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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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2017 Second Quarter Financial Statement

Financial Statement

For Quarter 2, 2017

Second Quarter Statement: April 01 – June 30, 2017

MIDDLEFIELD BANC CORP. CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except shares)

Assets

ASSETJune 30, 2017December 31, 2016
Cash and due from banks$37,971$31,395
Federal funds sold$1,600$1,100
CASH AND EQUIVALENTS$39,571$32,495
Investments security for sale, at fair value$104,951$114,376
Loans held for sale$9,791$634
Loans$867,864$609,140
Less allowance for loan and lease losses$6,605$6,598
NET LOANS$861,259$602,542
Premises and equipment, net$11,511$11,203
Goodwill$15,435$4,559
Core deposit intangible$2,948$36
Bank-owned life insurance$15,432$13,540
Other real estate owned$650$934
Accrued interest and other assets$9,528$7,502
TOTAL ASSETS$1,071,076$787,821
Liabilities
LiabilityJune 30, 2017December 31, 2016
Noninterest-bearing demand deposits$172,199$133,630
Interest-bearing demand deposits$87,084$59,560
Money market$160,858$74,940
Savings$181,259$172,370
Time$245,383$189,434
TOTAL DEPOSITS$846,783$629,934
Short-term borrowings$63,388$68,359
Other borrowings$39,346$9,437
Accrued interest and other liabilities$4,357$3,131
TOTAL LIABILITIES$953,874$710,861

Stockholders' Equity

 June 30, 2017December 31, 2016
Common stock, no par value; 10,000,000 shares authorized, 3,597,913 and 2,640,418 shares issued; 3,211,748 and 2,254,253 shares outstanding$84,587$47,943
Retained earnings$44,318$41,334
Accumulated other comprehensive income$1,815$1,201
Treasury stock, at cost; 386,165 shares

($13,518)

($13,518)
TOTAL STOCKHOLDERS' EQUITY$117,202$76,960
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,071,076$787,821

MIDDLEFIELD BANC CORP. CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except shares)

INTEREST INCOMEThree Months Ended June 30, 2017Three Months Ended June 30, 2016Six Months Ended June 30, 2017Six Months Ended June 30, 2016
Interest and fees on loans$9,916$6,317$19,096$12,490
Interest-bearing deposits in other institutions$92$15$141$27
Federal funds sold$1$5$4$9
Investment securities - taxable interest$223$290$441$630
Investment securities - tax-exempt interest$630$750$1,267$1,540
Dividends on stock$40$28$153$57
TOTAL INTEREST INCOME$10,902$7,405$21,101$14,753
INTEREST EXPENSE
Deposits$1,227$889$2,352$1,744
Short-term borrowings$273$115$450$235
Other borrowings$125$62$265$112
TOTAL INTEREST EXPENSE$1,625$1,066$3,067$2,091
NET INTEREST INCOME$9,277$6,339$18,034$12,662
Provision for loan losses$170$105$335$210
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES$9,107$6,234$17,699$12,452
NONINTEREST INCOME
Service charges on deposit accounts$449$491$918$938
Investment securities (losses) gains, net-$252$488$303
Earnings on bank-owned life insurance$98$97$207$196
Gain on sale of loans$231$106$465$193
Other income$211$227$422$452
TOTAL NONINTEREST INCOME$989$1,173$2,500$2,082
NONINTEREST EXPENSE
Salaries and employee benefits$3,203$2,283$6,899$5,063
Occupancy expense$433$292$921$627
Equipment expense$266$210$547$479
Data processing costs$588$322$908$594
Ohio state franchise tax$186$162$372$262
Federal deposit insurance expense$135$132$203$264
Professional fees$423$218$796$510
Net loss on other real estate owned$15$141$70$199
Advertising expense$164$203$412$398
Directors fees$128$121$240$228
Core deposit intangible amortization$102$10$175$20
Appraiser fees$104$119$206$220
ATM fees$28$98$104$194
Merger expense$307-$694-
Other expense$621$604$1,424$1,195
TOTAL NONINTEREST EXPENSE$6,704$4,915$13,971$10,253
Income before income taxes$3,392$2,492$6,228$4,281
Income taxes$885$566$1,261$868
NET INCOME$2,507$1,926$4,607$3,413
EARNINGS PER SHARE
Basic$0.84$0.94$1.62$1.74
Diluted$0.83$0.94$1.61$1.73
DIVIDENDS DECLARED PER SHARE$0.27$0.27$0.54$0.54