MIDDLEFIELD, Ohio, Feb. 10, 2026 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the twelve months ended December 31, 2025.
Ronald L. Zimmerly, Jr., President and Chief Executive Officer, stated, “2025 was a strong year of operating and financial growth for Middlefield, driven by consistent execution and continued momentum across the Bank. We are pleased with the progress we’ve made and are focused on completing our merger with Farmers National Banc Corp., which we expect to close in the first quarter of 2026. We believe this combination will create meaningful opportunities for our customers, employees, and shareholders.”
Income Statement
Net interest income for the twelve months ended December 31, 2025, increased $7.8 million to $68.5 million, compared to $60.7 million for the same period last year. The net interest margin for the twelve months ended December 31, 2025, was 3.80%, compared to 3.52% last year. Net interest income for the 2025 fourth quarter increased $1.8 to $17.4 million, compared to $15.6 million for the 2024 fourth quarter. The net interest margin for the 2025 fourth quarter was 3.80%, compared to 3.56% for the same period of 2024.
For the twelve months ended December 31, 2025, noninterest income increased $2.1 to $9.3 million, compared to $7.2 million for the same period in 2024. Noninterest income for the 2025 fourth quarter was $2.0 million, compared to $1.9 million for the same period the previous year.
Noninterest expense for the twelve months ended December 31, 2025, was $54.8 million, compared to $47.5 million for the same period in 2024. For the 2025 fourth quarter, noninterest expense was $15.9 million, compared to $11.8 million for the 2024 fourth quarter. Noninterest expense was negatively impacted in the fourth quarter of 2025 by $1.8 million of merger-related expenses and the accelerated vesting of certain performance share units as communicated in a Form 8-K filed by the Company on December 8, 2025.
Net income for the twelve months ended December 31, 2025, was $19.4 million, or $2.39 per diluted share, compared to $15.5 million, or $1.92 per diluted share, for the same period last year. Net income for the 2025 fourth quarter was $3.1 million, or $0.38 per diluted share, compared to $4.8 million, or $0.60 per diluted share, for the same period last year.
For the twelve months ended December 31, 2025, pre-tax, pre-provision net income was $23.0 million, compared to $20.4 million last year. For the 2025 fourth quarter, pre-tax, pre-provision net income was $3.5 million, compared to $5.7 million for the same period of 2024. (See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.)
Balance Sheet
Total assets at December 31, 2025, increased 2.7% to $1.90 billion, compared to $1.85 billion at December 31, 2024. Total loans at December 31, 2025, were $1.59 billion, compared to $1.52 billion at December 31, 2024. The 4.3% year-over-year increase in total loans was primarily due to originations within the owner occupied and commercial and industrial loan segments as well as home equity lines of credit, offset by a decrease in the non-owner occupied loan segment. The investment securities available-for-sale portfolio was $155.5 million at December 31, 2025, compared with $165.8 million at December 31, 2024.
Total liabilities at December 31, 2025, increased 1.8% to $1.67 billion, compared to $1.64 billion at December 31, 2024. Total deposits at December 31, 2025, were $1.47 billion, compared to $1.45 billion at December 31, 2024. The 1.8% year-over-year increase in deposits was primarily due to growth in money market accounts, partially offset by declines in time deposits and savings accounts. Noninterest-bearing demand deposits were 25.5% of total deposits at December 31, 2025, compared to 26.1% at December 31, 2024. At December 31, 2025, the Company had brokered deposits of $23.1 million, compared to $35.1 million at December 31, 2024.
