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Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs that are not identifiable, less any associated allowance. Includes expenses that are in the reported measure of net income but not specifically provided to the CODM. Other noninterest expense is composed of expenses such as equipment expense, Ohio state franchise tax, professional fees, advertising expense, and other expenses. Accrued interest of $5.9 million and $5.5 million at September 30, 2025 and December 31, 2024, respectively, is excluded from amortized cost and presented in "accrued interest receivable and other assets" on the Consolidated Balance Sheets. Unearned income, including net deferred loan fees and costs and unamortized premiums and discounts, totaled $6.6 million and $8.2 million at September 30, 2025 and December 31, 2024, respectively. Unearned income, including net deferred loan fees and costs and unamortized premiums and discounts, totaled $7.1 million and $8.2 million at June 30, 2025 and December 31, 2024, respectively. Transfers between hierarchy levels are based on the availability of sufficient observable inputs to meet Level II versus Level III criteria. The level designation of each financial instrument is reassessed at the end of each period. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. All amounts are net of tax. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the quarterly period ended September 30, 2025

	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the transition period from ___________ to ___________

Commission File Number 001-36613

Middlefield Banc Corp.

(Exact Name of Registrant as Specified in its Charter)

Ohio		34-1585111
State or Other Jurisdiction of		I.R.S. Employer Identification No.
Incorporation or Organization

15985 East High Street, Middlefield, Ohio		44062-0035
Address of Principal Executive Offices		Zip Code

440-632-1666

Registrant’s Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, Without Par Value

MBCN

The NASDAQ Stock Market, LLC

(NASDAQ Capital Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Outstanding at November 13, 2025: 8,086,886

Table of Contents

MIDDLEFIELD BANC CORP.

INDEX

Part 1 – Financial Information
Item 1.	Financial Statements (unaudited)
	Consolidated Balance Sheet	3
	Consolidated Statement of Income	4
	Consolidated Statement of Comprehensive Income (Loss)	5
	Consolidated Statement of Changes in Stockholders’ Equity	6
	Consolidated Statement of Cash Flows	8
	Notes to Unaudited Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	37
Item 4.	Controls and Procedures	38
PART II – Other Information		38
Item 1.	Legal Proceedings	38
Item 1a.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39
Signatures		42
Exhibit 10.36.1
Exhibit 31.1
Exhibit 31.2
Exhibit 32

Table of Contents

MIDDLEFIELD BANC CORP.

CONSOLIDATED BALANCE SHEET

(Dollar amounts in thousands, except share data)

(Unaudited)

	September 30,			December 31,
	2025			2024

ASSETS
Cash and due from banks	$	81,372		$	46,037
Federal funds sold		22,333			9,755
Cash and cash equivalents		103,705			55,792
Investment securities available for sale, at fair value		155,855			165,802
Other investments		1,131			855
Loans held for sale		209			-
Loans:
Commercial real estate:
Owner occupied		221,600			181,447
Non-owner occupied		390,354			412,291
Multifamily		88,899			89,849
Residential real estate		366,307			353,442
Commercial and industrial		269,422			229,034
Home equity lines of credit		159,805			143,379
Construction and other		104,843			103,608
Consumer installment		5,794			6,564
Total loans		1,607,024			1,519,614
Less: allowance for credit losses		23,029			22,447
Net loans		1,583,995			1,497,167
Premises and equipment, net		21,428			20,565
Premises and equipment held for sale		998			-
Goodwill		36,356			36,356
Core deposit intangibles		4,862			5,611
Bank-owned life insurance		35,335			35,259
Accrued interest receivable and other assets		35,019			35,952
TOTAL ASSETS	$	1,978,893		$	1,853,359
LIABILITIES
Deposits:
Noninterest-bearing demand	$	410,612		$	377,875
Interest-bearing demand		232,452			208,291
Money market		528,246			414,074
Savings		180,547			197,749
Time		270,445			247,704
Total deposits		1,622,302			1,445,693
Federal Home Loan Bank advances		106,000			172,400
Other borrowings		11,502			11,660
Accrued interest payable and other liabilities		14,969			13,044
TOTAL LIABILITIES		1,754,773			1,642,797
STOCKHOLDERS' EQUITY
Common stock, no par value; 25,000,000 shares authorized, 9,966,196 and 9,953,018 shares issued; 8,086,886 and 8,073,708 shares outstanding		162,349			161,999
Additional paid-in capital		1,041			246
Retained earnings		120,514			109,299
Accumulated other comprehensive loss		(18,875	)		(20,073	)
Treasury stock, at cost; 1,879,310 and 1,879,310 shares		(40,909	)		(40,909	)
TOTAL STOCKHOLDERS' EQUITY		224,120			210,562
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,978,893		$	1,853,359

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

MIDDLEFIELD BANC CORP.

CONSOLIDATED STATEMENT OF INCOME

(Dollar amounts in thousands, except per share data)

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025			2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	25,485	$	23,441	$	73,994		$	69,258
Interest-earning deposits in other institutions		299		348		915			1,171
Federal funds sold		192		143		467			417
Investment securities:
Taxable interest		538		528		1,594			1,500
Tax-exempt interest		958		962		2,878			2,900
Dividends on stock		136		191		469			578
Total interest and dividend income		27,608		25,613		80,317			75,824

INTEREST EXPENSE
Deposits		8,972		8,792		25,646			24,681
Short-term borrowings		918		1,575		3,135			5,488
Other borrowings		153		173		436			530
Total interest expense		10,043		10,540		29,217			30,699

NET INTEREST INCOME		17,565		15,073		51,100			45,125

Provision for (Recovery of) credit losses		392		2,234		(19	)		2,185

NET INTEREST INCOME AFTER PROVISON FOR (RECOVERY OF) CREDIT LOSSES		17,173		12,839		51,119			42,940

NONINTEREST INCOME
Service charges on deposit accounts		1,072		959		3,122			2,839
Gain (loss) on equity securities		17		14		(24	)		(65	)
Earnings on bank-owned life insurance		228		246		951			700
Gain on sale of loans		158		56		221			135
Revenue from investment services		306		206		884			679
Gain on exchange of real estate		-		-		1,229			-
Gross rental income		-		-		-			67
Other income		543		262		963			944
Total noninterest income		2,324		1,743		7,346			5,299

