
		Savings		107,358,352		68,968,844
		Time		240,798,732		229,243,506
		Total deposits		487,106,284		394,819,602
	Short-term borrowings			6,799,555		1,886,253
	Other borrowings			25,864,508		33,903,019
	Accrued interest and other liabilities			2,180,151		2,178,813
		TOTAL LIABILITIES		521,950,498		432,787,687

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,754,112 and 1,725,381 shares issued			27,919,228		27,301,403
	Retained earnings			14,959,428		14,786,353
	Accumulated other comprehensive income/(loss)			562,222		(294,901)
	Treasury stock, at cost; 189,530 shares in 2009 and 2008			(6,733,607)		(6,733,607)
		TOTAL STOCKHOLDERS' EQUITY		36,707,271		35,059,248

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	558,657,769	$	467,846,935


See accompanying notes to the consolidated financial statements.

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME


		Year Ended December 31,

		2009		2008		2007
INTEREST INCOME
Interest and fees on loans	$	20,270,987	$	21,426,372	$	21,063,258
Interest-bearing deposits in
other institutions		14,561		12,468		155,550
Federal funds sold		20,557		135,104		498,040
Investment securities:
Taxable interest		3,794,149		2,538,237		1,265,673
Tax-exempt interest		1,881,752		1,810,319		1,773,292
Dividends on FHLB stock		68,575		115,313		116,121
Total interest income		26,050,581		26,037,813		24,871,934

INTEREST EXPENSE
Deposits		10,296,404		12,352,211		11,633,010
Short term borrowings		34,110		46,084		92,720
Other borrowings		918,600		1,120,491		1,269,910
Trust preferred securities		533,711		539,298		535,279
Total interest expense		11,782,825		14,058,084		13,530,919

NET INTEREST INCOME		14,267,756		11,979,729		11,341,015

Provision for loan losses		2,578,047		608,000		429,391

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		11,689,709		11,371,729		10,911,624

NONINTEREST INCOME
Service charges on deposit accounts		1,905,130		1,888,059		1,954,992
Investment securities gains/(losses), net		(14,323)		(344,049)		7,942
Earnings on bank-owned life insurance		265,788		287,305		280,638
Other income		511,685		395,191		389,020
Total noninterest income		2,668,280		2,226,506		2,632,592

NONINTEREST EXPENSE
Salaries and employee benefits		5,938,239		4,911,671		4,458,075
Occupancy expense		928,425		885,904		745,935
Equipment expense		508,875		539,040		525,250
Data processing costs		916,990		803,230		699,185
Ohio state franchise tax		493,200		468,000		424,873
FDIC assessment		707,328		187,867		49,209
Other expense		3,156,520		2,800,641		2,470,123
Total noninterest expense		12,649,577		10,596,353		9,372,650

Income before income taxes		1,708,412		3,001,882		4,171,566
Income taxes		(72,574)		387,003		796,223

NET INCOME	$	1,780,986	$	2,614,879	$	3,375,343

EARNINGS PER SHARE
Basic	$	1.15	$	1.72	$	2.17
Diluted		1.15		1.69		2.14

DIVIDENDS DECLARED PER SHARE	$	1.04	$	1.03	$	0.94

See accompanying notes to the consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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