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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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2016 Second Quarter Financial Statement

Financial Statement

For Quarter 2, 2016

Second Quarter Statement: April 01 – June 31, 2016

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETJune 30, 2016December 31, 2015
Cash and due from banks$21,127$22,421
Federal funds sold$1,000$1,329
CASH AND EQUIVALENTS$22,127$23,750
Investments security for sale, at fair value$129,295$146,520
Loans held for sale$496$1,107
Loans$579,716$533,710
Less allowance for loan and lease losses$6,366$6,385
NET LOANS$573,350$527,325
Premises and equipment, net$9,727$9,772
Goodwill$4,559$4,559
Core deposit intangible$56$76
Bank-owned life insurance$13,337$13,141
Other real estate owned$1,142$1,412
Accrued interest and other assets$6,019$7,477
TOTAL ASSETS$760,108$735,139
Liabilities
LiabilityJune 30, 2016December 31, 2015
Noninterest-bearing demand deposits$126,045$116,498
Interest-bearing demand deposits$64,361$57,219
Money market$81,596$78,856
Savings$173,014$180,653
Time$183,024$191,221
TOTAL DEPOSITS$628,040$624,447
Short-term borrowings$41,841$35,825
Other borrowings$9,825$9,939
Accrued interest and other liabilities$2,407$2,624
TOTAL LIABILITIES$682,527$672,835

Stockholders' Equity

 June 30, 2016December 31, 2015
Common stock, no par value; 10,000,000 shares authorized, 2,633,069 and 2,263,403 shares issued; 2,246,904 and 1,877,238 shares outstanding$47,675$36,191
Retained earnings$39,545$37,236
Accumulated other comprehensive income$3,879$2,395
Treasury stock, at cost; 386,165 shares

($13,518)

($13,518)
TOTAL STOCKHOLDERS' EQUITY$77,581$62,304
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$760,108$735,139

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months Ended June 30, 2016Three Months Ended June 30, 2015Six Months Ended June 30, 2016Six Months Ended June 30, 2015
Interest and fees on loans$6,173$5,842$12,490$11,685
Interest-bearing deposits in other institutions$15$12$27$20
Federal funds sold$5$5$9$8
Investment securities - taxable interest$290$379$630$774
Investment securities - tax-exempt interest$750$805$1,540$1,564
Dividends on stock$298$23$57$50
TOTAL INTEREST INCOME$7,405$7,066$14,753$14,101
INTEREST EXPENSE
Deposits$889$874$1,744$1,705
Short-term borrowings$115$33$235$70
Other borrowings$20$23$37$46
Trust preferred securities$42$60$75$52
TOTAL INTEREST EXPENSE$1,066$990$2,091$1,873
NET INTEREST INCOME$6,339$6,076$12,662$12,228
Provision for loan losses$105-$210$105
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$6,234$6,076$12,452$12,123
NONINTEREST INCOME
Service charges on deposit accounts$491$470$938$911
Investment securities (losses) gains, net$252$22$303$46
Earnings on bank-owned life insurance$97$92$196$161
Gain on sale of loans$106$120$193$173
Other income$227$258$452$467
TOTAL NONINTEREST INCOME$1,173$962$2,082$1,758
NONINTEREST EXPENSE
Salaries and employee benefits$2,283$2,560$5,063$4,920
Occupancy expense$292$291$627$640
Equipment expense$210$241$479$457
Data processing costs$322$261$594$511
Ohio state franchise tax$162$75$262$150
Federal deposit insurance expense$132$120$510$596
Professional fees$218$277$510$596
Loss (gain) on other real estate owned$56($40)$68$48
Advertising expense$203$195$398$391
Other real estate expense$85$268$131$333
Directors fees$121$127$228$245
Core deposit intangible amortization$10$10$20$20
Appraiser fees$119-$220-
ATM fees$98$88$194$172
Other expense$604$744$1,195$1,313
TOTAL NONINTEREST EXPENSE$4,915$5,217$10,253$10,028
Income before income taxes$2,492$1,821$4,281$3,853
Income taxes$566$316$868$720
NET INCOME$1,926$1,505$3,413$3,133
EARNINGS PER SHARE
Basic$0.94$0.73$1.74$1.52
Diluted$0.94$0.73$1.73$1.52
DIVIDENDS DECLARED PER SHARE$0.27$0.27$0.54$0.53