MIDDLEFIELD, Ohio, Oct. 22, 2025 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the nine months ended September 30, 2025.
2025 Third-Quarter Financial Highlights (on a year-over-year basis):
| - | Third quarter diluted earnings increased to $0.65 per share, driving year-to-date earnings of $2.01 per share | |
| - | Pre-tax, pre-provision earnings(1) increased 37.3% to $6.8 million | |
| - | Net interest margin expanded 33 basis points to 3.79% | |
| - | Total loans increased $102.5 million, or 6.8% to a record $1.61 billion | |
| - | Total assets increased $121.3 million, or 6.5% to a record $1.98 billion | |
| - | Book value increased 6.1% to $27.71 from $26.11 per share, while tangible book value(1) increased 8.4% to $22.62 from $20.87 per share |
(1) See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations"
"Our third quarter performance was exceptionally strong, supported by core earnings growth that reflects margin expansion and disciplined operating expense control," stated Ronald L. Zimmerly, Jr., President and Chief Executive Officer. "These results, combined with steady asset growth and strong asset quality, demonstrate the strength of our community banking model and our commitment to serving customers across our markets. Solid third quarter financial results have driven year-to-date earnings per diluted share to $2.01, increased book value by 6.1% to $27.71 per share, and produced a return on average assets of 1.14%, compared to 0.77% a year ago."
"Continued investments in our operations and talent have strengthened our foundation and positioned Middlefield for sustained performance and shareholder value creation. The relocation of our Westerville office remains on track to open in the fourth quarter of 2025, advancing our multi-year strategy to expand our presence in the Central Ohio region. As we look to the remainder of the year, we are confident 2025 will be another year of profitable growth and progress," concluded Mr. Zimmerly.
Income Statement
Net interest income for the 2025 third quarter increased 16.5% to $17.6 million, compared to $15.1 million for the 2024 third quarter. The net interest margin for the 2025 third quarter was 3.79%, compared to 3.46% for the same period of 2024. Net interest income for the nine months ended September 30, 2025, increased 13.2% to $51.1 million, compared to $45.1 million for the same period last year. The increase was primarily due to strong loan growth, a decrease in FHLB advances, a decline in the rates for FHLB advances, and an overall decline in rates for deposits despite an increase in total deposit balances. Net interest margin for the nine months ended September 30, 2025, was 3.79%, compared to 3.51% for the same period last year.
Noninterest income for the 2025 third quarter was $2.3 million, compared to $1.7 million for the same period the previous year. For the nine months ended September 30, 2025, noninterest income increased $2.0 million to $7.3 million, compared to $5.3 million for the same period in 2024. In April 2025, Middlefield completed an exchange of real estate with the City of Westerville, Ohio for a parcel of land that had a fair value of $1.5 million. In exchange, Middlefield transferred land and a building with related furnishings associated with its current branch located in Westerville, Ohio. The transferred branch had a net book value of $221,000. The exchange of real estate transaction resulted in a one-time, non-cash gain of $1.2 million during the second quarter of 2025.
For the 2025 third quarter, noninterest expense was $13.1 million, compared to $11.9 million for the 2024 third quarter. Noninterest expense for the nine months ended September 30, 2025, was $38.9 million, compared to $35.7 million for the same period in 2024. Noninterest expense for the 2025 second quarter included a $700,000 loss associated with recording a separate property located in Westerville, Ohio as held for sale.
Net income for the 2025 third quarter was $5.3 million, or $0.65 per diluted share, compared to $2.3 million, or $0.29 per diluted share, for the same period last year. Net income for the nine months ended September 30, 2025, was $16.3 million, or $2.01 per diluted share, compared to $10.7 million, or $1.32 per diluted share, for the same period last year.
For the 2025 third quarter, pre-tax, pre-provision net income was $6.8 million, compared to $4.9 million for the same period of 2024. For the nine months ended September 30, 2025, pre-tax, pre-provision net income was $19.5 million, compared to $14.7 million for the same period last year. (See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations".)
Balance Sheet
Total assets at September 30, 2025, increased 6.5% to a record $1.98 billion, compared to $1.86 billion at September 30, 2024. Total loans at September 30, 2025, were a record $1.61 billion, compared to $1.50 billion at September 30, 2024. The 6.8% year-over-year increase in total loans was primarily due to higher commercial and industrial loans, owner occupied, home equity lines of credit, and residential real estate loans, partially offset by a reduction in non-owner occupied, construction and other, and multifamily loans.
The investment securities available-for-sale portfolio was $155.9 million at September 30, 2025, compared with $169.9 million at September 30, 2024.
Total liabilities at September 30, 2025, increased 6.5% to $1.75 billion, compared to $1.65 billion at September 30, 2024. Total deposits at September 30, 2025, were $1.62 billion, compared to $1.51 billion at September 30, 2024. The 7.2% year-over-year increase in deposits was primarily due to growth in money market deposits, partially offset by a decline in time deposit accounts. Noninterest-bearing demand deposits were 25.3% of total deposits at September 30, 2025, compared to 25.8% at September 30, 2024. At September 30, 2025, the Company had brokered deposits of $108.6 million, compared to $86.5 million at September 30, 2024.
