NOTE

–

STOCK SPLIT DISCLOSURE

October 9, 2019,

the Board of Directors of Middlefield Banc Corp. authorized a

two

-for-

one

stock split. Each shareholder of record at the close of business on

October 25, 2019,

received

one

additional share for every outstanding share held on the record date. The additional shares were paid on

November 8, 2019.

As a result, all share and earnings per share information have been retroactively adjusted to reflect the stock split.

With respect to the

March 31, 2020

and

2019

financial statements, the effect of the stock split on

March 31, 2019

amounts was recognized retroactively in the stockholders’ equity accounts in the Consolidated Balance Sheets, and in all share data in the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations. The effect of the stock split on per share amounts and weighted average common shares outstanding for the

three

months ended

March 31, 2019

is as follows:

	For the three months ended
	March 31, 2019
Restated net income per common share - basic	$	0.46
Restated net income per common share - diluted	$	0.46
Restated weighted-average common shares issued		7,270,608
Restated average treasury stock shares		772,330
Restated average shares outstanding - basic		6,498,278
Restated stock options and restricted stock		12,290
Restated average shares outstanding - diluted		6,510,568
Restated period ending shares outstanding		6,512,740
Restated treasury shares outstanding		772,330