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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
                (Unaudited)      
          March 31,     December 31,
          2011     2010
                 
ASSETS              
  Cash and due from banks   $ 11,555   $ 10,473
  Federal funds sold     30,581     20,162
        Cash and cash equivalents     42,136     30,635
  Investment securities available for sale     189,640     201,772
  Loans      376,529     372,498
  Less allowance for loan losses     6,685     6,221
        Net loans     369,844     366,277
  Premises and equipment     8,053     8,179
  Goodwill     4,559     4,559
  Bank-owned life insurance     8,052     7,979
  Accrued interest and other assets     13,553     12,796
               
        TOTAL ASSETS   $ 635,837   $ 632,197
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 52,831   $ 53,391
    Interest-bearing demand     54,371       48,869
    Money market     75,046     71,105
    Savings     155,945     146,993
    Time     230,411     244,893
        Total deposits     568,604     565,251
  Short-term borrowings     7,301     7,632
  Other borrowings     18,956     19,321
  Accrued interest and other liabilities     1,693     1,971
        TOTAL LIABILITIES     596,554     594,175
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,          
   1,836,139 and 1,780,553 shares issued     29,286     28,429
  Retained earnings     16,418     15,840
  Accumulated other comprehensive income     313     487
                -
  Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
        TOTAL STOCKHOLDERS' EQUITY     39,283     38,022
               
        TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 635,837   $ 632,197
                 
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
           March 31,
          2011       2010
INTEREST INCOME          
     Interest and fees on loans   $ 5,301   $ 5,097
     Interest-bearing deposits in          
          other institutions     2     4
     Federal funds sold     9     11
     Investment securities:          
          Taxable interest     1,323     1,203
          Tax-exempt interest     698     592
  Dividends on stock     26     17
                   Total interest income     7,359     6,924
               
INTEREST EXPENSE          
     Deposits     2,037     2,485
     Short term borrowings     59     58
     Other borrowings     109     190
     Trust preferred securities     136     136
                   Total interest expense     2,341       2,869
               
NET INTEREST INCOME     5,018     4,055
               
Provision for loan losses     865     439
               
NET INTEREST INCOME AFTER           
   PROVISION FOR LOAN LOSSES     4,153     3,616
               
NONINTEREST INCOME          
     Service charges on deposit accounts     428     415
     Investment securities gains, net     15     9
     Earnings on bank-owned life insurance     73     67
     Other income     183     118
                    Total noninterest income     699     609
               
NONINTEREST EXPENSE          
     Salaries and employee benefits     1,690     1,511
     Occupancy expense     272     276
     Equipment expense     158     198
     Data processing costs     180     243
     Ohio state franchise tax     128     136
     Federal deposit insurance expense     225     202
     Professional fees     211     192
     Loss (gain) on sale of other real estate owned     (20)     121
     Other expense     861     679
                    Total noninterest expense     3,705     3,558
               
Income before income taxes     1,147     667
Income taxes      145     22
               
NET INCOME   $ 1,002   $ 645
               
EARNINGS PER SHARE          
    Basic   $ 0.62   $ 0.41
    Diluted     0.62     0.41
               
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26
               
               
See accompanying notes to the unaudited consolidated financial statements.