Michael C. Ranttila, Chief Financial Officer, stated, "Throughout the year we have been focused on growing core deposits by improving the mix of commercial and industrial loans and growing treasury management relationships. As a result of these strategies, commercial and industrial loans have been the largest contributor to loan growth since September 2024. At September 30, 2025, commercial and industrial loans have increased $56.3 million, or 26.4% year-over-year. Increasing commercial and industrial relationships have helped support core deposit growth, which at September 30, 2025, has increased 6.1% compared to the same period a year ago."
Middlefield's CRE portfolio included the following categories at September 30, 2025:
| Percent of | Percent of | Weighted Average | ||||||||||||||
| (Dollar amounts in thousands) | Balance | CRE Portfolio | Loan Portfolio | Loan-to-Value | ||||||||||||
| Multi-Family | $ | 88,899 | 12.7 | % | 5.5 | % | 64.6 | % | ||||||||
| Owner Occupied | ||||||||||||||||
| Real Estate and Rental and Leasing | 73,969 | 10.6 | % | 4.6 | % | 59.1 | % | |||||||||
| Other Services (except Public Administration) | 41,291 | 5.9 | % | 2.6 | % | 58.2 | % | |||||||||
| Manufacturing | 22,991 | 3.3 | % | 1.4 | % | 50.4 | % | |||||||||
| Educational Services | 11,762 | 1.7 | % | 0.7 | % | 49.7 | % | |||||||||
| Accommodation and Food Services | 11,441 | 1.6 | % | 0.7 | % | 47.4 | % | |||||||||
| Other | 60,146 | 8.5 | % | 3.7 | % | 53.0 | % | |||||||||
| Total Owner Occupied | $ | 221,600 | 31.6 | % | 13.7 | % | ||||||||||
| Non-Owner Occupied | ||||||||||||||||
| Real Estate and Rental and Leasing | 324,180 | 46.3 | % | 20.2 | % | 54.2 | % | |||||||||
| Accommodation and Food Services | 38,132 | 5.4 | % | 2.4 | % | 58.0 | % | |||||||||
| Health Care and Social Assistance | 19,100 | 2.7 | % | 1.2 | % | 56.8 | % | |||||||||
| Manufacturing | 3,903 | 0.6 | % | 0.2 | % | 44.4 | % | |||||||||
| Other | 5,039 | 0.7 | % | 0.3 | % | 62.9 | % | |||||||||
| Total Non-Owner Occupied | $ | 390,354 | 55.7 | % | 24.3 | % | ||||||||||
| Total CRE | $ | 700,853 | 100.0 | % | 43.5 | % | ||||||||||
Stockholders' Equity and Dividends
At September 30, 2025, stockholders' equity was $224.1 million, compared to $210.7 million at September 30, 2024. The 6.4% year-over-year increase in stockholders' equity was primarily from higher retained earnings, partially offset by an increase in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, shareholders' equity at September 30, 2025, was $27.71, compared to $26.11 at September 30, 2024.
At September 30, 2025, tangible stockholders' equity(1) was $182.9 million, compared to $168.5 million at September 30, 2024. On a per-share basis, tangible stockholders' equity(1) was $22.62 at September 30, 2025, compared to $20.87 at September 30, 2024. (1)See non-GAAP reconciliation under the section "GAAP to Non-GAAP Reconciliations".
For the nine months ended September 30, 2025, the Company declared cash dividends of $0.63 per share, totaling $5.1 million. Beginning in the first quarter of 2025, the Company increased the quarterly cash dividend by $0.01, or 5% from the previous year's $0.20 per share quarterly cash dividend.
For the nine months ended September 30, 2025, the Company did not repurchase any shares of its common stock.
At September 30, 2025, the Company's equity-to-assets ratio was 11.33%, compared to 11.34% at September 30, 2024.
Asset Quality
For the 2025 third quarter, the Company recorded a provision for credit losses of $392,000, compared to a provision for credit losses of $2.2 million for the 2024 third quarter. For the nine months ended September 30, 2025, the Company recorded a recovery of credit losses of $19,000, compared to a provision for credit losses of $2.2 million for the same period of 2024.
Net recoveries were $334,000, or (0.03%) of average loans, annualized, for the nine months ended September 30, 2025, compared to net charge-offs of $1.3 million, or 0.11% of average loans, annualized, for the same period of 2024.
Nonperforming loans at September 30, 2025, were $29.9 million, which is consistent with nonperforming loans of $30.1 million at September 30, 2024. The allowance for credit losses at September 30, 2025, stood at $23.0 million, or 1.43% of total loans, compared to $22.5 million, or 1.50% of total loans at September 30, 2024. While the allowance for credit losses has remained flat year-over-year, the percentage of the allowance for credit losses to total loans has decreased as a result of an overall increase in total loans while maintaining strong credit quality within the portfolio.
Mr. Ranttila continued, "Nonperforming assets to total assets improved to 1.51% at September 30, 2025, compared to 1.62% at September 30, 2024, reflecting improving asset quality on a year-over-year basis. The modest increase in nonperforming assets from the prior quarter was primarily attributable to two commercial real estate loans, and one commercial and industrial loan. Combined, these loans represented approximately $5.6 million of the increase. We are actively working with these borrowers and expect a favorable resolution in the coming quarters. We believe these relationships are not indicative of a trend in the markets we serve, our portfolio, or our underwriting standards. Overall, we remain encouraged by the strength of our portfolio, ongoing loan and deposit growth, and the year-over-year improvement in net interest margin. We believe these positive trends will continue through the remainder of 2025."
