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Middlefield Banc Corp. Reports 2025 Six-Month Financial Results

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Middlefield Banc Corp. (NASDAQ: MBCN) reported strong financial results for the six months ended June 30, 2025. Second-quarter highlights include a 46.2% increase in earnings per share to $0.76, and a 37 basis point expansion in net interest margin to 3.88%.

The bank achieved record levels with total loans increasing 5.6% to $1.58 billion and total assets growing 5.3% to $1.92 billion. Asset quality improved with nonperforming assets to total assets decreasing to 1.30%. The company completed a real estate exchange in Westerville, Ohio, resulting in a $1.2 million one-time gain.

Notable improvements include an 8.4% year-over-year increase in deposits to $1.59 billion and a 4.3% increase in book value to $26.74 per share. The company also increased its quarterly cash dividend by 5% to $0.21 per share.

Middlefield Banc Corp. (NASDAQ: MBCN) ha riportato risultati finanziari solidi per i sei mesi terminati il 30 giugno 2025. Tra i punti salienti del secondo trimestre si segnala un aumento del 46,2% dell'utile per azione a 0,76$ e un incremento di 37 punti base del margine di interesse netto, che raggiunge il 3,88%.

La banca ha raggiunto livelli record con un incremento dei prestiti totali del 5,6%, arrivati a 1,58 miliardi di dollari e una crescita delle attivit脿 totali del 5,3%, pari a 1,92 miliardi di dollari. La qualit脿 degli attivi 猫 migliorata, con un calo degli attivi non performanti sul totale degli attivi al 1,30%. La societ脿 ha completato uno scambio immobiliare a Westerville, Ohio, generando un guadagno una tantum di 1,2 milioni di dollari.

Tra i miglioramenti degni di nota si evidenzia un aumento dell'8,4% su base annua dei depositi, che raggiungono 1,59 miliardi di dollari, e un incremento del valore contabile del 4,3%, pari a 26,74$ per azione. La societ脿 ha inoltre aumentato il dividendo trimestrale in contanti del 5%, portandolo a 0,21$ per azione.

Middlefield Banc Corp. (NASDAQ: MBCN) report贸 resultados financieros s贸lidos para los seis meses terminados el 30 de junio de 2025. Entre los aspectos destacados del segundo trimestre se incluye un aumento del 46,2% en las ganancias por acci贸n hasta $0.76 y una expansi贸n de 37 puntos b谩sicos en el margen de inter茅s neto hasta el 3,88%.

El banco alcanz贸 niveles r茅cord con un incremento del 5,6% en los pr茅stamos totales hasta $1,58 mil millones y un crecimiento del 5,3% en los activos totales hasta $1,92 mil millones. La calidad de los activos mejor贸, con una disminuci贸n de los activos no rentables sobre el total de activos al 1,30%. La compa帽铆a complet贸 un intercambio inmobiliario en Westerville, Ohio, que result贸 en una ganancia 煤nica de $1.2 millones.

Las mejoras notables incluyen un aumento interanual del 8,4% en los dep贸sitos hasta $1,59 mil millones y un incremento del 4,3% en el valor contable hasta $26.74 por acci贸n. La empresa tambi茅n increment贸 su dividendo trimestral en efectivo en un 5%, llev谩ndolo a $0.21 por acci贸n.

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Middlefield Banc Corp. (NASDAQ : MBCN) a annonc茅 de solides r茅sultats financiers pour les six mois clos au 30 juin 2025. Parmi les faits marquants du deuxi猫me trimestre, on note une augmentation de 46,2 % du b茅n茅fice par action 脿 0,76 $ et une am茅lioration de 37 points de base de la marge d'int茅r锚t nette 脿 3,88 %.

La banque a atteint des niveaux record avec une hausse des pr锚ts totaux de 5,6 % 脿 1,58 milliard de dollars et une croissance des actifs totaux de 5,3 % 脿 1,92 milliard de dollars. La qualit茅 des actifs s'est am茅lior茅e, le ratio des actifs non performants sur le total des actifs 茅tant descendu 脿 1,30 %. La soci茅t茅 a finalis茅 un 茅change immobilier 脿 Westerville, dans l'Ohio, g茅n茅rant un gain exceptionnel de 1,2 million de dollars.

Parmi les am茅liorations notables, on rel猫ve une augmentation de 8,4 % des d茅p么ts sur un an, atteignant 1,59 milliard de dollars, ainsi qu'une hausse de 4,3 % de la valeur comptable 脿 26,74 $ par action. L'entreprise a 茅galement augment茅 son dividende trimestriel en esp猫ces de 5 %, le portant 脿 0,21 $ par action.

Middlefield Banc Corp. (NASDAQ: MBCN) meldete starke Finanzergebnisse f眉r die sechs Monate bis zum 30. Juni 2025. Zu den Highlights des zweiten Quartals geh枚ren ein 46,2%iger Anstieg des Gewinns je Aktie auf 0,76 USD und eine Ausweitung der Nettomarge um 37 Basispunkte auf 3,88%.

Die Bank erreichte Rekordwerte mit einem Anstieg der Gesamtkredite um 5,6% auf 1,58 Milliarden USD und einem Wachstum der Gesamtaktiva um 5,3% auf 1,92 Milliarden USD. Die Verm枚gensqualit盲t verbesserte sich, da sich das Verh盲ltnis notleidender Verm枚genswerte zu Gesamtverm枚gen auf 1,30% verringerte. Das Unternehmen schloss einen Immobilientausch in Westerville, Ohio, ab, was zu einem einmaligen Gewinn von 1,2 Millionen USD 蹿眉丑谤迟别.

Erw盲hnenswerte Verbesserungen sind ein j盲hrlicher Anstieg der Einlagen um 8,4% auf 1,59 Milliarden USD sowie eine Steigerung des Buchwerts um 4,3% auf 26,74 USD je Aktie. Zudem erh枚hte das Unternehmen seine viertelj盲hrliche Bardividende um 5% auf 0,21 USD je Aktie.

Positive
  • None.
Negative
  • Noninterest expense increased to $13.7 million from $11.9 million year-over-year
  • Noninterest-bearing deposits decreased to 24.2% of total deposits from 26.3%
  • Brokered deposits nearly doubled to $165.1 million from $86.5 million
  • Nonperforming loans increased to $25.1 million from $16.0 million year-over-year

Insights

Middlefield delivered impressive Q2 results with 46.2% EPS growth, margin expansion, and improved asset quality despite banking sector challenges.

