MIDDLEFIELD, Ohio, July 22, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the six months ended June 30, 2025.
2025 Second-QuarterFinancial Highlights (on a year-over-year basis):
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Earnings per share increased 46.2% year-over-year to $0.76 per diluted share
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Asset quality improved from the 2024 fourth quarter with nonperforming assets to total assets decreasing by 32 basis points to 1.30%
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Net interest margin expanded 37 basis points to 3.88% and increased 19 basis points from the 2025 first quarter
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Total loans increased $84.2 million, or 5.6% to a record $1.58 billion
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Total assets increased $96.2 million, or 5.3% to a record $1.92 billion
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Book value increased 4.3% to $26.74 from $25.63 per share, while tangible book value(1) increased 6.1% to $21.60 from $20.37 per share
(1) See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”
“The second quarter of 2025 was another strong quarter of growth, profitability and value creation for Middlefield,” stated Ronald L. Zimmerly, Jr., President and Chief Executive Officer. “Total loans have increased at an 8.2% annualized rate since the beginning of the year to a record $1.58 billion, asset quality continued to improve sequentially, and our net interest margin for the second quarter of 2025 expanded 37 basis points year-over-year to 3.88%. These results led to strong growth in profitability during the quarter. Net income also benefited from a $1.2 million net gain on the exchange of real estate associated with the relocation of our Westerville, Ohio branch. Relocating our Westerville office is a great opportunity, supported by favorable demographics and underscores our multi-year strategy to expand our presence in the Central Ohio region. We expect our new Westerville branch to open in the second half of 2025.”
“I am pleased by the strong start to 2025 and the direction we are headed. We remain focused on investing in our platform, which includes upgrades to our technology infrastructure, adding new, experienced commercial bankers, and pursuing opportunities to expand Middlefield across our compelling Ohio markets. As a result of these efforts and the contributions of our high-performing team, we expect additional loan and core deposit growth to benefit profitability throughout the remainder of 2025,” concluded Mr. Zimmerly.
Income Statement Net interest income for the 2025 second quarter increased 15.6% to $17.4 million, compared to $15.1 million for the 2024 second quarter. The net interest margin for the 2025 second quarter was 3.88%, compared to 3.51% for the same period of 2024. Net interest income for the six months ended June 30, 2025, increased 11.6% to $33.5 million, compared to $30.1 million for the same period last year. The increase was primarily due to strong loan growth, a decrease in FHLB advances, and an overall decline in rates for deposits. Net interest margin for the six months ended June 30, 2025, was 3.79%, compared to 3.53% last year.
Noninterest income for the 2025 second quarter was $3.1 million, compared to $1.8 million for the same period the previous year. For the six months ended June 30, 2025, noninterest income increased $1.5 million to $5.0 million, compared to $3.6 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.
For the 2025 second quarter, noninterest expense was $13.7 million, compared to $11.9 million for the 2024 second quarter. Noninterest expense for the six months ended June 30, 2025, was $25.8 million, compared to $23.9 million for the same period in 2024. Noninterest expense for the 2025 second quarter included a $700,000 loss associated with recording a separate property located in Westerville, Ohio as held for sale.
Net income for the 2025 second quarter was $6.2 million, or $0.76 per diluted share, compared to $4.2 million, or $0.52 per diluted share, for the same period last year. Net income for the six months ended June 30, 2025, was $11.0 million, or $1.36 per diluted share, compared to $8.3 million, or $1.03 per diluted share, for the same period last year.
For the 2025 second quarter, pre-tax, pre-provision net income was $6.9 million, compared to $4.9 million for the same period of 2024. For the six months ended June 30, 2025, pre-tax, pre-provision net income was $12.7 million, compared to $9.7 million for the same period last year. (See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.)
Balance Sheet Total assets at June 30, 2025, increased 5.3% to a record $1.92 billion, compared to $1.83 billion at June 30, 2024. Total loans at June 30, 2025, were a record $1.58 billion, compared to $1.50 billion at June 30, 2024. The 5.6% year-over-year increase in total loans was primarily due to higher home equity lines of credit, commercial and industrial loans, residential real estate loans, non-owner occupied, and owner occupied loans, partially offset by a reduction in construction and other loans and multifamily loans.
The investment securities available-for-sale portfolio was $161.1 million at June 30, 2025, compared with $166.4 million at June 30, 2024.