About Middlefield Banc Corp.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.98 billion at September 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.
Additional information is available at www.middlefieldbank.bank
NON-GAAP FINANCIAL MEASURES
This press release includes disclosure of Middlefield Banc Corp.'s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts required to be disclosed by GAAP. Middlefield Banc Corp. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.'s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the following Consolidated Financial Highlights tables below.
FORWARD-LOOKING STATEMENTS
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are several important factors that could cause Middlefield Banc Corp.'s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.'s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| Balance Sheets (period end) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 81,372 | $ | 59,145 | $ | 56,150 | $ | 46,037 | $ | 61,851 | ||||||||||
| Federal funds sold | 22,333 | 13,701 | 10,720 | 9,755 | 12,022 | |||||||||||||||
| Cash and cash equivalents | 103,705 | 72,846 | 66,870 | 55,792 | 73,873 | |||||||||||||||
| Investment securities available for sale, at fair value | 155,855 | 161,116 | 165,014 | 165,802 | 169,895 | |||||||||||||||
| Other investments | 1,131 | 1,014 | 1,021 | 855 | 895 | |||||||||||||||
| Loans held for sale | 209 | 152 | - | - | 249 | |||||||||||||||
| Loans: | ||||||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner occupied | 221,600 | 196,645 | 185,412 | 181,447 | 187,313 | |||||||||||||||
| Non-owner occupied | 390,354 | 405,032 | 413,621 | 412,291 | 407,159 | |||||||||||||||
| Multifamily | 88,899 | 79,497 | 88,737 | 89,849 | 94,798 | |||||||||||||||
| Residential real estate | 366,307 | 357,217 | 351,274 | 353,442 | 345,748 | |||||||||||||||
| Commercial and industrial | 269,422 | 257,519 | 235,547 | 229,034 | 213,172 | |||||||||||||||
| Home equity lines of credit | 159,805 | 156,297 | 147,154 | 143,379 | 137,761 | |||||||||||||||
| Construction and other | 104,843 | 123,531 | 122,653 | 103,608 | 111,550 | |||||||||||||||
| Consumer installment | 5,794 | 6,187 | 5,951 | 6,564 | 7,030 | |||||||||||||||
| Total loans | 1,607,024 | 1,581,925 | 1,550,349 | 1,519,614 | 1,504,531 | |||||||||||||||
| Less allowance for credit losses | 23,029 | 22,335 | 22,401 | 22,447 | 22,526 | |||||||||||||||
| Net loans | 1,583,995 | 1,559,590 | 1,527,948 | 1,497,167 | 1,482,005 | |||||||||||||||
| Premises and equipment, net | 21,428 | 20,304 | 20,494 | 20,565 | 20,528 | |||||||||||||||
| Premises and equipment held for sale | 998 | 1,015 | - | - | - | |||||||||||||||
| Goodwill | 36,356 | 36,356 | 36,356 | 36,356 | 36,356 | |||||||||||||||
| Core deposit intangibles | 4,862 | 5,112 | 5,362 | 5,611 | 5,869 | |||||||||||||||
| Bank-owned life insurance | 35,335 | 35,102 | 34,866 | 35,259 | 35,049 | |||||||||||||||
| Accrued interest receivable and other assets | 35,019 | 31,762 | 30,425 | 35,952 | 32,916 | |||||||||||||||
| TOTAL ASSETS | $ | 1,978,893 | $ | 1,924,369 | $ | 1,888,356 | $ | 1,853,359 | $ | 1,857,635 | ||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $ | 410,612 | $ | 371,155 | $ | 369,492 | $ | 377,875 | $ | 390,933 | ||||||||||
| Interest-bearing demand | 232,452 | 236,239 | 222,953 | 208,291 | 218,002 | |||||||||||||||
| Money market | 528,246 | 466,935 | 481,664 | 414,074 | 376,619 | |||||||||||||||
| Savings | 180,547 | 184,534 | 189,943 | 197,749 | 199,984 | |||||||||||||||
| Time | 270,445 | 334,755 | 275,673 | 247,704 | 327,231 | |||||||||||||||
| Total deposits | 1,622,302 | 1,593,618 | 1,539,725 | 1,445,693 | 1,512,769 | |||||||||||||||
| Federal Home Loan Bank advances | 106,000 | 89,000 | 110,000 | 172,400 | 106,000 | |||||||||||||||
| Other borrowings | 11,502 | 11,557 | 11,609 | 11,660 | 11,711 | |||||||||||||||
| Accrued interest payable and other liabilities | 14,969 | 14,142 | 13,229 | 13,044 | 16,450 | |||||||||||||||
