Middlefield Banc Corp. Reports 2025 Nine-Month Financial Results

Core Insights - Middlefield Banc Corp. reported strong financial results for the third quarter of 2025, highlighting core earnings growth, margin expansion, and disciplined expense control [3][10] - Year-to-date earnings per diluted share reached $2.01, with a book value increase of 6.1% to $27.71 per share [3][10] - The company is on track to open a new office in Westerville in Q4 2025, part of its strategy to expand in Central Ohio [3] Income Statement - Net interest income for Q3 2025 increased by 16.5% to $17.6 million, compared to $15.1 million in Q3 2024 [4] - The net interest margin for Q3 2025 was 3.79%, up from 3.46% in Q3 2024 [4] - Noninterest income for Q3 2025 was $2.3 million, compared to $1.7 million in the same period last year [5] - Net income for Q3 2025 was $5.3 million, or $0.65 per diluted share, compared to $2.3 million, or $0.29 per diluted share, in Q3 2024 [7] Balance Sheet - Total assets increased by 6.5% to a record $1.98 billion as of September 30, 2025, compared to $1.86 billion a year earlier [8][11] - Total loans reached a record $1.61 billion, reflecting a 6.8% year-over-year increase [8] - Total deposits increased by 7.2% to $1.62 billion, driven by growth in money market deposits [11] Stockholders' Equity and Dividends - Stockholders' equity rose to $224.1 million, a 6.4% increase from $210.7 million a year ago [13] - The company declared cash dividends of $0.63 per share for the nine months ended September 30, 2025, marking a 5% increase from the previous year [15] Asset Quality - The provision for credit losses for Q3 2025 was $392,000, significantly lower than $2.2 million in Q3 2024 [17] - Nonperforming loans remained stable at $29.9 million, consistent with $30.1 million a year earlier [19] - The allowance for credit losses was $23.0 million, or 1.43% of total loans, down from 1.50% a year ago [19]