Middlefield’s CRE portfolio included the following categories at December 31, 2025:
| (Dollar amounts in thousands) | Balance | Percent of CRE Portfolio | Percent of Loan Portfolio | Weighted Average Loan-to-Value | |||||||||
| Multi-Family | $ | 86,384 | 12.5 | % | 5.4 | % | 64.8 | % | |||||
| Owner Occupied | |||||||||||||
| Real Estate and Rental and Leasing | 75,289 | 10.9 | % | 4.7 | % | 59.1 | % | ||||||
| Other Services (except Public Administration) | 37,313 | 5.4 | % | 2.4 | % | 58.1 | % | ||||||
| Manufacturing | 22,453 | 3.2 | % | 1.4 | % | 50.0 | % | ||||||
| Health Care and Social Assistance | 14,477 | 2.1 | % | 0.9 | % | 52.3 | % | ||||||
| Accommodation and Food Services | 12,373 | 1.8 | % | 0.8 | % | 48.9 | % | ||||||
| Other | 63,167 | 9.0 | % | 4.0 | % | 51.9 | % | ||||||
| Total Owner Occupied | $ | 225,072 | 32.4 | % | 14.2 | % | |||||||
| Non-Owner Occupied | |||||||||||||
| Real Estate and Rental and Leasing | 325,274 | 47.0 | % | 20.5 | % | 54.0 | % | ||||||
| Accommodation and Food Services | 37,717 | 5.5 | % | 2.4 | % | 57.0 | % | ||||||
| Health Care and Social Assistance | 7,516 | 1.1 | % | 0.5 | % | 31.7 | % | ||||||
| Manufacturing | 3,989 | 0.6 | % | 0.3 | % | 42.8 | % | ||||||
| Arts, Entertainment, and Recreation | 2,108 | 0.3 | % | 0.1 | % | 15.8 | % | ||||||
| Other | 3,953 | 0.6 | % | 0.2 | % | 71.8 | % | ||||||
| Total Non-Owner Occupied | $ | 380,557 | 55.1 | % | 24.0 | % | |||||||
| Total CRE | $ | 692,013 | 100.0 | % | 43.6 | % | |||||||
Stockholders’ Equity and Dividends
At December 31, 2025, stockholders’ equity was $229.6 million, compared to $210.6 million at December 31, 2024. The 9.1% year-over-year increase in stockholders’ equity was primarily from higher retained earnings and a decrease in the unrealized loss on the available-for-sale investment portfolio. On a per-share basis, shareholders’ equity at December 31, 2025, was $28.26, compared to $26.08 at December 31, 2024.
At December 31, 2025, tangible stockholders’ equity(1) was $188.7 million, compared to $168.6 million at December 31, 2024. On a per-share basis, tangible stockholders’ equity(1) was $23.22 at December 31, 2025, compared to $20.88 at December 31, 2024. (1)See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.
For the twelve months ended December 31, 2025, the Company declared cash dividends of $0.84 per share, totaling $6.8 million. For the twelve months ended December 31, 2024, the Company declared cash dividends of $0.80 per share, totaling $6.5 million.
The Company did not repurchase any common stock during 2025. For the twelve months ended December 31, 2024, the Company repurchased 43,858 shares of its common stock, at an average price of $24.00 per share.
At December 31, 2025, the Company’s equity-to-assets ratio was 12.07%, compared to 11.36% at December 31, 2024.
Asset Quality
For the twelve months ended December 31, 2025, the Company recorded a recovery of credit losses of $494,000 million, versus a provision for credit losses of $2.0 million for the same period last year. For the 2025 fourth quarter, the Company recorded a recovery of credit losses of $475,000, compared to a recovery of credit losses of $177,000 for the same period of 2024.
Net charge-offs were $481,000 million, or (0.03%) of average loans, for the twelve months ended December 31, 2025, compared to net recoveries of $1.4, or 0.10% of average loans, for the same period last year. Net charge-offs were $148,000, or (0.04%) of average loans, annualized, for the 2025 fourth quarter, compared to net recoveries of $151,000, or 0.04% of average loans, annualized, for the same period of 2024. The higher net charge-offs were due to the partial charge-off of one loan during the 2025 third quarter.
Nonperforming assets at December 31, 2025, which consisted of nonperforming loans, were $17.0 million, compared to $30.0 million at December 31, 2024. The decrease in nonperforming assets is primarily the result of a $13.5 million loan moved to nonaccrual in the 2024 third quarter paying off in the fourth quarter of 2025. The allowance for credit losses at December 31, 2025, stood at $22.7 million, or 1.43% of total loans, compared to $22.4 million, or 1.48% of total loans at December 31, 2024. The increase in the allowance for credit losses was mainly from an overall increase in total loans as well as changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data.