| TOTAL LIABILITIES | 1,754,773 | 1,708,317 | 1,674,563 | 1,642,797 | 1,646,930 | |||||||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Common stock, no par value; 25,000,000 shares authorized, 9,966,196 | ||||||||||||||||||||
| shares issued, 8,086,886 shares outstanding as of September 30, 2025 | 162,349 | 162,195 | 162,195 | 161,999 | 161,916 | |||||||||||||||
| Additional paid-in capital | 1,041 | 811 | 515 | 246 | 108 | |||||||||||||||
| Retained earnings | 120,514 | 116,892 | 112,432 | 109,299 | 106,067 | |||||||||||||||
| Accumulated other comprehensive loss | (18,875 | ) | (22,937 | ) | (20,440 | ) | (20,073 | ) | (16,477 | ) | ||||||||||
| Treasury stock, at cost; 1,879,310 shares as of September 30, 2025 | (40,909 | ) | (40,909 | ) | (40,909 | ) | (40,909 | ) | (40,909 | ) | ||||||||||
| TOTAL STOCKHOLDERS' EQUITY | 224,120 | 216,052 | 213,793 | 210,562 | 210,705 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,978,893 | $ | 1,924,369 | $ | 1,888,356 | $ | 1,853,359 | $ | 1,857,635 | ||||||||||
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| Statements of Income | 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 25,485 | $ | 25,122 | $ | 23,387 | $ | 23,308 | $ | 23,441 | $ | 73,994 | $ | 69,258 | ||||||||||||||
| Interest-earning deposits in other institutions | 299 | 325 | 291 | 320 | 348 | 915 | 1,171 | |||||||||||||||||||||
| Federal funds sold | 192 | 120 | 155 | 151 | 143 | 467 | 417 | |||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||||||||||
| Taxable interest | 538 | 526 | 530 | 528 | 528 | 1,594 | 1,500 | |||||||||||||||||||||
| Tax-exempt interest | 958 | 960 | 960 | 961 | 962 | 2,878 | 2,900 | |||||||||||||||||||||
| Dividends on stock | 136 | 183 | 150 | 170 | 191 | 469 | 578 | |||||||||||||||||||||
| Total interest and dividend income | 27,608 | 27,236 | 25,473 | 25,438 | 25,613 | 80,317 | 75,824 | |||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||||
| Deposits | 8,972 | 8,789 | 7,885 | 8,582 | 8,792 | 25,646 | 24,681 | |||||||||||||||||||||
| Short-term borrowings | 918 | 870 | 1,347 | 1,128 | 1,575 | 3,135 | 5,488 | |||||||||||||||||||||
| Other borrowings | 153 | 140 | 143 | 173 | 173 | 436 | 530 | |||||||||||||||||||||
| Total interest expense | 10,043 | 9,799 | 9,375 | 9,883 | 10,540 | 29,217 | 30,699 | |||||||||||||||||||||
| NET INTEREST INCOME | 17,565 | 17,437 | 16,098 | 15,555 | 15,073 | 51,100 | 45,125 | |||||||||||||||||||||
| Provision for (recovery of) credit losses | 392 | (506 | ) | 95 | (177 | ) | 2,234 | (19 | ) | 2,185 | ||||||||||||||||||
| NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||||||||||||||
| FOR (RECOVERY OF) CREDIT LOSSES | 17,173 | 17,943 | 16,003 | 15,732 | 12,839 | 51,119 | 42,940 | |||||||||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||||||||||
| Service charges on deposit accounts | 1,072 | 1,061 | 989 | 1,068 | 959 | 3,122 | 2,839 | |||||||||||||||||||||
| Gain (Loss) on equity securities | 17 | (7 | ) | (34 | ) | 56 | 14 | (24 | ) | (65 | ) | |||||||||||||||||
| Earnings on bank-owned life insurance | 228 | 230 | 493 | 230 | 246 | 951 | 700 | |||||||||||||||||||||
| Gain on sale of loans | 158 | 39 | 24 | 64 | 56 | 221 | 135 | |||||||||||||||||||||
| Revenue from investment services | 306 | 310 | 268 | 237 | 206 | 884 | 679 | |||||||||||||||||||||
| Gain on exchange of real estate | - | 1,229 | - | - | - | 1,229 | - | |||||||||||||||||||||
| Gross rental income | - | - | - | - | - | - | 67 | |||||||||||||||||||||
| Other income | 543 | 216 | 204 | 259 | 262 | 963 | 944 | |||||||||||||||||||||
| Total noninterest income | 2,324 | 3,078 | 1,944 | 1,914 | 1,743 | 7,346 | 5,299 | |||||||||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 6,883 | 6,731 | 6,551 | 5,996 | 6,201 | 20,165 | 18,645 | |||||||||||||||||||||
| Occupancy expense | 604 | 667 | 687 | 596 | 627 | 1,958 | 1,780 | |||||||||||||||||||||
| Equipment expense | 249 | 248 | 225 | 221 | 203 | 722 | 704 | |||||||||||||||||||||
| Data processing costs | 1,240 | 1,273 | 1,271 | 1,174 | 1,214 | 3,784 | 3,665 | |||||||||||||||||||||
