Middlefield Banc Corp. Reports 2025 Twelve-Month Financial Results

Q: What were Middlefield Banc Corp's (MBCN) full-year 2025 earnings and EPS?

Middlefield reported $19.4 million net income for 2025, or $2.39 diluted EPS. According to the company, this compares to $15.5 million, or $1.92 per diluted share, in 2024, reflecting higher net interest income and noninterest expense.

Q: How much did MBCN's net interest income and margin change in 2025?

Net interest income rose to $68.5 million in 2025, an increase of $7.8 million. According to the company, the twelve-month net interest margin was 3.80% , up from 3.52% a year earlier.

Q: How did Middlefield's balance sheet change at December 31, 2025 (assets, loans, deposits)?

At year-end 2025, total assets were $1.90 billion , total loans were $1.59 billion , and total deposits were $1.47 billion . According to the company, loans grew 4.3% YoY, led by owner-occupied and commercial and industrial originations.

Q: Did Middlefield pay dividends in 2025 and how much per share (MBCN)?

Middlefield declared cash dividends of $0.84 per share for 2025, totaling $6.8 million. According to the company, this compares with $0.80 per share and $6.5 million paid in 2024.

Q: What drove the increase in Middlefield's noninterest expense in 2025 and Q4 2025?

Noninterest expense rose to $54.8 million for 2025, up from $47.5 million a year earlier. According to the company, Q4 was impacted by $1.8 million of merger-related expenses and accelerated vesting of performance share units.

Rhea-AI Impact

(High)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Middlefield Banc Corp (NASDAQ: MBCN) reported results for the twelve months ended December 31, 2025, and said it expects its merger with Farmers National Banc Corp to close in Q1 2026. Net income was $19.4 million ($2.39 diluted EPS); net interest income rose to $68.5 million and total assets reached $1.90 billion. The company recorded higher noninterest expense partly from $1.8 million of merger-related costs. Stockholders' equity increased to $229.6 million and the company declared $0.84 per share in cash dividends for 2025.

Positive

Net interest income +$7.8 million (to $68.5M, +12.8% YoY)
Net income +$3.9 million (to $19.4M, +25% YoY)
Tangible stockholders' equity +11.9% (to $188.7M)
Total assets increased to $1.90 billion

Negative

Noninterest expense +15.4% YoY (to $54.8M), including $1.8M merger costs
Q4 net income declined from $4.8M to $3.1M (≈35% decrease)
Brokered deposits decreased 34% YoY (to $23.1M)

Key Figures

2025 Net income: $19.4M 2025 EPS (diluted): $2.39 Net interest income: $68.5M +5 more

8 metrics

2025 Net income $19.4M Twelve months ended Dec 31, 2025 vs $15.5M in 2024

2025 EPS (diluted) $2.39 Twelve months ended Dec 31, 2025 vs $1.92 in 2024

Net interest income $68.5M 2025 full year vs $60.7M in 2024

Net interest margin 3.80% 2025 full year vs 3.52% in 2024

Total assets $1.90B Balance at Dec 31, 2025 vs $1.85B at Dec 31, 2024

Total loans $1.59B Balance at Dec 31, 2025 vs $1.52B at Dec 31, 2024

Nonperforming assets $17.0M Dec 31, 2025 vs $30.0M at Dec 31, 2024

Allowance for credit losses $22.7M (1.43%) Dec 31, 2025 vs $22.4M (1.48%) in 2024

Market Reality Check

Price: $34.63 Vol: Volume 49,869 is close to...

normal vol

$34.63 Last Close

Volume Volume 49,869 is close to the 20-day average of 46,533 (relative volume 1.07x). normal

Technical Price $35.02 is trading above the 200-day MA of $31.38, and about 7% below the 52-week high.

Peers on Argus

MBCN gained 0.46% while key peers were mixed: ISBA up 7.84%, several others (FUN...

MBCN gained 0.46% while key peers were mixed: ISBA up 7.84%, several others (FUNC, PKBK, TSBK, FRST) down modestly. This points to a stock-specific reaction to the earnings/merger context rather than a broad regional bank move.

Previous Earnings Reports

5 past events · Latest: Oct 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 22	Nine-month 2025 results	Positive	+17.1%	Stronger profitability, margin expansion, record loans and assets, higher EPS.
Jul 22	Six-month 2025 results	Positive	+4.0%	Sharp EPS increase, wider net interest margin, record loans and assets.
Apr 24	Q1 2025 results	Positive	+0.9%	EPS and net income growth, loan and deposit expansion, better asset quality.
Jan 23	2024 full-year results	Neutral	+1.1%	Higher earnings and book value despite lower net interest income and margin.
Oct 17	Nine-month 2024 results	Negative	-9.8%	Earnings decline and higher nonperforming assets tied to one customer exposure.

Pattern Detected

Earnings releases have typically driven positive share reactions, especially when highlighting margin expansion, loan growth, and improving asset quality.