NONINTEREST EXPENSE
Salaries and employee benefits		6,883		6,201		20,165			18,645
Occupancy expense		604		627		1,958			1,780
Equipment expense		249		203		722			704
Data processing and information technology costs		1,240		1,248		3,784			3,665
Ohio state franchise tax		399		399		1,197			1,193
Federal deposit insurance expense		267		255		801			762
Professional fees		700		539		1,819			1,654
Advertising expense		386		283		1,201			1,210
Software amortization expense		94		74		279			117
Core deposit intangible amortization		250		257		749			773
Loss on premises and equipment held for sale		18		-		711			-
Gross other real estate owned expenses		-		-		-			99
Other expense		2,008		1,785		5,556			5,136
Total noninterest expense		13,098		11,871		38,942			35,738

Income before income taxes		6,399		2,711		19,523			12,501
Income taxes		1,079		371		3,216			1,830

NET INCOME	$	5,320	$	2,340	$	16,307		$	10,671

EARNINGS PER SHARE
Basic	$	0.66	$	0.29	$	2.02		$	1.32
Diluted	$	0.65	$	0.29	$	2.01		$	1.32

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

MIDDLEFIELD BANC CORP.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(Dollar amounts in thousands)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024

Net income	$	5,320		$	2,340		$	16,307		$	10,671

Other comprehensive income (loss):
Unrealized holding gain (loss) on securities available for sale		5,142			3,786			1,517			(490	)
Tax effect		(1,080	)		(795	)		(319	)		103
Total other comprehensive income (loss)		4,062			2,991			1,198			(387	)

Comprehensive income (loss)	$	9,382		$	5,331		$	17,505		$	10,284

See accompanying notes to unaudited consolidated financial statements.

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MIDDLEFIELD BANC CORP.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollar amounts in thousands, except share and per share data)

(Unaudited)

										Accumulated
					Additional					Other						Total
	Common Stock				Paid-in		Retained			Comprehensive			Treasury			Stockholders'
	Shares		Amount		Capital		Earnings			Income (Loss)			Stock			Equity

Balance, June 30, 2025		9,960,503	$	162,195	$	811	$	116,892		$	(22,937	)	$	(40,909	)	$	216,052

Net income								5,320									5,320
Other comprehensive income											4,062						4,062
Shares issued for stock grants		5,693		154													154
Restricted stock grants						230											230
Cash dividends ($0.21 per share)								(1,698	)								(1,698	)

Balance, September 30, 2025		9,966,196	$	162,349	$	1,041	$	120,514		$	(18,875	)	$	(40,909	)	$	224,120

										Accumulated
					Additional					Other						Total
	Common Stock				Paid-in		Retained			Comprehensive			Treasury			Stockholders'
	Shares		Amount		Capital		Earnings			Income (Loss)			Stock			Equity

Balance, June 30, 2024		9,946,454	$	161,823	$	-	$	105,342		$	(19,468	)	$	(40,909	)	$	206,788

Net income								2,340									2,340
Other comprehensive income											2,991						2,991
Shares issued for stock grants		3,888		93													93
Restricted stock grants						108											108
Cash dividends ($0.20 per share)								(1,615	)								(1,615	)

Balance, September 30, 2024		9,950,342	$	161,916	$	108	$	106,067		$	(16,477	)	$	(40,909	)	$	210,705

See accompanying notes to unaudited consolidated financial statements.

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										Accumulated
					Additional					Other						Total
	Common Stock				Paid-in		Retained			Comprehensive			Treasury			Stockholders'
	Shares		Amount		Capital		Earnings			Income (Loss)			Stock			Equity

Balance, December 31, 2024		9,953,018	$	161,999	$	246	$	109,299		$	(20,073	)	$	(40,909	)	$	210,562

Net income								16,307									16,307
Other comprehensive income											1,198						1,198
Shares issued for stock grants		13,178		350													350
Restricted stock grants						795											795
Cash dividends ($0.63 per share)								(5,092	)								(5,092	)

Balance, September 30, 2025		9,966,196	$	162,349	$	1,041	$	120,514		$	(18,875	)	$	(40,909	)	$	224,120

										Accumulated
					Additional					Other						Total
	Common Stock				Paid-in		Retained			Comprehensive			Treasury			Stockholders'
	Shares		Amount		Capital		Earnings			Income (Loss)			Stock			Equity

Balance, December 31, 2023		9,930,704	$	161,388	$	-	$	100,237		$	(16,090	)	$	(39,854	)	$	205,681

Net income								10,671									10,671
Other comprehensive loss											(387	)					(387	)
Shares issued for stock grants		19,638		528													528
Restricted stock grants						108											108
Common shares repurchased (43,858)														(1,055	)		(1,055	)
Cash dividends ($0.60 per share)								(4,841	)								(4,841	)

Balance, September 30, 2024		9,950,342	$	161,916	$	108	$	106,067		$	(16,477	)	$	(40,909	)	$	210,705

See accompanying notes to unaudited consolidated financial statements.

