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Middlefield Banc(MBCN) - 2025 Q2 - Quarterly Results

Financial Highlights Middlefield Banc Corp. reported strong Q2 2025 results, with diluted EPS up 46.2% and record total loans of $1.58 billion | Metric | Q2 2025 vs Q2 2024 | Value | | :--- | :--- | :--- | | Earnings per share (diluted) | Increased 46.2% | $0.76 | | Net Interest Margin | Expanded 37 bps | 3.88% | | Total Loans | Increased 5.6% | $1.58 billion | | Total Assets | Increased 5.3% | $1.92 billion | | Book Value per Share | Increased 4.3% | $26.74 | | Tangible Book Value per Share | Increased 6.1% | $21.60 | | Nonperforming assets to total assets | Decreased 32 bps (from Q4 2024) | 1.30% | - Net income for the quarter was boosted by a $1.2 million net gain on the exchange of real estate associated with the relocation of the Westerville, Ohio branch3 - The company's strategy includes investing in its technology infrastructure, hiring experienced commercial bankers, and expanding its presence across Ohio markets5 Income Statement Analysis Q2 2025 net interest income rose 15.6% to $17.4 million, with net income increasing 47.6% to $6.2 million | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $17.4 million | $15.1 million | +15.6% | | Net Interest Margin | 3.88% | 3.51% | +37 bps | | Net Income | $6.2 million | $4.2 million | +47.6% | | Diluted EPS | $0.76 | $0.52 | +46.2% | | Metric | Six Months 2025 | Six Months 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $33.5 million | $30.1 million | +11.6% | | Net Interest Margin | 3.79% | 3.53% | +26 bps | | Net Income | $11.0 million | $8.3 million | +32.5% | | Diluted EPS | $1.36 | $1.03 | +32.0% | - Noninterest income for Q2 2025 included a one-time, non-cash gain of $1.2 million from an exchange of real estate with the City of Westerville, Ohio7 - Noninterest expense for Q2 2025 included a $700,000 loss associated with recording a separate property in Westerville as held for sale8 Balance Sheet Analysis As of June 30, 2025, total assets reached a record $1.92 billion and total loans $1.58 billion, driven by broad-based growth | Balance Sheet Item | June 30, 2025 | June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | $1.92 billion | $1.83 billion | +5.3% | | Total Loans | $1.58 billion | $1.50 billion | +5.6% | | Total Deposits | $1.59 billion | $1.47 billion | +8.4% | | Total Liabilities | $1.71 billion | $1.62 billion | +5.4% | - The increase in total loans was primarily due to higher home equity lines of credit, commercial and industrial loans, and various real estate loan categories10 - Deposit growth was mainly from money market and interest-bearing demand accounts, with brokered deposits increasing to $165.1 million from $86.5 million a year ago12 - The Commercial Real Estate (CRE) portfolio totaled $681.2 million, with non-owner occupied properties making up the largest portion at 59.6% of the CRE portfolio13 Stockholders' Equity and Dividends Stockholders' equity increased 4.5% to $216.1 million, and the quarterly cash dividend rose 5% to $0.21 per share | Equity Metric | June 30, 2025 | June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Stockholders' Equity | $216.1 million | $206.8 million | +4.5% | | Book Value per Share | $26.74 | $25.63 | +4.3% | | Tangible Stockholders' Equity | $174.6 million | $164.3 million | +6.3% | | Tangible Book Value per Share | $21.60 | $20.37 | +6.0% | - The company increased its quarterly cash dividend by $0.01, or 5%, to $0.21 per share beginning in Q1 202516 - No shares of common stock were repurchased during the six months ended June 30, 202517 Asset Quality Asset quality improved in H1 2025, with nonperforming assets to total assets decreasing to 1.30% due to loan payoffs | Asset Quality Metric | June 30, 2025 | Dec 31, 2024 | March 31, 2025 | | :--- | :--- | :--- | :--- | | Nonperforming assets to total assets | 1.30% | 1.62% | 1.56% | - Non-performing assets declined by $4.9 million since December 31, 2024, primarily due to the payoff of one previously disclosed non-accruing loan21 - The year-over-year increase in nonperforming loans to $25.1 million was primarily due to a $12.0 million loan that was moved to nonaccrual status in the third quarter of 202420 - The allowance for credit losses was $22.3 million, or 1.41% of total loans, at June 30, 202520 Consolidated Financial Data This section provides detailed consolidated financial tables, including balance sheets, income statements, and key ratios Consolidated Balance Sheet Highlights (as of June 30, 2025) | Account | Amount (in thousands) | | :--- | :--- | | Total Assets | $1,924,369 | | Total Loans | $1,581,925 | | Allowance for credit losses | $22,335 | | Total Deposits | $1,593,618 | | Total Stockholders' Equity | $216,052 | Consolidated Income Statement Highlights (For the Three Months Ended June 30, 2025) | Account | Amount (in thousands) | | :--- | :--- | | Net Interest Income | $17,437 | | Provision for (recovery of) credit losses | $(506) | | Noninterest Income | $3,078 | | Noninterest Expense | $13,651 | | Net Income | $6,157 | Key Ratios and Per Share Data (For the Three Months Ended June 30, 2025) | Metric | Value | | :--- | :--- | | Net income per common share - diluted | $0.76 | | Book value per share | $26.74 | | Return on average assets (Annualized) | 1.29% | | Return on average tangible common equity (Annualized) | 14.31% | | Net interest margin | 3.88% | About Middlefield Banc Corp. and Disclosures This section outlines Middlefield Banc Corp.'s operations, non-GAAP measures, and forward-looking statements disclosures - Middlefield Banc Corp. is the bank holding company for The Middlefield Banking Company, with $1.92 billion in total assets as of June 30, 2025, operating 21 full-service banking centers in Ohio22 - The report includes non-GAAP measures like tangible book value and pre-tax, pre-provision income, which management believes provide a better understanding of underlying operational results23 - The press release contains forward-looking statements that are subject to risks and uncertainties, including competitive pressures, interest rate changes, and economic conditions24