EXHIBIT 99.1
 TABLE OF CONTENTS
 PageReport of Independent Registered Public Accounting Firm
    
    
    5Financial StatementsStatements of Net Assets Available for Benefits as of December 31, 2010 and 2009
    
    
    6Statements of Changes in Net Assets Available for Benefits for the
Years Ended December 31, 2010 and 2009
    
    
    7Notes to Financial Statements
    
    
    8Supplemental InformationSchedule H, Line 4i  Schedule of Assets (Held at End of Year)
    
    
    15Schedule H, Line 4a  Schedule of Delinquent Participant Contributions
    
    
    16
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December 31,2010
    
    
    2009ASSETSInvestments at fair value (Note 4)
    
    $
    4,657,170
    
    
    $
    4,300,574Receivables:Accrued income
    
    
    
    
    
    
    1,240Employer contribution
    
    
    5,659
    
    
    
    6,220Participant contributions
    
    
    16,963
    
    
    
    16,072Participant notes receivable
    
    
    134,723
    
    
    
    175,195Total receivables
    
    
    157,345
    
    
    
    198,727Net assets available for benefits
    
    $
    4,814,515
    
    
    $
    4,499,301
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Year ended December 31,2010
    
    
    2009ADDITIONSInvestment income:Net appreciation in fair value of
investments (Note 4)
    
    $
    204,250
    
    
    $
    436,383Interest and dividend income
    
    
    70,562
    
    
    
    47,283Total investment income
    
    
    274,812
    
    
    
    483,666Interest income on notes receivable
from participants
    
    
    8,194
    
    
    
    8,756Contributions:Rollover contributions
    
    
    
    
    
    
    44,408Participant contributions
    
    
    427,365
    
    
    
    409,696Employer contributions
    
    
    149,158
    
    
    
    148,309Total contributions
    
    
    576,523
    
    
    
    602,413Total additions
    
    
    859,529
    
    
    
    1,094,835DEDUCTIONSBenefits paid directly to participants
    
    
    540,477
    
    
    
    215,630Administrative fees
    
    
    3,838
    
    
    
    2,855Total deductions
    
    
    544,315
    
    
    
    218,485Increase in net assets available for benefits
    
    
    315,214
    
    
    
    876,350Net assets available for benefits:Beginning of year
    
    
    4,499,301
    
    
    
    3,622,951End of year
    
    $
    4,814,515
    
    
    $
    4,499,301
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NOTE 1  DESCRIPTION OF PLAN
  General:
 Contributions
 Participant Accounts:
 Retirement, Death and Disability:
 Vesting:
 Years of Service
    
    Vesting PercentageLess than 1
    
    
    0
    %More than 1 but less than 2
    
    
    33
    %More than 2 but less than 3
    
    
    66
    %3 or more
    
    
    100
    %
 Forfeitures:
 Payment of Benefits:
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NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Accounting:
 Investment Valuation and Income Recognition:
  Participant notes receivable:
 Estimates:
 Payment of Benefits:
 Reclassifications:
 NOTE 3  PLAN TERMINATION
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NOTE 4  INVESTMENTS
        Securities
 
 
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NOTE 4  INVESTMENTS 
   SignificantQuoted Prices
    
    
    Other
    
    
    Significantin Active
    
    
    Observable
    
    
    UnobservableMarkets
    
    
    Inputs
    
    
    Inputs
    
    
    Fair ValueLevel 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalMutual funds:Money market funds
    
    $
    984,782
    
    
    $
    
    
    
    $
    
    
    
    $
    984,782Fixed income funds
    
    
    429,641
    
    
    
    
    
    
    
    
    
    
    
    429,641Large cap funds
    
    
    935,425
    
    
    
    
    
    
    
    
    
    
    
    935,425Mid cap funds
    
    
    841,045
    
    
    
    
    
    
    
    
    
    
    