Total liabilities at June 30, 2025, increased 5.4% to $1.71 billion, compared to $1.62 billion at June 30, 2024. Total deposits at June 30, 2025, were $1.59 billion, compared to $1.47 billion at June 30, 2024. The 8.4% year-over-year increase in deposits was primarily due to growth in money market and interest-bearing demand deposits, partially offset by declines in savings deposit accounts. Noninterest-bearing demand deposits were 24.2% of total deposits at June 30, 2025, compared to 26.3% at June 30, 2024. At June 30, 2025, the Company had brokered deposits of $165.1 million, compared to $86.5 million at June 30, 2024.
Michael C. Ranttila, Chief Financial Officer, stated, “Middlefield's highly profitable financial model, disciplined loan pricing, and strong liquidity levels provides us with the flexibility to support both loan and operational growth. We continue to monitor our funding mix to support our loan portfolio at a reasonable cost, and such actions contributed to a seven-basis point reduction in our cost of funds since the beginning of the year. Throughout the second half of 2025, we are focused on growing core deposits by improving the mix of commercial and industrial loans and growing treasury management relationships.”
Middlefield's CRE portfolio included the following categories at June 30, 2025:
(Dollar amounts in thousands)
Balance
Percent of CRE Portfolio
Percent of Loan Portfolio
Weighted Average Loan-to-Value
Multi-Family
$
79,497
11.7
%
5.0
%
64.7
%
Owner Occupied
Real Estate and Rental and Leasing
56,806
8.3
%
3.6
%
55.6
%
Other Services (except Public Administration)
40,734
6.0
%
2.6
%
58.2
%
Manufacturing
17,919
2.6
%
1.1
%
44.4
%
Agriculture, Forestry, Fishing and Hunting
12,318
1.8
%
0.8
%
36.3
%
Educational Services
11,844
1.7
%
0.7
%
50.1
%
Other
57,024
8.3
%
3.6
%
54.1
%
Total Owner Occupied
$
196,645
28.7
%
12.4
%
Non-Owner Occupied
Real Estate and Rental and Leasing
333,645
49.0
%
21.1
%
54.8
%
Accommodation and Food Services
40,430
5.9
%
2.6
%
57.0
%
Health Care and Social Assistance
19,456
2.9
%
1.2
%
65.9
%
Manufacturing
7,412
1.1
%
0.5
%
46.7
%
Other
4,089
0.7
%
0.3
%
76.4
%
Total Non-Owner Occupied
$
405,032
59.6
%
25.7
%
Total CRE
$
681,174
100.0
%
43.1
%
Stockholders' Equity and Dividends At June 30, 2025, stockholders' equity was $216.1 million, compared to $206.8 million at June 30, 2024. The 4.5% year-over-year increase in stockholders' equity was primarily from higher retained earnings, partially offset by an increase in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, shareholders' equity at June 30, 2025, was $26.74, compared to $25.63 at June 30, 2024.
At June 30, 2025, tangible stockholders' equity(1) was $174.6 million, compared to $164.3 million at June 30, 2024. On a per-share basis, tangible stockholders' equity(1) was $21.60 at June 30, 2025, compared to $20.37 at June 30, 2024. (1)See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.
For the six months ended June 30, 2025, the Company declared cash dividends of $0.42 per share, totaling $3.4 million. Beginning in the first quarter of 2025, the Company increased the quarterly cash dividend by $0.01, or 5% from the previous year's $0.20 per share quarterly cash dividend.
For the six months ended June 30, 2025, the Company did not repurchase any shares of its common stock.
At June 30, 2025, the Company's equity-to-assets ratio was 11.23%, compared to 11.31% at June 30, 2024.
Asset Quality For the six months ended June 30, 2025, the Company recorded a recovery of credit losses of $411,000, compared to a recovery of credit losses of $49,000 for the same period of 2024.
Net recoveries were $227,000, or (0.03%) of average loans, annualized, for the six months ended June 30, 2025, compared to net recoveries of $97,000, or (0.01%) of average loans, annualized, for the same period of 2024.
Nonperforming loans at June 30, 2025, were $25.1 million, compared to $16.0 million at June 30, 2024. The year-over-year increase in nonperforming assets was primarily due to a $12.0 million loan moved to nonaccrual in the 2024 third quarter. The allowance for credit losses at June 30, 2025, stood at $22.3 million, or 1.41% of total loans, compared to $21.8 million, or 1.46% of total loans at June 30, 2024. The increase in the allowance for credit losses was mainly from changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data, as well as an overall increase in total loans.
