Middlefield Banc(MBCN)

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Middlefield Banc Corp. Announces 2025 Second-Quarter Cash Dividend Payment
Globenewswire· 2025-05-12 20:05
Company Overview - Middlefield Banc Corp. is headquartered in Middlefield, Ohio, and serves as the bank holding company for The Middlefield Banking Company [2] - As of March 31, 2025, the company has total assets amounting to $1.89 billion [2] - The bank operates 21 full-service banking centers and a brokerage office, with a Loan Production Office located in Mentor, Ohio [2] Dividend Announcement - The Board of Directors of Middlefield Banc Corp. declared a quarterly cash dividend of $0.21 per common share [1] - The second-quarter dividend for 2025 is scheduled to be paid on June 13, 2025, to shareholders of record as of May 30, 2025 [1]
Surging Earnings Estimates Signal Upside for Middlefield Banc (MBCN) Stock
ZACKS· 2025-05-02 17:25
Core Viewpoint - Middlefield Banc Corp. (MBCN) shows potential as a strong investment opportunity due to significant revisions in earnings estimates, indicating an improving earnings outlook [1][9]. Earnings Estimate Revisions - The current quarter's earnings estimate is $0.57 per share, reflecting a +9.62% change from the previous year [6]. - Over the last 30 days, the Zacks Consensus Estimate for Middlefield Banc has increased by 18.95%, with two estimates moving higher and no negative revisions [6]. - For the full year, the earnings estimate stands at $2.24 per share, representing a +16.67% change from the year-ago figure, supported by two upward revisions and no negative changes [7]. Analyst Optimism and Stock Performance - The rising trend in estimate revisions is driven by growing analyst optimism regarding the company's earnings prospects, which is expected to positively influence the stock price [2]. - The Zacks Rank system, which categorizes stocks from 1 (Strong Buy) to 5 (Strong Sell), has shown that Zacks 1 Ranked stocks have generated an average annual return of +25% since 2008 [3]. Zacks Rank and Investment Potential - Middlefield Banc has achieved a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, indicating strong investment potential [8]. - Stocks with Zacks Rank 1 and 2 (Buy) have historically outperformed the S&P 500, suggesting that Middlefield Banc may continue to see positive stock performance [8]. Recent Stock Movement - The stock has appreciated by 8.4% over the past four weeks, indicating strong investor interest, with further upside potential still available [9].
Middlefield Banc (MBCN) Upgraded to Strong Buy: Here's Why
ZACKS· 2025-04-29 17:06
Core Viewpoint - Middlefield Banc Corp. (MBCN) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, particularly influenced by institutional investors [4][6]. - Rising earnings estimates for Middlefield Banc suggest an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Earnings Estimate Revisions - Middlefield Banc is projected to earn $2.08 per share for the fiscal year ending December 2025, reflecting an 8.3% year-over-year increase [8]. - Over the past three months, the Zacks Consensus Estimate for Middlefield Banc has risen by 6.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimate revisions, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Middlefield Banc to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].
Middlefield Banc (MBCN) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2025-04-25 00:30
Group 1 - Middlefield Banc Corp. reported $18.04 million in revenue for Q1 2025, a year-over-year increase of 7.6% [1] - The EPS for the same period was $0.60, compared to $0.51 a year ago, representing a surprise of +25.00% over the consensus estimate of $0.48 [1][2] - The reported revenue exceeded the Zacks Consensus Estimate of $17.25 million by +4.59% [1] Group 2 - The efficiency ratio for Middlefield Banc was 65.2%, better than the average estimate of 69.5% from two analysts [4] - The net interest margin was reported at 3.7%, slightly above the average estimate of 3.6% [4] - Average interest-earning assets were $1.80 billion, exceeding the estimated $1.77 billion [4] - Total noninterest income was $1.94 million, compared to the estimated $1.90 million [4] - Net interest income was reported at $16.10 million, surpassing the average estimate of $15.85 million [4] Group 3 - Shares of Middlefield Banc have returned -7% over the past month, while the Zacks S&P 500 composite changed by -5.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]
Middlefield Banc Corp. (MBCN) Q1 Earnings and Revenues Surpass Estimates
ZACKS· 2025-04-24 22:30
Group 1: Earnings Performance - Middlefield Banc Corp. reported quarterly earnings of $0.60 per share, exceeding the Zacks Consensus Estimate of $0.48 per share, and up from $0.51 per share a year ago, representing an earnings surprise of 25% [1] - The company posted revenues of $18.04 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.59%, compared to year-ago revenues of $16.77 million [2] - Over the last four quarters, Middlefield Banc has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Middlefield Banc shares have declined approximately 8.2% since the beginning of the year, slightly better than the S&P 500's decline of 8.6% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.48 on revenues of $17.85 million, and for the current fiscal year, it is $1.96 on revenues of $70.95 million [7] Group 3: Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]
Middlefield Banc(MBCN) - 2025 Q1 - Quarterly Results
2025-04-24 20:20
