1. A community-focused KeyCorp for Northeast and Central Ohio.

2. Like a local version of U.S. Bancorp, specializing in traditional banking for Ohio communities.

• Deposit Accounts: Provides various deposit products like checking, savings, money market, and certificates of deposit for individuals and businesses.
• Lending Services: Offers a range of loan products including commercial, real estate, and consumer loans to individuals and businesses.
• Wealth Management and Trust Services: Delivers financial planning, investment management, and trust administration services.
• Treasury Management Services: Provides cash management, fraud protection, and electronic payment solutions primarily for business clients.

Middlefield Banc (symbol: MBCN) is a community bank that primarily sells its financial services to individuals and businesses within its operational footprint. As a financial institution, it does not have a few specific "major customers" in the way a B2B supplier would, but rather serves a broad base across several categories of clients.

The company primarily sells to individuals and businesses, and its customers can be described in the following categories:

• Individuals and Households: This category includes consumers seeking personal banking services such as checking accounts, savings accounts, certificates of deposit (CDs), mortgages, home equity loans, auto loans, and other personal lending products.
• Small to Medium-sized Businesses: Middlefield Banc serves local and regional businesses by offering commercial checking and savings accounts, commercial real estate loans, business lines of credit, equipment loans, treasury management services, and other business banking solutions.
• Commercial Real Estate Investors and Developers: A significant portion of the bank's lending activities is directed towards financing commercial real estate projects, including properties for retail, office, industrial, and multi-family use, catering to investors and developers in its market area.

Fiserv, Inc. (FI)

Ronald L. Zimmerly, Jr. Chief Executive Officer and President

Mr. Zimmerly was appointed Chief Executive Officer of Middlefield Banc Corp. and The Middlefield Banking Company on January 1, 2024. He joined Middlefield as President following the acquisition of Liberty Bancshares, Inc. on December 1, 2022. Prior to joining Middlefield, he served as the President and Chief Executive Officer of Liberty Bancshares, Inc. from 2010 to 2022. Liberty Bancshares, Inc. was acquired by Middlefield in a $64.4 million deal in 2022. Mr. Zimmerly brings over 35 years of experience in the Ohio community banking industry.

Michael C. Ranttila Chief Financial Officer

Mr. Ranttila was named Chief Financial Officer, succeeding Donald L. Stacy, effective April 30, 2023. He possesses more than 15 years of financial management experience across multiple business functions. Mr. Ranttila holds a Bachelor's degree in Accounting from Youngstown State University (Summa Cum Laude) and an MBA from The Ohio State University.

Michael Cheravitch Chief Banking Officer

Mr. Cheravitch joined Middlefield as Chief Banking Officer, a new position for the company, on January 4, 2024. In this role, he oversees all Commercial, Business, and Consumer banking channels, including digital banking, the retail branch network and call center, along with consumer lending and residential mortgage. He previously served as SVP Regional Banking Executive at F.N.B. Corporation for four years. Mr. Cheravitch's career spans over 35 years of banking experience, including leadership roles at F.N.B. Corporation, The Cornerstone Fund, Huntington National Bank, FirstMerit Bank, Citizens Financial Group, Charter One Bank, Bank One, and KeyBank.

Rebecca Noblit Chief Credit Officer

Ms. Noblit was promoted to Chief Credit Officer, effective February 1, 2024. She joined Middlefield in December 2022 as Senior Vice President of Credit Administration, following the acquisition of Liberty National Bank. Prior to joining Middlefield, she served as Chief Credit Officer, Senior Vice President at Liberty National Bank from September 2017 to November 2022. Her previous experience includes roles at Delaware County Bank, Huntington National Bank, and Fifth Third Bank.

Julie E. Shaw Secretary

Ms. Shaw serves as the Corporate Secretary for Middlefield Banc Corp. She is responsible for handling shareholder communications regarding financial statements, accounting practices, internal controls, governance practices, business ethics, and corporate conduct.

The key risks to Middlefield Banc's business include interest rate fluctuations and intense competition for deposits, credit risk and potential loan losses, and regulatory and compliance risks.