Mr. Ranttila continued, “Asset quality demonstrates the success of our disciplined approach to credit quality and risk management, as nonperforming assets to total assets have improved to 1.30% at June 30, 2025, compared to 1.56% at March 31, 2025, and 1.62% at December 31, 2024. Over the past six months, non-performing assets declined by $4.9 million from $30.0 million at December 31, 2024, primarily as a result of the successful payoff of one previously disclosed non-accruing loan. In addition, reductions in the reserve against individually analyzed loans as well as the reserve for unfunded commitments drove a $506,000 recovery for credit losses in the second quarter. We continue to expect stable economic activity across our Central, Western and Northeast Ohio markets that will support loan demand and asset quality throughout 2025.”
About Middlefield Banc Corp. Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.92 billion at June 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial(R) 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.
(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 Six Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
June 30,
June 30,
2025
2025
2024
2024
2024
2025
2024
Per common share data
Net income per common share – basic
$
0.76
$
0.60
$
0.60
$
0.29
$
0.52
$
1.36
$
1.04
Net income per common share – diluted
$
0.76
$
0.60
$
0.60
$
0.29
$
0.52
$
1.36
$
1.03
Dividends declared per share
$
0.21
$
0.21
$
0.20
$
0.20
$
0.20
$
0.42
$
0.40
Book value per share (period end)
$
26.74
$
26.46
$
26.08
$
26.11
$
25.63
$
26.74
$
25.63
Tangible book value per share (period end) (1) (2)
$
21.60
$
21.29
$
20.88
$
20.87
$
20.37
$
21.60
$
20.37
Dividends declared
$
1,697
$
1,697
$
1,616
$
1,615
$
1,613
$
3,394
$
3,226
Dividend yield
2.80
%
3.05
%
2.84
%
2.76
%
3.34
%
2.81
%
3.34
%
Dividend payout ratio
27.56
%
35.13
%
33.33
%
69.02
%
38.74
%
30.89
%
38.72
%
Average shares outstanding – basic
8,081,193
8,078,805
8,071,905
8,071,032
8,067,144
8,080,006
8,079,174
Average shares outstanding – diluted
8,113,572
8,097,545
8,092,357
8,086,872
8,072,499
8,107,066
8,084,529
Period ending shares outstanding
8,081,193
8,081,193
8,073,708
8,071,032
8,067,144
8,081,193
8,067,144
Selected ratios
Return on average assets (Annualized)
1.29
%
1.04
%
1.04
%
0.50
%
0.91
%
1.17
%
0.91
%
Return on average equity (Annualized)
11.53
%
9.22
%
9.19
%
4.45
%
8.15
%
10.39
%
8.16
%
Return on average tangible common equity (1) (3)
14.31
%
11.48
%
11.50
%
5.58
%
10.29
%
12.92
%
10.30
%
Efficiency (4)
64.49
%
65.22
%
65.05
%
67.93
%
67.97
%
64.83
%
68.32
%
Equity to assets at period end
11.23
%
11.32
%
11.36
%
11.34
%
11.31
%
11.23
%
11.31
%
Noninterest expense to average assets
0.72
%
0.65
%
0.63
%
0.66
%
0.64
%
1.36
%
1.30
%
(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 Six Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
June 30,
June 30,
Yields
2025
2025
2024
2024
2024
2025
2024
Interest-earning assets:
Loans receivable (1)
6.40
%
6.17
%
6.12
%
6.19
%
6.27
%
6.29
%
6.19
%
Investment securities (1) (2)
3.64
%
3.69
%
3.63
%
3.62
%
3.59
%
3.67
%
3.56
%
Interest-earning deposits with other banks
4.13
%
3.57
%
4.23
%
4.27
%
4.59
%
3.84
%
4.74
%
Total interest-earning assets
6.03
%
5.81
%
5.78
%
5.84
%
5.92
%
5.92
%
5.85
%
Deposits:
Interest-bearing demand deposits
2.49
%
2.13
%
2.07
%
2.16
%
1.93
%
2.31
%
1.90
%
Money market deposits
3.53
%
3.38
%
3.81
%
3.93
%
3.95
%
3.46
%
3.88
%
Savings deposits
0.86
%
0.82
%
0.75
%
0.71
%
0.64
%
0.84
%
0.61
%
Certificates of deposit
3.66
%
3.93
%
4.21
%
4.49
%
4.57
%
3.79
%
4.32
%
Total interest-bearing deposits
2.95
%
2.82
%
3.05
%
3.17
%
3.15
%
2.89
%
3.02
%
Non-Deposit Funding:
Borrowings
4.54
%
4.58
%
4.93
%
5.54
%
5.60
%
4.56
%
5.60
%
Total interest-bearing liabilities
3.06
%
3.01
%
3.21
%
3.41
%
3.45
%
3.04
%
3.34
%
Cost of deposits
2.21
%
2.10
%
2.24
%
2.33
%
2.30
%
2.16
%
2.19
%
Cost of funds
2.34
%
2.30
%
2.41
%
2.58
%
2.61
%
2.32
%
2.52
%
Net interest margin (3)
3.88
%
3.69
%
3.56
%
3.46
%
3.51
%
3.79
%
3.53
%
(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.