Middlefield Banc Corp's Q2 2025 results showcase a remarkably strong performance across multiple metrics. The 46.2% year-over-year increase in EPS to $0.76 is particularly impressive in today's banking environment. This substantial earnings growth stems from several factors working in tandem: record loan growth (up 5.6% to $1.58 billion), net interest margin expansion (up 37 basis points to 3.88%), and improved asset quality (nonperforming assets to total assets down 32 basis points to 1.30%).

The bank's net interest income jumped 15.6% year-over-year to $17.4 million, demonstrating effective balance sheet management amid a challenging rate environment. The 37 basis point margin expansion is particularly notable as many regional banks continue struggling with margin compression. This expansion likely stems from their success in managing deposit costs while maintaining loan yields.

On the asset quality front, the improvement is significant and against the trend seen at many peers. The bank successfully reduced a problematic loan, bringing nonperforming assets down $4.9 million from December 2024. The $506,000 recovery for credit losses in Q2 further underscores the improving credit picture.

The 8.4% deposit growth is another bright spot, though the increasing reliance on brokered deposits (now $165.1 million vs. $86.5 million year-over-year) bears watching as these are typically more expensive and less stable than core deposits. However, management reported a seven-basis point reduction in funding costs since the start of the year, suggesting they're navigating this challenge effectively.

The real estate exchange in Westerville that generated a $1.2 million one-time gain demonstrates strategic market positioning, particularly in Central Ohio where the bank sees growth opportunities. While this transaction boosted quarterly results, even excluding this non-recurring item, the core operational performance remains strong.

Shareholder value continues to build with book value up 4.3% to $26.74 and tangible book value increasing 6.1% to $21.60. The 5% dividend increase implemented in Q1 2025 reflects management's confidence in sustainable profitability.

The commercial real estate (CRE) portfolio appears well-diversified across sectors, with healthy loan-to-value ratios (mostly in the 50-65% range), providing a buffer against potential market volatility. At 43.1% of the total loan portfolio, the CRE concentration is manageable and better positioned than many community banks with heavier commercial real estate exposure.

MIDDLEFIELD, Ohio, July 22, 2025 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the six听months ended June 30, 2025.

2025 Second-Quarter听Financial Highlights (on a year-over-year basis):

听鈼�Earnings per share听increased 46.2% year-over-year to听$0.76听per diluted share
听鈼�Asset quality听improved from the 2024 fourth quarter with nonperforming assets to total assets decreasing by 32听basis points to听1.30%
听鈼�Net interest margin expanded听37 basis points to听3.88%听and increased 19 basis points from the 2025 first quarter
听鈼�Total loans increased $84.2 million, or 5.6% to a record $1.58 billion
听鈼�Total assets increased $96.2 million, or 5.3% to a record $1.92 billion
听鈼�Book value increased 4.3% to $26.74 from $25.63 per share, while tangible book value(1) increased 6.1% to $21.60 from $20.37 per share

听(1)听See non-GAAP reconciliation under the section 鈥淕AAP to Non-GAAP Reconciliations鈥�

鈥淭he second quarter of 2025 was another strong quarter of growth, profitability and value creation for Middlefield,鈥� stated Ronald L. Zimmerly, Jr., President and Chief Executive Officer. 鈥淭otal loans have increased at an 8.2% annualized rate since the beginning of the year to a record $1.58听billion, asset quality continued to improve sequentially, and our net interest margin for the second quarter of 2025 expanded 37 basis points year-over-year to 3.88%.听 These results led to strong growth in profitability during the quarter.听 Net income also benefited from a $1.2听million net gain on the exchange of real estate听associated with the relocation of our Westerville, Ohio branch.听 Relocating our Westerville office is a great opportunity, supported by favorable demographics and underscores our multi-year strategy to expand our presence in the Central Ohio region. We expect our new Westerville branch to open in the second half of 2025.鈥�

鈥淚 am pleased by the strong start to 2025 and the direction we are headed.听 We remain focused on investing in our platform, which includes upgrades to our technology infrastructure, adding new, experienced commercial bankers, and pursuing opportunities to expand Middlefield across our compelling Ohio markets.听 As a result of these efforts and the contributions of our high-performing team, we expect additional loan and core deposit growth to benefit profitability throughout the remainder of 2025,鈥� concluded Mr. Zimmerly.

Income Statement
Net interest income for the 2025 second quarter increased 15.6%听to $17.4 million, compared to $15.1 million for the 2024 second听quarter. The net interest margin for the 2025 second quarter was 3.88%, compared to 3.51% for the same period of 2024. Net interest income for the six听months ended June 30, 2025,听increased听11.6%听to $33.5听million, compared to $30.1听million for the same period last year. The increase was primarily due to strong loan growth,听a decrease in FHLB advances, and an overall听decline听in rates for deposits. Net interest margin for the six听months ended June 30, 2025, was 3.79%, compared to 3.53% last year.听

Noninterest income for the 2025听second quarter was $3.1 million, compared to $1.8 million for the same period the previous year.听For the six听months ended June 30, 2025, noninterest income听increased听$1.5听million听to $5.0 million, compared to $3.6 million for the same period in听2024.听 In April听2025,听Middlefield听completed an exchange of real estate with the City of Westerville, Ohio for a parcel of land听that had听a fair value of $1.5听million.听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.听The exchange of real estate transaction resulted in a one-time, non-cash gain of $1.2听million.

For the 2025 second听quarter, noninterest expense was $13.7 million, compared to $11.9 million for the 2024 second quarter. Noninterest expense for the six听months ended June 30, 2025, was $25.8 million, compared to $23.9 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. 听 听听

Net income for the 2025 second quarter was $6.2 million, or $0.76 per diluted share, compared to $4.2 million, or $0.52听per diluted share, for the same period last year. Net income for the six听months ended June 30, 2025, was $11.0听million, or $1.36听per diluted share, compared to $8.3 million, or $1.03 per diluted share, for the same period last year.听

For the 2025 second quarter, pre-tax, pre-provision net income was $6.9 million, compared to $4.9听million听for the same period of 2024. For the six听months ended June 30, 2025, pre-tax, pre-provision net income was $12.7 million, compared to $9.7 million听for the same period last year. 听(See non-GAAP reconciliation under the section 鈥淕AAP to Non-GAAP Reconciliations鈥�.)

