Middlefield Banc Corp. (MBCN) 10-Year Financial Performance & Capital Metrics

MBCN • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutMiddlefield Banc Corp. operates as the bank holding company for The Middlefield Banking Company that provides various commercial banking services to small and medium-sized businesses, professionals, small business owners, and retail customers in northeastern and central Ohio. It provides checking, savings, negotiable order of withdrawal accounts, money market accounts, time certificates of deposit, commercial loans, real estate loans, various consumer loans, safe deposit facilities, and travelers' checks. The company also offers operational and working capital, term business, residential construction, professional, and residential and mortgage loans, as well as consumer installment loans for home improvements, automobiles, boats, and other personal expenditures; loans to finance capital purchases; selected guaranteed or subsidized loan programs for small businesses; and agricultural loans. Further, it provides official checks, money orders, ATM services, as well as IRA accounts; online banking and bill payment services to individuals; and online cash management services to business customers. In addition, the company resolves and disposes troubled assets in Ohio. As of December 31, 2021, it has 17 banking centers in Chardon, Newbury, and Middlefield, Garrettsville, Mantua, Orwell, Cortland, Dublin, Westerville, Sunbury, Powell, Beachwood, Solon, Twinsburg, and Plain City; as well as an administrative office in Middlefield, and a loan production office in Mentor. Middlefield Banc Corp. was founded in 1901 and is headquartered in Middlefield, Ohio.Show more

Net Interest Income $60M -7.4%
Total Revenue $108M +11.8%
Net Income $16M -10.6%
Return on Equity 7.46% -13.4%
Net Interest Margin 3.23% -8.9%
Efficiency Ratio 43.83% -11.7%
ROA 0.84% -14.7%
Equity / Assets 11.36% +0.7%
Book Value per Share 26.04 +2.9%
Tangible BV/Share 20.85 +4.1%
Debt/Equity 0.87 +2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 43.8% efficiency ratio
✓Well capitalized: 11.4% equity/assets
✓Healthy dividend yield of 2.3%
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.32%

