Middlefield Banc Corp Stock Price, News & Analysis

Middlefield Banc Corp. announced the appointment of James R. Heslop, II as the new President and Chief Executive Officer, effective April 1, 2022, succeeding Thomas G. Caldwell, who will retire on the same date. Heslop, with over 40 years in community banking and having served as the Executive Vice President and COO of Middlefield, is expected to ensure a smooth transition. The Board of Directors will also reduce its size from ten to nine members. The company boasts a strong financial position, with total assets of $1.33 billion as of December 31, 2021.

Middlefield Banc Corp. (NASDAQ: MBCN) has declared a quarterly cash dividend of $0.17 per share, payable on March 15, 2022. The company's Board also approved an additional 300,000 shares for its share repurchase program, raising total repurchase capacity to 369,566 shares, about 6.3% of outstanding shares. Since April 2019, MBCN has repurchased 687,466 shares at an average price of $23.52. This move underscores MBCN's commitment to returning capital to shareholders while enhancing stock value and maintaining financial flexibility.

Middlefield Banc Corp. (NASDAQ: MBCN) reported record financial results for 2021, with net income soaring 123.2% to $18.6 million and return on average assets rising to 1.36%. The net interest margin increased to 3.79%, while total noninterest income climbed 20.3% to $7.2 million. The company returned $16.6 million to shareholders via dividends and share repurchases. However, net loans decreased 11.3% to $967.3 million due to PPP forgiveness. Outlook for 2022 indicates ongoing challenges in loan growth, although initiatives to enhance digital offerings are underway.

Middlefield Banc Corp. (NASDAQ: MBCN) announced the expansion of its digital banking capabilities to enhance customer engagement. Over the past two years, online banking clients surged, with a notable 76% increase in business banking digital users and a 15% rise in eStatement enrollments. New offerings include a digital account opening process and access to a variety of insurance products. The bank is committed to safe, efficient services and plans further investments in digital tools to capture high-growth markets.

Middlefield Banc Corp. (NASDAQ: MBCN) announced a quarterly cash dividend of $0.17 per common share and a special $0.04 dividend, both payable on December 15, 2021. This marks a 6.3% increase from the previous quarter and a 13.3% increase from last year. The company has returned significant capital to shareholders through dividends and a share repurchase program, with 346,103 shares repurchased at an average price of $23.47. The total assets stood at $1.37 billion as of September 30, 2021.

Middlefield Banc Corp. (NASDAQ: MBCN) has announced the retirement of Clayton W. Rose, III from its Board of Directors, effective immediately. Kevin A. DiGeronimo, previously a director since January 2021, has been elected to replace him and will also serve on the Audit Committee. The bank, with total assets of $1.37 billion, operates 16 full-service banking centers across Ohio. CEO Thomas G. Caldwell praised both the outgoing and incoming directors, noting DiGeronimo's extensive experience in the business community.

Middlefield Banc Corp. (NASDAQ: MBCN) announced the election of Jennifer Moeller to its Board of Directors, effective December 13, 2021. Moeller brings a blend of marketing and strategic planning experience, having held significant roles in various sectors, including banking and consumer goods. Her background includes leadership at MECA Software and The BankMart, along with entrepreneurial experience from her floral business. The company reported total assets of $1.37 billion as of September 30, 2021, operating 16 banking centers across multiple Ohio locations.

Middlefield Banc Corp. (NASDAQ: MBCN) reported strong financial results for the nine months ending September 30, 2021, achieving a net income of $13.8 million, or $2.19 per diluted share. Notable highlights include a record third-quarter income of $5.2 million, a net interest margin rise of 23 basis points to 3.79%, and a 29.5% increase in noninterest income to $5.7 million. Return on average assets improved to 1.34%, while net charge-offs decreased by 96%. The company has repurchased 346,103 shares this year, demonstrating commitment to shareholder value.