Balance Sheet
Total assets at June 30, 2025, increased 5.3% to a record听$1.92 billion, compared to $1.83 billion at June 30, 2024. Total loans at June 30, 2025, were a record听$1.58 billion, compared to $1.50 billion at June 30, 2024. The 5.6% year-over-year increase in total loans was primarily due to higher听home equity lines of credit, commercial and industrial loans,听residential real estate loans, non-owner occupied, and owner occupied loans, partially offset by a reduction in construction and other loans and multifamily loans.

The investment securities available-for-sale portfolio was听$161.1 million at June 30, 2025, compared with听$166.4 million at June 30, 2024.

Total liabilities at June 30, 2025, increased 5.4% to $1.71 billion, compared to $1.62 billion at June 30, 2024. Total deposits at June 30, 2025, were $1.59 billion, compared to $1.47 billion at June 30, 2024. The 8.4% year-over-year increase in deposits was primarily due to growth in money market and interest-bearing demand deposits, partially offset by declines in savings听deposit accounts. Noninterest-bearing demand deposits were 24.2% of total deposits at June 30, 2025, compared to 26.3% at June 30, 2024. At June 30, 2025, the Company had brokered deposits of $165.1 million, compared to $86.5听million at June 30, 2024.

Michael C. Ranttila, Chief Financial Officer, stated, 鈥淢iddlefield鈥檚 highly profitable financial model, disciplined loan pricing, and strong liquidity levels provides us with the flexibility to support both loan and operational growth. We continue to monitor听our funding mix to听support听our loan portfolio听at a reasonable cost, and such actions听contributed to a seven-basis point reduction in our cost of funds since the beginning of the year.听 Throughout the second half of 2025, we are focused on growing core deposits by improving the mix of commercial and industrial loans and growing treasury management relationships.鈥�

Middlefield's CRE portfolio included the following categories at June 30, 2025:

(Dollar amounts in thousands)听Balance听听Percent of
CRE Portfolio		听听Percent of
Loan Portfolio		听听Weighted Average
Loan-to-Value		听
听听听听听听听听听听听听听听听听听
Multi-Family听$79,497听听听11.7%听听5.0%听听64.7%
Owner Occupied听听听听听听听听听听听听听听听听
AG真人官方 Estate and Rental and Leasing听听56,806听听听8.3%听听3.6%听听55.6%
Other Services (except Public Administration)听听40,734听听听6.0%听听2.6%听听58.2%
Manufacturing听听17,919听听听2.6%听听1.1%听听44.4%
Agriculture, Forestry, Fishing and Hunting听听12,318听听听1.8%听听0.8%听听36.3%
Educational Services听听11,844听听听1.7%听听0.7%听听50.1%
Other听听57,024听听听8.3%听听3.6%听听54.1%
Total Owner Occupied听$196,645听听听28.7%听听12.4%听听听听
Non-Owner Occupied听听听听听听听听听听听听听听听听
AG真人官方 Estate and Rental and Leasing听听333,645听听听49.0%听听21.1%听听54.8%
Accommodation and Food Services听听40,430听听听5.9%听听2.6%听听57.0%
Health Care and Social Assistance听听19,456听听听2.9%听听1.2%听听65.9%
Manufacturing听听7,412听听听1.1%听听0.5%听听46.7%
Other听听4,089听听听0.7%听听0.3%听听76.4%
Total Non-Owner Occupied听$405,032听听听59.6%听听25.7%听听听听
Total CRE听$681,174听听听100.0%听听43.1%听听听听


Stockholders' Equity and Dividends
At June 30, 2025, stockholders' equity was $216.1 million, compared to $206.8 million at June 30, 2024. The 4.5% year-over-year increase in stockholders' equity was primarily from听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 June 30, 2025, was $26.74, compared to $25.63 at June 30, 2024.

At June 30, 2025, tangible stockholders' equity(1) was $174.6 million, compared to $164.3 million at June 30, 2024. On a per-share basis, tangible stockholders' equity(1) was $21.60 at June 30, 2025, compared to $20.37 at June 30, 2024. (1)See non-GAAP reconciliation under the section 鈥淕AAP to Non-GAAP Reconciliations鈥�.

For the six months ended June 30, 2025, the Company declared cash dividends of $0.42 per share, totaling $3.4 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.听听

For the six months ended June 30, 2025, the Company did not repurchase any shares of its common stock.听听

At June 30, 2025, the Company's equity-to-assets ratio was 11.23%, compared to 11.31% at June 30, 2024.

Asset Quality
For the six months ended June 30, 2025, the Company recorded a recovery of听credit losses of $411,000,听compared to a recovery of听credit losses of $49,000听for the same period of 2024.听听

Net recoveries were $227,000, or (0.03%)听of average loans, annualized, for the six months ended June 30, 2025, compared to net recoveries of $97,000, or (0.01%) of average loans, annualized, for the same period of 2024.听 听 听听

Nonperforming loans at June 30, 2025, were $25.1 million, compared to $16.0 million at June 30, 2024. The year-over-year increase in nonperforming assets was听primarily due to听a $12.0听million loan moved to nonaccrual in the 2024 third quarter.听The allowance for credit losses at June 30, 2025, stood at $22.3 million, or 1.41% of total loans, compared to $21.8 million, or 1.46% of total loans at June 30, 2024. The increase in the allowance for credit losses was mainly from changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data,听as well as an overall increase in total loans.

