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.
Middlefield Banc Corp. (NASDAQ: MBCN) reported a record net income of $4.9 million for Q1 2023, marking a 27.7% increase year-over-year. Earnings per diluted share decreased slightly to $0.60 due to a 38.4% rise in outstanding shares from the Liberty Bancshares merger. Key financial metrics included a 38.8% increase in pre-tax, pre-provision net income to $6.4 million, and an improved net interest margin of 4.26%, up from 3.80% the previous year. Total loans reached $1.38 billion, up from $1.35 billion as of December 31, 2022. Total deposits increased to $1.43 billion. However, return on average equity declined to 10.19% from 10.75%.
Middlefield Banc Corp. (NASDAQ: MBCN) declared a quarterly cash dividend of $0.20 per common share, representing a 17.6% increase over last year's first-quarter dividend. This dividend is payable on March 15, 2023, to shareholders of record as of March 3, 2023. The company, headquartered in Middlefield, Ohio, holds total assets of $1.69 billion as of December 31, 2022, and operates 22 banking centers across several locations including Beachwood and Dublin.
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.
FAQ
What is the current stock price of Middlefield Banc (MBCN)?
What is the market cap of Middlefield Banc (MBCN)?
What services does Middlefield Banc Corp. offer?
How can I access online banking services with Middlefield Banc Corp.?
What recent financial highlights has Middlefield Banc Corp. reported?
Who is the current CEO of Middlefield Banc Corp.?
What recent corporate governance changes have taken place at Middlefield Banc Corp.?
How has the merger with Liberty Bancshares, Inc. impacted Middlefield Banc Corp.?
What are the core values of Middlefield Banc Corp.?
How often does Middlefield Banc Corp. pay dividends?
What are the main risk factors for Middlefield Banc Corp.?
Where can I find more information about Middlefield Banc Corp.?
