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MidCarolina Financial Corporation Announces 23% Increase in Second Quarter Net Income Available for Common Shareholders

July 19, 2007
SOURCE: MidCarolina Financial Corporation

BURLINGTON, N.C., -- MidCarolina Financial Corporation (OTC Bulletin Board: MCFI- news) today reported operating results for the three-month and six-month periods ended June 30, 2007. For the second quarter of 2007, net income available for common shareholders was $1,013,000, a 23% increase compared to net income available for common shareholders of $823,000 reported for the second quarter of 2006. Diluted earnings per common share increased to $0.21 for the second quarter, compared to $0.18 for the same period in 2006.

For the six-month period ended June 30, 2007, MidCarolina reported net income available for common shareholders of $1.9 million an increase of 22% compared to $1.5 million reported for the same six-month period in 2006. Diluted earnings per common share increased to $0.39 for the first six-months of 2007, compared to $0.32 for the same six-month period in 2006.

MidCarolina reported total assets of $ 450.7 million at June 30, 2007, an increase of 10% compared to the $407.9 million reported at June 30, 2006. Total loans, net of mortgages held for sale, on June 30, 2007 were $347.1 million, an increase of 13% from the level reported a year earlier. Deposit totals at June 30, 2007 were $ 370.6 million, an increase of 7% when compared to those totals as of June 30, 2006.

Commenting on these results, the Bank said, "We are very pleased with the results for the second quarter and first six months of 2007. Our earnings have improved through enhanced operating efficiencies. The Company’s non-interest income has increased by 24% year-to-date, compared to our year-to-date non-interest expense growth rate of 8%. The Company’s earnings have been significantly enhanced by our on going diligence in managing our loan quality. Because of the Company’s positive asset quality results, we have not found it necessary to make provisions to the Bank’s loan loss reserve. Our second quarter demonstrated continued solid balance sheet growth in our loan portfolio. As we look to the remainder of 2007, we believe that we are well positioned to take advantage of future opportunities as they arise with our quality customer service and seasoned, high performing team members."

MidCarolina Bank provides a complete line of banking services to individuals and businesses through its six full-service banking offices and two limited-service offices located in the cities of Burlington, Graham, Greensboro and Mebane, North Carolina. MidCarolina offers full service brokerage services in its branches through Raymond James Financial Services, Inc. MidCarolina Bank is a wholly owned subsidiary of MidCarolina Financial Corporation.

MidCarolina Bank is insured by the FDIC and is an equal housing lender.

This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. For further information and other factors which could affect the accuracy of forward-looking statements, please see MidCarolina’s reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 which are available at the SEC’s website (www.sec.gov) or MidCarolina’s website (www.midcarolinabank.com). Readers are cautioned not to place undue reliance on theses forward-looking statements, which reflect management’s judgments only as of the date hereof. MidCarolina Financial Corporation undertakes no obligation to revise these statements following the date of this press release.


MidCarolina Financial Corporation Announces a 22% Increase in 1st Quarter Net Income Available to Common Shareholders

April 19,2007
SOURCE: MidCarolina Financial Corporation

BURLINGTON, N.C., RRNewswire-Firstcall1 -- MidCarolina Financial Corporation (OTC Bulletin Board: MCFI -News) today reported operating results for the first quarter ended March 31,2007. MidCarolina reported net income available to common shareholders of $863,000 for the quarter ended March 3 1,2007, an increase of 22% when compared to the $710,000 reported for the first quarter of 2006. Diluted earnings per common share, adjusted for a 5-for-4 stock dividend effected as a 25% stock split issued January 19,2007, increased to $0.18 for first quarter 2007, compared to $0.15 in 2006. MidCarolina reported total assets of $434.8 million at March 3 1,2007, an increase of $36.7 million, or 9%, when compared to the $398.1 million reported at March 3 1, 2006. Total loans, net of mortgage loans held-for-sale, were $326.2 million at March 3 1,2007, an increase of $24.4 million, or 8%, from levels a year ago. Deposit totals at the end of the quarter were $364.0 million, an increase of $39.7 million, or 12%, when compared to 2006 1st quarter balances.

Commenting on these results, the Bank said, "The Board of Directors and management are pleased with our operating results for the first quarter of 2007. We are proud of the growth MidCarolina achieved in our existing markets of Alamance and Guilford Counties. Considering the uncertainty of the housing market, interest rates and a flat yield curve environment, we are very pleased with our Company's performance and credit quality. Our client base continues to expand as commercial and retail businesses choose MidCarolina as their financial partner."

MidCarolina Bank provides a complete line of banking services to individuals and businesses through its six full-service banking offices and two limited-service offices located in the cities of Burlington. Graham, Greensboro and Mebane, North Carolina. MidCarolina Bank, a wholly owned subsidiary of MidCarolina Financial Corporation, also provides the Bank's markets with personalized full brokerage services for stocks, bonds, mutual funds and an array of insurance products.
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MidCarolina Bank is insured by the FDIC and is an equal housing lender.

This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. For further information and other factors which could affect the accuracy of forward-looking statements, please see MidCarolina's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 which are available at the SEC's website (www.sec.sov) or MidCarolina's website (www.midcarolinabank.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgments only as of the date hereof. MidCarolina Financial Corporation undertakes no obligation to revise these statements following the date of this press release.

 
 
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