5Y12.81%

3Y22.1%

TTM-

Profit (Net Income) CAGR

10Y8.01%

5Y4.07%

3Y-5.91%

TTM11.4%

EPS CAGR

10Y0.93%

5Y-0.31%

3Y-13.82%

TTM48.3%

ROCE

10Y Avg10.16%

5Y Avg9.57%

3Y Avg9.21%

Latest8.01%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	24.68M	25.7M	37.1M	40.22M	41.19M	43.27M	48.04M	49.99M	64.73M	59.93M
NII Growth %	0.04%	0.04%	0.44%	0.08%	0.02%	0.05%	0.11%	0.04%	0.29%	-0.07%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	28.5M	29.89M	43.75M	50.13M	54.33M	52.52M	52.23M	54.72M	89.83M	100.51M
Interest Expense	3.82M	4.19M	6.65M	9.91M	13.14M	9.25M	4.2M	4.73M	25.1M	40.58M
Loan Loss Provision	315K	570K	1.04M	840K	890K	9.84M	700K	0	3M	2.01M
Non-Interest Income+	4.14M	4.06M	5.11M	3.96M	5.04M	6.1M	7.35M	6.93M	7.16M	7.96M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	32.64M	33.95M	48.85M	54.09M	59.37M	58.63M	59.58M	61.65M	96.99M	108.47M
Revenue Growth %	0.05%	0.04%	0.44%	0.11%	0.1%	-0.01%	0.02%	0.03%	0.57%	0.12%
Non-Interest Expense	20.08M	20.87M	27.48M	28.74M	30.03M	29.79M	31.99M	38.03M	48.14M	47.54M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	8.43M	8.32M	13.68M	14.59M	15.3M	9.75M	22.7M	18.89M	20.75M	18.34M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.08%	-0.01%	0.64%	0.07%	0.05%	-0.36%	1.33%	-0.17%	0.1%	-0.12%
Pretax Income+	8.43M	8.32M	13.68M	14.59M	15.3M	9.75M	22.7M	18.89M	20.75M	18.34M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.56M	1.91M	4.22M	2.16M	2.59M	1.4M	4.07M	3.22M	3.39M	2.83M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	6.87M	6.42M	9.46M	12.43M	12.71M	8.35M	18.63M	15.67M	17.37M	15.52M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.04%	-0.07%	0.47%	0.31%	0.02%	-0.34%	1.23%	-0.16%	0.11%	-0.11%
Net Income (Continuing)	6.87M	6.42M	9.46M	12.43M	12.71M	8.35M	18.63M	15.67M	17.37M	15.52M
EPS (Diluted)+	1.70	1.52	1.55	1.92	1.95	1.31	3.00	2.59	2.14	1.92
EPS Growth %	-0.03%	-0.11%	0.02%	0.24%	0.02%	-0.33%	1.29%	-0.14%	-0.17%	-0.1%
EPS (Basic)	1.71	1.52	1.56	1.92	1.96	1.31	3.01	2.60	2.14	1.93
Diluted Shares Outstanding	4.05M	4.24M	6.09M	6.49M	6.5M	6.4M	6.21M	6.04M	8.13M	8.09M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	22.42M	31.39M	39.89M	107.93M	35.11M	92.87M	97.17M	51.4M	56.4M	46.04M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	674.95M	717.55M	1.01B	1.08B	1.09B	1.21B	1.14B	1.5B	1.63B	1.66B
Investments Growth %	0.09%	0.06%	0.41%	0.07%	0%	0.11%	-0.06%	0.32%	0.08%	0.02%
Long-Term Investments	528.43M	603.18M	916.49M	985.89M	979.42M	1.09B	969.22M	1.34B	1.46B	1.5B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	4.56M	4.56M	15.07M	15.07M	15.07M	15.07M	15.07M	31.73M	36.36M	36.36M
Intangible Assets	76K	36K	2.75M	2.4M	2.06M	1.72M	1.4M	7.7M	6.64M	5.61M
PP&E (Net)	9.77M	11.2M	11.85M	13M	18.78M	19.07M	18.14M	22.68M	21.34M	20.57M
Other Assets	20.01M	19.04M	21.07M	20.91M	22.46M	50.48M	53.97M	54.49M	57.65M	80.97M
Total Current Assets	171.33M	148.2M	138.46M	209.89M	144.32M	212.44M	271.5M	222.28M	234.26M	211.84M
Total Non-Current Assets	563.81M	639.62M	967.88M	1.04B	1.04B	1.18B	1.06B	1.47B	1.59B	1.64B
Total Assets+	735.14M	786.46M	1.11B	1.25B	1.18B	1.39B	1.33B	1.69B	1.82B	1.85B
Asset Growth %	0.09%	0.07%	0.41%	0.13%	-0.05%	0.18%	-0.04%	0.27%	0.08%	0.02%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	395K	395K	578K	744K	917K	580K	237K	693K	2.48M	0
Total Debt+	45.76M	77.8M	103.77M	99.2M	18.73M	13.83M	13.78M	77.78M	174.86M	184.06M
Net Debt	23.34M	46.4M	63.89M	-8.73M	-16.38M	-79.04M	-83.39M	26.38M	118.47M	138.02M
Long-Term Debt	9.94M	9.44M	29.07M	8.8M	8.65M	8.25M	8.25M	8.25M	8.25M	8.25M
Short-Term Debt	35.83M	68.36M	74.71M	90.4M	5.08M	0	0	65M	163M	172.4M
Other Liabilities	1.54M	1.97M	1.55M	1.69M	1.29M	5.56M	1.17M	2.93M	5.17M	13.04M
Total Current Liabilities	661.36M	699.46M	955.86M	1.11B	1.03B	1.23B	1.17B	1.47B	1.6B	1.62B
Total Non-Current Liabilities	11.48M	11.4M	30.61M	10.49M	14.94M	19.39M	14.95M	15.71M	17.04M	24.7M
Total Liabilities	672.84M	709.5M	986.47M	1.12B	1.04B	1.25B	1.19B	1.49B	1.62B	1.64B
Total Equity+	62.3M	76.96M	119.86M	128.29M	137.78M	143.81M	145.34M	197.69M	205.68M	210.56M
Equity Growth %	-0.02%	0.24%	0.56%	0.07%	0.07%	0.04%	0.01%	0.36%	0.04%	0.02%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.09%	0.1%	0.1%	0.1%	0.06%	0.13%	0.09%	0.09%	0.07%
Book Value per Share	15.39	18.16	19.68	19.77	21.19	22.45	23.40	32.71	25.31	26.04
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	36.19M	47.94M	84.86M	85.92M	86.62M	86.89M	87.13M	161.03M	161.39M	162M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	246K
Retained Earnings	37.24M	41.33M	47.43M	56.04M	65.06M	69.58M	83.97M	94.15M	100.24M	109.3M
Accumulated OCI	2.4M	1.2M	1.09M	-154K	1.84M	4.28M	3.46M	-22.14M	-16.09M	-20.07M
Treasury Stock	-13.52M	-13.52M	-13.52M	-13.52M	-15.75M	-16.94M	-29.23M	-35.35M	-39.85M	-40.91M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	7.18M	7.8M	13.92M	14.28M	13.46M	15.08M	15.42M	18.36M	22.36M	17.47M
Operating CF Growth %	-0.04%	0.09%	0.78%	0.03%	-0.06%	0.12%	0.02%	0.19%	0.22%	-0.22%
Net Income	6.87M	6.42M	9.46M	12.43M	12.71M	8.35M	18.63M	15.67M	17.37M	15.52M
Depreciation & Amortization	1.01M	1.07M	2.08M	1.91M	2.02M	2.02M	2.1M	142K	1.05M	1.15M
Deferred Taxes	558K	-93K	293K	-241K	327K	-1.35M	-401K	-324K	-705K	198K
Other Non-Cash Items	-1.06M	422K	2.35M	-105K	-2.58M	7.99M	-6.13M	2.38M	3.22M	1.21M
Working Capital Changes	-212K	-39K	-286K	-179K	335K	-2.08M	735K	186K	1.17M	-985K
Cash from Investing+	-59.45M	-45.98M	-95.25M	-76.54M	276K	-135.32M	70.89M	-8.61M	-126.54M	-43.29M
Purchase of Investments	-21.95M	-1.74M	-3.08M	-13M	-34.96M	-24.07M	-68.91M	-32.29M	-2.2M	-2.94M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	5.43M	0	0	0	0	18.41M	0	0
Other Investing	-66.17M	-74.33M	-117.77M	-68.72M	7.12M	-128.35M	128.88M	-55.96M	-126.5M	-41.79M
Cash from Financing+	50.37M	46.92M	88.72M	130.31M	-86.56M	197.55M	-79.23M	-75.36M	111.21M	20.78M
Dividends Paid	-2.15M	-2.32M	-3.36M	-3.78M	-3.69M	-3.83M	-4.24M	-5.49M	-6.86M	-6.46M
Share Repurchases	-6.78M	0	0	0	-2.23M	-1.19M	-12.29M	-6.12M	-4.51M	-1.05M
Stock Issued	0	11.21M	15.16M	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K
Other Financing	38.98M	6M	50.94M	138.66M	5.11M	204.37M	-58.5M	-128.52M	24.78M	19.09M
Net Change in Cash+	-1.89M	8.74M	7.39M	68.05M	-72.82M	77.3M	7.08M	-65.69M	7.03M	-5.04M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	25.64M	23.75M	32.49M	39.89M	107.93M	35.11M	112.42M	119.49M	53.81M	60.84M
Cash at End	23.75M	32.49M	39.89M	107.93M	35.11M	112.42M	119.49M	53.81M	60.84M	55.79M
Interest Paid	3.74M	4.19M	6.51M	9.74M	12.97M	9.59M	4.41M	4.33M	22.75M	41.64M
Income Taxes Paid	800K	1.33M	5.71M	2.13M	2.71M	2.18M	5.53M	3.58M	1.56M	1.98M
Free Cash Flow+	6.67M	5.63M	12.72M	12.18M	11.56M	14.01M	14.82M	17.48M	21.26M	16.69M
FCF Growth %	0.02%	-0.16%	1.26%	-0.04%	-0.05%	0.21%	0.06%	0.18%	0.22%	-0.21%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.88%	9.21%	9.61%	10.02%	9.55%	5.93%	12.89%	9.14%	8.61%	7.46%
Return on Assets (ROA)	0.97%	0.84%	1%	1.06%	1.05%	0.65%	1.37%	1.04%	0.99%	0.84%
Net Interest Margin	3.36%	3.27%	3.35%	3.22%	3.48%	3.11%	3.61%	2.96%	3.55%	3.23%
Efficiency Ratio	61.51%	61.47%	56.26%	53.14%	50.59%	50.81%	53.69%	61.68%	49.63%	43.83%
Equity / Assets	8.48%	9.79%	10.83%	10.28%	11.65%	10.33%	10.92%	11.71%	11.28%	11.36%
Book Value / Share	15.39	18.16	19.68	19.77	21.19	22.45	23.4	32.71	25.31	26.04
NII Growth	4.05%	4.15%	44.35%	8.42%	2.41%	5.06%	11.01%	4.07%	29.48%	-7.42%
Dividend Payout	31.36%	36.13%	35.52%	30.4%	28.99%	45.92%	22.76%	35.03%	39.52%	41.61%

