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Middlefield Banc Corp. - MBCN STOCK NEWS

Welcome to our dedicated page for Middlefield Banc news (Ticker: MBCN), a resource for investors and traders seeking the latest updates and insights on Middlefield Banc stock.

Middlefield Banc Corp. (NASDAQ: MBCN) is a United States-based bank holding company established in 1901, headquartered in Middlefield, Ohio. The company operates primarily through its wholly-owned subsidiary, The Middlefield Banking Company (MBC), which offers an extensive range of banking services. These include checking and savings accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, and time certificates of deposit. MBC also provides various loan options, such as commercial loans, real estate loans, and consumer loans, as well as safe deposit facilities and travelers' checks.

In addition to traditional banking services, Middlefield Banc Corp. has embraced technology by offering online banking and bill payment services for individuals and online cash management services for business customers through its website, www.middlefieldbank.bank.

Recently, Middlefield Banc Corp. reported financial highlights demonstrating strong performance. For the nine-month period ended September 30, 2023, net interest income increased by 38.0% to $49.8 million compared to the same period last year. The company's total assets reached $1.79 billion, a notable increase from $1.35 billion the previous year, primarily driven by the merger with Liberty Bancshares, Inc. and organic loan growth.

Middlefield Banc Corp. continues to focus on enhancing shareholder value, increasing total deposits to $1.46 billion by September 30, 2023, compared to $1.13 billion in the previous year. Stockholders' equity also saw a significant rise to $193.7 million, marking a 57.7% year-over-year increase. The company declared cash dividends totaling $0.60 per share for the nine-month period ended September 30, 2023, reflecting a 17.6% increase over the same period last year.

In corporate governance, Middlefield Banc Corp. announced the appointment of Ronald L. Zimmerly, Jr. as Chief Executive Officer effective January 1, 2024. Mr. Zimmerly, who joined Middlefield following the acquisition of Liberty Bancshares, Inc., brings over 35 years of experience in the Ohio community banking industry.

Looking ahead, Middlefield Banc Corp. remains committed to its core values and community-oriented approach, striving for continued growth and excellent financial performance while addressing potential risks such as competitive pressures, interest rate changes, and regulatory developments.

Rhea-AI Summary

Middlefield Banc Corp. (NASDAQ: MBCN) reported financial results for the nine months ended September 30, 2024. Key highlights include:

  • Net income of $10.7 million, down from $13.8 million year-over-year
  • Earnings of $1.32 per diluted share, compared to $1.70 per diluted share
  • Total loans increased 3.9% to a record $1.50 billion
  • Total deposits increased 3.8% to a record $1.51 billion
  • Nonperforming assets to total assets increased to 1.62% from 0.75%
  • Book value increased 9.1% to $26.11 per share

The company reported record total assets and deposits, as well as a record book value per share. However, higher charge-offs and non-performing loans associated with one customer impacted earnings. The provision for credit losses increased during the third quarter, reducing after-tax earnings by $0.12 per diluted share.

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Middlefield Banc Corp. (NASDAQ: MBCN) is set to celebrate its 10th anniversary of listing on the Nasdaq Stock Market by ringing the Opening Bell on Tuesday, August 27, 2024. The ceremony will be broadcast live starting at approximately 9:15 a.m. ET and can be viewed on Facebook or Nasdaq's website.

Ronald L. Zimmerly, Jr., President and CEO, highlighted the company's achievements since listing on Nasdaq:

  • Total assets increased by nearly 170%
  • Annual net income grew over 140%
  • Returned capital to shareholders through share repurchases and growing dividends

Zimmerly attributed the success to the hard work of employees and their dedication to local Ohio communities.

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Middlefield Banc Corp. (NASDAQ: MBCN) has announced a quarterly cash dividend of $0.20 per common share for the third quarter of 2024. The dividend will be payable on September 13, 2024, to shareholders of record as of August 30, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders and maintaining its dividend policy. The consistent dividend payout may be viewed as a positive sign of the bank's financial stability and confidence in its future performance.

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Middlefield Banc Corp. (NASDAQ: MBCN) reported financial results for the six months ended June 30, 2024. Net income was $8.3 million, or $1.03 per diluted share, compared to $10.0 million, or $1.23 per diluted share, for the same period last year. Total loans increased 6.3% to a record $1.50 billion, while total deposits grew 2.6% to a record $1.47 billion. The company's asset quality remained stable with nonperforming assets to total assets at 0.87%. The allowance for credit losses was 1.46% of total loans. Middlefield's focus remains on supporting local communities, managing expenses, and maintaining a strong balance sheet amid economic uncertainties.