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 $1.90 billion at December 31, 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)
| Balance Sheets (period end) | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 39,823 | $ | 81,372 | $ | 59,145 | $ | 56,150 | $ | 46,037 | ||||||||||
| Federal funds sold | 7,685 | 22,333 | 13,701 | 10,720 | 9,755 | |||||||||||||||
| Cash and cash equivalents | 47,508 | 103,705 | 72,846 | 66,870 | 55,792 | |||||||||||||||
| Investment securities available for sale, at fair value | 155,544 | 155,855 | 161,116 | 165,014 | 165,802 | |||||||||||||||
| Other investments | 1,128 | 1,131 | 1,014 | 1,021 | 855 | |||||||||||||||
| Loans held for sale | – | 209 | 152 | – | – | |||||||||||||||
| Loans: | ||||||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner occupied | 225,072 | 221,600 | 196,645 | 185,412 | 181,447 | |||||||||||||||
| Non-owner occupied | 380,557 | 390,354 | 405,032 | 413,621 | 412,291 | |||||||||||||||
| Multifamily | 86,384 | 88,899 | 79,497 | 88,737 | 89,849 | |||||||||||||||
| Residential real estate | 367,413 | 366,307 | 357,217 | 351,274 | 353,442 | |||||||||||||||
| Commercial and industrial | 262,209 | 269,422 | 257,519 | 235,547 | 229,034 | |||||||||||||||
| Home equity lines of credit | 161,157 | 159,805 | 156,297 | 147,154 | 143,379 | |||||||||||||||
| Construction and other | 96,894 | 104,843 | 123,531 | 122,653 | 103,608 | |||||||||||||||
| Consumer installment | 5,740 | 5,794 | 6,187 | 5,951 | 6,564 | |||||||||||||||
| Total loans | 1,585,426 | 1,607,024 | 1,581,925 | 1,550,349 | 1,519,614 | |||||||||||||||
| Less allowance for credit losses | 22,707 | 23,029 | 22,335 | 22,401 | 22,447 | |||||||||||||||
| Net loans | 1,562,719 | 1,583,995 | 1,559,590 | 1,527,948 | 1,497,167 | |||||||||||||||
| Premises and equipment, net | 22,207 | 21,428 | 20,304 | 20,494 | 20,565 | |||||||||||||||
| Premises and equipment held for sale | 998 | 998 | 1,015 | – | – | |||||||||||||||
| Goodwill | 36,356 | 36,356 | 36,356 | 36,356 | 36,356 | |||||||||||||||
| Core deposit intangibles | 4,613 | 4,862 | 5,112 | 5,362 | 5,611 | |||||||||||||||
| Bank-owned life insurance | 35,553 | 35,335 | 35,102 | 34,866 | 35,259 | |||||||||||||||
| Accrued interest receivable and other assets | 35,913 | 35,019 | 31,762 | 30,425 | 35,952 | |||||||||||||||
| TOTAL ASSETS | $ | 1,902,539 | $ | 1,978,893 | $ | 1,924,369 | $ | 1,888,356 | $ | 1,853,359 | ||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $ | 374,999 | $ | 410,612 | $ | 371,155 | $ | 369,492 | $ | 377,875 | ||||||||||
| Interest-bearing demand | 225,079 | 232,452 | 236,239 | 222,953 | 208,291 | |||||||||||||||
| Money market | 513,498 | 528,246 | 466,935 | 481,664 | 414,074 | |||||||||||||||
| Savings | 180,158 | 180,547 | 184,534 | 189,943 | 197,749 | |||||||||||||||
| Time | 178,418 | 270,445 | 334,755 | 275,673 | 247,704 | |||||||||||||||
| Total deposits | 1,472,152 | 1,622,302 | 1,593,618 | 1,539,725 | 1,445,693 | |||||||||||||||
| Federal Home Loan Bank advances | 175,000 | 106,000 | 89,000 | 110,000 | 172,400 | |||||||||||||||
| Other borrowings | 11,446 | 11,502 | 11,557 | 11,609 | 11,660 | |||||||||||||||
| Accrued interest payable and other liabilities | 14,297 | 14,969 | 14,142 | 13,229 | 13,044 | |||||||||||||||
| TOTAL LIABILITIES | 1,672,895 | 1,754,773 | 1,708,317 | 1,674,563 | 1,642,797 | |||||||||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
| Common stock, no par value; 25,000,000 shares authorized, 10,006,068 shares issued, 8,126,758 shares outstanding as of December 31, 2025 | 163,813 | 162,349 | 162,195 | 162,195 | 161,999 | |||||||||||||||
| Additional paid-in capital | 1,052 | 1,041 | 811 | 515 | 246 | |||||||||||||||