Mr. Ranttila continued, 鈥淎sset quality demonstrates the success of our disciplined approach to credit quality and risk management, as nonperforming assets to total assets have improved to 1.30% at June 30, 2025, compared to 1.56% at March 31, 2025, and 1.62% at December 31, 2024.听 Over the past six听months, non-performing assets declined by $4.9听million from $30.0 million at December 31, 2024, primarily as a result of the successful payoff of one听previously disclosed non-accruing loan.听 In addition, reductions in the reserve against individually analyzed loans as well as the听reserve for unfunded commitments drove a $506,000 recovery for credit losses in the second quarter. We continue to expect stable economic activity across our Central, Western and Northeast Ohio markets that will support loan demand and asset quality throughout 2025.鈥澨�

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 $1.92 billion at June 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial庐 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)

听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听
Balance Sheets (period end)听2025听听2025听听2024听听2024听听2024听
ASSETS听听听听听听听听听听听听听听听听听听听听
Cash and due from banks听$59,145听听$56,150听听$46,037听听$61,851听听$50,496听
Federal funds sold听听13,701听听听10,720听听听9,755听听听12,022听听听1,762听
Cash and cash equivalents听听72,846听听听66,870听听听55,792听听听73,873听听听52,258听
Investment securities available for sale, at fair value听听161,116听听听165,014听听听165,802听听听169,895听听听166,424听
Other investments听听1,014听听听1,021听听听855听听听895听听听881听
Loans held for sale听听152听听听-听听听-听听听249听听听-听
Loans:听听听听听听听听听听听听听听听听听听听听
Commercial real estate:听听听听听听听听听听听听听听听听听听听听
Owner occupied听听196,645听听听185,412听听听181,447听听听187,313听听听182,809听
Non-owner occupied听听405,032听听听413,621听听听412,291听听听407,159听听听385,648听
Multifamily听听79,497听听听88,737听听听89,849听听听94,798听听听86,951听
Residential real estate听听357,217听听听351,274听听听353,442听听听345,748听听听337,121听
Commercial and industrial听听257,519听听听235,547听听听229,034听听听213,172听听听234,702听
Home equity lines of credit听听156,297听听听147,154听听听143,379听听听137,761听听听131,047听
Construction and other听听123,531听听听122,653听听听103,608听听听111,550听听听132,530听
Consumer installment听听6,187听听听5,951听听听6,564听听听7,030听听听6,896听
Total loans听听1,581,925听听听1,550,349听听听1,519,614听听听1,504,531听听听1,497,704听
Less allowance for credit losses听听22,335听听听22,401听听听22,447听听听22,526听听听21,795听
Net loans听听1,559,590听听听1,527,948听听听1,497,167听听听1,482,005听听听1,475,909听
Premises and equipment, net听听20,304听听听20,494听听听20,565听听听20,528听听听20,744听
Premises and equipment held for sale听听1,015听听听-听听听-听听听-听听听-听
Goodwill听听36,356听听听36,356听听听36,356听听听36,356听听听36,356听
Core deposit intangibles听听5,112听听听5,362听听听5,611听听听5,869听听听6,126听
Bank-owned life insurance听听35,102听听听34,866听听听35,259听听听35,049听听听34,802听
Accrued interest receivable and other assets听听31,762听听听30,425听听听35,952听听听32,916听听听34,686听
TOTAL ASSETS听$1,924,369听听$1,888,356听听$1,853,359听听$1,857,635听听$1,828,186听


听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听
听听2025听听2025听听2024听听2024听听2024听
LIABILITIES听听听听听听听听听听听听听听听听听听听听
Deposits:听听听听听听听听听听听听听听听听听听听听
Noninterest-bearing demand听$386,248听听$369,492听听$377,875听听$390,933听听$387,024听
Interest-bearing demand听听221,146听听听222,953听听听208,291听听听218,002听听听206,542听
Money market听听466,935听听听481,664听听听414,074听听听376,619听听听355,630听
Savings听听184,534听听听189,943听听听197,749听听听199,984听听听192,472听
Time听听334,755听听听275,673听听听247,704听听听327,231听听听327,876听
Total deposits听听1,593,618听听听1,539,725听听听1,445,693听听听1,512,769听听听1,469,544听
Federal Home Loan Bank advances听听89,000听听听110,000听听听172,400听听听106,000听听听125,000听
Other borrowings听听11,557听听听11,609听听听11,660听听听11,711听听听11,762听
Accrued interest payable and other liabilities听听14,142听听听13,229听听听13,044听听听16,450听听听15,092听
TOTAL LIABILITIES听听1,708,317听听听1,674,563听听听1,642,797听听听1,646,930听听听1,621,398听
STOCKHOLDERS' EQUITY听听听听听听听听听听听听听听听听听听听听
Common stock, no par value; 25,000,000 shares authorized, 9,960,503 shares issued, 8,081,193 shares outstanding as of June 30, 2025听听162,195听听听162,195听听听161,999听听听161,916听听听161,823听
Additional paid-in capital听听811听听听515听听听246听听听108听听听-听
Retained earnings听听116,892听听听112,432听听听109,299听听听106,067听听听105,342听
Accumulated other comprehensive loss听听(22,937)听听(20,440)听听(20,073)听听(16,477)听听(19,468)
Treasury stock, at cost; 1,879,310 shares as of June 30, 2025听听(40,909)听听(40,909)听听(40,909)听听(40,909)听听(40,909)
TOTAL STOCKHOLDERS' EQUITY听听216,052听听听213,793听听听210,562听听听210,705听听听206,788听
听听听听听听听听听听听听听听听听听听听听听
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY听$1,924,369听听$1,888,356听听$1,853,359听听$1,857,635听听$1,828,186听


MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)

