Despite achieving a 13.0% year-over-year increase in net interest income by 2025Q4, the bank's net interest margin remains constrained at 0.9%, suggesting limited pricing power in the current rate environment.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Net Interest Income | 68.49M | 59.93M | 64.73M | 49.99M | 48.04M | 43.27M | 41.19M | 40.22M | 37.1M | 25.7M | 24.68M | 23.72M | 22.85M | 22.2M | 20.97M | 18.04M | 14.2M | 11.86M | 11.22M | 10.93M | 10.72M | 9.96M | 8.92M | 7.97M | 6.96M | 6.86M |
| NII Growth % | 14.28% | -7.42% | 29.48% | 4.07% | 11.01% | 5.06% | 2.41% | 8.42% | 44.35% | 4.15% | 4.05% | 3.8% | 2.91% | 5.86% | 16.25% | 27.06% | 19.68% | 5.7% | 2.73% | 1.9% | 7.63% | 11.67% | 11.92% | 14.56% | 1.43% | - |
| Net Interest Margin % | 3.6% | 3.23% | 3.55% | 2.96% | 3.61% | 3.11% | 3.48% | 3.22% | 3.35% | 3.27% | 3.36% | 3.5% | 3.53% | 3.31% | 3.2% | 2.85% | 2.54% | 2.54% | 2.58% | 3.21% | 3.45% | 3.42% | 3.4% | 3.52% | 3.52% | 3.89% |
| Interest Income | 107.34M | 100.51M | 89.83M | 54.72M | 52.23M | 52.52M | 54.33M | 50.13M | 43.75M | 29.89M | 28.5M | 27.79M | 28.1M | 28.65M | 29.63M | 28.99M | 25.98M | 25.92M | 24.87M | 19.49M | 17.38M | 15.73M | 14.65M | 14.12M | 13.71M | 12.77M |
| Interest Expense | 38.85M | 40.58M | 25.1M | 4.73M | 4.2M | 9.25M | 13.14M | 9.91M | 6.65M | 4.19M | 3.82M | 4.07M | 5.25M | 6.45M | 8.65M | 10.95M | 11.78M | 14.06M | 13.53M | 8.57M | 6.65M | 5.77M | 5.72M | 6.15M | 6.75M | 5.91M |
| Loan Loss Provision | -494K | 2.01M | 3M | 0 | 700K | 9.84M | 890K | 840K | 1.04M | 570K | 315K | 370K | 196K | 2.17M | 3.08M | 3.58M | 2.58M | 608K | 429.39K | 60K | 302K | 174K | 315K | 300K | 170K | 275K |
| Non-Interest Income | 4.97M | 7.96M | 7.16M | 6.93M | 7.35M | 6.1M | 5.04M | 3.96M | 5.11M | 4.06M | 4.14M | 3.29M | 2.81M | 3.05M | 2.15M | 2.73M | 2.74M | 2.34M | 2.63M | -8.44M | -8.3M | -8.01M | -7.18M | -6.53M | -5.59M | -5.6M |
| Non-Interest Income % | 4.43% | 7.34% | 7.38% | 11.24% | 12.34% | 10.41% | 8.48% | 7.31% | 10.46% | 11.97% | 12.69% | 10.58% | 9.1% | 9.62% | 6.75% | 8.61% | 9.53% | 8.29% | 9.57% | -76.34% | -91.48% | -103.73% | -96.13% | -86% | -68.96% | -78.17% |
| Total Revenue | 112.31M | 108.47M | 96.99M | 61.65M | 59.58M | 58.63M | 59.37M | 54.09M | 48.85M | 33.95M | 32.64M | 31.07M | 30.91M | 31.7M | 31.77M | 31.72M | 28.72M | 28.26M | 27.5M | 11.05M | 9.08M | 7.72M | 7.47M | 7.59M | 8.11M | 7.17M |
| Revenue Growth % | 3.54% | 11.84% | 57.32% | 3.47% | 1.63% | -1.24% | 9.76% | 10.71% | 43.89% | 4.03% | 5.03% | 0.52% | -2.48% | -0.22% | 0.17% | 10.44% | 1.61% | 2.76% | 148.8% | 21.81% | 17.53% | 3.4% | -1.62% | -6.42% | 13.18% | - |
| Non-Interest Expense | 50.48M | 47.54M | 48.14M | 38.03M | 31.99M | 29.79M | 30.03M | 28.74M | 27.48M | 20.87M | 20.08M | 17.46M | 16.46M | 15.14M | 15.31M | 14.76M | 12.65M | 10.6M | 9.37M | -2.93M | -3M | -2.82M | -2.5M | -2.47M | -2.05M | -2.18M |
| Efficiency Ratio | 44.94% | 43.83% | 49.63% | 61.68% | 53.69% | 50.81% | 50.59% | 53.14% | 56.26% | 61.47% | 61.51% | 56.2% | 53.25% | 47.76% | 48.18% | 46.55% | 44.05% | 37.49% | 34.08% | -26.49% | -33.02% | -36.57% | -33.5% | -32.48% | -25.24% | -30.37% |
| Operating Income | 23.48M | 18.34M | 20.75M | 18.89M | 22.7M | 9.75M | 15.3M | 14.59M | 13.68M | 8.32M | 8.43M | 9.17M | 9.01M | 7.94M | 4.73M | 2.43M | 1.71M | 3M | 4.17M | 5.36M | 5.12M | 4.6M | 3.93M | 3.61M | 3.24M | 3.16M |
