Core Viewpoint - Middlefield Banc Corp. reported strong financial growth for the year ended December 31, 2025, with a focus on completing its merger with Farmers National Banc Corp. in early 2026, which is expected to create significant opportunities for stakeholders [2]. Financial Performance - Net interest income for 2025 increased by $7.8 million to $68.5 million, with a net interest margin of 3.80%, up from 3.52% in 2024 [3]. - Noninterest income rose by $2.1 million to $9.3 million for the year, with the fourth quarter showing an increase to $2.0 million from $1.9 million in the previous year [4]. - Noninterest expenses for 2025 totaled $54.8 million, compared to $47.5 million in 2024, with fourth-quarter expenses impacted by $1.8 million in merger-related costs [5]. - Net income for 2025 was $19.4 million, or $2.39 per diluted share, compared to $15.5 million, or $1.92 per diluted share, in 2024 [6]. Balance Sheet Highlights - Total assets increased by 2.7% to $1.90 billion as of December 31, 2025, with total loans rising to $1.59 billion, a 4.3% increase year-over-year [7]. - Total liabilities grew by 1.8% to $1.67 billion, with total deposits at $1.47 billion, reflecting a 1.8% increase primarily due to growth in money market accounts [8]. - Stockholders' equity increased by 9.1% to $229.6 million, with a per-share equity of $28.26, up from $26.08 in 2024 [11]. Asset Quality - The company recorded a recovery of credit losses of $494,000 for 2025, compared to a provision for credit losses of $2.0 million in the previous year [15]. - Nonperforming assets decreased to $17.0 million from $30.0 million in 2024, primarily due to the payoff of a significant nonaccrual loan [17]. - The allowance for credit losses stood at $22.7 million, or 1.43% of total loans, slightly down from 1.48% in 2024 [18]. Operational Overview - The company operates 21 full-service banking centers and a brokerage office, serving multiple locations in Ohio [19]. - The merger with Farmers National Banc Corp. is anticipated to enhance operational capabilities and market presence [2].

Core Viewpoint - Farmers National Banc Corp. and Middlefield Banc Corp. have announced that their shareholders have approved the merger of Middlefield into Farmers, with completion expected soon [1]. Company Summary - Farmers National Banc Corp. is the holding company for The Farmers National Bank of Canfield [1]. - Middlefield Banc Corp. is the holding company for The Middlefield Banking Company [1]. Merger Details - The merger between Farmers and Middlefield has received shareholder approval from both companies [1]. - The expected completion of the merger is anticipated to occur in the near future [1].

分组1 - Middlefield Banc Corp. reported quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.65 per share, representing an earnings surprise of -41.54% [1] - The company posted revenues of $19.34 million for the quarter ended December 2025, which was 3.29% below the Zacks Consensus Estimate, compared to $17.47 million in the same quarter last year [2] - Over the last four quarters, Middlefield Banc has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] 分组2 - The stock has added about 1.4% since the beginning of the year, while the S&P 500 has gained 1.7% [3] - The current consensus EPS estimate for the coming quarter is $0.62 on $20 million in revenues, and for the current fiscal year, it is $2.63 on $84 million in revenues [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

15985 East High Street P. O. Box 35 Middlefield, Ohio 44062 Phone: 440/632-1666 FAX: 440/632-1700 www.middlefieldbank.bank PRESS RELEASE 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 Middlefield Banc Corp. Reports 2025 Twelve-Month Financial Results MIDDLEFIELD, OHIO, February 10, 2026 ...

Core Viewpoint - Middlefield Banc Corp. has declared a quarterly cash dividend of $0.21 per common share, payable on February 27, 2026, to shareholders of record on February 17, 2026 [1]. Company Overview - Middlefield Banc Corp. is headquartered in Middlefield, Ohio, and serves as the bank holding company for The Middlefield Banking Company [2]. - As of September 30, 2025, the company reported total assets of $1.98 billion [2]. - The bank operates 21 full-service banking centers and an LPL Financial® brokerage office across various locations in Ohio, including Ada, Beachwood, and Westerville [2]. - Additionally, the bank has a Loan Production Office located in Mentor, Ohio [2].