| Retained earnings | 121,931 | 120,514 | 116,892 | 112,432 | 109,299 | |||||||||||||||
| Accumulated other comprehensive loss | (16,243 | ) | (18,875 | ) | (22,937 | ) | (20,440 | ) | (20,073 | ) | ||||||||||
| Treasury stock, at cost; 1,879,310 shares as of December 31, 2025 | (40,909 | ) | (40,909 | ) | (40,909 | ) | (40,909 | ) | (40,909 | ) | ||||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 229,644 | 224,120 | 216,052 | 213,793 | 210,562 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,902,539 | $ | 1,978,893 | $ | 1,924,369 | $ | 1,888,356 | $ | 1,853,359 | ||||||||||
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)
| For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
| Statements of Income | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 25,055 | $ | 25,485 | $ | 25,122 | $ | 23,387 | $ | 23,308 | $ | 99,049 | $ | 92,566 | ||||||||||||||
| Interest-earning deposits in other institutions | 323 | 299 | 325 | 291 | 320 | 1,238 | 1,491 | |||||||||||||||||||||
| Federal funds sold | 152 | 192 | 120 | 155 | 151 | 619 | 568 | |||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||||||||||
| Taxable interest | 416 | 538 | 526 | 530 | 528 | 2,010 | 2,028 | |||||||||||||||||||||
| Tax-exempt interest | 955 | 958 | 960 | 960 | 961 | 3,833 | 3,861 | |||||||||||||||||||||
| Dividends on stock | 123 | 136 | 183 | 150 | 170 | 592 | 748 | |||||||||||||||||||||
| Total interest and dividend income | 27,024 | 27,608 | 27,236 | 25,473 | 25,438 | 107,341 | 101,262 | |||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||||
| Deposits | 8,275 | 8,972 | 8,789 | 7,885 | 8,582 | 33,921 | 33,263 | |||||||||||||||||||||
| Short-term borrowings | 1,204 | 918 | 870 | 1,347 | 1,128 | 4,339 | 6,616 | |||||||||||||||||||||
| Other borrowings | 153 | 153 | 140 | 143 | 173 | 589 | 703 | |||||||||||||||||||||
| Total interest expense | 9,632 | 10,043 | 9,799 | 9,375 | 9,883 | 38,849 | 40,582 | |||||||||||||||||||||
| NET INTEREST INCOME | 17,392 | 17,565 | 17,437 | 16,098 | 15,555 | 68,492 | 60,680 | |||||||||||||||||||||
| Provision for (recovery of) credit losses | (475 | ) | 392 | (506 | ) | 95 | (177 | ) | (494 | ) | 2,008 | |||||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES | 17,867 | 17,173 | 17,943 | 16,003 | 15,732 | 68,986 | 58,672 | |||||||||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||||||||||
| Service charges on deposit accounts | 1,084 | 1,072 | 1,061 | 989 | 1,068 | 4,206 | 3,907 | |||||||||||||||||||||
| Gain (Loss) on equity securities | (3 | ) | 17 | (7 | ) | (34 | ) | 56 | (27 | ) | (9 | ) | ||||||||||||||||
| Earnings on bank-owned life insurance | 236 | 228 | 230 | 493 | 230 | 1,187 | 930 | |||||||||||||||||||||
| Gain on sale of loans | 97 | 158 | 39 | 24 | 64 | 318 | 199 | |||||||||||||||||||||
| Revenue from investment services | 224 | 306 | 310 | 268 | 237 | 1,108 | 916 | |||||||||||||||||||||
| Gain on exchange of real estate | – | – | 1,229 | – | – | 1,229 | – | |||||||||||||||||||||
| Gross rental income | – | – | – | – | – | – | 67 | |||||||||||||||||||||
| Other income | 313 | 543 | 216 | 204 | 259 | 1,276 | 1203 | |||||||||||||||||||||
| Total noninterest income | 1,951 | 2,324 | 3,078 | 1,944 | 1,914 | 9,297 | 7,213 | |||||||||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 8,084 | 6,883 | 6,731 | 6,551 | 5,996 | 28,249 | 24,641 | |||||||||||||||||||||
| Occupancy expense | 640 | 604 | 667 | 687 | 596 | 2,598 | 2,376 | |||||||||||||||||||||
| Equipment expense | 215 | 249 | 248 | 225 | 221 | 937 | 925 | |||||||||||||||||||||
| Data processing and information technology costs | 1,257 | 1,240 | 1,273 | 1,271 | 1,174 | 5,041 | 4,740 | |||||||||||||||||||||
