Middlefield Banc Corp. Reports 2025 Three-Month Financial Results

Core Insights - Middlefield Banc Corp. reported strong financial growth for the first quarter of 2025, with total loans increasing by 4% year-over-year to a record $1.55 billion, driven by stable economic trends and strategic initiatives [3][5][7] - Net income rose by 15.9% year-over-year to $4.8 million, resulting in a return on average assets of 1.04% and a tangible book value per share increase of 5.5% to $21.29 [3][6][12] - The company is focused on enhancing its infrastructure and technology to support long-term growth, with plans for further investments throughout the year [4][10] Financial Performance - Net interest income for the quarter increased by $1.1 million to $16.1 million, with a net interest margin of 3.69%, up from 3.54% the previous year [5][28] - Noninterest income rose by $148,000 to $1.9 million, while noninterest expenses increased slightly to $12.2 million [6][28] - Earnings per share increased by 17.6% year-over-year to $0.60 per diluted share [8][30] Balance Sheet Highlights - Total assets grew by 3.9% year-over-year to $1.89 billion, with total loans at $1.55 billion, reflecting a 4% increase [7][19] - Total deposits increased by 6.4% year-over-year to $1.54 billion, primarily due to growth in money market and interest-bearing demand deposits [9][25] - Stockholders' equity rose by 4.0% year-over-year to $213.8 million, with tangible stockholders' equity at $172.1 million [11][12] Asset Quality - Nonperforming loans increased to $29.6 million, primarily due to a loan moved to nonaccrual status [17][18] - The allowance for credit losses stood at $22.4 million, or 1.44% of total loans, indicating a stable asset quality [17][18] - Nonperforming assets to total assets improved slightly to 1.56% from 1.62% at the end of 2024 [18]