Core Viewpoint - Middlefield Banc Corp. (MBCN) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a strong history of exceeding expectations [1]. Earnings Performance - Middlefield Banc has a solid track record of surpassing earnings estimates, with an average surprise of 17.45% over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $0.65 per share against an expectation of $0.64, resulting in a surprise of 1.56% [2]. - For the previous quarter, the consensus estimate was $0.57 per share, while the actual earnings were $0.76 per share, leading to a surprise of 33.33% [2]. Earnings Estimates and Predictions - Estimates for Middlefield Banc have been trending upward, influenced by its history of earnings surprises [5]. - The company currently has a positive Zacks Earnings ESP of +1.54%, indicating that analysts are optimistic about its earnings prospects [8]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a strong possibility of another earnings beat [8]. Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [6]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [7]. Importance of Earnings ESP - It is crucial for investors to check a company's Earnings ESP prior to its quarterly release to enhance the likelihood of successful investment decisions [10].

Core Viewpoint - Institutional Shareholder Services, Inc. (ISS) has recommended shareholders of Middlefield Banc Corp. to vote "FOR" the proposed merger with Farmers National Banc Corp. at the Special Meeting of Shareholders scheduled for February 10, 2026 [1][2] Company Overview - Middlefield Banc Corp. is headquartered in Middlefield, Ohio, and serves as the holding company for The Middlefield Banking Company, which has total assets of $1.98 billion as of September 30, 2025 [4] - The bank operates 21 full-service banking centers and a brokerage office, providing services across various locations in Ohio [4] Merger Details - The proposed merger involves Middlefield Banc Corp. merging into Farmers National Banc Corp., which is the holding company for The Farmers National Bank of Canfield [1] - Shareholders are encouraged to vote promptly on the merger and other proposals, with additional information available in the joint proxy statement/prospectus distributed to shareholders [3][5] Voting Information - Shareholders who have not yet voted are reminded to do so before the proxy deadline of February 9, 2026, at 11:59 p.m. ET [1][3] - Assistance with voting can be obtained by contacting Alliance Advisors [4] Regulatory Filings - Relevant materials regarding the proposed merger have been filed with the U.S. Securities and Exchange Commission (SEC), including a Registration Statement on Form S-4 and a definitive joint proxy statement/prospectus [5][6] - The joint proxy statement/prospectus has been mailed to shareholders and is available for free on the SEC's website and the websites of Farmers and Middlefield [7]

Core Viewpoint - The proposed sale of Middlefield Banc Corp. to Farmers National Banc Corp. is under investigation to assess whether the terms of the transaction adequately reflect the value of Middlefield Banc Corp. [1] Group 1: Transaction Details - Shareholders of Middlefield Banc Corp. will receive 2.6 shares of Farmers National Banc Corp. common stock for each share they own in Middlefield [1] Group 2: Legal Investigation - Kahn Swick & Foti, LLC is investigating the adequacy of the proposed transaction and the process leading to it, focusing on whether the consideration undervalues Middlefield Banc Corp. [1]

Core Points - Middlefield Banc Corp. declared a quarterly cash dividend of $0.21 per common share, payable on December 12, 2025, to shareholders of record on November 28, 2025 [1] - The company has total assets of $1.98 billion as of September 30, 2025, and operates 21 full-service banking centers and a brokerage office [2] Company Overview - Middlefield Banc Corp. is headquartered in Middlefield, Ohio, and serves various locations through its banking centers and a Loan Production Office in Mentor, Ohio [2] - The company is the bank holding company for The Middlefield Banking Company [2]