| Ohio state franchise tax | 347 | 399 | 399 | 399 | 390 | 1,544 | 1,583 | |||||||||||||||||||||
| Federal deposit insurance expense | 267 | 267 | 267 | 267 | 293 | 1,068 | 1,055 | |||||||||||||||||||||
| Professional fees | 490 | 700 | 521 | 598 | 611 | 2,309 | 2,265 | |||||||||||||||||||||
| Advertising expense | 453 | 386 | 451 | 364 | 371 | 1,654 | 1,581 | |||||||||||||||||||||
| Software amortization expense | 93 | 94 | 95 | 90 | 83 | 372 | 200 | |||||||||||||||||||||
| Core deposit intangible amortization | 249 | 250 | 250 | 249 | 258 | 998 | 1,031 | |||||||||||||||||||||
| Loss on premises and equipment held for sale | – | 18 | 693 | – | – | 711 | – | |||||||||||||||||||||
| Gross other real estate owned expenses | – | – | – | – | – | – | 99 | |||||||||||||||||||||
| Merger-related costs | 1,808 | – | – | – | – | 1,808 | – | |||||||||||||||||||||
| Other expense | 1,959 | 2,008 | 2,056 | 1,492 | 1,810 | 7,515 | 7,045 | |||||||||||||||||||||
| Total noninterest expense | 15,862 | 13,098 | 13,651 | 12,193 | 11,803 | 54,804 | 47,541 | |||||||||||||||||||||
| Income before income taxes | 3,956 | 6,399 | 7,370 | 5,754 | 5,843 | 23,479 | 18,344 | |||||||||||||||||||||
| Income taxes | 841 | 1,079 | 1,213 | 924 | 995 | 4,057 | 2,825 | |||||||||||||||||||||
| NET INCOME | $ | 3,115 | $ | 5,320 | $ | 6,157 | $ | 4,830 | $ | 4,848 | $ | 19,422 | $ | 15,519 | ||||||||||||||
| PTPP (1) | $ | 3,481 | $ | 6,791 | $ | 6,864 | $ | 5,849 | $ | 5,666 | $ | 22,985 | $ | 20,352 | ||||||||||||||
(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 Twelve Months Ended | |||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Per common share data | ||||||||||||||||||||||||||||
| Net income per common share – basic | $ | 0.38 | $ | 0.66 | $ | 0.76 | $ | 0.60 | $ | 0.60 | $ | 2.40 | $ | 1.93 | ||||||||||||||
| Net income per common share – diluted | $ | 0.38 | $ | 0.65 | $ | 0.76 | $ | 0.60 | $ | 0.60 | $ | 2.39 | $ | 1.92 | ||||||||||||||
| Dividends declared per share | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.84 | $ | 0.80 | ||||||||||||||
| Book value per share (period end) | $ | 28.26 | $ | 27.71 | $ | 26.74 | $ | 26.46 | $ | 26.08 | $ | 28.26 | $ | 26.08 | ||||||||||||||
| Tangible book value per share (period end) (1) (2) | $ | 23.22 | $ | 22.62 | $ | 21.60 | $ | 21.29 | $ | 20.88 | $ | 23.22 | $ | 20.88 | ||||||||||||||
| Dividends declared | $ | 1,698 | $ | 1,698 | $ | 1,697 | $ | 1,697 | $ | 1,616 | $ | 6,790 | $ | 6,457 | ||||||||||||||
| Dividend yield | 2.41 | % | 2.78 | % | 2.80 | % | 3.05 | % | 2.84 | % | 2.43 | % | 2.85 | % | ||||||||||||||
| Dividend payout ratio | 54.51 | % | 31.92 | % | 27.56 | % | 35.13 | % | 33.33 | % | 34.96 | % | 41.61 | % | ||||||||||||||
| Average shares outstanding – basic | 8,086,886 | 8,084,658 | 8,081,193 | 8,078,805 | 8,071,905 | 8,084,257 | 8,075,300 | |||||||||||||||||||||
| Average shares outstanding – diluted | 8,149,723 | 8,147,495 | 8,113,572 | 8,097,545 | 8,092,357 | 8,132,897 | 8,086,098 | |||||||||||||||||||||
| Period ending shares outstanding | 8,126,758 | 8,086,886 | 8,081,193 | 8,081,193 | 8,073,708 | 8,126,758 | 8,073,708 | |||||||||||||||||||||
| Selected ratios | ||||||||||||||||||||||||||||
| Return on average assets (Annualized) | 0.64 | % | 1.08 | % | 1.29 | % | 1.04 | % | 1.04 | % | 1.01 | % | 0.84 | % | ||||||||||||||
| Return on average equity (Annualized) | 5.64 | % | 9.62 | % | 11.53 | % | 9.22 | % | 9.19 | % | 9.02 | % | 7.48 | % | ||||||||||||||
| Return on average tangible common equity (1) (3) | 6.94 | % | 11.86 | % | 14.31 | % | 11.48 | % | 11.50 | % | 11.17 | % | 9.41 | % | ||||||||||||||
| Efficiency (4) | 79.61 | % | 63.73 | % | 64.49 | % | 65.22 | % | 65.05 | % | 68.22 | % | 67.38 | % | ||||||||||||||
