The bank maintains a conservative capital structure with an equity-to-assets ratio of 12% as of 2025Q4, though the concentration of investment securities at 90% of total assets warrants further investigation into duration risk.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash & Short Term Investments | 47.51M | 211.84M | 227.18M | 216.37M | 267.37M | 207.23M | 140.85M | 206.25M | 135.17M | 145.77M | 168.94M | 175.18M | 178.07M | 228.04M | 209.71M | 10.47M | 13.03M | 9.91M | 9.18M | 13.64M | 5.82M | 5.93M | 10.31M | 4.82M | 13.03M | 4.84M |
| Cash & Due from Banks | 39.82M | 46.04M | 56.4M | 51.4M | 97.17M | 92.87M | 35.11M | 107.93M | 39.89M | 31.39M | 22.42M | 20.85M | 20.93M | 33.57M | 15.73M | 10.47M | 13.03M | 9.91M | 9.18M | 13.64M | 5.82M | 5.93M | 10.31M | 4.82M | 13.03M | 4.84M |
| Short Term Investments | 7.68M | 165.8M | 170.78M | 164.97M | 170.2M | 114.36M | 105.73M | 98.32M | 95.28M | 114.38M | 146.52M | 154.33M | 157.14M | 194.47M | 193.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.73B | 1.66B | 1.63B | 1.5B | 1.14B | 1.21B | 1.09B | 1.08B | 1.01B | 717.55M | 674.95M | 618.51M | 585.82M | 595.13M | 589.04M | 568.05M | 485.37M | 422.29M | 392.11M | 309.52M | 289.32M | 270.49M | 242.18M | 214.8M | 182.17M | 163.08M |
| Investments Growth % | 3.8% | 2.19% | 8.23% | 32.03% | -5.56% | 11.18% | 0.09% | 7.16% | 41% | 6.31% | 9.13% | 5.58% | -1.56% | 1.03% | 3.69% | 17.03% | 14.94% | 7.7% | 26.69% | 6.98% | 6.96% | 11.69% | 12.75% | 17.91% | 11.71% | - |
| Long-Term Investments | 1.72B | 1.5B | 1.46B | 1.34B | 969.22M | 1.09B | 979.42M | 985.89M | 916.49M | 603.18M | 528.43M | 464.18M | 428.68M | 400.65M | 395.06M | 568.05M | 485.37M | 422.29M | 392.11M | 309.52M | 289.32M | 270.49M | 242.18M | 214.8M | 182.17M | 163.08M |
| Accounts Receivables | 0 | 0 | 5.46M | 4.33M | 2.82M | 4.36M | 2.72M | 2.84M | 2.58M | 1.61M | 1.38M | 1.09M | 1.11M | 7.86M | 9.81M | 12.8M | 11.47M | 7.65M | 5.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 40.97M | 41.97M | 43M | 39.44M | 16.47M | 16.8M | 17.13M | 17.47M | 17.82M | 4.59M | 4.63M | 4.67M | 4.71M | 4.75M | 4.79M | 4.56M | 4.56M | 4.56M | 4.37M | 123.17K | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 36.36M | 36.36M | 36.36M | 31.73M | 15.07M | 15.07M | 15.07M | 15.07M | 15.07M | 4.56M | 4.56M | 4.56M | 4.56M | 4.56M | 4.56M | 4.56M | 4.56M | 4.56M | 4.37M | 123.17K | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.61M | 5.61M | 6.64M | 7.7M | 1.4M | 1.72M | 2.06M | 2.4M | 2.75M | 36K | 76K | 116K | 156K | 195K | 235K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 22.21M | 20.57M | 21.34M | 22.68M | 18.14M | 19.07M | 18.78M | 13M | 11.85M | 11.2M | 9.77M | 9.98M | 9.83M | 8.67M | 8.26M | 8.18M | 8.39M | 8.45M | 7.04M | 6.74M | 6.62M | 6.62M | 6.81M | 6.48M | 6.24M | 5.43M |
| Other Assets | 72.46M | 80.97M | 57.65M | 54.49M | 53.97M | 50.48M | 22.46M | 20.91M | 21.07M | 19.04M | 20.01M | 19.94M | 19.98M | 20.31M | 26.92M | 28.14M | 35.83M | 14.99M | 15.79M | 10.83M | 9.45M | 8.18M | 3.06M | 140.39K | -3.59M | 3.14M |