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MIDDLEFIELD BANC CORP.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollar amounts in thousands)

(Unaudited)

	For the Nine Months Ended
	September 30,
	2025			2024
OPERATING ACTIVITIES
Net income	$	16,307		$	10,671
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (recovery of) credit losses		(19	)		2,185
Impairment loss on premises and equipment held for sale		711			-
Gain on exchange of real estate		(1,229	)		-
Loss (gain) on equity securities		24			65
Software amortization expense		279			117
Amortization of premium and discount on investment securities, net		416			421
Amortization of core deposit intangibles		749			773
Depreciation, amortization, and accretion, net		(483	)		(47	)
Stock-based compensation, net		2,120			482
Origination of loans held for sale		(7,066	)		(5,638	)
Proceeds from sale of loans held for sale		7,078			5,524
Loss (gain) on sale of loans held for sale		(221	)		(135	)
Earnings on bank-owned life insurance		(951	)		(700	)
Deferred income tax		631			(45	)
Decrease (increase) in accrued interest receivable		(278	)		265
Increase (decrease) in accrued interest payable		709			3,950
Other, net		(1,103	)		(3,078	)
Net cash provided by (used in) operating activities		17,674			14,809

INVESTING ACTIVITIES
Investment securities available for sale:
Proceeds from repayments and maturities		11,048			1,871
Purchases		-			(1,898	)
Other Investments:
Purchases		(300	)		(5	)
Decrease (increase) in loans, net		(79,497	)		(26,460	)
Purchase of loans		(6,103	)		-
Proceeds from bank-owned life insurance		892			-
Purchase of premises and equipment		(2,336	)		(368	)
Purchase of restricted stock		(4,937	)		(723	)
Redemption of restricted stock		6,513			2,691
Net cash provided by (used in) investing activities		(74,720	)		(24,892	)

FINANCING ACTIVITIES
Net increase (decrease) in deposits		176,609			86,167
Net increase (decrease) in Federal Home Loan Bank advances		(66,400	)		(57,000	)
Repayment of other borrowings		(158	)		(151	)
Repurchase of common shares		-			(1,055	)
Cash dividends		(5,092	)		(4,841	)
Net cash provided by (used in) financing activities		104,959			23,120

Increase (decrease) in cash and cash equivalents		47,913			13,037

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		55,792			60,836

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	103,705		$	73,873

	For the Nine Months Ended
	September 30,
	2025			2024
SUPPLEMENTAL INFORMATION
Cash paid during the year for:
Interest on deposits and borrowings	$	28,508		$	26,749
Income taxes		3,300			2,130

Noncash investing transactions:
Exchange of real estate, net	$	1,229		$	-
Transfer from premises and equipment, net to premises and equipment held for sale		1,016			-

See accompanying notes to unaudited consolidated financial statements.

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MIDDLEFIELD BANC CORP.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

The consolidated financial statements of Middlefield Banc Corp. ("Company") include its bank subsidiary, The Middlefield Banking Company (“MBC” or “Bank”), and a nonbank asset resolution subsidiary EMORECO, Inc. The consolidated financial statements also include the accounts of MBC’s subsidiaries, Middlefield Investments, Inc. (“MI”) and MB Insurance Services (“MIS”). All significant inter-company items have been eliminated. On March 13, 2019, MBC established MI as an operating subsidiary to hold and manage an investment portfolio. On September 30, 2025, MI’s assets consist of a cash account, available-for-sale investment securities, and related accrued interest accounts. MI may only hold and manage investments and may not engage in any other activity without prior approval of the Ohio Division of Financial Institutions. In the first quarter of 2022, MBC established MIS as an operating subsidiary to offer retail and business customers various insurance services, including home, renters, automobile, pet, identity theft, travel, and professional liability insurance. On September 30, 2025, MIS assets consist of a cash account, a prepaid asset, and an accounts receivable. As a result of the bank merger of Liberty National Bank and MBC on December 1, 2022, Middlefield Banc Corp. acquired a 100% ownership interest in LBSI Insurance, LLC (“LBSI”), a wholly owned financial subsidiary of Liberty National Bank. LBSI did not operate after the merger, and its existence ended January 19, 2024. All significant intercompany items have been eliminated between MBC and these subsidiaries.

The unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10 of Regulation SX. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2024. The interim consolidated financial statements include all adjustments (consisting of only normal recurring items) that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year.

Accounting Pronouncements Adopted in 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require entities to disclose specific categories in the rate reconciliation and provide additional information for material reconciling items. The ASU also requires the disclosure of income taxes paid disaggregated by jurisdiction. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective or retrospective basis. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220- 40): Disaggregation of Income Statement Expenses. The guidance requires public companies to disclose additional information about certain types of costs and expenses in the footnotes. The new standard requires a tabular disclosure of defined natural expense categories along with expenses subject to existing disclosure requirements. The amendment should be applied on a prospective basis with the option for retrospective application. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The effective date was clarified in ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which was issued in January 2025. These ASUs are not expected to have a significant impact on the Company’s financial statements.

In August 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The guidance relates to the calculation of current expected credit losses for current accounts receivable and contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers. The guidance provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period. The guidance is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years. This guidance is to be adopted on a prospective basis. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The guidance makes targeted improvements to the accounting for internal-use software by updating guidance for when entities will begin capitalizing eligible costs. The scope includes costs incurred to develop or obtain software for internal use, costs incurred to implement a cloud computing arrangement as a customer, and website development costs. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Adoption can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. Early adoption is permitted. We are currently reviewing the impact that the ASU will have on the Company’s financial statements.

NOTE 2 – REVENUE RECOGNITION

Following ASC Topic 606, Revenue from Contracts with Customers (Topic 606), management determined that the primary sources of revenue, which emanate from interest income on loans and investments, along with noninterest revenue resulting from equity security gains (losses), gains on the sale of loans, rental income, BOLI income, and gain on exchange of real estate, are not within the scope of ASC 606. For the nine months ended September 30, 2025, these revenue sources cumulatively comprise 94.3% of the total revenue of the Company.

The main types of noninterest income within the scope of the standard are as follows:

Service charges on deposit accounts – The Company has contracts with its deposit customers whereby fees are charged if the account balance falls below predetermined levels defined as compensating balances. These agreements can be canceled at any time by either the Company or the deposit customer. Revenue from these transactions is recognized monthly as the Company has an unconditional right to the fee consideration. The Company also has transaction fees related to specific customer requests or activities that include overdraft fees, online banking fees, and other transaction fees. All of these fees are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time, which is the completion of the requested service/transaction.