| Equity to assets at period end | 12.07 | % | 11.33 | % | 11.23 | % | 11.32 | % | 11.36 | % | 12.07 | % | 11.36 | % | ||||||||||||||
| Noninterest expense to average assets | 0.82 | % | 0.67 | % | 0.72 | % | 0.65 | % | 0.63 | % | 2.86 | % | 2.58 | % | ||||||||||||||
(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 Twelve Months Ended | |||||||||||||||||||||||||||
| Yields | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Loans receivable (1) | 6.24 | % | 6.30 | % | 6.40 | % | 6.17 | % | 6.12 | % | 6.28 | % | 6.17 | % | ||||||||||||||
| Investment securities (1) (2) | 3.58 | % | 3.69 | % | 3.64 | % | 3.69 | % | 3.63 | % | 3.65 | % | 3.61 | % | ||||||||||||||
| Interest-earning deposits with other banks | 3.53 | % | 3.52 | % | 4.13 | % | 3.57 | % | 4.23 | % | 3.68 | % | 4.49 | % | ||||||||||||||
| Total interest-earning assets | 5.88 | % | 5.93 | % | 6.03 | % | 5.81 | % | 5.78 | % | 5.91 | % | 5.83 | % | ||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||
| Interest-bearing demand deposits | 2.09 | % | 2.27 | % | 2.27 | % | 2.13 | % | 2.07 | % | 2.24 | % | 2.01 | % | ||||||||||||||
| Money market deposits | 3.55 | % | 3.43 | % | 3.53 | % | 3.38 | % | 3.81 | % | 3.48 | % | 3.88 | % | ||||||||||||||
| Savings deposits | 0.94 | % | 0.95 | % | 0.86 | % | 0.82 | % | 0.75 | % | 0.89 | % | 0.67 | % | ||||||||||||||
| Certificates of deposit | 3.46 | % | 3.74 | % | 3.66 | % | 3.93 | % | 4.21 | % | 3.70 | % | 4.33 | % | ||||||||||||||
| Total interest-bearing deposits | 2.84 | % | 2.91 | % | 2.90 | % | 2.82 | % | 3.05 | % | 2.88 | % | 3.06 | % | ||||||||||||||
| Non-Deposit Funding: | ||||||||||||||||||||||||||||
| Borrowings | 4.16 | % | 4.53 | % | 4.54 | % | 4.58 | % | 4.93 | % | 4.44 | % | 5.45 | % | ||||||||||||||
| Total interest-bearing liabilities | 2.97 | % | 3.03 | % | 3.01 | % | 3.01 | % | 3.21 | % | 3.02 | % | 3.33 | % | ||||||||||||||
| Cost of deposits | 2.11 | % | 2.20 | % | 2.21 | % | 2.10 | % | 2.24 | % | 2.16 | % | 2.24 | % | ||||||||||||||
| Cost of funds | 2.27 | % | 2.33 | % | 2.34 | % | 2.30 | % | 2.41 | % | 2.31 | % | 2.51 | % | ||||||||||||||
| Net interest margin (3) | 3.80 | % | 3.79 | % | 3.88 | % | 3.69 | % | 3.56 | % | 3.80 | % | 3.52 | % | ||||||||||||||
(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.
| For the Three Months Ended | ||||||||||||||||||||
| Asset quality data | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||||
| Nonperforming assets (1) | $ | 17,023 | $ | 29,928 | $ | 25,052 | $ | 29,550 | $ | 29,984 | ||||||||||
| Allowance for credit losses | $ | 22,707 | $ | 23,029 | $ | 22,335 | $ | 22,401 | $ | 22,447 | ||||||||||
| Allowance for credit losses/total loans | 1.43 | % | 1.43 | % | 1.41 | % | 1.44 | % | 1.48 | % | ||||||||||
| Net charge-offs (recoveries): | ||||||||||||||||||||
| Quarter-to-date | $ | (147 | ) | $ | (107 | ) | $ | (18 | ) | $ | (209 | ) | $ | 151 | ||||||
| Year-to-date | (481 | ) | (334 | ) | (227 | ) | (209 | ) | 1,436 | |||||||||||
| Net charge-offs (recoveries) to average loans, annualized: | ||||||||||||||||||||
| Quarter-to-date | (0.04 | %) | (0.03 | %) | (0.00 | %) | (0.06 | %) | 0.04 | % | ||||||||||
| Year-to-date | (0.03 | %) | (0.03 | %) | (0.03 | %) | (0.06 | %) | 0.10 | % | ||||||||||
| Nonperforming loans/total loans | 1.07 | % | 1.86 | % | 1.58 | % | 1.91 | % | 1.97 | % | ||||||||||
| Allowance for credit losses/nonperforming loans | 133.39 | % | 76.95 | % | 89.15 | % | 75.81 | % | 74.86 | % | ||||||||||
| Nonperforming assets/total assets | 0.89 | % | 1.51 | % | 1.30 | % | 1.56 | % | 1.62 | % | ||||||||||
(1
) Nonperforming assets consist of nonperforming loans.
MIDDLEFIELD BANC CORP.