Recent Company History

Over the past year, Middlefield’s earnings reports have emphasized expanding net interest margin, record loan balances, and improving credit metrics. Q1–Q3 2025 updates showed rising EPS, stronger pre-tax, pre-provision earnings, and growth in assets and deposits. The 2024 full-year release noted lower net interest income but strengthening returns and book value. Today’s 2025 twelve‑month results, with higher EPS, margin and better asset quality, continue that trajectory ahead of the pending merger with Farmers.

Historical Comparison

earnings

+2.7 %

Average Historical Move

Historical Analysis

In the past year, MBCN’s 5 earnings releases saw an average move of 2.66%. Today’s modest 0.46% uptick is smaller than typical prior earnings reactions.

Typical Pattern

Earnings updates show a progression from mixed 2024 results, with pressure on net interest income, to 2025 reports featuring stronger EPS, margin expansion, record loan growth, and improving asset quality.

Market Pulse Summary

This announcement highlights stronger 2025 performance, with net income rising to $19.4M, diluted EP...

Analysis

This announcement highlights stronger 2025 performance, with net income rising to $19.4M, diluted EPS at $2.39, and net interest margin improving to 3.80%. Loans grew to $1.59B and deposits to $1.47B, while nonperforming assets fell to $17.0M and the allowance stood at $22.7M. Investors may track future credit trends, integration of the pending Farmers merger, and whether margin and loan growth remain resilient in subsequent periods.

Key Terms

net interest margin, noninterest income, noninterest expense, pre-tax, pre-provision net income, +3 more

7 terms

net interest margin financial

"The net interest margin for the twelve months ended December 31, 2025, was 3.80%, compared to 3.52% last year."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

noninterest income financial

"For the twelve months ended December 31, 2025, noninterest income increased $2.1 to $9.3 million..."

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

noninterest expense financial

"Noninterest expense for the twelve months ended December 31, 2025, was $54.8 million..."

Costs a company incurs that are not tied to borrowing or lending, such as employee pay, rent, technology, marketing, and office supplies. Think of a household: noninterest expense is everything you pay for living and running the home except mortgage or loan interest; for investors, it shows how efficiently a company runs its core operations and directly affects profit margins and the cash available for growth or dividends.

pre-tax, pre-provision net income financial

"For the twelve months ended December 31, 2025, pre-tax, pre-provision net income was $23.0 million..."

A bank profitability measure that shows earnings before income taxes and before the reserves set aside for potential loan losses (provisions). It isolates core operating profit so investors can see how the business is performing before one-time tax effects and anticipated credit problems, much like checking an engine’s horsepower before loading the car — useful for comparing performance across periods and peers and judging resilience to loan losses.

brokered deposits financial

"At December 31, 2025, the Company had brokered deposits of $23.1 million..."

Brokered deposits are large sums of customer cash placed at a bank through a third-party intermediary that shops around for the best interest rate, like a broker assembling a big bucket of savings and directing it to a bank. They matter to investors because they can quickly change a bank’s funding level and cost — providing fast liquidity but also adding volatility and regulatory scrutiny that can affect a bank’s stability and profitability.

nonperforming assets financial

"Nonperforming assets at December 31, 2025, which consisted of nonperforming loans, were $17.0 million..."

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

allowance for credit losses financial

"The allowance for credit losses at December 31, 2025, stood at $22.7 million, or 1.43% of total loans..."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

AI-generated analysis. Not financial advice.

02/10/2026 - 04:05 PM

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 rzimmerly@middlefieldbank.com	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

FAQ

What were Middlefield Banc Corp's (MBCN) full-year 2025 earnings and EPS?

Middlefield reported $19.4 million net income for 2025, or $2.39 diluted EPS. According to the company, this compares to $15.5 million, or $1.92 per diluted share, in 2024, reflecting higher net interest income and noninterest expense.

How much did MBCN's net interest income and margin change in 2025?

Net interest income rose to $68.5 million in 2025, an increase of $7.8 million. According to the company, the twelve-month net interest margin was 3.80%, up from 3.52% a year earlier.

What is the status and expected timing of Middlefield's merger with Farmers National Banc Corp (MBCN)?

The company expects the merger with Farmers National Banc Corp to close in Q1 2026. According to the company, management says the combination aims to create opportunities for customers, employees, and shareholders.

How did Middlefield's balance sheet change at December 31, 2025 (assets, loans, deposits)?

At year-end 2025, total assets were $1.90 billion, total loans were $1.59 billion, and total deposits were $1.47 billion. According to the company, loans grew 4.3% YoY, led by owner-occupied and commercial and industrial originations.

Did Middlefield pay dividends in 2025 and how much per share (MBCN)?

Middlefield declared cash dividends of $0.84 per share for 2025, totaling $6.8 million. According to the company, this compares with $0.80 per share and $6.5 million paid in 2024.

What drove the increase in Middlefield's noninterest expense in 2025 and Q4 2025?

Noninterest expense rose to $54.8 million for 2025, up from $47.5 million a year earlier. According to the company, Q4 was impacted by $1.8 million of merger-related expenses and accelerated vesting of performance share units.

Middlefield Banc Corp. Reports 2025 Twelve-Month Financial Results