Middlefield Banc Corp Stock Price, News & Analysis

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.

Middlefield Banc Corp. (NASDAQ: MBCN) announced an additional share repurchase capacity of 300,000 shares under its repurchase program, reflecting the company's strong capital and liquidity position. This brings the total authorized repurchase to 328,721 shares, or about 5.4% of outstanding shares. Since 2019, the company has repurchased 527,143 shares at an average price of $18.52. The buyback program aims to enhance shareholder value and reflects confidence in the company's future.

Middlefield Banc Corp. (NASDAQ: MBCN) declared a quarterly cash dividend of $0.16 per common share, set for payment on September 15, 2021, to shareholders recorded by September 3, 2021. The company, with total assets of $1.36 billion as of June 30, 2021, operates 16 banking centers and one brokerage office in Ohio. This announcement underscores Middlefield Banc Corp.'s commitment to returning value to its shareholders amidst ongoing economic challenges.

Middlefield Banc Corp. (MBCN) reported record earnings for the first half of 2021, with net income of $8.6 million ($1.35 per diluted share) driven by a strong second quarter performance of $4.4 million ($0.70 per diluted share). The net interest margin improved to 3.72% from 3.56% year-over-year, while pre-tax, pre-provision income rose 35.4% to $11.4 million. Total noninterest income increased by 49.9% to $3.9 million. The company successfully managed low interest rates, achieving a return on average assets of 1.26% and controlling operating expenses, despite economic uncertainties.

Middlefield Banc Corp. (NASDAQ: MBCN) announced that President and CEO Thomas G. Caldwell will retire on March 31, 2022. Caldwell, who has served for 26 years, will complete his term as a director at the company's 2022 annual meeting. The company is conducting an internal and external search for his successor as part of its succession plan. Under Caldwell's leadership, the bank expanded from three to 16 offices, significantly increased assets from $134.6 million in 1995 to $1.39 billion by March 2021, and achieved a market capitalization of $153 million as of June 1, 2021.

Middlefield Banc Corp. (NASDAQ: MBCN) has declared a quarterly cash dividend of $0.16 per share, payable on June 15, 2021, to shareholders of record on June 4, 2021. The company's total assets reached $1.39 billion as of March 31, 2021. Middlefield Banc Corp. operates 16 full-service banking centers and has a significant local presence in various Ohio communities.