GAAP to Non-GAAP Reconciliations
(Dollar amounts in thousands, unaudited)
| Reconciliation of Common Stockholders’ Equity to Tangible Common Equity | For the Three Months Ended | |||||||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||||||||
| Stockholders’ equity | $ | 229,644 | $ | 224,120 | $ | 216,052 | $ | 213,793 | $ | 210,562 | ||||||||||
| Less goodwill and other intangibles | 40,969 | 41,218 | 41,468 | 41,718 | 41,967 | |||||||||||||||
| Tangible common equity | $ | 188,675 | $ | 182,902 | $ | 174,584 | $ | 172,075 | $ | 168,595 | ||||||||||
| Shares outstanding | 8,126,758 | 8,086,886 | 8,081,193 | 8,081,193 | 8,073,708 | |||||||||||||||
| Tangible book value per share | $ | 23.22 | $ | 22.62 | $ | 21.60 | $ | 21.29 | $ | 20.88 | ||||||||||
| Reconciliation of Average Equity to Return on Average Tangible Common Equity | For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Average stockholders’ equity | $ | 219,278 | $ | 219,278 | $ | 214,144 | $ | 212,465 | $ | 209,864 | $ | 215,395 | $ | 207,367 | ||||||||||||||
| Less average goodwill and other intangibles | 41,090 | 41,340 | 41,589 | 41,839 | 42,092 | 41,465 | 42,479 | |||||||||||||||||||||
| Average tangible common equity | $ | 178,188 | $ | 177,938 | $ | 172,555 | $ | 170,626 | $ | 167,772 | $ | 173,930 | $ | 164,888 | ||||||||||||||
| Net income | $ | 3,115 | $ | 5,320 | $ | 6,157 | $ | 4,830 | $ | 4,848 | $ | 19,422 | $ | 15,519 | ||||||||||||||
| Return on average tangible common equity (annualized) | 6.94 | % | 11.86 | % | 14.31 | % | 11.48 | % | 11.50 | % | 11.17 | % | 9.41 | % | ||||||||||||||
| Reconciliation of Pre-Tax Pre-Provision Income (PTPP) | For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Net income | $ | 3,115 | $ | 5,320 | $ | 6,157 | $ | 4,830 | $ | 4,848 | $ | 19,422 | $ | 15,519 | ||||||||||||||
| Add income taxes | 841 | 1,079 | 1,213 | 924 | 995 | 4,057 | 2,825 | |||||||||||||||||||||
| Add provision for (recovery of) credit losses | (475 | ) | 392 | (506 | ) | 95 | (177 | ) | (494 | ) | 2,008 | |||||||||||||||||
| PTPP | $ | 3,481 | $ | 6,791 | $ | 6,864 | $ | 5,849 | $ | 5,666 | $ | 22,985 | $ | 20,352 | ||||||||||||||
MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)
| For the Three Months Ended | ||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable (1) | $ | 1,594,562 | $ | 25,055 | 6.24 | % | $ | 1,517,051 | $ | 23,308 | 6.12 | % | ||||||||||||
| Investment securities (1) (2) | 179,990 | 1,371 | 3.58 | % | 191,390 | 1,489 | 3.63 | % | ||||||||||||||||
| Interest-earning deposits with other banks (3) | 67,152 | 598 | 3.53 | % | 60,241 | 641 | 4.23 | % | ||||||||||||||||
| Total interest-earning assets | 1,841,704 | 27,024 | 5.88 | % | 1,768,682 | 25,438 | 5.78 | % | ||||||||||||||||
| Noninterest-earning assets | 88,694 | 88,205 | ||||||||||||||||||||||
| Total assets | $ | 1,930,398 | $ | 1,856,887 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 228,905 | $ | 1,207 | 2.09 | % | $ | 216,492 | $ | 1,126 | 2.07 | % | ||||||||||||
| Money market deposits | 521,393 | 4,669 | 3.55 | % | 393,298 | 3,768 | 3.81 | % | ||||||||||||||||
| Savings deposits | 179,095 | 426 | 0.94 | % | 197,257 | 373 | 0.75 | % | ||||||||||||||||
| Certificates of deposit | 226,278 | 1,973 | 3.46 | % | 313,582 | 3,315 | 4.21 | % | ||||||||||||||||
| Short-term borrowings | 117,898 | 1,204 | 4.05 | % | 93,200 | 1,128 | 4.81 | % | ||||||||||||||||
| Other borrowings | 11,479 | 153 | 5.29 | % | 11,690 | 173 | 5.89 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,285,048 | 9,632 | 2.97 | % | 1,225,519 | 9,883 | 3.21 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 401,367 | 404,428 | ||||||||||||||||||||||
| Other liabilities | 24,705 | 17,076 | ||||||||||||||||||||||
| Stockholders’ equity | 219,278 | 209,864 | ||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,930,398 | $ | 1,856,887 | ||||||||||||||||||||
| Net interest income | $ | 17,392 | $ | 15,555 | ||||||||||||||||||||
| Interest rate spread (4) | 2.91 | % | 2.57 | % | ||||||||||||||||||||
| Net interest margin (5) | 3.80 | % | 3.56 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 143.32 | % | 144.32 | % | ||||||||||||||||||||
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $270 and $280 for the three months ended December 31, 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 | ||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable (1) | $ | 1,594,562 | $ | 25,055 | 6.24 | % | $ | 1,605,733 | $ | 25,485 | 6.30 | % | ||||||||||||