Revenue from investment services – The Company earns investment services revenue through its referral agreement with LPL Financial. The performance obligation to investment management customers is satisfied over time, and therefore, revenue is recognized over time. The Company generally receives trailing investment services revenue in arrears and recognizes the revenue when the monthly statement with referral revenue is received.

Miscellaneous fee income – Fees earned on other services, such as ATM surcharge fees, money order fees, and check fees, are recognized at the time of the event or the applicable billing cycle.

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The following table depicts the disaggregation of revenue derived from contracts with customers to depict the nature, amount, timing, and uncertainty of revenue and cash flows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Dollar amounts in thousands)		2025		2024		2025			2024
Service charges on deposit accounts:
Overdraft fees	$	268	$	249	$	787		$	748
ATM banking fees		479		489		1,394			1,419
Service charges and other fees		324		221		941			672
Gain (loss) on equity securities ⁽ª⁾		17		14		(24	)		(65	)
Earnings on bank-owned life insurance ⁽ª⁾		228		246		951			700
Gain on sale of loans ⁽ª⁾		158		56		221			135
Revenue from investment services		306		206		884			679
Gain on exchange of real estate ⁽ª⁾		-		-		1,229			-
Miscellaneous fee income		105		106		295			301
Gross rental income ⁽ª⁾		-		-		-			67
Other income		439		156		668			643
Total noninterest income	$	2,324	$	1,743	$	7,346		$	5,299

(a) Not within scope of ASC 606

NOTE 3 - EARNINGS PER SHARE

The Company provides a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the average shares outstanding. Diluted earnings per share adds the dilutive effects of restricted stock to average shares outstanding.

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three and nine months ended September 30, 2025 and 2024:

	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Weighted-average common shares outstanding		9,963,968			9,950,342			9,960,883			9,946,146

Average treasury stock shares		(1,879,310	)		(1,879,310	)		(1,879,310	)		(1,869,706	)

Weighted-average common shares and common stock equivalents used to calculate basic earnings per share		8,084,658			8,071,032			8,081,573			8,076,440

Additional common stock equivalents (restricted stock) used to calculate diluted earnings per share		62,837			15,840			48,640			15,840

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		8,147,495			8,086,872			8,130,213			8,092,280

At September 30, 2025, there were no anti-dilutive shares and 27,793 anti-dilutive shares at September 30, 2024, excluded from the calculation of diluted earnings per share related to restricted stock awards.

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NOTE 4 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component, net of tax, for the three and nine months ended September 30, 2025, and 2024, respectively:

(Dollar amounts in thousands)	Unrealized holding gain (loss) on securities available-for-sale
Balance at June 30, 2025	$	(22,937	)
Other comprehensive income⁽ª⁾		4,062
Balance at September 30, 2025	$	(18,875	)

Balance at December 31, 2024	$	(20,073	)
Other comprehensive income⁽ª⁾		1,198
Balance at September 30, 2025	$	(18,875	)

(Dollar amounts in thousands)	Unrealized holding gain (loss) on securities available-for-sale
Balance at June 30, 2024	$	(19,468	)
Other comprehensive income⁽ª⁾		2,991
Balance at September 30, 2024	$	(16,477	)

Balance at December 31, 2023	$	(16,090	)
Other comprehensive loss⁽ª⁾		(387	)
Balance at September 30, 2024	$	(16,477	)

(a)

All amounts are net of tax.

There were no other reclassifications of amounts from AOCI for the three and nine months ended September 30, 2025, and 2024.

NOTE 5 - FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following levels:

Level I:

Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

Level II:

Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are valued using other financial instruments, the parameters of which can be directly observed.

Level III:

Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

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This hierarchy requires the use of observable market data when available.

The following tables present the assets measured at fair value on a recurring basis on the Consolidated Balance Sheet by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	September 30, 2025
(Dollar amounts in thousands)	Level I		Level II		Level III		Total
Assets measured on a recurring basis:
Subordinated debt	$	-	$	21,893	$	1,679	$	23,572
Obligations of states and political subdivisions		-		124,373		-		124,373
Mortgage-backed securities in government-sponsored entities		-		7,910		-		7,910
Total investment securities available for sale		-		154,176		1,679		155,855

Equity securities		743		-		-		743
Interest rate derivative assets				547				547
Liabilities measured on a recurring basis:
Interest rate derivative liabilities				547				547

	December 31, 2024
(Dollar amounts in thousands)	Level I		Level II		Level III		Total
Assets measured on a recurring basis:
Subordinated debt	$	-	$	25,830	$	6,639	$	32,469
Obligations of states and political subdivisions		-		124,966		-		124,966
Mortgage-backed securities in government-sponsored entities		-		8,367		-		8,367
Total investment securities available for sale		-		159,163		6,639		165,802

Equity securities		753		-		-		753

Investment Securities Available for Sale - An independent pricing service provides the Company fair values determined by pricing models using a market approach that considers observable market data, such as interest rate volatilities, benchmarked yield curve, credit spreads and prices from market makers and live trading systems. These securities have been categorized in Level II. Level III securities are assets whose fair value cannot be determined by using observable measures. The inputs to the valuation methodology of these securities are unobservable and significant to the fair value measurement. Currently, this category includes certain subordinated debt investments that are valued based on the discounted cash flow approach assuming a yield curve of similarly structured instruments.

While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of specific financial instruments could result in a different estimate of fair value at the reporting date. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments following the respective reporting dates may be different from the amounts reported at each period-end.

Equity Securities - Equity securities that are traded on a national securities exchange are valued at their last reported sales price as of the measurement date. Equity securities traded in the over-the-counter (“OTC”) markets and listed securities for which no sale was reported on that date are generally valued at their last reported “bid” price if held long, and last reported “ask” price if sold short. To the extent equity securities are actively traded and valuation adjustments are not applied, they are categorized in Level I of the fair value hierarchy.

Interest Rate Derivatives - An independent third-party values interest rate derivatives using pricing models based on a discounted cash flow methodology. The models take into account both Level I and Level II inputs such as swap rates, deposit rates, and other market-based rates and curves. A Level II categorization has been assigned. Interest rate derivatives are included in "accrued interest receivable and other assets" and "accrued interest payable and other liabilities" on the Consolidated Balance Sheet.

