Middlefield Banc Corp. reported a net income of $4.83 million for the first quarter of 2025, reflecting a 15.9% increase from $4.17 million in the same period of the previous year. This translates to earnings per share of $0.60, up from $0.51 a year earlier. The company's net interest income also saw a rise, totaling $16.1 million, a 7.5% increase compared to $14.97 million in the first quarter of 2024. The net interest margin improved to 3.69%, an increase of 15 basis points year-over-year, driven by a decrease in the cost of funds and an increase in the average balance of loans.
Total assets for Middlefield Banc Corp. reached $1.89 billion as of March 31, 2025, marking a $35 million increase from the end of 2024. The loan portfolio grew by $30.7 million, or 2%, to $1.55 billion, with notable increases in commercial and industrial loans, as well as construction loans. The allowance for credit losses slightly decreased to $22.4 million, representing 1.44% of total loans, down from 1.48% at the end of 2024. Nonperforming loans totaled $29.6 million, a slight decrease from $30 million at the end of the previous quarter.
In terms of deposits, Middlefield Banc Corp. experienced a significant increase of $94 million, bringing total deposits to $1.54 billion. This growth was primarily attributed to increases in money market and interest-bearing demand deposits. The company’s stockholders' equity rose to $213.8 million, a 1.5% increase from the previous quarter, supported by retained earnings and a modest dividend payout of $1.7 million.
Strategically, Middlefield Banc Corp. continues to focus on enhancing its loan portfolio and managing its asset quality. The company has maintained a strong liquidity position, with total net available liquidity at $785.2 million, representing 51% of total deposits. The management remains cautious about potential economic challenges, including inflation and interest rate fluctuations, which could impact future performance. Looking ahead, the company aims to sustain its growth trajectory while navigating the evolving economic landscape.
About MIDDLEFIELD BANC CORP
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