    841,045Small cap funds
    
    
    362,731
    
    
    
    
    
    
    
    
    
    
    
    362,731Foreign funds
    
    
    210,119
    
    
    
    
    
    
    
    
    
    
    
    210,119Lifecycle funds
    
    
    693,539
    
    
    
    
    
    
    
    
    
    
    
    693,539Total mutual funds
    
    
    4,457,282
    
    
    
    
    
    
    
    
    
    
    
    4,457,282Corporate stock:DCB Financial Corp stock
    
    
    199,888
    
    
    
    
    
    
    
    
    
    
    
    199,888Total assets at fair value
    
    $
    4,657,170
    
    
    $
    
    
    
    $
    
    
    
    $
    4,657,170
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NOTE 4  INVESTMENTS 
  SignificantQuoted Prices
    
    
    Other
    
    
    Significantin Active
    
    
    Observable
    
    
    UnobservableMarkets
    
    
    Inputs
    
    
    Inputs
    
    
    Fair ValueLevel 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalMutual funds:Money market funds
    
    $
    1,205,554
    
    
    $
    
    
    
    $
    
    
    
    $
    1,205,554Fixed income funds
    
    
    361,959
    
    
    
    
    
    
    
    
    
    
    
    361,959Large cap funds
    
    
    797,934
    
    
    
    
    
    
    
    
    
    
    
    797,934Mid cap funds
    
    
    707,790
    
    
    
    
    
    
    
    
    
    
    
    707,790Small cap funds
    
    
    242,802
    
    
    
    
    
    
    
    
    
    
    
    242,802Foreign funds
    
    
    184,943
    
    
    
    
    
    
    
    
    
    
    
    184,943Lifecycle funds
    
    
    387,085
    
    
    
    
    
    
    
    
    
    
    
    387,085Total mutual funds
    
    
    3,888,067
    
    
    
    
    
    
    
    
    
    
    
    3,888,067Corporate stock:DCB Financial Corp stock
    
    
    412,507
    
    
    
    
    
    
    
    
    
    
    
    412,507Total assets at fair value
    
    $
    4,300,574
    
    
    $
    
    
    
    $
    
    
    
    $
    4,300,574
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NOTE 4  INVESTMENTS 
  2010
    
    
    2009Federated Automated Cash Management Trust
    
    $
    984,626
    
    
    $
    1,204,180Davis New York Venture Fund
    
    
    308,843
    
    
    
    261,482American Beacon Large Cap Value Fund
    
    
    414,399
    
    
    
    375,172T. Rowe Price Retirement 2030 Fund
    
    
    411,472
    
    
    
    316,535Columbia Acorn Fund
    
    
    521,473
    
    
    
    508,559MetWest Total Return Bond Fund
    
    
    363,293
    
    
    
    313,645Keeley Small Cap Value Fund
    
    
    300,590
    
    
    
    *DCB Financial Corp common stock
    
    
    *
    
    
    
    412,507
  2010
    
    
    2009Common stock
    
    $
    (225,046
    )
    
    $
    (135,538
    )Mutual funds
    
    
    429,296
    
    
    
    571,921Total
    
    $
    204,250
    
    
    $
    436,383
 NOTE 5  PARTY-IN-INTEREST TRANSACTIONS
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NOTE 6  TAX STATUS
   NOTE 7  RISKS AND UNCERTAINTIES
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SUPPLEMENTAL INFORMATION
 
  (c)(b)
    
    Description of investment including
    
    
    
    (e)Identity of Issuer, Borrower,
    
    Maturity Date, Rate of Interest,
    
    (d)
    
    Fair(a)
    