The following table presents the fair value reconciliation of Level III assets measured at fair value on a recurring basis.

	Subordinated debt
(Dollar amounts in thousands)	September 30, 2025			December 31, 2024
Beginning of year	$	6,639		$	8,801
Settlements		(5,000	)		-
Transfers out of Level III ⁽¹⁾		-			(2,250	)
Net change in unrealized loss on investment securities available-for-sale		40			88
End of year	$	1,679		$	6,639

(1)

Transfers between hierarchy levels are based on the availability of sufficient observable inputs to meet Level II versus Level III criteria. The level designation of each financial instrument is reassessed at the end of each period.

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The following table presents the assets measured at fair value on a non-recurring basis on the Consolidated Balance Sheet by level within the fair value hierarchy.

	September 30, 2025
(Dollar amounts in thousands)	Level I		Level II		Level III		Total
Assets measured on a non-recurring basis:
Premises and equipment held for sale	$	-	$	-	$	998	$	998
Collateral-dependent loans		-		-		6,007		6,007

	December 31, 2024
(Dollar amounts in thousands)	Level I		Level II		Level III		Total
Assets measured on a non-recurring basis:
Collateral-dependent loans	$	-	$	-	$	3,321	$	3,321

Premises and Equipment Held for Sale - Premises and equipment held for sale consist of a branch location held for sale. The Company has measured impairment on branch locations held for sale based on the fair value of the property. Fair value is based on the listed selling price, which is predominately determined using market transactions for similar properties. In some cases, management may adjust the sales price due to changes in market conditions, length of time that the property has been on the market, or other factors that a market participant may take into account when valuing the property. Additionally, management estimates expected costs to sell the property. If the fair value of the premises and equipment held for sale is less than the carrying amount, a charge is taken to reduce the property to its fair value (less estimated selling costs), and the property is included in the above table as a Level III measurement in the period in which the adjustment is recorded. If the fair value of the property exceeds the carrying amount, then the property is not included in the above table as it is not currently being carried at its fair value. The fair values in the preceding tables include selling costs of $53,000 for September 30, 2025.

Collateral-Dependent Loans – The Company has measured expected credit loss on collateral-dependent individually analyzed loans generally based on the fair value of the loan’s collateral. Fair value is generally determined based on independent third-party appraisals of the properties. In some cases, management may adjust the appraised value due to the age of the appraisal, changes in market conditions, or observable deterioration of the property since the appraisal was completed. Additionally, management makes estimates about expected costs to sell the property, which are also included in the net realizable value. If the fair value of the collateral-dependent loan is less than the carrying amount of the loan, a specific reserve for the loan is made in the allowance for credit losses, or a charge-off is taken to reduce the loan to the fair value of the collateral (less estimated selling costs), and the loan is included in the above table as a Level III measurement in the period in which the adjustment is recorded. If the fair value of the collateral exceeds the carrying amount of the loan, then the loan is not included in the above table as it is not currently being carried at its fair value. The fair values in the preceding tables include selling costs of $1.8 million and $968,000 for September 30, 2025, and December 31, 2024

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company uses Level III inputs to determine fair value:

	September 30, 2025
(Dollar amounts in thousands)	Fair Value Estimate		Valuation Techniques	Unobservable Input	Range (Weighted Average)
Collateral-dependent loans	$	6,007	Appraisal of collateral	Appraisal adjustments		12.8 - 29.2% (25.2%)
Premises and equipment held for sale	$	998	Sale price	Adjustments to selling price		5.0%

	December 31, 2024
(Dollar amounts in thousands)	Fair Value Estimate		Valuation Techniques	Unobservable Input	Range (Weighted Average)
Collateral-dependent loans	$	3,321	Appraisal of collateral	Appraisal adjustments		0 - 23.9% (23.9%)

The estimated fair value of the Company’s financial instruments not recorded at fair value on a recurring basis is as follows:

	September 30, 2025
	Carrying								Total
(Dollar amounts in thousands)	Value		Level I		Level II		Level III		Fair Value
Financial assets:
Net loans	$	1,583,995	$	-	$	-	$	1,572,635	$	1,572,635
Mortgage servicing rights		1,423		-		-		2,398		2,398

Financial liabilities:
Non-maturing deposits	$	1,351,857	$	1,351,857	$	-	$	-	$	1,351,857
Time deposits		270,445		-		-		269,408		269,408
Other borrowings		11,502		-		-		11,502		11,502

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	December 31, 2024
	Carrying								Total
(Dollar amounts in thousands)	Value		Level I		Level II		Level III		Fair Value
Financial assets:
Net loans	$	1,497,167	$	-	$	-	$	1,462,650	$	1,462,650
Mortgage servicing rights		1,497		-		-		2,522		2,522

Financial liabilities:
Non-maturing deposits	$	1,197,989	$	1,197,989	$	-	$	-	$	1,197,989
Time deposits		247,704		-		-		245,999		245,999
Other borrowings		11,660		-		-		11,660		11,660

Included within other borrowings is an $8.2 million note payable, which matures in December 2037. These borrowings were used to form a special purpose entity to issue $8.0 million of floating rate, obligated mandatorily redeemable securities. The rate adjusts quarterly, equal to SOFR plus 1.67%. The borrowing is a floating rate instrument, and any difference between the cost and fair value is insignificant.

In addition to the financial instruments included in the above tables, cash and cash equivalents, bank-owned life insurance, Federal Home Loan Bank (the “FHLB”) stock, other investments, accrued interest receivable, FHLB advances, finance lease liabilities, and accrued interest payable, are carried at cost, which approximates the fair value of the instruments.

