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25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

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    25201 Chagrin Boulevard, Suite 120 - Beachwood

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2015 Third Quarter Financial Statement

Financial Statement

For Quarter 3, 2015

Third Quarter Statement: July 01 – September 30, 2015

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETSeptember 30, 2015December 31, 2014
Cash and due from banks$19,189$20,846
Federal funds sold$4,106$4,793
CASH AND EQUIVALENTS$23,295$25,639
Investments security for sale, at fair value$145,146$154,334
Loans held for sale$620$438
Loans$510,232$470,584
Less allowance for loan and lease losses$6,320$6,846
NET LOANS$503,912$463,738
Premises and equipment, net$9,892$9,980
Goodwill$4,559$4,559
Core deposit intangible$86$116
Bank-owned life insurance$13,354$9,062
Other real estate owned$2,006$2,590
Accrued interest and other assets$7,727$7,045
TOTAL ASSETS$710,597$677,531
Liabilities
LiabilitySeptember 30, 2015December 31, 2014
Noninterest-bearing demand deposits$117,038$105,512
Interest-bearing demand deposits$64,807$56,377
Money market$77,811$75,895
Savings$179,528$178,470
Time$187,364$169,858
TOTAL DEPOSITS$626,548$586,112
Short-term borrowings$4,047$14,808
Other borrowings$10,300$10,624
Accrued interest and other liabilities$2,486$2,120
TOTAL LIABILITIES$643,381$613,664

Stockholders' Equity

 September 30, 2015December 31, 2014
Common stock, no par value; 10,000,000 shares authorized, 2,259,040 and 2,242,025 shares issued; 2,069,510 and 2,052,495 shares outstanding$36,039$35,529
Retained earnings$35,994$32,524
Accumulated other comprehensive income$1,917$2,548
Treasury stock, at cost; 189,530 shares($6,734)($6,734)
TOTAL STOCKHOLDERS' EQUITY$67,216$63,867
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$710,597$677,531

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months Ended September 30, 2015Three Months Ended September 30, 2014Nine Months Ended September 30, 2015Nine Months Ended September 30, 2014
Interest and fees on loans$5,971$5,646$17,656$16,915
Interest-bearing deposits in other institutions$6$5$26$19
Federal funds solds$4$2$12$11
Investment securities - taxable interest$341$441$1,115$1,476
Investment securities - tax-exempt interest$809$798$2,373$2,336
Dividends on stock$20$19$70$62
TOTAL INTEREST INCOME$7,151$6,911$21,252$20,819
INTEREST EXPENSE
Deposits$876$898$2,581$2,767
Short-term borrowings$30$38$100$111
Other borrowings$20$30$66$94
Trust preferred securities$33$33$85$93
TOTAL INTEREST EXPENSE$959$999$2,832$3,065
NET INTEREST INCOME$6,192$5,912$18,420$17,754
Provision for loan losses$105$70$210$370
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$6,087$5,842$18,210$17,384
NONINTEREST INCOME
Service charges on deposit accounts$471$489$1,382$1,399
Investment securities gains, net$211$190$257$248
Earnings on bank-owned life insurance$101$71$262$206
Gain on sale of loans$113$20$286$20
Other income$212$220$679$689
TOTAL NONINTEREST INCOME$1,108$990$2,866$2,562
NONINTEREST EXPENSE
Salaries and employee benefits$2,285$2,144$7,205$6,428
Occupancy expense$305$272$945$868
Equipment expense$249$296$706$710
Data processing costs$287$251$798$689
Ohio state franchise tax$75$93$225$269
Federal deposit insurance expense$120$132$352$361
Professional fees$229$189$825$814
Loss on sale of other real estate owned$24$49$72$119
Advertising expense$195$120$586$367
Other real estate expense$116$91$449$256
Directors fees$98$99$449$256
Other expense$686$649$2,191$2,028
TOTAL NONINTEREST EXPENSE$4,669$4,385$14,697$13,212
Income before income taxes$2,526$2,447$6,379$6,734
Income taxes$544$529$1,264$1,442
NET INCOME$1,982$1,918$5,115$5,292
EARNINGS PER SHARE
Basic$0.96$0.94$2.49$2.60
Diluted$0.96$0.93$2.47$2.59
DIVIDENDS DECLARED PER SHARE$0.27$0.26$0.80$0.78