听听For the Three Months Ended听听For the Six Months Ended听
听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听听June 30,听听June 30,听
Statements of Income听2025听听2025听听2024听听2024听听2024听听2025听听2024听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
INTEREST AND DIVIDEND INCOME听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Interest and fees on loans听$25,122听听$23,387听听$23,308听听$23,441听听$23,422听听$48,509听听$45,817听
Interest-earning deposits in other institutions听听325听听听291听听听320听听听348听听听386听听听616听听听823听
Federal funds sold听听120听听听155听听听151听听听143听听听122听听听275听听听274听
Investment securities:听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Taxable interest听听526听听听530听听听528听听听528听听听505听听听1,056听听听972听
Tax-exempt interest听听960听听听960听听听961听听听962听听听966听听听1,920听听听1,938听
Dividends on stock听听183听听听150听听听170听听听191听听听198听听听333听听听387听
Total interest and dividend income听听27,236听听听25,473听听听25,438听听听25,613听听听25,599听听听52,709听听听50,211听
INTEREST EXPENSE听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Deposits听听8,789听听听7,885听听听8,582听听听8,792听听听8,423听听听16,674听听听15,889听
Short-term borrowings听听870听听听1,347听听听1,128听听听1,575听听听1,920听听听2,217听听听3,913听
Other borrowings听听140听听听143听听听173听听听173听听听173听听听283听听听357听
Total interest expense听听9,799听听听9,375听听听9,883听听听10,540听听听10,516听听听19,174听听听20,159听
NET INTEREST INCOME听听17,437听听听16,098听听听15,555听听听15,073听听听15,083听听听33,535听听听30,052听
Provision for (recovery of) credit losses听听(506)听听95听听听(177)听听2,234听听听87听听听(411)听听(49)
NET INTEREST INCOME AFTER PROVISION听听听听听听听听听听听听听听听听听听听听听听听听听听听听
FOR (RECOVERY OF) CREDIT LOSSES听听17,943听听听16,003听听听15,732听听听12,839听听听14,996听听听33,946听听听30,101听
NONINTEREST INCOME听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Service charges on deposit accounts听听1,061听听听989听听听1,068听听听959听听听971听听听2,050听听听1,880听
Gain (Loss) on equity securities听听(7)听听(34)听听56听听听14听听听(27)听听(41)听听(79)
Earnings on bank-owned life insurance听听230听听听493听听听230听听听246听听听227听听听723听听听454听
Gain on sale of loans听听39听听听24听听听64听听听56听听听69听听听63听听听79听
Revenue from investment services听听310听听听268听听听237听听听206听听听269听听听578听听听473听
Gain on exchange of real estate听听1,229听听听-听听听-听听听-听听听-听听听1,229听听听-听
Gross rental income听听-听听听-听听听-听听听-听听听-听听听-听听听67听
Other income听听216听听听204听听听259听听听262听听听251听听听420听听听682听
Total noninterest income听听3,078听听听1,944听听听1,914听听听1,743听听听1,760听听听5,022听听听3,556听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
NONINTEREST EXPENSE听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Salaries and employee benefits听听6,734听听听6,557听听听5,996听听听6,201听听听6,111听听听13,291听听听12,444听
Occupancy expense听听667听听听687听听听596听听听627听听听601听听听1,354听听听1,153听
Equipment expense听听248听听听225听听听221听听听203听听听261听听听473听听听501听
Data processing costs听听1,273听听听1,271听听听1,174听听听1,214听听听1,135听听听2,544听听听2,417听
Ohio state franchise tax听听399听听听399听听听390听听听399听听听397听听听798听听听794听
Federal deposit insurance expense听听267听听听267听听听293听听听255听听听256听听听534听听听507听
Professional fees听听521听听听598听听听611听听听539听听听557听听听1,119听听听1,115听
Advertising expense听听451听听听364听听听371听听听283听听听508听听听815听听听927听
Software amortization expense听听95听听听90听听听83听听听74听听听21听听听185听听听43听
Core deposit intangible amortization听听250听听听249听听听258听听听257听听听258听听听499听听听516听
Loss on premises and equipment held for sale听听693听听听-听听听-听听听-听听听-听听听693听听听-听
Gross other real estate owned expenses听听-听听听-听听听-听听听-听听听-听听听-听听听99听
Other expense听听2,053听听听1,486听听听1,810听听听1,819听听听1,797听听听3,539听听听3,351听
Total noninterest expense听听13,651听听听12,193听听听11,803听听听11,871听听听11,902听听听25,844听听听23,867听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Income before income taxes听听7,370听听听5,754听听听5,843听听听2,711听听听4,854听听听13,124听听听9,790听
Income taxes听听1,213听听听924听听听995听听听371听听听690听听听2,137听听听1,459听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
NET INCOME听$6,157听听$4,830听听$4,848听听$2,340听听$4,164听听$10,987听听$8,331听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
PTPP (1)听$6,864听听$5,849听听$5,666听听$4,945听听$4,941听听$12,713听听$9,741听


(1)听听See section 鈥淕AAP to Non-GAAP Reconciliations鈥澨齠or 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)

听听For the Three Months Ended听听For the Six Months Ended听
听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听听June 30,听听June 30,听
听听2025听听2025听听2024听听2024听听2024听听2025听听2024听
Per common share data听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Net income per common share - basic听$0.76听听$0.60听听$0.60听听$0.29听听$0.52听听$1.36听听$1.04听
Net income per common share - diluted听$0.76听听$0.60听听$0.60听听$0.29听听$0.52听听$1.36听听$1.03听
Dividends declared per share听$0.21听听$0.21听听$0.20听听$0.20听听$0.20听听$0.42听听$0.40听
Book value per share (period end)听$26.74听听$26.46听听$26.08听听$26.11听听$25.63听听$26.74听听$25.63听
Tangible book value per share (period end) (1) (2)听$21.60听听$21.29听听$20.88听听$20.87听听$20.37听听$21.60听听$20.37听
Dividends declared听$1,697听听$1,697听听$1,616听听$1,615听听$1,613听听$3,394听听$3,226听
Dividend yield听听2.80%听听3.05%听听2.84%听听2.76%听听3.34%听听2.81%听听3.34%
Dividend payout ratio听听27.56%听听35.13%听听33.33%听听69.02%听听38.74%听听30.89%听听38.72%
Average shares outstanding - basic听听8,081,193听听听8,078,805听听听8,071,905听听听8,071,032听听听8,067,144听听听8,080,006听听听8,079,174听
Average shares outstanding - diluted听听8,113,572听听听8,097,545听听听8,092,357听听听8,086,872听听听8,072,499听听听8,107,066听听听8,084,529听
Period ending shares outstanding听听8,081,193听听听8,081,193听听听8,073,708听听听8,071,032听听听8,067,144听听听8,081,193听听听8,067,144听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Selected ratios听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Return on average assets (Annualized)听听1.29%听听1.04%听听1.04%听听0.50%听听0.91%听听1.17%听听0.91%
Return on average equity (Annualized)听听11.53%听听9.22%听听9.19%听听4.45%听听8.15%听听10.39%听听8.16%
Return on average tangible common equity (1) (3)听听14.31%听听11.48%听听11.50%听听5.58%听听10.29%听听12.92%听听10.30%
Efficiency (4)听听64.49%听听65.22%听听65.05%听听67.93%听听67.97%听听64.83%听听68.32%
Equity to assets at period end听听11.23%听听11.32%听听11.36%听听11.34%听听11.31%听听11.23%听听11.31%
Noninterest expense to average assets听听0.72%听听0.65%听听0.63%听听0.66%听听0.64%听听1.36%听听1.30%


(1)听听See section 鈥淕AAP to Non-GAAP Reconciliations鈥澨齠or the reconciliation of GAAP performance measures to non-GAAP measures.
(2)听听Calculated by dividing tangible common equity by shares outstanding.
(3)听听Calculated by dividing annualized net income for each period by average tangible common equity.
(4)听听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.


