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MBC Financial Statement

(Quarterly)

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MIDDLEFIELD BANC CORP.
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands, except share data)
(Unaudited)
              March 31,     December 31,
          2013     2012
               
ASSETS            
  Cash and due from banks   $ 32,426   $ 33,568
  Federal funds sold     13,204     11,778
        Cash and cash equivalents     45,630     45,346
  Investment securities available for sale     190,687     194,472
  Loans      407,054     408,433
  Less allowance for loan losses     7,732     7,779
        Net loans     399,322     400,654
  Premises and equipment     8,694     8,670
  Goodwill     4,559     4,559
  Core deposit intangible     184     195
  Bank-owned life insurance     8,604     8,536
  Accrued interest and other assets     9,294     7,856
               
    TOTAL ASSETS   $ 666,974   $ 670,288
               
LIABILITIES          
  Deposits:          
    Noninterest-bearing demand   $ 73,354   $ 75,912
    Interest-bearing demand     68,060       63,915
    Money market     80,051     81,349
    Savings     181,872     175,406
    Time     188,160     196,753
        Total deposits     591,497     593,335
  Short-term borrowings     5,240     6,538
  Other borrowings     12,779     12,970
  Accrued interest and other liabilities     1,608     2,008
    TOTAL LIABILITIES     611,124     614,851
               
STOCKHOLDERS' EQUITY          
  Common stock, no par value; 10,000,000 shares authorized,          
   2,205,814 and 2,181,763 shares issued     34,697     34,295
  Retained earnings     23,622     22,485
  Accumulated other comprehensive income     4,265     5,391
  Treasury stock, at cost;  189,530 shares     (6,734)     (6,734)
    TOTAL STOCKHOLDERS' EQUITY     55,850     55,437
               
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 666,974   $ 670,288
                 
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,
          2013     2012
INTEREST INCOME          
     Interest and fees on loans    $ 5,572     $  5,537
     Interest-bearing deposits in          
          other institutions     8     4
     Federal funds sold     4     3
     Investment securities:          
          Taxable interest     674     915
          Tax-exempt interest     733     747
  Dividends on stock     23     26
                   Total interest income     7,014   7,232
               
INTEREST EXPENSE          
     Deposits     1,297     1,497
     Short term borrowings     52     59
     Other borrowings     46     84
     Trust preferred debt     34     46
                   Total interest expense     1,429       1,686
               
NET INTEREST INCOME     5,585     5,546
               
Provision for loan losses     313     600
               
NET INTEREST INCOME AFTER           
   PROVISION FOR LOAN LOSSES     5,272     4,946
               
NONINTEREST INCOME          
     Service charges on deposit accounts     447     431
     Investment securities gains, net     185     -
     Earnings on bank-owned life insurance     68     68
     Gain on sale of loans     -     85
     Other income     168     210
                    Total noninterest income     868     794
               
NONINTEREST EXPENSE          
     Salaries and employee benefits     1,871     1,750
     Occupancy expense     274     248
     Equipment expense     189     170
     Data processing costs     213     199
     Ohio state franchise tax     154     129
     Federal deposit insurance expense     154     243
     Professional fees     276     214
     Loss on sale of other real estate owned     8     18
     Advertising expense     112     20
     Other real estate expense     106     10
     Other expense     644     781
                    Total noninterest expense     4,001     3,782
               
Income before income taxes     2,139     1,958
Income taxes      482     435
               
NET INCOME   $ 1,657    $  1,523
               
EARNINGS PER SHARE          
    Basic   $ 0.83   $ 0.86
    Diluted     0.82     0.86
               
DIVIDENDS DECLARED PER SHARE   $ 0.26   $ 0.26
               
See accompanying notes to the unaudited consolidated financial statements.