20.	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

December 31, 2019

and

2018

financial statements, the effect of the stock split on

December 31, 2018

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 year ended

December 31, 2018

is as follows:

	For the year ended
	December 31, 2018
Restated net income per common share - basic	$	1.92
Restated net income per common share - diluted	$	1.91
Restated weighted-average common shares issued		7,232,238
Restated average treasury stock shares		(772,330	)
Restated average shares outstanding - basic		6,459,908
Restated stock options and restricted stock		27,906
Restated average shares outstanding - diluted		6,487,814
Restated period ending shares oustanding		6,488,664
Restated treasury shares outstanding		772,330