Net charge-offs (recoveries) to average loans, annualized:
Quarter-to-date
(0.00
%)
(0.06
%)
0.04
%
0.36
%
(0.01
%)
Year-to-date
(0.03
%)
(0.06
%)
0.10
%
0.11
%
(0.01
%)
Nonperforming loans/total loans
1.58
%
1.91
%
1.97
%
2.00
%
1.07
%
Allowance for credit losses/nonperforming loans
89.15
%
75.81
%
74.86
%
74.89
%
136.55
%
Nonperforming assets/total assets
1.30
%
1.56
%
1.62
%
1.62
%
0.87
%
(1) Nonperforming assets consist of nonperforming loans.
MIDDLEFIELD BANC CORP. GAAP to Non-GAAP Reconciliations
Reconciliation of Common Stockholders' Equity to Tangible Common Equity
For the Three Months Ended
(Dollar amounts in thousands, unaudited)
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Stockholders' equity
$
216,052
$
213,793
$
210,562
$
210,705
$
206,788
Less goodwill and other intangibles
41,468
41,718
41,967
42,225
42,482
Tangible common equity
$
174,584
$
172,075
$
168,595
$
168,480
$
164,306
Shares outstanding
8,081,193
8,081,193
8,073,708
8,071,032
8,067,144
Tangible book value per share
$
21.60
$
21.29
$
20.88
$
20.87
$
20.37
Reconciliation of Average Equity to Return on Average Tangible Common Equity
For the Three Months Ended
For the Six Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
June 30,
June 30,
2025
2025
2024
2024
2024
2025
2024
Average stockholders' equity
$
214,144
$
212,465
$
209,864
$
209,096
$
205,379
$
213,235
$
205,330
Less average goodwill and other intangibles
41,589
41,839
42,092
42,350
42,607
41,714
42,609
Average tangible common equity
$
172,555
$
170,626
$
167,772
$
166,746
$
162,772
$
171,521
$
162,721
Net income
$
6,157
$
4,830
$
4,848
$
2,340
$
4,164
$
10,987
$
8,331
Return on average tangible common equity (annualized)
14.31
%
11.48
%
11.50
%
5.58
%
10.29
%
12.92
%
10.30
%
Reconciliation of Pre-Tax Pre-Provision Income (PTPP)
For the Three Months Ended
For the Six Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
June 30,
June 30,
2025
2025
2024
2024
2024
2025
2024
Net income
$
6,157
$
4,830
$
4,848
$
2,340
$
4,164
$
10,987
$
8,331
Add income taxes
1,213
924
995
371
690
2,137
1,459
Add provision for (recovery of) credit losses
(506
)
95
(177
)
2,234
87
(411
)
(49
)
PTPP
$
6,864
$
5,849
$
5,666
$
4,945
$
4,941
$
12,713
$
9,741
MIDDLEFIELD BANC CORP. Average Balance Sheets (Dollar amounts in thousands, unaudited)
For the Three Months Ended
June 30,
June 30,
2025
2024
Average
Average
Average
Average
Balance
Interest
Yield/Cost
Balance
Interest
Yield/Cost
Interest-earning assets:
Loans receivable (1)
$
1,576,050
$
25,122
6.40
%
$
1,503,440
$
23,422
6.27
%
Investment securities (1) (2)
191,619
1,486
3.64
%
191,752
1,471
3.62
%
Interest-earning deposits with other banks (3)
61,012
628
4.13
%
61,891
706
4.59
%
Total interest-earning assets
1,828,681
27,236
6.03
%
1,757,083
25,599
5.93
%
Noninterest-earning assets
79,414
86,431
Total assets
$
1,908,095
$
1,843,514
Interest-bearing liabilities:
Interest-bearing demand deposits
$
217,859
$
1,353
2.49
%
$
209,965
$
1,009
1.93
%
Money market deposits
489,525
4,313
3.53
%
337,937
3,320
3.95
%
Savings deposits
188,999
404
0.86
%
192,577
305
0.64
%
Certificates of deposit
297,727
2,719
3.66
%
333,542
3,789
4.57
%
Short-term borrowings
77,666
870
4.49
%
138,656
1,920
5.57
%
Other borrowings
11,588
140
4.85
%
11,791
173
5.90
%
Total interest-bearing liabilities
1,283,364
9,799
3.06
%
1,224,468
10,516
3.45
%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits
397,493
396,626
Other liabilities
13,094
17,042
Stockholders' equity
214,144
205,379
Total liabilities and stockholders' equity
$
1,908,095
$
1,843,514
Net interest income
$
17,437
$
15,083