| Ohio state franchise tax | 399 | 399 | 399 | 390 | 399 | 1,197 | 1,193 | |||||||||||||||||||||
| Federal deposit insurance expense | 267 | 267 | 267 | 293 | 255 | 801 | 762 | |||||||||||||||||||||
| Professional fees | 700 | 521 | 598 | 611 | 539 | 1,819 | 1,654 | |||||||||||||||||||||
| Advertising expense | 386 | 451 | 364 | 371 | 283 | 1,201 | 1,210 | |||||||||||||||||||||
| Software amortization expense | 94 | 95 | 90 | 83 | 74 | 279 | 117 | |||||||||||||||||||||
| Core deposit intangible amortization | 250 | 250 | 249 | 258 | 257 | 749 | 773 | |||||||||||||||||||||
| Loss on premises and equipment held for sale | 18 | 693 | - | - | - | 711 | - | |||||||||||||||||||||
| Gross other real estate owned expenses | - | - | - | - | - | - | 99 | |||||||||||||||||||||
| Other expense | 2,008 | 2,056 | 1,492 | 1,810 | 1,819 | 5,556 | 5,136 | |||||||||||||||||||||
| Total noninterest expense | 13,098 | 13,651 | 12,193 | 11,803 | 11,871 | 38,942 | 35,738 | |||||||||||||||||||||
| Income before income taxes | 6,399 | 7,370 | 5,754 | 5,843 | 2,711 | 19,523 | 12,501 | |||||||||||||||||||||
| Income taxes | 1,079 | 1,213 | 924 | 995 | 371 | 3,216 | 1,830 | |||||||||||||||||||||
| NET INCOME | $ | 5,320 | $ | 6,157 | $ | 4,830 | $ | 4,848 | $ | 2,340 | $ | 16,307 | $ | 10,671 | ||||||||||||||
| PTPP(1) | $ | 6,791 | $ | 6,864 | $ | 5,849 | $ | 5,666 | $ | 4,945 | $ | 19,504 | $ | 14,686 | ||||||||||||||
| (1)See section "GAAP to Non-GAAP Reconciliations" for the reconciliation of GAAP performance measures to non-GAAP measures. |
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, except per share and share amounts, unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Per common share data | ||||||||||||||||||||||||||||
| Net income per common share - basic | $ | 0.66 | $ | 0.76 | $ | 0.60 | $ | 0.60 | $ | 0.29 | $ | 2.02 | $ | 1.32 | ||||||||||||||
| Net income per common share - diluted | $ | 0.65 | $ | 0.76 | $ | 0.60 | $ | 0.60 | $ | 0.29 | $ | 2.01 | $ | 1.32 | ||||||||||||||
| Dividends declared per share | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.63 | $ | 0.60 | ||||||||||||||
| Book value per share (period end) | $ | 27.71 | $ | 26.74 | $ | 26.46 | $ | 26.08 | $ | 26.11 | $ | 27.71 | $ | 26.11 | ||||||||||||||
| Tangible book value per share (period end)(1) (2) | $ | 22.62 | $ | 21.60 | $ | 21.29 | $ | 20.88 | $ | 20.87 | $ | 22.62 | $ | 20.87 | ||||||||||||||
| Dividends declared | $ | 1,698 | $ | 1,697 | $ | 1,697 | $ | 1,616 | $ | 1,615 | $ | 5,092 | $ | 4,841 | ||||||||||||||
| Dividend yield | 2.78 | % | 2.80 | % | 3.05 | % | 2.84 | % | 2.76 | % | 2.81 | % | 2.78 | % | ||||||||||||||
| Dividend payout ratio | 31.92 | % | 27.56 | % | 35.13 | % | 33.33 | % | 69.02 | % | 31.23 | % | 45.37 | % | ||||||||||||||
| Average shares outstanding - basic | 8,084,658 | 8,081,193 | 8,078,805 | 8,071,905 | 8,071,032 | 8,081,573 | 8,076,440 | |||||||||||||||||||||
| Average shares outstanding - diluted | 8,147,495 | 8,113,572 | 8,097,545 | 8,092,357 | 8,086,872 | 8,130,213 | 8,092,280 | |||||||||||||||||||||
| Period ending shares outstanding | 8,086,886 | 8,081,193 | 8,081,193 | 8,073,708 | 8,071,032 | 8,086,886 | 8,071,032 | |||||||||||||||||||||
| Selected ratios | ||||||||||||||||||||||||||||
| Return on average assets (Annualized) | 1.08 | % | 1.29 | % | 1.04 | % | 1.04 | % | 0.50 | % | 1.14 | % | 0.77 | % | ||||||||||||||
| Return on average equity (Annualized) | 9.62 | % | 11.53 | % | 9.22 | % | 9.19 | % | 4.45 | % | 10.12 | % | 6.90 | % | ||||||||||||||
| Return on average tangible common equity(1) (3) | 11.86 | % | 14.31 | % | 11.48 | % | 11.50 | % | 5.58 | % | 12.54 | % | 8.68 | % | ||||||||||||||
| Efficiency(4) | 63.73 | % | 64.49 | % | 65.22 | % | 65.05 | % | 67.93 | % | 64.45 | % | 68.19 | % | ||||||||||||||
| Equity to assets at period end | 11.33 | % | 11.23 | % | 11.32 | % | 11.36 | % | 11.34 | % | 11.33 | % | 11.34 | % | ||||||||||||||
| Noninterest expense to average assets | 0.67 | % | 0.72 | % | 0.65 | % | 0.63 | % | 0.66 | % | 2.04 | % | 1.94 | % | ||||||||||||||