| Investment securities (1) (2) | 179,990 | 1,371 | 3.58 | % | 188,211 | 1,496 | 3.69 | % | ||||||||||||||||
| Interest-earning deposits with other banks (3) | 67,152 | 598 | 3.53 | % | 70,727 | 627 | 3.52 | % | ||||||||||||||||
| Total interest-earning assets | 1,841,704 | 27,024 | 5.88 | % | 1,864,671 | 27,608 | 5.93 | % | ||||||||||||||||
| Noninterest-earning assets | 88,694 | 83,217 | ||||||||||||||||||||||
| Total assets | $ | 1,930,398 | $ | 1,947,888 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 228,905 | $ | 1,207 | 2.09 | % | $ | 233,106 | $ | 1,331 | 2.27 | % | ||||||||||||
| Money market deposits | 521,393 | 4,669 | 3.55 | % | 479,785 | 4,143 | 3.43 | % | ||||||||||||||||
| Savings deposits | 179,095 | 426 | 0.94 | % | 184,146 | 440 | 0.95 | % | ||||||||||||||||
| Certificates of deposit | 226,278 | 1,973 | 3.46 | % | 324,516 | 3,058 | 3.74 | % | ||||||||||||||||
| Short-term borrowings | 117,898 | 1,204 | 4.05 | % | 82,306 | 918 | 4.43 | % | ||||||||||||||||
| Other borrowings | 11,479 | 153 | 5.29 | % | 11,532 | 153 | 5.26 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,285,048 | 9,632 | 2.97 | % | 1,315,391 | 10,043 | 3.03 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 401,367 | 398,307 | ||||||||||||||||||||||
| Other liabilities | 24,705 | 14,912 | ||||||||||||||||||||||
| Stockholders’ equity | 219,278 | 219,278 | ||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,930,398 | $ | 1,947,888 | ||||||||||||||||||||
| Net interest income | $ | 17,392 | $ | 17,565 | ||||||||||||||||||||
| Interest rate spread (4) | 2.91 | % | 2.90 | % | ||||||||||||||||||||
| Net interest margin (5) | 3.80 | % | 3.79 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 143.32 | % | 141.76 | % | ||||||||||||||||||||
(1
) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $270 and $271 for the three months ended December 31, 2025 and September 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 Twelve Months Ended | ||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable (1) | $ | 1,578,420 | $ | 99,049 | 6.28 | % | $ | 1,501,138 | $ | 92,566 | 6.17 | % | ||||||||||||
| Investment securities (1) (2) | 187,954 | 5,843 | 3.65 | % | 191,685 | 5,889 | 3.61 | % | ||||||||||||||||
| Interest-earning deposits with other banks (3) | 66,638 | 2,449 | 3.68 | % | 62,463 | 2,807 | 4.49 | % | ||||||||||||||||
| Total interest-earning assets | 1,833,012 | 107,341 | 5.91 | % | 1,755,286 | 101,262 | 5.83 | % | ||||||||||||||||
| Noninterest-earning assets | 83,968 | 88,358 | ||||||||||||||||||||||
| Total assets | $ | 1,916,980 | $ | 1,843,644 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 225,015 | $ | 5,045 | 2.24 | % | $ | 213,647 | $ | 4,293 | 2.01 | % | ||||||||||||
| Money market deposits | 487,287 | 16,941 | 3.48 | % | 348,065 | 13,498 | 3.88 | % | ||||||||||||||||
| Savings deposits | 186,293 | 1,658 | 0.89 | % | 197,422 | 1,325 | 0.67 | % | ||||||||||||||||
| Certificates of deposit | 277,382 | 10,277 | 3.70 | % | 326,559 | 14,147 | 4.33 | % | ||||||||||||||||
| Short-term borrowings | 99,527 | 4,339 | 4.36 | % | 122,506 | 6,616 | 5.40 | % | ||||||||||||||||
| Other borrowings | 11,559 | 589 | 5.10 | % | 11,765 | 703 | 5.98 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,287,063 | 38,849 | 3.02 | % | 1,219,964 | 40,582 | 3.33 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 396,880 | 399,430 | ||||||||||||||||||||||
| Other liabilities | 17,642 | 16,883 | ||||||||||||||||||||||
| Stockholders’ equity | 215,395 | 207,367 | ||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,916,980 | $ | 1,843,644 | ||||||||||||||||||||
| Net interest income | $ | 68,492 | $ | 60,680 | ||||||||||||||||||||
| Interest rate spread (4) | 2.89 | % | 2.50 | % | ||||||||||||||||||||
| Net interest margin (5) | 3.80 | % | 3.52 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 142.42 | % | 143.88 | % | ||||||||||||||||||||
(1
) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $1,080 and $1,131 for the twelve months ended December 31, 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.
| Company Contact: | Investor and Media Contact: |
| Ronald L. Zimmerly, Jr. President and Chief Executive Officer Middlefield Banc Corp. (419) 673-1217 [email protected] |
Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 [email protected] |
