Middlefield Banc Corp. Reports 2025 Nine-Month Financial Results

October 22, 2025

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 REIT 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 Fina Elf 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 Fina Elf 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 Fina Elf STOCKHOLDERS' EQUITY		224,120			216,052			213,793			210,562			210,705

Total Fina Elf 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 AG 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

About us	Network	Partners
Fpgroup.nlinfo@analist.nlRSS feedContactIntellectual Property Photos	Analist.nlLinksISIN Glossary	MorningstarPrudena.comAAII.comNASDAQvwd GroupEuronextBATS Chi-x