听听For the Three Months Ended听听For the Six Months Ended听
听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听听June 30,听听June 30,听
Yields听2025听听2025听听2024听听2024听听2024听听2025听听2024听
Interest-earning assets:听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Loans receivable (1)听听6.40%听听6.17%听听6.12%听听6.19%听听6.27%听听6.29%听听6.19%
Investment securities (1) (2)听听3.64%听听3.69%听听3.63%听听3.62%听听3.59%听听3.67%听听3.56%
Interest-earning deposits with other banks听听4.13%听听3.57%听听4.23%听听4.27%听听4.59%听听3.84%听听4.74%
Total interest-earning assets听听6.03%听听5.81%听听5.78%听听5.84%听听5.92%听听5.92%听听5.85%
Deposits:听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Interest-bearing demand deposits听听2.49%听听2.13%听听2.07%听听2.16%听听1.93%听听2.31%听听1.90%
Money market deposits听听3.53%听听3.38%听听3.81%听听3.93%听听3.95%听听3.46%听听3.88%
Savings deposits听听0.86%听听0.82%听听0.75%听听0.71%听听0.64%听听0.84%听听0.61%
Certificates of deposit听听3.66%听听3.93%听听4.21%听听4.49%听听4.57%听听3.79%听听4.32%
Total interest-bearing deposits听听2.95%听听2.82%听听3.05%听听3.17%听听3.15%听听2.89%听听3.02%
Non-Deposit Funding:听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Borrowings听听4.54%听听4.58%听听4.93%听听5.54%听听5.60%听听4.56%听听5.60%
Total interest-bearing liabilities听听3.06%听听3.01%听听3.21%听听3.41%听听3.45%听听3.04%听听3.34%
Cost of deposits听听2.21%听听2.10%听听2.24%听听2.33%听听2.30%听听2.16%听听2.19%
Cost of funds听听2.34%听听2.30%听听2.41%听听2.58%听听2.61%听听2.32%听听2.52%
Net interest margin (3)听听3.88%听听3.69%听听3.56%听听3.46%听听3.51%听听3.79%听听3.53%


(1)听听Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%.
(2)听听Yield is calculated on the basis of amortized cost.
(3)听听Net interest margin represents net interest income as a percentage of average interest-earning assets.


MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(unaudited)

听听For the Three Months Ended听
听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听
Asset quality data听2025听听2025听听2024听听2024听听2024听
(Dollar amounts in thousands, unaudited)听听听听听听听听听听听听听听听听听听听听
Nonperforming assets (1)听$25,052听听$29,550听听$29,984听听$30,078听听$15,961听
听听听听听听听听听听听听听听听听听听听听听
Allowance for credit losses听$22,335听听$22,401听听$22,447听听$22,526听听$21,795听
Allowance for credit losses/total loans听听1.41%听听1.44%听听1.48%听听1.50%听听1.46%
Net charge-offs (recoveries):听听听听听听听听听听听听听听听听听听听听
Quarter-to-date听$(18)听$(209)听$151听听$1,382听听$(29)
Year-to-date听听(227)听听(209)听听1,436听听听1,285听听听(97)
Net charge-offs (recoveries) to average loans, annualized:听听听听听听听听听听听听听听听听听听听听
Quarter-to-date听听(0.00%)听听(0.06%)听听0.04%听听0.36%听听(0.01%)
Year-to-date听听(0.03%)听听(0.06%)听听0.10%听听0.11%听听(0.01%)
听听听听听听听听听听听听听听听听听听听听听
Nonperforming loans/total loans听听1.58%听听1.91%听听1.97%听听2.00%听听1.07%
Allowance for credit losses/nonperforming loans听听89.15%听听75.81%听听74.86%听听74.89%听听136.55%
Nonperforming assets/total assets听听1.30%听听1.56%听听1.62%听听1.62%听听0.87%


(1) Nonperforming assets consist of nonperforming loans.


MIDDLEFIELD BANC CORP.
GAAP to Non-GAAP Reconciliations

Reconciliation of Common Stockholders' Equity to Tangible Common Equity听For the Three Months Ended听
(Dollar amounts in thousands, unaudited)听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听
听听2025听听2025听听2024听听2024听听2024听
听听听听听听听听听听听听听听听听听听听听听
Stockholders' equity听$216,052听听$213,793听听$210,562听听$210,705听听$206,788听
Less goodwill and other intangibles听听41,468听听听41,718听听听41,967听听听42,225听听听42,482听
Tangible common equity听$174,584听听$172,075听听$168,595听听$168,480听听$164,306听
听听听听听听听听听听听听听听听听听听听听听
Shares outstanding听听8,081,193听听听8,081,193听听听8,073,708听听听8,071,032听听听8,067,144听
Tangible book value per share听$21.60听听$21.29听听$20.88听听$20.87听听$20.37听



Reconciliation of Average Equity to Return on Average Tangible Common Equity		听For the Three Months Ended听听For the Six Months Ended听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听听June 30,听听June 30,听
听听2025听听2025听听2024听听2024听听2024听听2025听听2024听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Average stockholders' equity听$214,144听听$212,465听听$209,864听听$209,096听听$205,379听听$213,235听听$205,330听
Less average goodwill and other intangibles听听41,589听听听41,839听听听42,092听听听42,350听听听42,607听听听41,714听听听42,609听
Average tangible common equity听$172,555听听$170,626听听$167,772听听$166,746听听$162,772听听$171,521听听$162,721听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Net income听$6,157听听$4,830听听$4,848听听$2,340听听$4,164听听$10,987听听$8,331听
Return on average tangible common equity (annualized)听听14.31%听听11.48%听听11.50%听听5.58%听听10.29%听听12.92%听听10.30%



