Middlefield Banc Corp.

Financial Statement

(Yearly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)

		December 31,
		2011		2010

ASSETS
Cash and due from banks	$	16,235	$	10,473
Federal funds sold		18,660		20,162
Cash and cash equivalents		34,895		30,635
Investment securities available for sale		193,977		201,772
Loans		401,375		372,498
Less allowance for loan losses		6,819		6,221
Net loans		394,556		366,277
Premises and equipment		8,264		8,179
Goodwill		4,559		4,559
Bank-owned life insurance		8,257		7,979
Accrued interest and other assets		10,043		12,796
TOTAL ASSETS	$	654,551	$	632,197

LIABILITIES
Deposits:
Noninterest-bearing demand	$	63,348	$	53,391
Interest-bearing demand		55,853		48,869
Money market		75,621		71,105
Savings		167,207		146,993
Time		218,933		244,893
Total deposits		580,962		565,251
Short-term borrowings		7,392		7,632
Other borrowings		16,831		19,321
Accrued interest and other liabilities		2,113		1,971
TOTAL LIABILITIES		607,298		594,175

STOCKHOLDERS' EQUITY
Common stock, no par value; 10,000,000 shares authorized,
1,951,868 and 1,780,553 shares issued		31,240		28,429
Retained earnings		18,206		15,840
Accumulated other comprehensive income		4,541		487
Treasury stock, at cost; 189,530 shares		(6,734)		(6,734)
TOTAL STOCKHOLDERS' EQUITY		47,253		38,022

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	654,551	$	632,197

See accompanying notes to the consolidated financial statements.

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

		Year Ended December 31,
		2011		2010		2009
INTEREST INCOME
Interest and fees on loans	$	21,854	$	21,084	$	20,271
Interest-bearing deposits in other institutions		14		15		15
Federal funds sold		12		52		20
Investment securities:
Taxable interest		4,862		5,185		3,794
Tax-exempt interest		2,883		2,650		1,882
Dividends on stock		102		108		69
Total interest income		29,727		29,094		26,051

INTEREST EXPENSE
Deposits		7,467		9,504		10,296
Short term borrowings		235		249		34
Other borrowings		400		642		919
Trust preferred securities		550		550		534
Total interest expense		8,652		10,945		11,783

NET INTEREST INCOME		21,075		18,149		14,268

Provision for loan losses		3,085		3,580		2,578

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		17,990		14,569		11,690

NONINTEREST INCOME
Service charges on deposit accounts		1,512		1,784		1,905
Investment securities gains (losses), net		(173)		11		(14)
Earnings on bank-owned life insurance		278		273		266
Other income		620		555		511
Total noninterest income		2,237		2,623		2,668

NONINTEREST EXPENSE
Salaries and employee benefits		7,233		6,411		5,938
Occupancy expense		953		946		928
Equipment expense		556		626		509
Data processing costs		693		743		917
Ohio state franchise tax		461		348		493
Federal deposit insurance expense		966		1,166		707
Professional fees		800		678		673
Losses on other real estate owned		497		783		183
Other expense		3,342		3,062		2,302
Total noninterest expense		15,501		14,763		12,650

Income before income taxes		4,726		2,429		1,708
Income taxes (benefit)		596		(88)		(73)

NET INCOME	$	4,130	$	2,517	$	1,781

EARNINGS PER SHARE
Basic	$	2.45	$	1.60	$	1.15
Diluted		2.45		1.60		1.15

DIVIDENDS DECLARED PER SHARE		1.04		1.04		1.04


See accompanying notes to the consolidated financial statements.

The Middlefield Banking Company, Member FDIC. Equal Housing Lender

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