Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
		(Unaudited)
		June 30,		December 31,
		2010		2009

ASSETS
Cash and due from banks	$	15,065	$	12,909
Federal funds sold		22,152		28,123
Interest-bearing deposits in other institutions		124		121
Cash and cash equivalents		37,341		41,153
Investment securities available for sale		178,963		136,711
Loans		364,762		353,597
Less allowance for loan losses		5,834		4,937
Net loans		358,928		348,660
Premises and equipment		8,360		8,394
Goodwill		4,559		4,559
Bank-owned life insurance		7,839		7,706
Accrued interest and other assets		10,949		11,475

TOTAL ASSETS	$	606,939	$	558,658

LIABILITIES
Deposits:
Noninterest-bearing demand	$	51,118	$	44,387
Interest-bearing demand		40,055		38,111
Money market		65,275		56,451
Savings		131,818		107,358
Time		244,829		240,799
Total deposits		533,095		487,106
Short-term borrowings		7,201		6,800
Federal funds purchased		-		-
Other borrowings		25,040		25,865
Accrued interest and other liabilities		1,995		2,180
TOTAL LIABILITIES		567,331		521,951

STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
1,767,301 and 1,754,112 shares issued		28,201		27,919
Retained earnings		15,504		14,960
Accumulated other comprehensive income		2,637		562

Treasury stock, at cost; 189,530 shares in 2010 and 2009		(6,734)		(6,734)
TOTAL STOCKHOLDERS' EQUITY		39,608		36,707

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	606,939	$	558,658

See accompanying notes to the unaudited consolidated financial statements.

MIDDLEFIELD BANC CORP.
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands, except per share data)
(Unaudited)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2010		2009		2010		2009
INTEREST INCOME
Interest and fees on loans	$	5,299	$	4,906	$	10,396	$	9,904
Interest-bearing deposits in
other institutions		3		3		7		10
Federal funds sold		12		3		23		7
Investment securities:
Taxable interest		1,339		924		2,542		1,777
Tax-exempt interest		647		454		1,239		900
Dividends on FHLB stock		32		15		49		31
Total interest income		7,332	-	6,305		14,256	-	12,629

INTEREST EXPENSE
Deposits		2,373		2,559		4,858		5,275
Short-term borrowings		62		4		120		10
Other borrowings		183		238		373		495
Trust preferred Securities		128		133		264		265
Total interest expense		2,746		2,934		5,615		6,045

NET INTEREST INCOME		4,586		3,371		8,641		6,584

Provision for loan losses		690		260		1,129		414

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		3,896		3,111		7,512		6,170

NONINTEREST INCOME
Service charges on deposit accounts		433		467		848		906
Investment securities gains, net		18		-		27		-
Earnings on bank-owned life insurance		65		60		132		129
Other income		169		109		287		225
Total noninterest income		685		636		1,294		1,260

NONINTEREST EXPENSE
Salaries and employee benefits		1,713		1,537		3,224		2,908
Occupancy expense		217		221		493		476
Equipment expense		204		150		402		273
Data processing costs		172		219		415		468
Ohio state franchise tax		134		124		270		247
FDIC assessment		190		271		392		443
Professional fees		188		132		380		285
Loss on sale of other real estate owned		39		55		214		55
Other expense		971		594		1,596		1,144
Total noninterest expense		3,828		3,303		7,386		6,299

Income before income taxes		753		444		1,420		1,131
Income taxes		38		(17)		60		67

NET INCOME	$	715	$	461	$	1,360	$	1,064

EARNINGS PER SHARE
Basic	$	0.46	$	0.30	$	0.87	$	0.69
Diluted		0.45		0.30		0.87		0.69

DIVIDENDS DECLARED PER SHARE	$	0.26	$	0.26	$	0.52	$	0.52


See accompanying notes to the unaudited consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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