Reconciliation of Pre-Tax Pre-Provision Income (PTPP)		听For the Three Months Ended听听For the Six Months Ended听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
听听June 30,听听March 31,听听December 31,听听September 30,听听June 30,听听June 30,听听June 30,听
听听2025听听2025听听2024听听2024听听2024听听2025听听2024听
听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Net income听$6,157听听$4,830听听$4,848听听$2,340听听$4,164听听$10,987听听$8,331听
Add income taxes听听1,213听听听924听听听995听听听371听听听690听听听2,137听听听1,459听
Add provision for (recovery of) credit losses听听(506)听听95听听听(177)听听2,234听听听87听听听(411)听听(49)
PTPP听$6,864听听$5,849听听$5,666听听$4,945听听$4,941听听$12,713听听$9,741听


MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)

听听For the Three Months Ended听
听听June 30,听听June 30,听
听听2025听听2024听
听听Average听听听听听听Average听听Average听听听听听听Average听
听听Balance听听Interest听听Yield/Cost听听Balance听听Interest听听Yield/Cost听
Interest-earning assets:听听听听听听听听听听听听听听听听听听听听听听听听
Loans receivable (1)听$1,576,050听听$25,122听听听6.40%听$1,503,440听听$23,422听听听6.27%
Investment securities (1) (2)听听191,619听听听1,486听听听3.64%听听191,752听听听1,471听听听3.62%
Interest-earning deposits with other banks (3)听听61,012听听听628听听听4.13%听听61,891听听听706听听听4.59%
Total interest-earning assets听听1,828,681听听听27,236听听听6.03%听听1,757,083听听听25,599听听听5.93%
Noninterest-earning assets听听79,414听听听听听听听听听听听86,431听听听听听听听听听
Total assets听$1,908,095听听听听听听听听听听$1,843,514听听听听听听听听听
Interest-bearing liabilities:听听听听听听听听听听听听听听听听听听听听听听听听
Interest-bearing demand deposits听$217,859听听$1,353听听听2.49%听$209,965听听$1,009听听听1.93%
Money market deposits听听489,525听听听4,313听听听3.53%听听337,937听听听3,320听听听3.95%
Savings deposits听听188,999听听听404听听听0.86%听听192,577听听听305听听听0.64%
Certificates of deposit听听297,727听听听2,719听听听3.66%听听333,542听听听3,789听听听4.57%
Short-term borrowings听听77,666听听听870听听听4.49%听听138,656听听听1,920听听听5.57%
Other borrowings听听11,588听听听140听听听4.85%听听11,791听听听173听听听5.90%
Total interest-bearing liabilities听听1,283,364听听听9,799听听听3.06%听听1,224,468听听听10,516听听听3.45%
Noninterest-bearing liabilities:听听听听听听听听听听听听听听听听听听听听听听听听
Noninterest-bearing demand deposits听听397,493听听听听听听听听听听听396,626听听听听听听听听听
Other liabilities听听13,094听听听听听听听听听听听17,042听听听听听听听听听
Stockholders' equity听听214,144听听听听听听听听听听听205,379听听听听听听听听听
Total liabilities and stockholders' equity听$1,908,095听听听听听听听听听听$1,843,514听听听听听听听听听
Net interest income听听听听听$17,437听听听听听听听听听听$15,083听听听听听
Interest rate spread (4)听听听听听听听听听听2.97%听听听听听听听听听听2.48%
Net interest margin (5)听听听听听听听听听听3.88%听听听听听听听听听听3.52%
Ratio of average interest-earning assets to average interest-bearing liabilities听听听听听听听听听听142.49%听听听听听听听听听听143.50%


(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $266 and听听$289 for the three months ended June 30, 2025 and 2024, respectively.
(2)听Yield is calculated on the basis of amortized cost.
(3)听Includes dividends received on restricted stock.
(4)听Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5)听Net interest margin represents net interest income as a percentage of average interest-earning assets.


听听For the Three Months Ended听
听听June 30,听听March 31,听
听听2025听听2025听
听听Average听听听听听听Average听听Average听听听听听听Average听
听听Balance听听Interest听听Yield/Cost听听Balance听听Interest听听Yield/Cost听
Interest-earning assets:听听听听听听听听听听听听听听听听听听听听听听听听
Loans receivable (1)听$1,576,050听听$25,122听听听6.40%听$1,537,337听听$23,387听听听6.17%
Investment securities (1) (2)听听191,619听听听1,486听听听3.64%听听191,996听听听1,490听听听3.69%
Interest-earning deposits with other banks (3)听听61,012听听听628听听听4.13%听听67,661听听听596听听听3.57%
Total interest-earning assets听听1,828,681听听听27,236听听听6.03%听听1,796,994听听听25,473听听听5.81%
Noninterest-earning assets听听79,414听听听听听听听听听听听84,542听听听听听听听听听
Total assets听$1,908,095听听听听听听听听听听$1,881,536听听听听听听听听听
Interest-bearing liabilities:听听听听听听听听听听听听听听听听听听听听听听听听
Interest-bearing demand deposits听$217,859听听$1,353听听听2.49%听$220,192听听$1,154听听听2.13%
Money market deposits听听489,525听听听4,313听听听3.53%听听458,446听听听3,816听听听3.38%
Savings deposits听听188,999听听听404听听听0.86%听听192,931听听听388听听听0.82%
Certificates of deposit听听297,727听听听2,719听听听3.66%听听261,006听听听2,527听听听3.93%
Short-term borrowings听听77,666听听听870听听听4.49%听听120,238听听听1,347听听听4.54%
Other borrowings听听11,588听听听140听听听4.85%听听11,639听听听143听听听4.98%
Total interest-bearing liabilities听听1,283,364听听听9,799听听听3.06%听听1,264,452听听听9,375听听听3.01%
Noninterest-bearing liabilities:听听听听听听听听听听听听听听听听听听听听听听听听
Noninterest-bearing demand deposits听听397,493听听听听听听听听听听听390,354听听听听听听听听听
Other liabilities听听13,094听听听听听听听听听听听14,265听听听听听听听听听
Stockholders' equity听听214,144听听听听听听听听听听听212,465听听听听听听听听听
Total liabilities and stockholders' equity听$1,908,095听听听听听听听听听听$1,881,536听听听听听听听听听
Net interest income听听听听听$17,437听听听听听听听听听听$16,098听听听听听
Interest rate spread (4)听听听听听听听听听听2.97%听听听听听听听听听听2.80%
Net interest margin (5)听听听听听听听听听听3.88%听听听听听听听听听听3.69%
Ratio of average interest-earning assets to average interest-bearing liabilities听听听听听听听听听听142.49%听听听听听听听听听听142.12%


(1)听听Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $266 and $272听for the three months ended June 30, 2025 and March 31, 2025, respectively.
(2)听Yield is calculated on the basis of amortized cost.
(3)听Includes dividends received on restricted stock.
(4)听Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5)听Net interest margin represents net interest income as a percentage of average interest-earning assets.


