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Middlefield Banc(MBCN) - 2025 Q1 - Quarterly Results
MBCNMiddlefield Banc(MBCN)2025-04-24 20:20

Financial Performance - Net income expanded by 15.9% year-over-year to 4.8million,withearningspershareincreasing17.64.8 million, with earnings per share increasing 17.6% to 0.60 per diluted share[4][9] - Total loans increased by 4% year-over-year to a record 1.55billion,drivenbystableeconomictrendsandstrategicinitiatives[3]−Totalassetsincreasedby3.91.55 billion, driven by stable economic trends and strategic initiatives[3] - Total assets increased by 3.9% to 1.89 billion, while total deposits rose by 6.4% to 1.54billion[9][11]−Stockholders′equityincreasedby4.01.54 billion[9][11] - Stockholders' equity increased by 4.0% year-over-year to 213.8 million, with tangible stockholders' equity at 172.1million[13][14]−NetincomeforQ12025was172.1 million[13][14] - Net income for Q1 2025 was 4,830,000, up from 4,167,000inQ12024,indicatingagrowthof15.94,167,000 in Q1 2024, indicating a growth of 15.9%[25] - Basic and diluted net income per common share for Q1 2025 was 0.60, consistent with Q4 2024, and significantly higher than 0.29inQ32024[26]AssetQuality−Nonperformingassetstototalassetsdecreasedto1.560.29 in Q3 2024[26] Asset Quality - Nonperforming assets to total assets decreased to 1.56%, showing improvement in asset quality[4][20] - Nonperforming assets decreased to 29,550,000 from 29,984,000inthepreviousquarter,reflectingadeclineof1.4429,984,000 in the previous quarter, reflecting a decline of 1.44%[29] - The allowance for credit losses stood at 22.4 million, or 1.44% of total loans, indicating a proactive approach to credit risk management[19][20] - The allowance for credit losses as a percentage of total loans is 1.44%, down from 1.48% in the previous quarter[29] - Nonperforming loans as a percentage of total loans decreased to 1.91% from 1.97% in the previous quarter[29] Revenue and Income - Total interest and dividend income for Q1 2025 was 25,473,000,anincreasefrom25,473,000, an increase from 24,612,000 in Q1 2024, representing a year-over-year growth of 3.5%[25] - Net interest income for Q1 2025 was 16,098,000,comparedto16,098,000, compared to 14,969,000 in Q1 2024, reflecting a 7.5% increase[25] - Total noninterest income for Q1 2025 was 1,944,000,aslightincreasefrom1,944,000, a slight increase from 1,796,000 in Q1 2024[25] - The net interest margin for Q1 2025 was 3.69%, up from 3.54% in Q1 2024, reflecting improved profitability on interest-earning assets[28] Dividends and Shareholder Returns - The company declared cash dividends of 0.21pershare,a50.21 per share, a 5% increase from the previous quarter[15] - The dividend declared per share increased to 0.21 in Q1 2025 from 0.20inQ42024,markinga50.20 in Q4 2024, marking a 5% increase[26] Operational Efficiency - The efficiency ratio for Q1 2025 was 65.22%, compared to 67.93% in Q3 2024, indicating improved operational efficiency[26] - The efficiency ratio improved to 3.01% for interest-bearing liabilities, down from 3.23% in the previous quarter[32] Growth and Projections - The company expects stable economic activity to support loan demand and asset quality throughout 2025[20] - Total assets reached 1,881,536,000, up from 1,822,684,000inthepreviousquarter,indicatinggrowthof3.231,822,684,000 in the previous quarter, indicating growth of 3.23%[32] - Total loans reached 1,550,349,000, an increase of 2.0% from 1,519,614,000inthepreviousquarter[24]−Cashandcashequivalentsstoodat1,519,614,000 in the previous quarter[24] - Cash and cash equivalents stood at 66,870,000, up from $55,792,000, marking a significant increase of 19.0%[24] Infrastructure and Technology - The company plans to make significant upgrades to its infrastructure to support a multi-year technology roadmap[5]