    Lessor or Similar Party
    
    Collateral, Par, or Maturity Value
    
    Cost
    
    ValueMutual Funds:Federated Automated Cash Management Trust
    
    Mutual fund, 984,626 shares, Cl CII
    
    **
    
    $
    984,626Columbia Acorn Fund
    
    Mutual fund, 17,273 shares, Cl Z
    
    **
    
    
    521,473American Beacon Large Cap Value Fund
    
    Mutual fund, 22,364 shares, Inv Cl
    
    **
    
    
    414,399T. Rowe Price Retirement 2030 Fund
    
    Mutual fund, 23,951 shares, Adv Cl
    
    **
    
    
    411,472MetWest Total Return Bond Fund
    
    Mutual fund, 34,999 shares, Cl M
    
    **
    
    
    363,293Davis New York Venture Fund
    
    Mutual fund, 8,994 shares, Cl A
    
    **
    
    
    308,843Keeley Small Cap Value Fund
    
    Mutual fund, 12,038 shares, Cl A
    
    **
    
    
    300,590American Funds The Growth Fund of America
    
    Mutual fund, 7,028 shares, Cl R-4
    
    **
    
    
    212,183Manning & Napier World Opportunity Series
    
    Mutual fund, 24,404 shares, Cl A
    
    **
    
    
    210,119Turner All Cap Growth Fund
    
    Mutual fund, 20,514 shares
    
    **
    
    
    180,321T. Rowe Price Retirement Income Fund
    
    Mutual fund, 9,342 shares, Adv Cl
    
    **
    
    
    122,561Columbia Mid Cap Value Fund
    
    Mutual fund, 9,043 shares, Cl Z
    
    **
    
    
    121,717T. Rowe Price Retirement 2040 Fund
    
    Mutual fund, 4,839 shares, Adv Cl
    
    **
    
    
    83,766American Funds American High-Income Trust
    
    Mutual fund, 5,887 shares, Cl R-4
    
    **
    
    
    66,348T. Rowe Price Retirement 2020 Fund
    
    Mutual fund, 3,479 shares, Adv Cl
    
    **
    
    
    56,875Royce Value Plus Fund
    
    Mutual fund, 2,584 shares, Serv Cl
    
    **
    
    
    34,676Columbia Small Cap Value Fund I
    
    Mutual fund, 585 shares, Cl Z
    
    **
    
    
    27,465T. Rowe Price Retirement 2010 Fund
    
    Mutual fund, 1,235 shares, Adv Cl
    
    **
    
    
    18,865CRM Mid Cap Value Fund
    
    Mutual fund, 621 shares
    
    **
    
    
    17,534*
    
    Federated Master Trust
    
    DCBF Stock fractional shares held in Federated Master Trust, mutual fund, 156 sh
    
    **
    
    
    156Total investments in mutual funds
    
    
    
    
    
    
    4,457,282Common Stock:*
    
    DCB Financial Corp
    
    DCB Financial Corp Common Stock, 64,480 shares of common stock
    
    **
    
    
    199,888*
    
    Participant Notes Receivable
    

    Notes receivable from participants with interest rates at 4.25%   9.25%
    
    
    
    
    134,723Total assets held for investment purposes
    
    
    
    
    
    $
    4,791,893
 *
    
    Denotes parties-in-interest to the Plan.**
    
    Cost information is not required for participant-directed investments and therefore not
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SUPPLEMENTAL INFORMATION
 
  ContributionsCorrected OutsideCheck Here if
    
    
    
    
    
    
    Voluntary
    
    
    Contributions
    
    
    Total FullyLate Participant
    
    
    
    
    
    
    Fiduciary
    
    
    Pending Correction
    
    
    Corrected UnderPeriod
    
    
    
    
    
    Loan Repayments
    
    
    Contributions
    
    
    Correction
    
    
    in Voluntary
    
    
    Voluntary FiduciaryWithheld
    
    Amount
    
    
    are Included
    
    
    Not Corrected
    
    
    Program
    
    
    Correction Program
    
    
    Correction Program2010
    
    $
    78
    
    
    
    n/a
    
    
    
    
    
    
    
    
    
    
    $
    78
    
    
    
    
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