NOTE 6 – INVESTMENT AND EQUITY SECURITIES

The amortized cost and fair values of investment securities available for sale are as follows:

	September 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollar amounts in thousands)	Cost^(a)		Gains		Losses			Value
Subordinated debt	$	24,500	$	85	$	(1,013	)	$	23,572
Obligations of states and political subdivisions:
Tax-exempt		146,851		21		(22,499	)		124,373
Mortgage-backed securities in government-sponsored entities		8,396		46		(532	)		7,910
Total	$	179,747	$	152	$	(24,044	)	$	155,855

(a)	Accrued interest of $1.4 million is excluded from amortized cost and presented in "accrued interest receivable and other assets" on the Consolidated Balance Sheet.

	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollar amounts in thousands)	Cost ^(a)		Gains		Losses			Value
Subordinated debt	$	34,300	$	67	$	(1,898	)	$	32,469
Obligations of states and political subdivisions:
Tax-exempt		147,767		4		(22,805	)		124,966
Mortgage-backed securities in government-sponsored entities		9,144		1		(778	)		8,367
Total	$	191,211	$	72	$	(25,481	)	$	165,802

(a)	Accrued interest of $1.5 million is excluded from amortized cost and presented in "accrued interest receivable and other assets" on the Consolidated Balance Sheet.

The amortized cost and fair value of investment securities at September 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	70	$	70
Due after one year through five years		8,051		7,887
Due after five years through ten years		47,775		46,255
Due after ten years		123,851		101,643
Total	$	179,747	$	155,855

There were no investment securities sold during the three and nine months ended September 30, 2025, or the year ended December 31, 2024.

Investment securities with an approximate carrying value of $115.2 million and $112.1 million on September 30, 2025, and December 31, 2024, respectively, were pledged to secure deposits and for other purposes as required by law.

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The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.

	September 30, 2025
	Less than Twelve Months					Twelve Months or Greater					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollar amounts in thousands)	Value		Losses			Value		Losses			Value		Losses
Subordinated debt	$	727	$	(23	)	$	19,761	$	(989	)	$	20,487	$	(1,013	)
Obligations of states and political subdivisions:
Tax-exempt		-		-			111,984		(22,499	)		111,984		(22,499	)
Mortgage-backed securities in government-sponsored entities		1,026		(3	)		5,093		(529	)		6,119		(532	)
Total	$	1,753	$	(26	)	$	136,838	$	(24,017	)	$	138,590	$	(24,044	)

	December 31, 2024
	Less than Twelve Months					Twelve Months or Greater					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollar amounts in thousands)	Value		Losses			Value		Losses			Value		Losses
Subordinated debt	$	10,632	$	(368	)	$	20,770	$	(1,530	)	$	31,402	$	(1,898	)
Obligations of states and political subdivisions:
Tax-exempt		15,456		(487	)		102,484		(22,318	)		117,940		(22,805	)
Mortgage-backed securities in government-sponsored entities		1,986		(49	)		5,118		(729	)		7,104		(778	)
Total	$	28,074	$	(904	)	$	128,372	$	(24,577	)	$	156,446	$	(25,481	)

Every quarter, the Company evaluates investment securities with unrealized losses to determine if the decline in fair value has resulted from credit losses or other factors. There were 3 securities in an unrealized loss position for less than twelve months and 173 securities in an unrealized loss position for twelve months or greater on September 30, 2025. Unrealized losses on investment securities available for sale have not been recognized into income because we do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. The unrealized losses on investment securities were attributable to changes in interest rates and not related to the credit quality of these issuers. As of September 30, 2025 and December 31, 2024, no allowance for credit losses was required on investment securities available for sale.

Other investments, which primarily represent equity securities, totaled $1.1 million and $855,000 at September 30, 2025 and December 31, 2024, respectively. The Company recognized a gain on other investments of $17,000 and $14,000 for the three months ended September 30, 2025, and 2024, respectively. The Company recognized a loss on other investments of ($24,000) and ($65,000) for the nine months ended September 30, 2025 and 2024, respectively.

NOTE 7 – LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES

The following table summarizes the loan portfolio by primary segment and class of financial receivable:

	September 30,			December 31,
(Dollar amounts in thousands)		2025 ⁽¹⁾⁽²⁾			2024 ⁽¹⁾⁽²⁾
Commercial real estate:
Owner occupied	$	221,600		$	181,447
Non-owner occupied		390,354			412,291
Multifamily		88,899			89,849
Residential real estate		366,307			353,442
Commercial and industrial		269,422			229,034
Home equity lines of credit		159,805			143,379
Construction and other		104,843			103,608
Consumer installment		5,794			6,564
Total loans		1,607,024			1,519,614
Less: Allowance for credit losses		(23,029	)		(22,447	)
Net loans	$	1,583,995		$	1,497,167

⁽¹⁾		Accrued interest of $5.9 million and $5.5 million at September 30, 2025 and December 31, 2024, respectively, is excluded from amortized cost and presented in "accrued interest receivable and other assets" on the Consolidated Balance Sheets.
⁽²⁾		Unearned income, including net deferred loan fees and costs and unamortized premiums and discounts, totaled $6.6 million and $8.2 million at September 30, 2025 and December 31, 2024, respectively.

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Allowance for Credit Losses: Loans

The methodology for calculating the allowance for credit losses considers the possibility of expected loss over the life of the loan. It also considers historical loss rates and other qualitative adjustments, as well as a new forward-looking component that considers reasonable and supportable forecasts over the expected life of each loan. To develop the ACL estimate under the current expected loss model, the Company segments the loan portfolio into loan pools based on loan type and similar credit risk elements. An ACL is maintained to absorb losses from the loan portfolio. The ACL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of nonperforming loans. Refer to Note 1 – Summary of Significant Accounting Policies under the heading "Allowance for Credit Losses - Loans" of our 2024 Form 10-K for additional information on the Bank’s methodology for estimating the ACL.

Management reviews the loan portfolio quarterly using a defined, consistently applied process to make appropriate and timely adjustments to the ACL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ACL.

