Earnings release
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Exhibit 99.1 15985 East High StreetP. O. Box 35Middlefield, Ohio 44062Phone: 440/632-1666 FAX: 440/632-1700www.middlefieldbank.bank PRESS RELEASE Company Contact: Investor and Media Contact:Ronald L. Zimmerly, Jr.President and Chief Executive OfficerMiddlefield Banc Corp.(419) 673-1217rzimmerly@middlefieldbank.com Andrew M. BergerManaging DirectorSM Berger & Company, Inc.(216) 464-6400andrew@smberger.com Middlefield Banc Corp. Reports 2025 Twelve-Month Financial Results MIDDLEFIELD, OHIO, February 10, 2026 ◆◆◆◆ 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 momentumacross 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 believethis combination will create meaningful opportunities for our customers, employees, and shareholders.”
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Income StatementNet 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 thetwelve 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 2024fourth 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 quarterwas $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 $15.9million, 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 acceleratedvesting 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 incomefor 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 incomewas $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 SheetTotal 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 atDecember 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 ofcredit, 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 atDecember 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 billionat 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.
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Middlefield's CRE portfolio included the following categories at December 31, 2025: Percent of Percent of WeightedAverage (Dollar amounts in thousands) Balance CRE Portfolio Loan Portfolio 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 DividendsAt 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 higherretained 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 atDecember 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 December31, 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 declaredcash 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 QualityFor 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. Forthe 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 lastyear. 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 periodof 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 isprimarily 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 $22.7million, 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 aswell as changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data.
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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 Bankoperates 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 MEASURESThis 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 arefinancial 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 orfuture 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-GAAPfinancial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.'s marketplaceperformance. 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 reconciliationsof non-GAAP financial measures are included in the following Consolidated Financial Highlights tables below. FORWARD-LOOKING STATEMENTSThis 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 orfuture 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 anduncertainties. 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, butare 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 prepaymentspeeds, 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 MiddlefieldBanc 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 inthe 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.
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MIDDLEFIELD BANC CORP.Consolidated Selected Financial Highlights(Dollar amounts in thousands, unaudited) December 31, September 30, June 30, March 31, December 31, Balance Sheets (period end) 2025 2025 2025 2025 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, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 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
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MIDDLEFIELD BANC CORP.Consolidated Selected Financial Highlights(Dollar amounts in thousands, unaudited) For the Three Months Ended For the Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, Statements of Income 2025 2025 2025 2025 2024 2025 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.
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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, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 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 December 31, September 30, June 30, March 31, December 31, December 31, December 31, Yields 2025 2025 2025 2025 2024 2025 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 December 31, September 30, June 30, March 31, December 31, Asset quality data 2025 2025 2025 2025 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.
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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, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 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, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 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, September 30, June 30, March 31, December 31, December 31, December 31, 2025 2025 2025 2025 2024 2025 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
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MIDDLEFIELD BANC CORP.Average Balance Sheets(Dollar amounts in thousands, unaudited) For the Three Months Ended December 31, December 31, 2025 2024 Average Average Average Average Balance Interest Yield/Cost Balance Interest 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.
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For the Three Months Ended December 31, September 30, 2025 2025 Average Average Average Average Balance Interest Yield/Cost Balance Interest 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.
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For the Twelve Months Ended December 31, December 31, 2025 2024 Average Average Average Average Balance Interest Yield/Cost Balance Interest 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.