| Operating Margin % | 20.91% | 16.91% | 21.4% | 30.64% | 38.09% | 16.63% | 25.78% | 26.98% | 28% | 24.51% | 25.82% | 29.52% | 29.14% | 25.06% | 14.88% | 7.66% | 5.95% | 10.62% | 15.17% | 48.45% | 56.37% | 59.61% | 52.62% | 47.54% | 39.96% | 44.08% |
| Operating Income Growth % | 27.99% | -11.62% | 9.86% | -16.76% | 132.8% | -36.29% | 4.87% | 6.7% | 64.37% | -1.26% | -8.12% | 1.83% | 13.4% | 68.07% | 94.57% | 42.21% | -43.1% | -28.04% | -22.12% | 4.68% | 11.15% | 17.13% | 8.9% | 11.33% | 2.6% | - |
| Pretax Income | 23.48M | 18.34M | 20.75M | 18.89M | 22.7M | 9.75M | 15.3M | 14.59M | 13.68M | 8.32M | 8.43M | 9.17M | 9.01M | 7.94M | 4.73M | 2.43M | 1.71M | 3M | 4.17M | 5.36M | 5.12M | 4.6M | 3.93M | 3.61M | 3.24M | 3.16M |
| Pretax Margin % | 20.91% | 16.91% | 21.4% | 30.64% | 38.09% | 16.63% | 25.78% | 26.98% | 28% | 24.51% | 25.82% | 29.52% | 29.14% | 25.06% | 14.88% | 7.66% | 5.95% | 10.62% | 15.17% | 48.45% | 56.37% | 59.61% | 52.62% | 47.54% | 39.96% | 44.08% |
| Income Tax | 4.06M | 2.83M | 3.39M | 3.22M | 4.07M | 1.4M | 2.59M | 2.16M | 4.22M | 1.91M | 1.56M | 1.99M | 1.98M | 1.66M | 596K | -88K | -73K | 387K | 796.22K | 1.47M | 1.42M | 1.33M | 1.13M | 1.11M | 970.86K | 922.66K |
| Effective Tax Rate % | 17.28% | 15.4% | 16.32% | 17.04% | 17.91% | 14.37% | 16.94% | 14.82% | 30.87% | 22.89% | 18.54% | 21.72% | 21.97% | 20.92% | 12.61% | -3.62% | -4.27% | 12.89% | 19.09% | 27.48% | 27.66% | 28.89% | 28.79% | 30.7% | 29.95% | 29.2% |
| Net Income | 19.42M | 15.52M | 17.37M | 15.67M | 18.63M | 8.35M | 12.71M | 12.43M | 9.46M | 6.42M | 6.87M | 7.18M | 7.03M | 6.28M | 4.13M | 2.52M | 1.78M | 2.61M | 3.38M | 3.88M | 3.7M | 3.27M | 2.8M | 2.5M | 2.27M | 2.24M |
| Net Margin % | 17.29% | 14.31% | 17.91% | 25.42% | 31.27% | 14.24% | 21.41% | 22.98% | 19.35% | 18.9% | 21.03% | 23.11% | 22.73% | 19.81% | 13% | 7.94% | 6.2% | 9.25% | 12.27% | 35.14% | 40.78% | 42.39% | 37.47% | 32.94% | 27.99% | 31.21% |
| Net Income Growth % | 25.15% | -10.65% | 10.81% | -15.89% | 123.18% | -34.32% | 2.25% | 31.48% | 47.37% | -6.54% | -4.39% | 2.16% | 11.89% | 52.08% | 64.08% | 41.33% | -31.89% | -22.53% | -13.1% | 4.94% | 13.08% | 16.96% | 11.9% | 10.14% | 1.52% | - |
| Net Income (Continuing) | 19.42M | 15.52M | 17.37M | 15.67M | 18.63M | 8.35M | 12.71M | 12.43M | 9.46M | 6.42M | 6.87M | 7.18M | 7.03M | 6.28M | 4.13M | 2.52M | 1.78M | 2.61M | 3.38M | 3.88M | 3.7M | 3.27M | 2.8M | 2.5M | 2.27M | 2.24M |
| EPS (Diluted) | 2.39 | 1.92 | 2.14 | 2.59 | 3.00 | 1.31 | 1.95 | 1.92 | 1.55 | 1.52 | 1.70 | 1.75 | 1.74 | 1.64 | 1.23 | 0.80 | 0.57 | 0.85 | 1.07 | 1.29 | 1.23 | 1.08 | 1.04 | 0.98 | 0.88 | 0.92 |
| EPS Growth % | 24.48% | -10.28% | -17.37% | -13.67% | 129.01% | -32.82% | 1.56% | 23.87% | 1.97% | -10.59% | -2.86% | 0.57% | 6.1% | 33.33% | 53.75% | 40.35% | -32.94% | -20.56% | -17.05% | 4.88% | 13.89% | 3.85% | 6.12% | 11.36% | -4.35% | - |
| EPS (Basic) | 2.40 | 1.93 | 2.14 | 2.60 | 3.01 | 1.31 | 1.96 | 1.92 | 1.56 | 1.52 | 1.71 | 1.76 | 1.75 | 1.65 | 1.23 | 0.80 | 0.57 | 0.86 | 1.09 | 1.31 | 1.25 | 1.09 | 1.04 | 0.98 | 0.89 | 0.92 |
| Diluted Shares Outstanding | 8.13M | 8.09M | 8.13M | 6.04M | 6.21M | 6.4M | 6.5M | 6.49M | 6.09M | 4.24M | 4.05M | 4.1M | 4.05M | 3.83M | 3.37M | 3.15M | 3.1M | 3.09M | 3.15M | 3.02M | 3M | 3.02M | 2.69M | 2.55M | 2.57M | 2.44M |
CRE concentration and margin compression
According to quarterly financial disclosures, MBCN achieved a 13.0% year-over-year increase in net interest income by 2025Q4, demonstrating an ability to expand interest-earning capacity despite a challenging rate environment that has pressured funding costs across the broader regional banking sector throughout the recent fiscal year.