The following tables summarize the ACL within the primary segments of the loan portfolio and the activity within those segments:

	For the Three Months Ended September 30, 2025
	Balance											Balance
(Dollar amounts in thousands)	June 30, 2025		Charge-offs			Recoveries		Provision			September 30, 2025
Commercial real estate:
Owner occupied	$	2,538	$	-		$	92	$	311		$	2,941
Non-owner occupied		4,628		-			-		291			4,919
Multifamily		1,057		-			-		107			1,164
Residential real estate		5,801		(18	)		35		171			5,989
Commercial and industrial		3,014		(50	)		9		453			3,426
Home equity lines of credit		988		-			-		19			1,007
Construction and other		4,234		-			-		(721	)		3,513
Consumer installment		75		-			39		(44	)		70
Total	$	22,335	$	(68	)	$	175	$	587		$	23,029

	For the Three Months Ended September 30, 2024
	Balance											Balance
(Dollar amounts in thousands)	June 30, 2024		Charge-offs			Recoveries		Provision			September 30, 2024
Commercial real estate:
Owner occupied	$	2,058	$	(45	)	$	-	$	177		$	2,190
Non-owner occupied		7,981		(1,341	)		-		1,716			8,356
Multifamily		1,268		-			-		125			1,393
Residential real estate		4,891		-			-		219			5,110
Commercial and industrial		2,430		(35	)		9		8			2,412
Home equity lines of credit		813		-			-		56			869
Construction and other		2,290		-			-		(159	)		2,131
Consumer installment		64		(5	)		35		(29	)		65
Total	$	21,795	$	(1,426	)	$	44	$	2,113		$	22,526

	For the Nine Months Ended September 30, 2025
	Balance											Balance
(Dollar amounts in thousands)	December 31, 2024		Charge-offs			Recoveries		Provision			September 30, 2025
Commercial real estate:
Owner occupied	$	2,100	$	-		$	105	$	736		$	2,941
Non-owner occupied		8,364		(18	)		7		(3,434	)		4,919
Multifamily		1,310		-			-		(146	)		1,164
Residential real estate		5,236		(19	)		71		701			5,989
Commercial and industrial		2,427		(55	)		179		875			3,426
Home equity lines of credit		897		(4	)		8		106			1,007
Construction and other		2,052		-			-		1,461			3,513
Consumer installment		61		(44	)		104		(51	)		70
Total	$	22,447	$	(140	)	$	474	$	248		$	23,029

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	For the Nine Months Ended September 30, 2024
	Balance											Balance
(Dollar amounts in thousands)	December 31, 2023		Charge-offs			Recoveries		Provision			September 30, 2024
Commercial real estate:
Owner occupied	$	2,668	$	(45	)	$	11	$	(444	)	$	2,190
Non-owner occupied		4,480		(1,341	)		-		5,217			8,356
Multifamily		1,796		-			-		(403	)		1,393
Residential real estate		5,450		-			-		(340	)		5,110
Commercial and industrial		4,377		(35	)		24		(1,954	)		2,412
Home equity lines of credit		750		(7	)		1		125			869
Construction and other		1,990		-			-		141			2,131
Consumer installment		182		(11	)		118		(224	)		65
Total	$	21,693	$	(1,439	)	$	154	$	2,118		$	22,526

The total ACL increased by $582,000, or 2.6%, from December 31, 2024 to September 30, 2025. The increase was driven by portfolio activity, updated assumptions, and the economic outlook. For 2024 and 2025, the Bank utilized unemployment rate data from Federal Open Market Committee ("FOMC") within the model to forecast credit losses in the portfolio. The FOMC Summary of Economic Projections for the Civilian Unemployment Rate – Central Tendency – High used in the September 30, 2025 calculation projects a slight decrease in the unemployment rate from the prior quarter. The prepayment rates, probability of default (“PD”), and loss given default (“LGD”) assumptions were updated with the March 31, 2025 calculation in accordance with our policy to refresh assumptions on an annual basis. Prepayment rate assumptions are based on Bank data, while PD and LGD assumptions are determined using peer benchmark data. To the extent that credit risk is not fully identified within the forecasts and calculated reserve, management has made qualitative adjustments to the ACL balance.

The fluctuation in the ACL during the nine months ended September 30, 2025, can be attributed to the following along with general increases and decreases in loan segment balances as well as charge-offs and recoveries that occurred during the period:

	•	Decrease in ACL for non-owner occupied CRE loans is due to (1) a decrease in PDs and LGDs based on using Bank data for the first 12 months of the forecast and reverting to peer benchmark data for the remainder of the forecast and (2) a decrease in the maximum loss rate used in the qualitative adjustment, partially offset by (1) a decrease in prepayment rates, (2) an increase in the qualitative adjustment to adjust for a change in the Credit team, and (3) one individually analyzed loan requiring a reserve at September 30, 2025 that did not require a reserve at December 31, 2024. In addition, there was a decrease of $21.9 million in the non-owner occupied loan segment balance.
	•	Increase in ACL for construction and other loans is due to (1) the impact of a decrease in prepayment rates and an increase in PDs and LGDs causing an increase in the calculated reserve and (2) an increase in the qualitative adjustment to adjust for a change in the Credit team. In addition, there was an increase of $1.2 million in the construction and other loan segment balance.
	•	Increase in ACL for commercial and industrial loans is due to (1) the impact of a decrease in prepayment rates, (2) an increase in the qualitative adjustment to adjust for a change in the Credit team, and (3) one individually analyzed loan requiring a reserve at September 30, 2025 that did not require a reserve at December 31, 2024. Additionally, there was an increase of $40.4 million in the commercial and industrial loan segment balance.
	•	Increase in ACL for owner occupied CRE loans is due to (1) the impact of a decrease in prepayment rates and an overall increase in PDs and (2) an increase in the qualitative adjustment to adjust for a change in the Credit team. Additionally, the balance in this loan segment increased by $40.2 million during the period.
	•	Increase in ACL for residential real estate loans is due to a decrease in prepayment rates, partially offset by a decrease in PDs and LGDs in the calculation reserve. In addition, there was a $12.7 million increase in the balance for this loan segment.