听听For the Six Months Ended听
听听June 30,听听June 30,听
听听2025听听2024听
听听Average听听听听听听Average听听Average听听听听听听Average听
听听Balance听听Interest听听Yield/Cost听听Balance听听Interest听听Yield/Cost听
Interest-earning assets:听听听听听听听听听听听听听听听听听听听听听听听听
Loans receivable (1)听$1,556,693听听$48,509听听听6.29%听$1,489,992听听$45,817听听听6.19%
Investment securities (1) (2)听听191,807听听听2,976听听听3.67%听听191,801听听听2,910听听听3.59%
Interest-earning deposits with other banks (3)听听64,336听听听1,224听听听3.84%听听63,015听听听1,484听听听4.74%
Total interest-earning assets听听1,812,836听听听52,709听听听5.92%听听1,744,808听听听50,211听听听5.85%
Noninterest-earning assets听听81,979听听听听听听听听听听听88,291听听听听听听听听听
Total assets听$1,894,815听听听听听听听听听听$1,833,099听听听听听听听听听
Interest-bearing liabilities:听听听听听听听听听听听听听听听听听听听听听听听听
Interest-bearing demand deposits听$219,026听听$2,506听听听2.31%听$210,487听听$1,986听听听1.90%
Money market deposits听听473,985听听听8,130听听听3.46%听听318,208听听听6,147听听听3.88%
Savings deposits听听190,965听听听792听听听0.84%听听196,828听听听594听听听0.61%
Certificates of deposit听听279,366听听听5,246听听听3.79%听听333,706听听听7,162听听听4.32%
Short-term borrowings听听98,952听听听2,217听听听4.52%听听141,507听听听3,913听听听5.56%
Other borrowings听听11,614听听听283听听听4.91%听听11,815听听听357听听听6.08%
Total interest-bearing liabilities听听1,273,908听听听19,174听听听3.04%听听1,212,551听听听20,159听听听3.34%
Noninterest-bearing liabilities:听听听听听听听听听听听听听听听听听听听听听听听听
Noninterest-bearing demand deposits听听393,923听听听听听听听听听听听398,417听听听听听听听听听
Other liabilities听听13,749听听听听听听听听听听听16,801听听听听听听听听听
Stockholders' equity听听213,235听听听听听听听听听听听205,330听听听听听听听听听
Total liabilities and stockholders' equity听$1,894,815听听听听听听听听听听$1,833,099听听听听听听听听听
Net interest income听听听听听$33,535听听听听听听听听听听$30,052听听听听听
Interest rate spread (4)听听听听听听听听听听2.88%听听听听听听听听听听2.51%
Net interest margin (5)听听听听听听听听听听3.79%听听听听听听听听听听3.53%
Ratio of average interest-earning assets to average interest-bearing liabilities听听听听听听听听听听142.31%听听听听听听听听听听143.90%


(1)听听Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $538听and听$570听for the听six months ended June 30, 2025 and June 30, 2024, respectively.
(2)听Yield is calculated on the basis of amortized cost.
(3)听Includes dividends received on restricted stock.
(4)听Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(5)听Net interest margin represents net interest income as a percentage of average interest-earning assets.


听听
Company Contact:Investor and Media Contact:
Ronald L. Zimmerly, Jr.
President and Chief Executive Officer
Middlefield Banc Corp.
(419) 673-1217
[email protected]听		Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
[email protected]听

FAQ

What were MBCN's earnings per share for Q2 2025?

Middlefield Banc Corp. reported earnings of $0.76 per diluted share for Q2 2025, a 46.2% increase from $0.52 in Q2 2024.

How much did Middlefield's total loans grow in Q2 2025?

Total loans increased by $84.2 million or 5.6% to a record $1.58 billion compared to the previous year.

What was MBCN's net interest margin in Q2 2025?

The net interest margin was 3.88%, expanding 37 basis points from 3.51% in Q2 2024.

How did Middlefield's asset quality change in Q2 2025?

Asset quality improved with nonperforming assets to total assets decreasing by 32 basis points to 1.30% from the previous quarter.

What was the impact of the Westerville real estate exchange for MBCN?

The exchange resulted in a one-time, non-cash gain of $1.2 million in Q2 2025, with the company receiving land valued at $1.5 million.
Stock MBCN logo
Middlefield Banc Corp

NASDAQ:MBCN

MBCN Rankings

#5710 Ranked by Market Cap
#1109 Ranked by Dividends

MBCN Latest News

Aug 11, 2025
Middlefield Banc Corp. Announces 2025 Third-Quarter Cash Dividend Payment
Jul 31, 2025
Middlefield Banc Corp. Announces Additions to Banking Team
May 22, 2025
Middlefield Banc Corp. Announces Retirement of Darryl E. Mast听from Board of Directors
May 12, 2025
Middlefield Banc Corp. Announces 2025 Second-Quarter Cash Dividend Payment
Apr 24, 2025
Middlefield Banc Corp. Reports 2025听Three-Month听Financial Results

MBCN Latest SEC Filings

Aug 11, 2025
[8-K] Middlefield Banc Corp. Reports Material Event
Aug 7, 2025
[Form 4] Middlefield Banc Corp. Insider Trading Activity
Aug 7, 2025
[Form 4] Middlefield Banc Corp. Insider Trading Activity
Aug 7, 2025
[Form 4] Middlefield Banc Corp. Insider Trading Activity
Aug 7, 2025
[Form 4] Middlefield Banc Corp. Insider Trading Activity

MBCN Stock Data

219.08M
7.21M
3.75%
33.55%
0.72%
Banks - Regional
State Commercial Banks
United States
MIDDLEFIELD

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