Middlefield Banc Corp Stock Price, News & Analysis

Middlefield Banc Corp. (NASDAQ: MBCN) reported its financial results for 2022, highlighting a net income of $15.7 million, or $2.59 per diluted share, down from $18.6 million, or $3.00 per share in 2021.

Overall, the company returned $11.6 million to shareholders through dividends and share repurchases. It saw a 26.8% rise in total assets to $1.69 billion, primarily due to the Liberty Bancshares merger. The net interest margin improved to 4.08%, while total loans increased 9.6% organically. Stockholders' equity grew 36.0% to $197.7 million. However, noninterest income decreased by 6.4%, and overall expenses increased significantly by 19.0% due to merger costs.

Middlefield Banc Corp. (NASDAQ: MBCN) has successfully merged with Liberty Bancshares, Inc., leading to the cessation of Liberty's OTC market trading. Ronald L. Zimmerly, Jr., formerly of Liberty, has been appointed President of Middlefield. This merger expands Middlefield's reach to 22 branches across 12 Ohio counties, with total assets exceeding $1.7 billion. Customers will maintain services through existing branches until the full system integration expected on April 24, 2023. This strategic move aims to enhance customer service and shareholder value.

Middlefield Banc Corp. (NASDAQ: MBCN) announced strong financial performance for 2022, leading to the Board’s decision to return capital to shareholders. A quarterly cash dividend of $0.20 per common share was declared, marking a 17.6% increase from the prior quarter. Additionally, a special one-time dividend of $0.10 per share will also be paid, both on December 15, 2022, to shareholders of record by December 2, 2022. The annual cash dividend has risen from $0.54 in 2017 to $0.81 in 2022, reflecting an 8.4% compound annual growth rate.

Middlefield Banc Corp. (NASDAQ: MBCN) announced that shareholders have approved the merger with Liberty Bancshares, Inc. (OTC Markets: LBSI), expected to finalize in Q4 2022. This strategic move aims to enhance operational capabilities and expand market reach, leveraging the combined assets to improve customer services. Middlefield, with total assets of $1.35 billion as of September 30, 2022, operates 16 banking centers across Ohio. The merger is anticipated to create synergies and strengthen regional competitiveness.

Middlefield Banc Corp. (NASDAQ: MBCN) has adjourned its Special Meeting of Shareholders until November 8, 2022, to allow more time for voting on a proposed merger with Liberty Bancshares, Inc. (OTC LBSI). The merger requires approval from two-thirds of Middlefield’s outstanding common stock. Leading proxy advisory firms have recommended a vote for the merger. The Special Meeting will be held via a live webcast, and shareholders can vote online or contact Georgeson for assistance.

Middlefield Banc Corp. has secured regulatory approval to merge with Liberty Bancshares, Inc. Institutional Shareholder Services recommends shareholders vote in favor of the merger. The Federal Reserve Bank of Cleveland waived the need for a bank holding company act application, and the Ohio Division of Financial Institutions approved the merger. Shareholder meetings for both companies are scheduled for early November 2022. Middlefield has total assets of $1.35 billion as of September 30, 2022, and operates 16 banking centers across several Ohio locations.

Middlefield Banc Corp. (NASDAQ: MBCN) reported its financial results for the three and nine months ending September 30, 2022. Net income decreased to $12.2 million, or $2.08 per diluted share, down from $13.8 million, or $2.19 per diluted share year-over-year. The company returned $6.6 million to shareholders through dividends and share repurchases. Total loans rose to $995.2 million, a 6.6% increase, while net interest margin improved to 4.02%. However, year-to-date profitability was impacted by $969,000 in one-time merger expenses. The merger with Liberty Bancshares, Inc. is on track for Q4 2022.

Middlefield Banc Corp. (NASDAQ: MBCN) declared a quarterly cash dividend of $0.17 per common share, set to be paid on September 15, 2022, to shareholders on record by September 2, 2022. The company, based in Middlefield, Ohio, reported total assets of $1.29 billion as of June 30, 2022. It operates 16 full-service banking centers and a brokerage office, providing financial services across multiple locations.

Middlefield Banc Corp. (NASDAQ: MBCN) reported its 2022 first half results, showing a net income of $7.9 million, or $1.35 per diluted share, stable year-over-year. The company returned $4.4 million to shareholders through dividends and share repurchase, acquiring 95,364 shares at $25.39 each. Although net interest income declined slightly, the net interest margin improved to 3.91%. Significant one-time expenses associated with the Liberty Bancshares merger impacted second-quarter results, with net income at $4.1 million. The merger is on track for the fourth quarter, aimed at enhancing earnings and market presence.