1. Interest Rate Risk and Competition for Deposits: Middlefield Banc has experienced a reduction in net interest margin and net-interest income due to higher funding costs, which resulted from increased interest rates and intensified competition for deposits. For example, the company reported that its cost of funds increased to 2.51% in 2024 from 1.62% in the prior year, leading to a 45-basis point year-over-year reduction in its net interest margin.
2. Credit Risk and Loan Losses: As a financial institution, Middlefield Banc is inherently exposed to the risk of loan defaults and potential credit losses. While the company has reported stable asset quality and historically low levels of nonperforming assets, with an allowance for credit losses to total loans of 1.46% at June 30, 2024, and 1.48% at December 31, 2024, the potential for an increase in nonperforming loans or inadequate reserves remains a significant risk for any banking operation.
3. Regulatory and Compliance Risk: Middlefield Banc, like all financial institutions, operates in a highly regulated environment. Changes in banking laws, regulations, or accounting standards, or the failure to comply with existing ones, could adversely affect the company's business, financial condition, or results of operations. The company's board committees are structured to oversee various risks, including financial reporting and legal and compliance risks.

The clear emerging threat for Middlefield Banc (MBCN) is the accelerating disruption from fintech companies and neobanks. These digital-first financial service providers are leveraging technology to offer more convenient, often lower-cost, and user-friendly alternatives to traditional banking products and services. Neobanks, for example, attract customers through superior mobile experiences, low or no fees, and quick account setup, potentially siphoning away deposits and basic transactional banking relationships from traditional community banks like MBCN. Similarly, alternative lending platforms and embedded finance solutions from non-bank entities are challenging traditional loan origination. This trend mirrors historical disruptions where digital-native companies displaced incumbents that relied on older business models and physical infrastructure.

Middlefield Banc (MBCN) operates as a community bank primarily serving Northeast, Central, and Western Ohio. Its main products and services encompass deposit accounts, various loan products, and other financial services.

The addressable markets for Middlefield Banc's main products and services in Ohio are:

• Mortgage Market (Ohio): In 2024, the Ohio mortgage market saw over 158,000 loans originated, totaling $38.9 billion.
• Commercial Banking Market (Ohio): The commercial banking industry in Ohio has a market size of $63.8 billion in 2025.
• Deposit Market (Ohio): The cumulative deposits across Ohio totaled approximately $537.36 billion in 2024.

Drivers of Future Revenue Growth for Middlefield Banc (MBCN)

• Strategic Expansion in Central Ohio: Middlefield Banc is actively pursuing a multi-year strategy to expand its presence in the Central Ohio region, evidenced by the planned relocation and opening of its Westerville office in the fourth quarter of 2025. This expansion aims to capitalize on regional growth opportunities and enhance its competitive advantage.
• Growth in Commercial and Industrial Loans: The company has a strategic focus on increasing its commercial and industrial loan portfolio, which contributed to a 6.8% rise in total loans, reaching a record $1.61 billion in the first nine months of 2025. This area is expected to be a key driver for continued profitable growth.
• Capitalizing on Ohio's Economic Development: Middlefield Banc is well-positioned to benefit from significant economic development in Ohio, particularly in the Columbus region, driven by major investments from companies such as Intel and Amazon. This regional growth is expected to create substantial opportunities for the bank.
• Net Interest Margin Expansion: The company has demonstrated an ability to expand its net interest margin, which increased by 33 basis points to 3.79% in the third quarter of 2025. This expansion reflects improved profitability and efficient management of interest-earning assets and interest-bearing liabilities.
• Investments in Operations and Talent: Ongoing investments in operations and talent are strengthening Middlefield Banc's foundation, positioning it for sustained performance and shareholder value creation. This commitment to internal improvements supports long-term growth and efficiency.

Share Repurchases

• By October 2025, Middlefield Banc Corp. completed the repurchase of 1,106,980 shares for $29.04 million under a program announced in April 2019.
• For the twelve months ended December 31, 2024, the company repurchased 43,858 shares of its common stock at an average price of $24.00 per share.
• During the first quarter of 2023, Middlefield repurchased 164,221 shares at an average price of $27.44 per share, with 293,910 shares remaining under the February 2023 repurchase program.

Share Issuance

• In December 2022, Middlefield Banc Corp. issued 2.6 million shares of its common stock as consideration for the acquisition of Liberty Bancshares, Inc.
• The number of shares outstanding increased from 6.59 million in 2022 to 8.09 million in 2023, reflecting a significant issuance primarily attributed to the Liberty Bancshares acquisition.

Outbound Investments

• Middlefield Banc Corp. completed the acquisition of Liberty Bancshares, Inc. in December 2022, which added approximately $437 million of assets and expanded the company's branch network.
• In October 2025, Middlefield Banc Corp. announced a definitive merger agreement with Farmers National Banc Corp., valued at approximately $299 million, in an all-stock transaction.

Capital Expenditures

• Capital expenditures were approximately -$1.05 million in 2024, -$719 thousand in 2023, and -$605 thousand in 2022.
• Middlefield has invested in creating an infrastructure designed to support a bank in excess of $2 billion in assets.