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Middlefield Banc Corp. (NASDAQ: MBCN) announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per common share for the second quarter of 2024.

The dividend will be payable on June 14, 2024, to shareholders who are recorded by May 31, 2024.

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Middlefield Banc Corp. (NASDAQ: MBCN) reported financial results for the first quarter of 2024. Net income decreased to $4.2 million, earnings per share decreased to $0.51, and net interest income decreased to $15.1 million. However, noninterest income increased by 6.9%. Total loans and deposits increased, while asset quality remained strong. The company remains focused on strategic growth goals to create lasting value for shareholders.

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Middlefield Banc Corp. (MBCN) declares a quarterly cash dividend of $0.20 per common share, payable on March 15, 2024, to shareholders of record on March 1, 2024.
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Middlefield Banc Corp. (NASDAQ: MBCN) reported a 10.8% increase in net income to a record $17.4 million for the year 2023. Earnings were $2.14 per diluted share, reflecting a 34.5% increase in average diluted shares outstanding. Net interest income increased by 29.9% to a record $65.2 million, supported by a strong net interest margin of 4.04%. Total loans and deposits reached a record high of $1.48 billion and $1.43 billion respectively. The company declared $0.85 per share in dividends, a 4.9% increase. President and CEO Ronald L. Zimmerly, Jr. highlighted the successful integration of the Liberty Bancshares, Inc. merger and the company's expansion into Western and Central Ohio, making Middlefield one of the leading independent community banks in the state. He also emphasized the focus on talent development, strategic adjustments to the operating structure, and enhanced infrastructure to support future growth.
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Middlefield Banc Corp. (NASDAQ: MBCN) announces the promotion of Rebecca Noblit to Chief Credit Officer and the appointment of Michael Cheravitch as Chief Banking Officer to support the Company’s growth across its Central, Western, and Northeast Ohio markets.
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Middlefield Banc Corp. (NASDAQ: MBCN) announces a special cash dividend of $0.05 per common share and a regular quarterly cash dividend of $0.20 per common share. The total dividends declared for 2023 amount to $0.85 per share, marking a 5% year-over-year increase. CEO James R. Heslop, II, attributes this increase to the company's strong balance sheet, business model, and commitment to rewarding shareholders.
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FAQ

What is the current stock price of Middlefield Banc (MBCN)?

The current stock price of Middlefield Banc (MBCN) is $33.585 as of November 6, 2024.

What is the market cap of Middlefield Banc (MBCN)?

The market cap of Middlefield Banc (MBCN) is approximately 259.3M.

What services does Middlefield Banc Corp. offer?

Middlefield Banc Corp. offers a wide range of services including checking and savings accounts, NOW accounts, money market accounts, time certificates of deposit, various loan options, safe deposit facilities, and travelers' checks.

How can I access online banking services with Middlefield Banc Corp.?

You can access online banking and bill payment services for individuals and online cash management services for business customers through their website at www.middlefieldbank.bank.

What recent financial highlights has Middlefield Banc Corp. reported?

For the nine-month period ended September 30, 2023, Middlefield Banc Corp. reported a net interest income increase of 38.0% to $49.8 million, with total assets rising to $1.79 billion.

Who is the current CEO of Middlefield Banc Corp.?

Ronald L. Zimmerly, Jr. is the CEO, effective January 1, 2024, succeeding James R. Heslop, II.

What recent corporate governance changes have taken place at Middlefield Banc Corp.?

Ronald L. Zimmerly, Jr. was appointed as CEO effective January 1, 2024, following the retirement of James R. Heslop, II.

How has the merger with Liberty Bancshares, Inc. impacted Middlefield Banc Corp.?

The merger significantly boosted the company's total assets and loan portfolio, contributing to its strong financial performance in 2023.

What are the core values of Middlefield Banc Corp.?

Middlefield Banc Corp. is committed to a community-oriented approach, focusing on providing tailored financial solutions and expert guidance to Ohio communities.

How often does Middlefield Banc Corp. pay dividends?

Middlefield Banc Corp. declared cash dividends totaling $0.60 per share for the nine-month period ended September 30, 2023.

What are the main risk factors for Middlefield Banc Corp.?

Main risk factors include competitive pressures among financial institutions, changes in interest rates, economic conditions, regulatory changes, and technological issues.

Where can I find more information about Middlefield Banc Corp.?

Additional information is available on their website at www.middlefieldbank.bank.

Middlefield Banc Corp.

Nasdaq:MBCN

MBCN Rankings

MBCN Stock Data

259.28M
8.07M
4.18%
32.43%
1.75%
Banks - Regional
State Commercial Banks
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United States of America
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