Interest rate spread (4)
2.97
%
2.48
%
Net interest margin (5)
3.88
%
3.52
%
Ratio of average interest-earning assets to average interest-bearing liabilities
142.49
%
143.50
%
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $266 and $289 for the three months ended June 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
June 30,
March 31,
2025
2025
Average
Average
Average
Average
Balance
Interest
Yield/Cost
Balance
Interest
Yield/Cost
Interest-earning assets:
Loans receivable (1)
$
1,576,050
$
25,122
6.40
%
$
1,537,337
$
23,387
6.17
%
Investment securities (1) (2)
191,619
1,486
3.64
%
191,996
1,490
3.69
%
Interest-earning deposits with other banks (3)
61,012
628
4.13
%
67,661
596
3.57
%
Total interest-earning assets
1,828,681
27,236
6.03
%
1,796,994
25,473
5.81
%
Noninterest-earning assets
79,414
84,542
Total assets
$
1,908,095
$
1,881,536
Interest-bearing liabilities:
Interest-bearing demand deposits
$
217,859
$
1,353
2.49
%
$
220,192
$
1,154
2.13
%
Money market deposits
489,525
4,313
3.53
%
458,446
3,816
3.38
%
Savings deposits
188,999
404
0.86
%
192,931
388
0.82
%
Certificates of deposit
297,727
2,719
3.66
%
261,006
2,527
3.93
%
Short-term borrowings
77,666
870
4.49
%
120,238
1,347
4.54
%
Other borrowings
11,588
140
4.85
%
11,639
143
4.98
%
Total interest-bearing liabilities
1,283,364
9,799
3.06
%
1,264,452
9,375
3.01
%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits
397,493
390,354
Other liabilities
13,094
14,265
Stockholders' equity
214,144
212,465
Total liabilities and stockholders' equity
$
1,908,095
$
1,881,536
Net interest income
$
17,437
$
16,098
Interest rate spread (4)
2.97
%
2.80
%
Net interest margin (5)
3.88
%
3.69
%
Ratio of average interest-earning assets to average interest-bearing liabilities
142.49
%
142.12
%
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $266 and $272 for the three months ended June 30, 2025 and March 31, 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 Six Months Ended
June 30,
June 30,
2025
2024
Average
Average
Average
Average
Balance
Interest
Yield/Cost
Balance
Interest
Yield/Cost
Interest-earning assets:
Loans receivable (1)
$
1,556,693
$
48,509
6.29
%
$
1,489,992
$
45,817
6.19
%
Investment securities (1) (2)
191,807
2,976
3.67
%
191,801
2,910
3.59
%
Interest-earning deposits with other banks (3)
64,336
1,224
3.84
%
63,015
1,484
4.74
%
Total interest-earning assets
1,812,836
52,709
5.92
%
1,744,808
50,211
5.85
%
Noninterest-earning assets
81,979
88,291
Total assets
$
1,894,815
$
1,833,099
Interest-bearing liabilities:
Interest-bearing demand deposits
$
219,026
$
2,506
2.31
%
$
210,487
$
1,986
1.90
%
Money market deposits
473,985
8,130
3.46
%
318,208
6,147
3.88
%
Savings deposits
190,965
792
0.84
%
196,828
594
0.61
%
Certificates of deposit
279,366
5,246
3.79
%
333,706
7,162
4.32
%
Short-term borrowings
98,952
2,217
4.52
%
141,507
3,913
5.56
%
Other borrowings
11,614
283
4.91
%
11,815
357
6.08
%
Total interest-bearing liabilities
1,273,908
19,174
3.04
%
1,212,551
20,159
3.34
%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits
393,923
398,417
Other liabilities
13,749
16,801
Stockholders' equity
213,235
205,330
Total liabilities and stockholders' equity
$
1,894,815
$
1,833,099
Net interest income
$
33,535
$
30,052
Interest rate spread (4)
2.88
%
2.51
%
Net interest margin (5)
3.79
%
3.53
%
Ratio of average interest-earning assets to average interest-bearing liabilities
142.31
%
143.90
%
(1) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $538 and $570 for the six months ended June 30, 2025 and June 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