Credit Quality Indicators

Management evaluates individual loans in all of the commercial segments for possible impairment based on guidelines established by the Board of Directors. Loans are individually analyzed when, based on current information and events, the Company will probably be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating credit loss include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall concerning the principal and interest owed. The evaluation of the need and amount of a specific allocation of the allowance and whether a loan can be removed from impairment status is made quarterly.

Management uses a nine-point internal risk-rating system to monitor the credit quality of the overall loan portfolio. The first five categories are considered not criticized and are aggregated as Pass rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but have potential weaknesses, resulting in undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered Substandard. A loan categorized as Doubtful contains all of the weaknesses as a Substandard loan with the added characteristic that the weaknesses are so pronounced that the collection or liquidation in full of both principal and interest is highly questionable or improbable. Any portion of a loan that has been charged off is placed in the Loss category.

To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as payment delinquency, bankruptcy, repossession, or death, occurs to raise awareness of a possible credit quality loss. The Company’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Credit Department performs an annual review of all commercial relationships with loan balances of $750,000 or greater. Detailed reviews, including plans for resolution, are performed on criticized loans of $150,000 or more on at least a quarterly basis. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the ACL.

Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due.

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The following table represents outstanding loan balances by credit quality indicators and vintage year by class of financing receivable and current period gross charge-offs by year of origination as of and for the nine months ended September 30, 2025:

	September 30, 2025
	Term Loans Amortized Cost Basis by Origination Year												Revolving Amortized
(Dollar amounts in thousands)	2025		2024		2023		2022		2021		Prior		Cost Basis		Total
Commercial real estate:
Owner occupied
Pass	$	32,496	$	17,688	$	26,103	$	31,492	$	38,894	$	57,387	$	6,118	$	210,178
Special Mention		-		-		3,691		-		-		-		-		3,691
Substandard		-		862		-		4,498		371		2,000		-		7,731
Total Owner occupied	$	32,496	$	18,550	$	29,794	$	35,990	$	39,265	$	59,387	$	6,118	$	221,600
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Non-owner occupied
Pass	$	15,387	$	7,427	$	54,719	$	94,460	$	47,044	$	141,040	$	743	$	360,820
Special Mention		-		-		-		387		-		234		-		621
Substandard		-		-		-		2,496		635		25,782		-		28,913
Total Non-owner occupied	$	15,387	$	7,427	$	54,719	$	97,343	$	47,679	$	167,056	$	743	$	390,354
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	18	$	-	$	18
Multifamily
Pass	$	-	$	2,885	$	45,017	$	18,823	$	6,742	$	15,432	$	-	$	88,899
Total Multifamily	$	-	$	2,885	$	45,017	$	18,823	$	6,742	$	15,432	$	-	$	88,899
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Residential real estate
Pass	$	35,764	$	44,302	$	49,963	$	57,160	$	65,975	$	110,348	$	312	$	363,824
Substandard		-		-		157		445		617		1,264		-		2,483
Total Residential real estate	$	35,764	$	44,302	$	50,120	$	57,605	$	66,592	$	111,612	$	312	$	366,307
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	19	$	-	$	19
Commercial and industrial
Pass	$	38,498	$	45,765	$	30,265	$	21,242	$	7,912	$	19,990	$	79,216	$	242,888
Special Mention		-		-		3,547		291		331		212		19,026		23,407
Substandard		-		-		1,413		16		-		276		1,422		3,127
Total Commercial and industrial	$	38,498	$	45,765	$	35,225	$	21,549	$	8,243	$	20,478	$	99,664	$	269,422
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	50	$	5	$	-	$	55
Home equity lines of credit
Pass	$	-	$	269	$	22	$	233	$	-	$	2,864	$	155,296	$	158,684
Substandard		-		-		233		191		-		287		410		1,121
Total Home equity lines of credit	$	-	$	269	$	255	$	424	$	-	$	3,151	$	155,706	$	159,805
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	4	$	-	$	4
Construction and other
Pass	$	4,660	$	56,254	$	19,057	$	1,889	$	998	$	1,906	$	17,346	$	102,110
Special Mention		-		-		-		-		-		188		-		188
Substandard		-		-		491		-		-		746		1,308		2,545
Total Construction and other	$	4,660	$	56,254	$	19,548	$	1,889	$	998	$	2,840	$	18,654	$	104,843
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Consumer installment
Pass	$	1,051	$	1,025	$	597	$	182	$	69	$	2,677	$	-	$	5,601
Substandard		-		-		-		-		-		193		-		193
Total Consumer installment	$	1,051	$	1,025	$	597	$	182	$	69	$	2,870	$	-	$	5,794
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	44	$	-	$	44
Total Loans	$	127,856	$	176,477	$	235,275	$	233,805	$	169,588	$	382,826	$	281,197	$	1,607,024

Total Loans Summary
Pass	$	127,856	$	175,615	$	225,743	$	225,481	$	167,634	$	351,644	$	259,031	$	1,533,004
Special Mention		-		-		7,238		678		331		634		19,026		27,907
Substandard		-		862		2,294		7,646		1,623		30,548		3,140		46,113
Total Loans	$	127,856	$	176,477	$	235,275	$	233,805	$	169,588	$	382,826	$	281,197	$	1,607,024

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	December 31, 2024
	Term Loans Amortized cost Basis by Origination Year												Revolving Amortized
(Dollar amounts in thousands)	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate:
Owner occupied
Pass	$	12,424	$	20,265	$	33,389	$	39,025	$	25,532	$	39,393	$	4,394	$	174,422
Special Mention		-		-		-		389		-		772		-		1,161
Substandard		974		-		4,535		-		-		355		-		5,864
Total Owner occupied	$	13,398	$	20,265	$	37,924	$	39,414	$	25,532	$	40,520	$	4,394	$	181,447
Current-period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	45	$	-	$	45
Non-owner occupied
Pass	$	7,542	$	63,559	$	96,624	$	49,009	$	20,230	$	133,530	$	905	$	371,399
Special Mention

MIDDLEFIELD BANC CORP 10-Q