Financial Performance - Third quarter diluted earnings increased to $0.65 per share, driving year-to-date earnings of $2.01 per share[118]. - Pre-tax, pre-provision earnings increased 37.3% to $6.8 million[118]. - The company recorded net income of $6.157 million for the three months ended September 30, 2025[126]. - Net income for the three months ended September 30, 2025, was $5.3 million, a 127.4% increase from the same period in 2024[154]. - Net interest income for the three months ended September 30, 2025, totaled $17.6 million, a 16.5% increase from the comparable period in 2024[156]. - Noninterest income increased by $2.0 million, or 38.6%, for the nine months ended September 30, 2025, driven by a one-time, non-cash gain of $1.2 million from a real estate exchange[166]. - Noninterest expense for the nine months ended September 30, 2025, was $38.9 million, an increase of 9.0% or $3.2 million compared to the same period in 2024[168]. Asset and Loan Growth - Total loans increased $102.5 million, or 6.8%, to a record $1.61 billion[118]. - Total assets increased $121.3 million, or 6.5%, to a record $1.98 billion[118]. - Total loans rose by $87.4 million, or 5.8%, to $1.61 billion as of September 30, 2025, from $1.52 billion as of December 31, 2024[132]. - The owner-occupied commercial real estate loans increased by $40.2 million, or 22.1%, to $221.6 million, while non-owner occupied loans decreased by $21.9 million, or 5.3%, to $390.4 million[132]. - Total assets reached $1,947,888 in 2025, an increase from $1,851,490 in 2024, representing a growth of 5.20%[172]. Equity and Capital - Book value increased 6.1% to $27.71 from $26.11 per share[118]. - Stockholders' equity increased by $13.6 million, representing a growth of 6.4%[127]. - Stockholders' equity increased to $219,278 in 2025, compared to $209,096 in 2024, indicating a growth of 4.00%[172]. - The Company met all well-capitalized ratio guidelines as of September 30, 2025, with Tier 1 Risk-Based Capital at 11.00%[193]. Interest and Yield - Net interest margin expanded 33 basis points to 3.79%[118]. - The average yield on loans receivable rose to 6.29% in 2025 from 6.19% in 2024, contributing to an increase in interest income[178]. - The interest rate spread improved to 2.90% in 2025 from 2.48% in 2024, reflecting improved profitability on interest-earning assets[178]. - Interest and dividend income increased by $2.0 million, or 7.8%, for the three months ended September 30, 2025, primarily due to a $2.0 million increase in interest and fees on loans[159]. Credit Quality and Losses - Nonperforming assets totaled $29.928 million, with a nonperforming loans to total loans ratio of 1.86%[123]. - The allowance for credit losses was $23.029 million, equating to 1.43% of total loans[123]. - Nonperforming loans in the commercial real estate segment totaled $25.6 million at September 30, 2025, with an allowance for credit losses to loans ratio of 1.29%[138]. - The provision for credit losses recorded for the three months ended September 30, 2025, was $392,000, significantly lower than the $2.2 million provision for the same period in the prior year[163]. Deposits and Liabilities - Total liabilities increased by $112.0 million to $1.75 billion, with total deposits rising by $176.6 million[127]. - Total deposits increased by $176.6 million to $1.62 billion, a 12.22% increase compared to $1.45 billion on December 31, 2024[147]. - Noninterest-bearing demand deposits increased by $32.7 million, or 8.66%, to $410.6 million at September 30, 2025[148]. Risk Management and Liquidity - The company has implemented heightened risk management procedures for its commercial real estate portfolio, including stress testing and independent loan monitoring[137]. - The company aims to maintain liquidity through customer deposits, loan repayments, and maturing investment securities, ensuring timely cash flow management[183]. - The company has the option to borrow from the Federal Reserve discount window, with a capacity of $132.6 million as of September 30, 2025[184]. - As of September 30, 2025, total net available liquidity was $864.8 million, accounting for 53.3% of total deposits, a decrease from 59.4% at December 31, 2024[185].