| (1)See section "GAAP to Non-GAAP Reconciliations" for the reconciliation of GAAP performance measures to non-GAAP measures. |
| (2)Calculated by dividing tangible common equity by shares outstanding. |
| (3)Calculated by dividing annualized net income for each period by average tangible common equity. |
| (4)The efficiency ratio is calculated by dividing noninterest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus noninterest income. |
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| Yields | 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Loans receivable(1) | 6.30 | % | 6.40 | % | 6.17 | % | 6.12 | % | 6.19 | % | 6.29 | % | 6.19 | % | ||||||||||||||
| Investment securities(1) (2) | 3.69 | % | 3.64 | % | 3.69 | % | 3.63 | % | 3.62 | % | 3.67 | % | 3.60 | % | ||||||||||||||
| Interest-earning deposits with other banks | 3.52 | % | 4.13 | % | 3.57 | % | 4.23 | % | 4.27 | % | 3.72 | % | 4.58 | % | ||||||||||||||
| Total interest-earning assets | 5.93 | % | 6.03 | % | 5.81 | % | 5.78 | % | 5.84 | % | 5.93 | % | 5.85 | % | ||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||
| Interest-bearing demand deposits | 2.27 | % | 2.27 | % | 2.13 | % | 2.07 | % | 2.16 | % | 2.29 | % | 1.99 | % | ||||||||||||||
| Money market deposits | 3.43 | % | 3.53 | % | 3.38 | % | 3.81 | % | 3.93 | % | 3.45 | % | 3.90 | % | ||||||||||||||
| Savings deposits | 0.95 | % | 0.86 | % | 0.82 | % | 0.75 | % | 0.71 | % | 0.87 | % | 0.64 | % | ||||||||||||||
| Certificates of deposit | 3.74 | % | 3.66 | % | 3.93 | % | 4.21 | % | 4.49 | % | 3.77 | % | 4.37 | % | ||||||||||||||
| Total interest-bearing deposits | 2.91 | % | 2.90 | % | 2.82 | % | 3.05 | % | 3.17 | % | 2.90 | % | 3.07 | % | ||||||||||||||
| Non-Deposit Funding: | ||||||||||||||||||||||||||||
| Borrowings | 4.53 | % | 4.54 | % | 4.58 | % | 4.93 | % | 5.54 | % | 4.55 | % | 5.58 | % | ||||||||||||||
| Total interest-bearing liabilities | 3.03 | % | 3.01 | % | 3.01 | % | 3.21 | % | 3.41 | % | 3.03 | % | 3.37 | % | ||||||||||||||
| Cost of deposits | 2.20 | % | 2.21 | % | 2.10 | % | 2.24 | % | 2.33 | % | 2.17 | % | 2.24 | % | ||||||||||||||
| Cost of funds | 2.33 | % | 2.34 | % | 2.30 | % | 2.41 | % | 2.58 | % | 2.32 | % | 2.54 | % | ||||||||||||||
| Net interest margin(3) | 3.79 | % | 3.88 | % | 3.69 | % | 3.56 | % | 3.46 | % | 3.79 | % | 3.51 | % | ||||||||||||||
| (1)Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%. |
| (2)Yield is calculated on the basis of amortized cost. |
| (3)Net interest margin represents net interest income as a percentage of average interest-earning assets. |
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(unaudited)
| For the Three Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| Asset quality data | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| (Dollar amounts in thousands, unaudited) | ||||||||||||||||||||
| Nonperforming assets(1) | $ | 29,928 | $ | 25,052 | $ | 29,550 | $ | 29,984 | $ | 30,078 | ||||||||||
| Allowance for credit losses | $ | 23,029 | $ | 22,335 | $ | 22,401 | $ | 22,447 | $ | 22,526 | ||||||||||
| Allowance for credit losses/total loans | 1.43 | % | 1.41 | % | 1.44 | % | 1.48 | % | 1.50 | % | ||||||||||
| Net charge-offs (recoveries): | ||||||||||||||||||||
| Quarter-to-date | $ | (107 | ) | $ | (18 | ) | $ | (209 | ) | $ | 151 | $ | 1,382 | |||||||
| Year-to-date | (334 | ) | (227 | ) | (209 | ) | 1,436 | 1,285 | ||||||||||||
| Net charge-offs (recoveries) to average loans, annualized: | ||||||||||||||||||||
| Quarter-to-date | (0.03 | %) | (0.00 | %) | (0.06 | %) | 0.04 | % | 0.36 | % | ||||||||||
| Year-to-date | (0.03 | %) | (0.03 | %) | (0.06 | %) | 0.10 | % | 0.11 | % | ||||||||||
| Nonperforming loans/total loans | 1.86 | % | 1.58 | % | 1.91 | % | 1.97 | % | 2.00 | % | ||||||||||
| Allowance for credit losses/nonperforming loans | 76.95 | % | 89.15 | % | 75.81 | % | 74.86 | % | 74.89 | % | ||||||||||
| Nonperforming assets/total assets | 1.51 | % | 1.30 | % | 1.56 | % | 1.62 | % | 1.62 | % | ||||||||||
| (1)Nonperforming assets consist of nonperforming loans. |
MIDDLEFIELD BANC CORP.
