Logo

MBCN

Middlefield Banc Corp.

MBCN

Middlefield Banc Corp. • NASDAQ
$34.80 ▲ 0.81% (+0.28)
Market Cap $281.14 M
52w High $35.50
52w Low $22.74
Dividend Yield 0.84%
P/E 13.33
Volume 13.30K
Outstanding Shares 8.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $0 ▼ $0 ▼ 0% ▼ $0.66 ▼ $284K ▼
Q2-2025 $30.314M ▲ $13.651M ▲ $6.157M ▲ 20.311% ▲ $0.76 ▲ $7.446M ▲
Q1-2025 $27.417M ▲ $12.193M ▲ $4.83M ▼ 17.617% ▼ $0.6 $6.089M ▼
Q4-2024 $27.352M ▼ $11.803M ▼ $4.848M ▲ 17.724% ▲ $0.6 ▲ $6.153M ▲
Q3-2024 $27.356M $11.871M $2.34M 8.554% $0.29 $3.105M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $1.979B ▲ $1.755B ▲ $224.12M ▲
Q2-2025 $110.061M ▼ $1.924B ▲ $1.708B ▲ $216.052M ▲
Q1-2025 $110.164M ▼ $1.888B ▲ $1.675B ▲ $213.793M ▲
Q4-2024 $211.839M ▼ $1.853B ▼ $1.643B ▼ $210.562M ▼
Q3-2024 $231.746M $1.858B $1.647B $210.705M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.32M ▼ $4.828M $-17.9M ▲ $43.931M ▲ $30.859M ▲ $5.725M ▲
Q2-2025 $6.157M ▲ $4.828M ▼ $-29.996M ▼ $31.144M ▲ $5.976M ▼ $4.204M ▼
Q1-2025 $4.83M ▼ $8.018M ▲ $-26.824M ▼ $29.884M ▲ $11.078M ▲ $7.745M ▲
Q4-2024 $4.848M ▲ $2.659M ▼ $-18.397M ▼ $-2.343M ▼ $-18.081M ▼ $2.251M ▼
Q3-2024 $2.34M $6.016M $-6.95M $22.559M $21.615M $5.834M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
ATM Banking Fees
ATM Banking Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Overdraft Fees
Overdraft Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Charge and Other Fees
Service Charge and Other Fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Middlefield’s income statement shows a steady, generally resilient bank, but with some pressure in recent years. Revenue has inched higher over the five‑year period, and core profitability has remained positive each year, which is important for a community bank. However, earnings per share peaked a few years ago and have since drifted lower, suggesting margin pressure, higher costs, or a larger share count weighing on per‑share results. Overall, this looks like a mature, stable earnings profile rather than a fast‑growing one, with interest‑rate swings and funding costs likely influencing recent softness in per‑share performance.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully, with total assets moving up as the bank has expanded its lending and footprint. Equity has built up over time, which supports regulatory capital strength. On the other hand, the bank relies more on borrowings now than it did a few years ago, meaning leverage has increased and the funding mix is less conservative than in the past. Cash and liquid balances are adequate but not abundant, so asset quality, deposit stability, and funding costs are key watch areas. In short, it’s a larger, somewhat more leveraged balance sheet that still carries a reasonable capital cushion.

Cash Flow

Cash Flow Cash generation looks steady and predictable. Operating cash flow has been consistently positive, and free cash flow closely tracks it, indicating that the bank does not require heavy ongoing investment to support its current operations. Capital spending appears modest, which is typical for a traditional bank that invests more in technology and people than in physical plant. This pattern suggests a business that converts its earnings into cash fairly well, providing room to support dividends, technology upgrades, and integration costs around the planned merger, as long as credit quality holds up.

Competitive Edge

Competitive Edge Middlefield’s edge comes from its long history as a community bank, deep relationships in its Ohio markets, and local decision‑making. That model tends to build loyalty among small businesses, farmers, and local households who value direct access to bankers who know them personally. The bank offers a full suite of mainstream products—commercial, agricultural, and small business loans plus wealth management—without trying to be all things to all people. The planned merger with Farmers National Banc Corp. should meaningfully increase scale, broaden the footprint, and add more advanced capabilities, but it also introduces integration risk and the challenge of preserving the community‑bank feel inside a larger organization. Competition from larger regionals and digital‑first players remains an ongoing pressure.

Innovation and R&D

Innovation and R&D Middlefield is not a cutting‑edge tech innovator, but it has steadily upgraded its digital offering to keep pace with customer expectations. It provides modern online and mobile banking, digital payments, mobile deposit, and a card‑control app for fraud protection, which together cover the core needs of most retail and small business customers. The bank has publicly committed to a multi‑year technology roadmap and even created a senior role focused on strategy and innovation, signaling that digital capabilities are now a strategic priority. Most of its technology appears to be industry standard rather than proprietary, so the advantage comes more from how well it integrates these tools into a high‑touch service model than from any unique platform of its own.

Summary

Middlefield Banc Corp. looks like a traditional, conservatively run community bank that has grown steadily over time and remained consistently profitable. Its strengths are stable earnings, dependable cash generation, solid capital levels, and a strong local franchise with long‑standing customer relationships in commercial, agricultural, and small business banking. Recent years show some pressure on earnings per share and a greater reliance on borrowings, which raises sensitivity to interest rates and funding conditions. The announced merger with Farmers National Banc Corp. is a major strategic turning point: it offers greater scale, a broader product set, and stronger digital capabilities, but also brings execution and integration risks and the need to protect the community‑bank culture that underpins its moat. Overall, this is a story of a century‑old community bank transitioning into a larger regional platform while trying to preserve the relationship‑driven model that has historically served it well.

NEWS

November 17, 2025 · 4:30 PM UTC

Middlefield Banc Corp. Announces 2025 Fourth-Quarter Cash Dividend Payment

Read more

October 28, 2025 · 5:30 PM UTC

SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Middlefield Banc Corp. (NASDAQ: MBCN)

Read more

October 23, 2025 · 3:56 PM UTC

KBRA Comments on Farmers National Banc Corp's Merger Agreement to Acquire Middlefield Banc Corp.

Read more

October 22, 2025 · 4:40 PM UTC

Middlefield Banc Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Middlefield Banc Corp. - MBCN

Read more

October 22, 2025 · 3:30 PM UTC

Shareholder Alert: The Ademi Firm investigates whether Middlefield Banc Corp. is obtaining a Fair Price for its Public Shareholders

Read more