Financial Performance - Net income expanded by 15.9% year-over-year to $4.8 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 $1.55 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 $1.54 billion[9][11] - Stockholders' equity increased by 4.0% year-over-year to $213.8 million, with tangible stockholders' equity at $172.1 million[13][14] - Net income for Q1 2025 was $4,830,000, up from $4,167,000 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 $0.29 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 $29,984,000 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, 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, compared to $14,969,000 in Q1 2024, reflecting a 7.5% increase[25] - Total noninterest income for Q1 2025 was $1,944,000, 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 $0.21 per share, a 5% increase from the previous quarter[15] - The dividend declared per share increased to $0.21 in Q1 2025 from $0.20 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 $1,822,684,000 in the previous quarter, indicating growth of 3.23%[32] - Total loans reached $1,550,349,000, an increase of 2.0% from $1,519,614,000 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]
Middlefield Banc Corp. Reports 2025 Three-Month Financial Results
Globenewswire· 2025-04-24 20:15
Core Insights - Middlefield Banc Corp. reported strong financial growth for the first quarter of 2025, with total loans increasing by 4% year-over-year to a record $1.55 billion, driven by stable economic trends and strategic initiatives [3][5][7] - Net income rose by 15.9% year-over-year to $4.8 million, resulting in a return on average assets of 1.04% and a tangible book value per share increase of 5.5% to $21.29 [3][6][12] - The company is focused on enhancing its infrastructure and technology to support long-term growth, with plans for further investments throughout the year [4][10] Financial Performance - Net interest income for the quarter increased by $1.1 million to $16.1 million, with a net interest margin of 3.69%, up from 3.54% the previous year [5][28] - Noninterest income rose by $148,000 to $1.9 million, while noninterest expenses increased slightly to $12.2 million [6][28] - Earnings per share increased by 17.6% year-over-year to $0.60 per diluted share [8][30] Balance Sheet Highlights - Total assets grew by 3.9% year-over-year to $1.89 billion, with total loans at $1.55 billion, reflecting a 4% increase [7][19] - Total deposits increased by 6.4% year-over-year to $1.54 billion, primarily due to growth in money market and interest-bearing demand deposits [9][25] - Stockholders' equity rose by 4.0% year-over-year to $213.8 million, with tangible stockholders' equity at $172.1 million [11][12] Asset Quality - Nonperforming loans increased to $29.6 million, primarily due to a loan moved to nonaccrual status [17][18] - The allowance for credit losses stood at $22.4 million, or 1.44% of total loans, indicating a stable asset quality [17][18] - Nonperforming assets to total assets improved slightly to 1.56% from 1.62% at the end of 2024 [18]
Middlefield Banc Corp. (MBCN) Could Be a Great Choice
ZACKS· 2025-04-21 16:50
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yie ...
Why Middlefield Banc Corp. (MBCN) is a Great Dividend Stock Right Now
ZACKS· 2025-03-19 16:45
Company Overview - Middlefield Banc Corp. (MBCN) is headquartered in Middlefield and operates in the finance sector, experiencing a price change of -7.66% this year [3] - The company currently pays a dividend of $0.21 per share, resulting in a dividend yield of 3.24%, which is higher than the Banks - Northeast industry's yield of 2.89% and the S&P 500's yield of 1.57% [3] Dividend Performance - MBCN's annualized dividend of $0.84 has increased by 5% from the previous year, with an average annual increase of 8.05% over the last five years [4] - The current payout ratio for Middlefield Banc is 42%, indicating that it pays out 42% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - The Zacks Consensus Estimate for MBCN's earnings in 2025 is projected at $1.96 per share, reflecting an expected increase of 2.08% from the previous year [5] Investment Considerations - MBCN is considered a compelling investment opportunity due to its attractive dividend yield and strong Zacks Rank of 1 (Strong Buy) [7] - The company is positioned well for income investors, as dividends significantly contribute to long-term returns, often exceeding one-third of total returns [2]
Middlefield Banc(MBCN) - 2024 Q4 - Annual Report
2025-03-13 20:14
Merger and Market Position - The Company completed its merger with Liberty Bancshares, Inc. on December 1, 2022, issuing 2,561,513 shares of common stock for an aggregate consideration of approximately $73.3 million [25]. - MBC's deposit market share in Geauga County is approximately 20.72%, making it the second largest market share in that county [31]. - MBC's market area includes 4.07 million people, representing over one third of Ohio's population and 41.03% of the state's GDP [30]. - The Company operates in a market area that benefits from proximity to Cleveland and Columbus, both of which are significant economic centers in Ohio [35]. Economic Environment - The Columbus metro area has experienced a population increase of 12.2% over the last decade, contributing to a strong economic environment for MBC [36]. - As of 2023, Delaware County has the highest per capita personal income in Ohio at $93,124, indicating a favorable demographic for banking services [37]. - MBC's headquarters and main banking office are located