Revenue by Segment

	2022	2023	2024
ATM Banking Fees	1.49M	1.93M	1.9M
ATM Banking Fees Growth	-	29.48%	-1.50%
Service Charge and Other Fees	1.46M	955K	1.01M
Service Charge and Other Fees Growth	-	-34.41%	5.45%
Overdraft Fees	905K	995K	1M
Overdraft Fees Growth	-	9.94%	0.60%

Frequently Asked Questions

Valuation & Price

Middlefield Banc Corp. (MBCN) has a price-to-earnings (P/E) ratio of 18.1x. This is roughly in line with market averages.

Growth & Financials

Middlefield Banc Corp. (MBCN) grew revenue by 11.8% over the past year. This is steady growth.

Yes, Middlefield Banc Corp. (MBCN) is profitable, generating $15.8M in net income for fiscal year 2024 (14.3% net margin).

Dividend & Returns

Yes, Middlefield Banc Corp. (MBCN) pays a dividend with a yield of 2.30%. This makes it attractive for income-focused investors.

Middlefield Banc Corp. (MBCN) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

Industry Metrics

Middlefield Banc Corp. (MBCN) has a net interest margin (NIM) of 3.2%. This indicates healthy earnings from lending activities.

Middlefield Banc Corp. (MBCN) has an efficiency ratio of 43.8%. This is excellent, indicating strong cost control.

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