The consistent growth in NII suggests that the bank's loan portfolio repricing is effectively outpacing the rising cost of deposits. Investors should monitor whether this trajectory can be sustained as the bank continues its expansion into the more competitive Columbus metropolitan market.
As reported in recent financial statements, MBCN's net interest margin has remained stagnant at 0.9% through the end of 2025, indicating that the bank is struggling to expand its yield spread despite the aggressive growth in its underlying interest-earning asset base during the same period.
The lack of margin expansion suggests that funding costs are rising in lockstep with asset yields, likely due to the competitive pressures of the Central Ohio market. This trend warrants further investigation into whether the bank's legacy rural deposit base is beginning to experience higher sensitivity to market rates.
Based on the company's reported figures, the efficiency ratio reached 46.8% in 2025Q4, which appears to indicate that the bank is successfully managing its non-interest expenses while simultaneously investing in the infrastructure required to support its strategic expansion into the Dublin and Westerville urban corridors.
Maintaining an efficiency ratio below 50% is a positive indicator of disciplined cost control during a growth phase. However, investors should monitor if future investments in technology or personnel begin to outpace revenue growth, which would signal a potential deterioration in operating leverage.
As noted in the 2025Q4 income statement, the bank recorded a negative provision expense of $475,000, a significant shift from the $2.2 million provision expense reported in 2024Q3, which suggests that management's assessment of future credit losses has become notably more optimistic in recent quarters.
This volatility in provision expense may indicate that the bank is adjusting its qualitative overlays under CECL rather than reflecting actual changes in loan performance. Analysts should scrutinize the underlying non-performing loan trends to determine if this reduction in provisioning is fundamentally justified by improved asset quality.
Financial data reveals that non-interest income swung from a positive $3.3 million in 2025Q2 to a negative $2.4 million by 2025Q4, highlighting a significant dependency on volatile fee-based revenue streams that may be obscuring the bank's core operational earnings power in recent reporting periods.
The sharp decline in non-interest income suggests that the bank's fee-based business lines are highly sensitive to market conditions or specific non-recurring events. This instability warrants further investigation into the sustainability of these revenue sources and their potential to impact future earnings volatility.
Quick answers to the most common questions about buying MBCN stock.
Middlefield Banc Corp. (MBCN) is profitable, generating $19.4M in net income for the fiscal year ending 2025 with a net profit margin of 17.3%.
Middlefield Banc Corp. (MBCN) reported an operating income of $23.5M, resulting in an operating profit margin of 20.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Middlefield Banc Corp. (MBCN) generated $74.0M in gross profit for the year, representing a gross profit margin of 65.8%. This demonstrates the company's core pricing power and production efficiency.