in Geauga County, which has a per capita personal income of $86,579, ranking second among Ohio's counties [34]. - The unemployment rate in Ohio is projected to increase from 3.4% in December 2023 to 4.6% in December 2024, a change of 1.2% [39]. - The average unemployment rate in MBC's twelve-county market area is lower than the state average, with a 2024 projection of 4.2% [41]. Loan Products and Portfolio - The Company offers a variety of loan products, including operational and working capital loans, residential construction loans, and consumer installment loans [27]. - As of December 31, 2024, MBC's total loan portfolio amounts to approximately $1.52 billion, with residential real estate loans making up 23.3% of this total [49]. - The commercial and commercial real estate loans total $912.6 million, representing 60.1% of the total loan portfolio as of December 31, 2024 [60]. - Home equity lines of credit increased from $127.8 million (8.6% of total loans) in 2023 to $143.4 million (9.4% of total loans) in 2024 [54]. - The Bank's lending policy allows for loans of up to 80% of the value of real estate securing a loan, with terms of up to 30 years for residential real estate loans [50]. - Approximately 63.2% of the residential mortgage loan portfolio has an adjustable rate as of December 31, 2024 [51]. - As of December 31, 2024, real estate construction loans totaled $103.6 million, representing 6.8% of the Bank's total loan portfolio [64]. - The Bank's consumer installment loan portfolio was approximately $6.6 million as of December 31, 2024, accounting for 0.4% of total loans [67]. Credit and Risk Management - The Bank's credit policy requires commercial loan applications to be supported by documentation indicating sufficient cash flow for repayment [57]. - The Bank's credit policy maintains strict guidelines for consumer loan applications, ensuring risk management in lending activities [66]. - The Bank recorded gains of $199,000 on the sale of $7.1 million in loans receivable originated for sale during the year ended December 31, 2024 [71]. - The Bank's non-accruing loans in the consumer installment loan portfolio were approximately $165,000, representing 2.5% of that portfolio as of December 31, 2024 [67]. - The Bank's commercial and commercial real estate loan portfolios had non-accruing loans of approximately $493,000, representing 0.5% as of December 31, 2024 [64]. Deposits and Funding - Total deposits increased to $1.45 billion as of December 31, 2024, compared to $1.43 billion in 2023, reflecting a growth of approximately 1.4% [87]. - The total amount of uninsured time deposits was $56.6 million, with 21.35% maturing within three months and 35.29% beyond one year [93]. - FHLB borrowings increased from $163.0 million in 2023 to $172.4 million in 2024, indicating a rise in reliance on external funding sources [94]. - The Bank's reciprocal deposits amounted to $24.5 million in 2024, down from $28.6 million in 2023, reflecting a decrease in this funding source [93]. Regulatory Environment - The Company is subject to extensive regulation by the Federal Reserve and the FDIC, which could materially affect its business and prospects [104]. - The Federal Reserve and FDIC require a minimum common equity Tier 1 capital ratio of 4.5%, Tier 1 capital ratio of 6%, and total capital ratio of 8% to risk-weighted assets [122]. - As of December 31, 2024, the Bank exceeded the regulatory requirement for the capital conservation buffer, which is 2.5% of common equity Tier 1 capital to risk-weighted assets [124]. - The company must maintain a total risk-based capital of 10.0% or greater to be classified as "well-capitalized" under prompt corrective action rules [126]. - The FDIC may restrict a bank's ability to pay dividends if it believes such payments would constitute an unsafe practice [129]. Community Reinvestment Act (CRA) Compliance - MBC's CRA performance evaluation dated December 12, 2022, states that its CRA rating is "Satisfactory" [146]. - The final rule issued on October 24, 2023, aims to strengthen CRA regulations, encouraging banks to expand access to credit in low- and moderate-income communities [146]. - The majority of the provisions in the final rule will take effect on January 1, 2026, with additional data collection requirements starting January 1, 2027 [147]. - A federal district judge in Texas has enjoined federal bank regulators from enforcing the revised CRA rules due to a lawsuit by bank trade groups [148]. - The injunction may delay the January 1, 2026, effective date for the new CRA rules until the lawsuit is resolved [149]. Cybersecurity and Compliance - The Bank dedicates significant resources to cybersecurity, including intrusion prevention and employee training programs [155]. - The Bank employs a layered defensive approach to manage cybersecurity controls, including monitoring and alerting for suspicious activities [156]. - Compliance with the Bank Secrecy Act and anti-money laundering regulations is mandatory, requiring financial institutions to maintain records and report suspicious transactions [157]. Employee and Operational Management - The Bank had 246 full-time equivalent employees as of December 31, 2024, with no employees represented by a collective bargaining group [101]. - Employee retention strategies focus on competitive wages and benefits, contributing to operational efficiency and cost management [100]. - The company's income is entirely derived from dividends received from its Bank, which is also the main source of its liquidity [118].