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MBC Financial Statement

(Quarterly)

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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.