Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
				(Unaudited)
				September 30,		December 31,
				2011		2010

ASSETS
	Cash and due from banks		$	21,269	$	10,473
	Federal funds sold			22,318		20,162
		Cash and cash equivalents		43,587		30,635
	Investment securities available for sale			204,455		201,772
	Loans			388,558		372,498
	Less allowance for loan losses			7,574		6,221
		Net loans		380,984		366,277
	Premises and equipment			8,042		8,179
	Goodwill			4,559		4,559
	Bank-owned life insurance			8,188		7,979
	Accrued interest and other assets			10,864		12,796

		TOTAL ASSETS	$	660,679	$	632,197

LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	60,806	$	53,391
		Interest-bearing demand		61,483		48,869
		Money market		76,851		71,105
		Savings		166,531		146,993
		Time		221,567		244,893
		Total deposits		587,238		565,251
	Short-term borrowings			6,908		7,632
	Other borrowings			17,955		19,321
	Accrued interest and other liabilities			1,915		1,971
		TOTAL LIABILITIES		614,016		594,175

STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized,
	1,944,386 and 1,780,553 shares issued			31,112		28,429
	Retained earnings			17,335		15,840
	Accumulated other comprehensive income			4,950		487
	Treasury stock, at cost; 189,530 shares			(6,734)		(6,734)
		TOTAL STOCKHOLDERS' EQUITY		46,663		38,022

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	660,679	$	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				Nine Months Ended
				September 30,				September 30,
				2011		2010		2011		2010
INTEREST INCOME
Interest and fees on loans			$	5,555	$	5,325	$	16,255	$	15,721
Interest-bearing deposits in
other institutions				4		3		8		10
Federal funds sold				-		15		13		38
Investment securities:
Taxable interest				1,220		1,290		3,832		3,832
Tax-exempt interest				724		702		2,124		1,941
	Dividends on stock			25		33		76		82
Total interest income				7,528		7,368		22,308		21,624

INTEREST EXPENSE
Deposits				1,836		2,391		5,877		7,249
Short term borrowings				59		66		177		186
Other borrowings				100		147		313		520
Trust preferred securities				139		148		412		412
Total interest expense				2,134		2,752		6,779		8,367

NET INTEREST INCOME				5,394		4,616		15,529		13,257

Provision for loan losses				920		1,226		2,485		2,355

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES				4,474		3,390		13,044		10,902

NONINTEREST INCOME
Service charges on deposit accounts				455		473		1,299		1,321
Investment securities gains (losses), net				6		18		(16)		45
Earnings on bank-owned life insurance				70		72		209		204
Other income				155		132		487		419
Total noninterest income				686		695		1,979		1,989

NONINTEREST EXPENSE
Salaries and employee benefits				1,754		1,543		5,388		4,767
Occupancy expense				242		224		737		717
Equipment expense				175		156		488		558
Data processing costs				162		160		515		575
Ohio state franchise tax				126		134		351		404
Federal deposit insurance expense				176		197		673		589
Professional fees				181		110		577		490
Losses on other real estate owned				195		536		498		750
Other expense				895		682		2,676		2,278
Total noninterest expense				3,906		3,742		11,903		11,128

Income before income taxes				1,254		343		3,120		1,763
Income taxes (benefit)				175		(120)		319		(60)

NET INCOME			$	1,079	$	463	$	2,801	$	1,823

EARNINGS PER SHARE
		Basic	$	0.63	$	0.29	$	1.69	$	1.16
		Diluted		0.63		0.29		1.69		1.16

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

See accompanying notes to the unaudited consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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