MIDDLEFIELD, Ohio -- Middlefield Banc Corp. reports first quarter net income of $685,000, or 56 cents per diluted share, compared to $653,000, or 53 cents per diluted share, in the first quarter of 2003.Middlefield Banc Corp.'s first quarter 2004 results reflect a return on average assets of 1.02% and a return on average equity of 11.46%. The company's first quarter 2004 operating revenue, consisting of net interest income on a taxable equivalent basis and non-interest income, totaled $4.195 million, representing an increase of 8.54% from the same period a year ago."Our first quarter results represent a strong start to the year," says Thomas G. Caldwell, president and chief executive officer. "The performance of our organization during the first three months of this year were driven by solid revenue and loan growth, as well as excellent credit quality."Total assets at the end of the quarter were $273.51 million, an increase of 13.92% from March 31, 2003. From the comparable year ago quarter- end, loans were up 12.62%, while deposits increased 17.35%. Shareholders equity at March 31 was $24.34 million, an increase of 10.49% from the 2003 first quarter-end.Net interest income on a tax equivalent basis was $2.42 million for the first quarter of 2004, an increase of 13.08% from the same period a year ago. During the first quarter, Middlefield Banc declared a quarterly cash dividend of 21 cents per share on common stock. The cash dividend was paid on March 15 to all Middlefield Banc common stock holders of record as of Feb. 25.The company has has set May 12 as the date for its Annual Meeting of Shareholders. The meeting will be held at 1:00 p.m. at Grandview Inn, 13404 Old State Road.The Middlefield Banking Co. operates full service banking centers and a UVEST Financial Services brokerage office serving Chardon, Garrettsville, Mantua, Middlefield, and Orwell, Ohio."