GAAP to Non-GAAP Reconciliations
| Reconciliation of Common Stockholders' Equity to Tangible Common Equity | For the Three Months Ended | |||||||||||||||||||
| (Dollar amounts in thousands, unaudited) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | ||||||||||||||||
| Stockholders' equity | $ | 224,120 | $ | 216,052 | $ | 213,793 | $ | 210,562 | $ | 210,705 | ||||||||||
| Less goodwill and other intangibles | 41,218 | 41,468 | 41,718 | 41,967 | 42,225 | |||||||||||||||
| Tangible common equity | $ | 182,902 | $ | 174,584 | $ | 172,075 | $ | 168,595 | $ | 168,480 | ||||||||||
| Shares outstanding | 8,086,886 | 8,081,193 | 8,081,193 | 8,073,708 | 8,071,032 | |||||||||||||||
| Tangible book value per share | $ | 22.62 | $ | 21.60 | $ | 21.29 | $ | 20.88 | $ | 20.87 | ||||||||||
| Reconciliation of Average Equity to Return on Average Tangible Common Equity | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Average stockholders' equity | $ | 219,278 | $ | 214,144 | $ | 212,465 | $ | 209,864 | $ | 209,096 | $ | 215,395 | $ | 206,691 | ||||||||||||||
| Less average goodwill and other intangibles | 41,340 | 41,589 | 41,839 | 42,092 | 42,350 | 41,589 | 42,512 | |||||||||||||||||||||
| Average tangible common equity | $ | 177,938 | $ | 172,555 | $ | 170,626 | $ | 167,772 | $ | 166,746 | $ | 173,806 | $ | 164,179 | ||||||||||||||
| Net income | $ | 5,320 | $ | 6,157 | $ | 4,830 | $ | 4,848 | $ | 2,340 | $ | 16,307 | $ | 10,671 | ||||||||||||||
| Return on average tangible common equity (annualized) | 11.86 | % | 14.31 | % | 11.48 | % | 11.50 | % | 5.58 | % | 12.54 | % | 8.68 | % | ||||||||||||||
| Reconciliation of Pre-Tax Pre-Provision Income (PTPP) | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Net income | $ | 5,320 | $ | 6,157 | $ | 4,830 | $ | 4,848 | $ | 2,340 | $ | 16,307 | $ | 10,671 | ||||||||||||||
| Add income taxes | 1,079 | 1,213 | 924 | 995 | 371 | 3,216 | 1,830 | |||||||||||||||||||||
| Add provision for (recovery of) credit losses | 392 | (506 | ) | 95 | (177 | ) | 2,234 | (19 | ) | 2,185 | ||||||||||||||||||
| PTPP | $ | 6,791 | $ | 6,864 | $ | 5,849 | $ | 5,666 | $ | 4,945 | $ | 19,504 | $ | 14,686 | ||||||||||||||
MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)
| For the Three Months Ended | ||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable ?¹? | $ | 1,605,733 | $ | 25,485 | 6.30 | % | $ | 1,507,518 | $ | 23,441 | 6.19 | % | ||||||||||||
| Investment securities(1) (2) | 188,211 | 1,496 | 3.69 | % | 191,748 | 1,490 | 3.62 | % | ||||||||||||||||
| Interest-earning deposits with other banks(3) | 70,727 | 627 | 3.52 | % | 63,580 | 682 | 4.27 | % | ||||||||||||||||
| Total interest-earning assets | 1,864,671 | 27,608 | 5.93 | % | 1,762,846 | 25,613 | 5.84 | % | ||||||||||||||||
| Noninterest-earning assets | 83,217 | 88,644 | ||||||||||||||||||||||
| Total assets | $ | 1,947,888 | $ | 1,851,490 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 233,106 | $ | 1,331 | 2.27 | % | $ | 217,124 | $ | 1,181 | 2.16 | % | ||||||||||||
| Money market deposits | 479,785 | 4,143 | 3.43 | % | 362,545 | 3,583 | 3.93 | % | ||||||||||||||||
| Savings deposits | 184,146 | 440 | 0.95 | % | 198,775 | 357 | 0.71 | % | ||||||||||||||||
| Certificates of deposit | 324,516 | 3,058 | 3.74 | % | 325,240 | 3,671 | 4.49 | % | ||||||||||||||||
| Short-term borrowings | 82,306 | 918 | 4.43 | % | 113,812 | 1,575 | 5.51 | % | ||||||||||||||||
| Other borrowings | 11,532 | 153 | 5.26 | % | 11,739 | 173 | 5.86 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,315,391 | 10,043 | 3.03 | % | 1,229,235 | 10,540 | 3.41 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 398,307 | 396,456 | ||||||||||||||||||||||
| Other liabilities | 14,912 | 16,703 | ||||||||||||||||||||||
| Stockholders' equity | 219,278 | 209,096 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,947,888 | $ | 1,851,490 | ||||||||||||||||||||
| Net interest income | $ | 17,565 | $ | 15,073 | ||||||||||||||||||||
| Interest rate spread(4) | 2.90 | % | 2.43 | % | ||||||||||||||||||||
| Net interest margin(5) | 3.79 | % | 3.46 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 141.76 | % | 143.41 | % | ||||||||||||||||||||
| (1)Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $271 and $281 for the three months ended September 30, 2025 and 2024, respectively. |
| (2)Yield is calculated on the basis of amortized cost. |
| (3)Includes dividends received on restricted stock. |
| (4)Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (5)Net interest margin represents net interest income as a percentage of average interest-earning assets. |
| For the Three Months Ended | ||||||||||||||||||||||||
| September 30, | June 30, | |||||||||||||||||||||||
| 2025 | 2025 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable(1) | $ | 1,605,733 | $ | 25,485 | 6.30 | % | $ | 1,576,050 | $ | 25,122 | 6.40 | % | ||||||||||||
