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) 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.
Middlefield Banc Corp. (NASDAQ: MBCN) announced its acquisition of Liberty Bancshares, Inc. (OTC Markets: LBSI) in a deal valued at approximately $64.4 million. Each Liberty shareholder will receive 2.752 shares of Middlefield stock, resulting in Liberty's shareholders owning about 31% of the combined entity. The transaction, expected to close in Q4 2022, will increase Middlefield's assets by 33% to $1.8 billion, and is projected to be accretive to earnings per share in the first year.
Middlefield Banc Corp. (NASDAQ: MBCN) has announced the promotion of Michael C. Ranttila to Vice President of Finance, making him an Executive Officer as well. He continues as Chief Financial Officer of The Middlefield Banking Company, a role he has held since November 2019. Ranttila has been instrumental in the bank's success since joining as Controller in March 2011. The company, with total assets of $1.32 billion as of March 31, 2022, operates 16 full-service banking centers in various Ohio locations.
Middlefield Banc Corp. (NASDAQ: MBCN) has declared a quarterly cash dividend of $0.17 per common share, to be paid on June 15, 2022. Shareholders of record as of June 3, 2022 will receive this dividend. The bank holding company, with total assets of $1.32 billion as of March 31, 2022, operates 16 full-service banking centers and a brokerage office across several Ohio locations. The announcement reflects confidence in financial stability amidst a competitive banking landscape.
Middlefield Banc Corp. (MBCN) reported its first-quarter 2022 financial results, revealing a net income of $3.8 million, maintaining the EPS at $0.65. Total loans saw a slight decline to $977.7 million, although increased by 5.2% annualized when excluding PPP impacts. The net interest margin improved to 3.80%. The company returned $1.8 million to shareholders through dividends and share repurchases. Asset quality improved with nonperforming loans decreasing to 0.48%. However, total assets decreased by 4.7% year-over-year.
Ancora Holdings Group, the largest shareholder of Middlefield Banc Corp. (NASDAQ: MBCN), expressed concerns regarding the Board's governance, succession planning, and operational performance. Ancora argues that MBCN has underperformed compared to industry peers and advocates for a strategic sale of the Bank, estimating a potential value of $36-$38 per share. The letter criticizes the Board's decisions, including hiring an older CEO and failing to explore merger opportunities with more dynamic management teams. Ancora emphasizes that such strategic actions are crucial for enhancing shareholder value.
Middlefield Banc Corp. announced the promotion of Alfred F. Thompson Jr. to Executive Vice President/Chief Credit Officer and Courtney Erminio to Executive Vice President/Chief Risk Officer. Thompson, with a tenure since 1996, will oversee credit administration, while Erminio, who joined in 2010, will lead risk, audit, and compliance programs. CEO James R. Heslop, II expressed confidence in their leadership and experience, noting their contributions to the bank's community and operations. The bank, headquartered in Middlefield, Ohio, has assets totaling $1.33 billion as of December 31, 2021.
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.
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