Middlefield Banc Corp.

Financial Statement

(Quarterly)

MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands)
				(Unaudited)
				September 30,		December 31,
				2012		2011

ASSETS
	Cash and due from banks		$	32,735	$	15,730
	Federal funds sold			19,871		18,660
		Cash and cash equivalents		52,606		34,390
	Investment securities available for sale			179,140		193,977
	Loans			409,175		401,880
	Less allowance for loan losses			7,173		6,819
		Net loans		402,002		395,061
	Premises and equipment			8,701		8,264
	Goodwill			4,559		4,559
	Bank-owned life insurance			8,465		8,257
	Accrued interest and other assets			8,708		10,043

		TOTAL ASSETS	$	664,181	$	654,551


LIABILITIES
	Deposits:
		Noninterest-bearing demand	$	70,505	$	63,348
		Interest-bearing demand		65,164		55,853
		Money market		72,831		75,621
		Savings		174,273		167,207
		Time		201,965		218,933
		Total deposits		584,738		580,962
	Short-term borrowings			6,518		7,392
	Federal funds purchased			-		-
	Other borrowings			15,836		16,831
	Accrued interest and other liabilities			2,003		2,113
		TOTAL LIABILITIES		609,095		607,298


STOCKHOLDERS' EQUITY
	Common stock, no par value; 10,000,000 shares authorized 2,172,934 and 1,951,868 shares issued			34,082		31,240
	Retained earnings			21,736		18,206
	Accumulated other comprehensive income			6,002		4,541
						-
	Treasury stock, at cost; 189,530 shares			(6,734)		(6,734)
		TOTAL STOCKHOLDERS' EQUITY		55,086		47,253


		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	664,181	$	654,551


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,
				2012		2011		2012		2011
INTEREST INCOME
Interest and fees on loans			$	5,810	$	5,555	$	16,988	$	16,255
Interest-bearing deposits in
other institutions				7		4		19		8
Federal funds sold				6		-		13		13
Investment securities:
Taxable interest				749		1,220		2,455		3,832
Tax-exempt interest				749		724		2,249		2,124
	Dividends on stock			21		25		73		76
Total interest income				7,342		7,528		21,797		22,308


INTEREST EXPENSE
Deposits				1,418		1,836		4,349		5,877
Short term borrowings				61		59		219		177
Other borrowings				78		100		244		313
Trust preferred securities				45		139		122		412
Total interest expense				1,602		2,134		4,934		6,779


NET INTEREST INCOME				5,740		5,394		16,863		15,529

Provision for loan losses				143		920		1,193		2,485


NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES				5,597		4,474		15,670		13,044


NONINTEREST INCOME
Service charges on deposit accounts				481		455		1,383		1,299
Investment securities gains (losses), net				152		6		448		(16)
Earnings on bank-owned life insurance				71		70		208		209
Other income				164		155		640		487
Total noninterest income				868		686		2,679		1,979


NONINTEREST EXPENSE
Salaries and employee benefits				1,705		1,754		5,255		5,388
Occupancy expense				233		242		703		737
Equipment expense				186		175		557		488
Data processing costs				184		162		574		515
Ohio state franchise tax				160		126		417		351
Federal deposit insurance expense				250		176		751		673
Professional fees				270		181		670		577
Losses on other real estate owned				188		195		238		498
Other expense				946		895		2,780		2,676
Total noninterest expense				4,122		3,906		11,945		11,903


Income before income taxes				2,343		1,254		6,404		3,120
Income taxes				494		175		1,392		319


NET INCOME			$	1,849	$	1,079	$	5,012	$	2,801


EARNINGS PER SHARE
		Basic	$	0.93	$	0.63	$	2.66	$	1.69
		Diluted		0.93		0.63		2.65		1.69

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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