| Investment securities(1) (2) | 188,211 | 1,496 | 3.69 | % | 191,619 | 1,486 | 3.64 | % | ||||||||||||||||
| Interest-earning deposits with other banks(3) | 70,727 | 627 | 3.52 | % | 61,012 | 628 | 4.13 | % | ||||||||||||||||
| Total interest-earning assets | 1,864,671 | 27,608 | 5.93 | % | 1,828,681 | 27,236 | 6.03 | % | ||||||||||||||||
| Noninterest-earning assets | 83,217 | 79,414 | ||||||||||||||||||||||
| Total assets | $ | 1,947,888 | $ | 1,908,095 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 233,106 | $ | 1,331 | 2.27 | % | $ | 238,884 | $ | 1,353 | 2.27 | % | ||||||||||||
| Money market deposits | 479,785 | 4,143 | 3.43 | % | 489,525 | 4,313 | 3.53 | % | ||||||||||||||||
| Savings deposits | 184,146 | 440 | 0.95 | % | 188,999 | 404 | 0.86 | % | ||||||||||||||||
| Certificates of deposit | 324,516 | 3,058 | 3.74 | % | 297,727 | 2,719 | 3.66 | % | ||||||||||||||||
| Short-term borrowings | 82,306 | 918 | 4.43 | % | 77,666 | 870 | 4.49 | % | ||||||||||||||||
| Other borrowings | 11,532 | 153 | 5.26 | % | 11,588 | 140 | 4.85 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,315,391 | 10,043 | 3.03 | % | 1,304,389 | 9,799 | 3.01 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 398,307 | 376,468 | ||||||||||||||||||||||
| Other liabilities | 14,912 | 13,094 | ||||||||||||||||||||||
| Stockholders' equity | 219,278 | 214,144 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,947,888 | $ | 1,908,095 | ||||||||||||||||||||
| Net interest income | $ | 17,565 | $ | 17,437 | ||||||||||||||||||||
| Interest rate spread(4) | 2.90 | % | 3.02 | % | ||||||||||||||||||||
| Net interest margin(5) | 3.79 | % | 3.88 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 141.76 | % | 140.19 | % | ||||||||||||||||||||
| (1)Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $271 and $266 for the three months ended September 30, 2025 and June 30, 2025, respectively. |
| (2)Yield is calculated on the basis of amortized cost. |
| (3)Includes dividends received on restricted stock. |
| (4)Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (5)Net interest margin represents net interest income as a percentage of average interest-earning assets. |
| For the Nine Months Ended | ||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Cost | Balance | Interest | Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable(1) | $ | 1,573,040 | $ | 73,994 | 6.29 | % | $ | 1,495,834 | $ | 69,258 | 6.19 | % | ||||||||||||
| Investment securities(1) (2) | 190,609 | 4,472 | 3.67 | % | 191,784 | 4,400 | 3.60 | % | ||||||||||||||||
| Interest-earning deposits with other banks(3) | 66,466 | 1,851 | 3.72 | % | 63,203 | 2,166 | 4.58 | % | ||||||||||||||||
| Total interest-earning assets | 1,830,115 | 80,317 | 5.93 | % | 1,750,821 | 75,824 | 5.85 | % | ||||||||||||||||
| Noninterest-earning assets | 82,392 | 88,408 | ||||||||||||||||||||||
| Total assets | $ | 1,912,507 | $ | 1,839,229 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 223,719 | $ | 3,839 | 2.29 | % | $ | 212,699 | $ | 3,167 | 1.99 | % | ||||||||||||
| Money market deposits | 475,919 | 12,272 | 3.45 | % | 332,987 | 9,730 | 3.90 | % | ||||||||||||||||
| Savings deposits | 188,692 | 1,232 | 0.87 | % | 197,477 | 951 | 0.64 | % | ||||||||||||||||
| Certificates of deposit | 294,416 | 8,303 | 3.77 | % | 330,884 | 10,833 | 4.37 | % | ||||||||||||||||
| Short-term borrowings | 93,403 | 3,135 | 4.49 | % | 132,275 | 5,488 | 5.54 | % | ||||||||||||||||
| Other borrowings | 11,586 | 436 | 5.03 | % | 11,790 | 530 | 6.00 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,287,735 | 29,217 | 3.03 | % | 1,218,112 | 30,699 | 3.37 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 395,385 | 397,764 | ||||||||||||||||||||||
| Other liabilities | 13,992 | 16,662 | ||||||||||||||||||||||
| Stockholders' equity | 215,395 | 206,691 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,912,507 | $ | 1,839,229 | ||||||||||||||||||||
| Net interest income | $ | 51,100 | $ | 45,125 | ||||||||||||||||||||
| Interest rate spread(4) | 2.90 | % | 2.48 | % | ||||||||||||||||||||
| Net interest margin(5) | 3.79 | % | 3.51 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 142.12 | % | 143.73 | % | ||||||||||||||||||||
| (1)Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $809 and $851 for the nine months ended September 30, 2025 and September 30, 2024, respectively. |
| (2)Yield is calculated on the basis of amortized cost. |
| (3)Includes dividends received on restricted stock. |
| (4)Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (5)Net interest margin represents net interest income as a percentage of average interest-earning assets. |
| Company Contact: | Investor and Media Contact: |
| Ronald L. Zimmerly, Jr. President and Chief Executive Officer Middlefield Banc Corp. (419) 673-1217 rzimmerly@middlefieldbank.com | Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