| Total Current Assets | 47.51M | 211.84M | 234.26M | 222.28M | 271.5M | 212.44M | 144.32M | 209.89M | 138.46M | 148.2M | 171.33M | 177.28M | 180.2M | 235.9M | 219.51M | 23.27M | 24.5M | 17.56M | 14.96M | 13.64M | 5.82M | 5.93M | 10.31M | 4.82M | 13.03M | 4.84M |
| Total Non-Current Assets | 1.86B | 1.64B | 1.59B | 1.47B | 1.06B | 1.18B | 1.04B | 1.04B | 967.88M | 639.62M | 563.81M | 500.26M | 466.89M | 434.39M | 435.04M | 608.93M | 534.15M | 450.29M | 419.32M | 327.21M | 305.39M | 285.29M | 252.06M | 221.42M | 184.83M | 171.65M |
| Total Assets | 1.9B | 1.85B | 1.82B | 1.69B | 1.33B | 1.39B | 1.18B | 1.25B | 1.11B | 786.46M | 735.14M | 677.53M | 647.09M | 670.29M | 654.55M | 632.2M | 558.66M | 467.85M | 434.27M | 340.85M | 311.21M | 291.21M | 262.37M | 226.25M | 197.86M | 176.49M |
| Asset Growth % | 2.65% | 1.67% | 8.01% | 26.8% | -4.38% | 17.72% | -5.28% | 12.84% | 40.67% | 6.98% | 8.5% | 4.7% | -3.46% | 2.4% | 3.54% | 13.16% | 19.41% | 7.73% | 27.41% | 9.52% | 6.87% | 10.99% | 15.97% | 14.35% | 12.11% | - |
| Return on Assets (ROA) | 1.03% | 0.84% | 0.99% | 1.04% | 1.37% | 0.65% | 1.05% | 1.06% | 1% | 0.84% | 0.97% | 1.08% | 1.07% | 0.95% | 0.64% | 0.42% | 0.35% | 0.58% | 0.87% | 1.19% | 1.23% | 1.18% | 1.15% | 1.18% | 1.21% | 1.27% |
| Accounts Payable | 0 | 0 | 2.48M | 693K | 237K | 580K | 917K | 744K | 578K | 395K | 395K | 315K | 364K | 492K | 645K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 186.45M | 184.06M | 174.86M | 77.78M | 13.78M | 13.83M | 18.73M | 99.2M | 103.77M | 77.8M | 45.76M | 25.43M | 22.42M | 19.51M | 24.22M | 26.95M | 32.66M | 35.79M | 33.91M | 37.72M | 33.29M | 25.56M | 18.11M | 16.48M | 9.96M | 10.4M |
| Net Debt | 146.62M | 138.02M | 118.47M | 26.38M | -83.39M | -79.04M | -16.38M | -8.73M | 63.89M | 46.4M | 23.34M | 4.59M | 1.49M | -14.06M | 8.49M | 16.48M | 19.63M | 25.88M | 24.72M | 24.08M | 27.47M | 19.63M | 7.8M | 11.65M | -3.07M | 5.56M |
| Long-Term Debt | 11.45M | 8.25M | 8.25M | 8.25M | 8.25M | 8.25M | 8.65M | 8.8M | 29.07M | 9.44M | 9.94M | 10.62M | 11.61M | 12.97M | 16.83M | 19.32M | 25.86M | 33.9M | 32.4M | 36.11M | 26.58M | 23.68M | 17.67M | 15.69M | 9.3M | 9.86M |
| Short-Term Debt | 175M | 172.4M | 163M | 65M | 0 | 0 | 5.08M | 90.4M | 74.71M | 68.36M | 35.83M | 14.81M | 10.81M | 6.54M | 7.39M | 7.63M | 6.8M | 1.89M | 1.51M | 1.61M | 6.71M | 1.87M | 444.82K | 785.78K | 660.68K | 543.22K |
| Other Liabilities | 1.54B | 13.04M | 5.17M | 2.93M | 1.17M | 5.56M | 1.29M | 1.69M | 1.55M | 1.97M | 1.54M | 1.2M | 1.42M | 1.52M | -645K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 117.9M | 1.62B | 1.6B | 1.47B | 1.17B | 1.23B | 1.03B | 1.11B | 955.86M | 699.46M | 661.36M | 601.84M | 580.59M | 600.37M | 591.11M | 574.85M | 496.09M | 398.88M | 366.92M | 274.27M | 257.35M | 242.71M | 221.2M | 188.81M | 168.77M | 148.38M |
| Total Non-Current Liabilities | 1.55B | 24.7M | 17.04M | 15.71M | 14.95M | 19.39M | 14.94M | 10.49M | 30.61M | 11.4M | 11.48M | 11.82M | 13.03M | 14.49M | 16.19M | 19.32M | 25.86M | 33.9M | 32.4M | 36.11M | 26.58M | 23.68M | 17.67M | 15.69M | 9.3M | 9.86M |
| Total Liabilities | 1.67B | 1.64B | 1.62B | 1.49B | 1.19B | 1.25B | 1.04B | 1.12B | 986.47M | 709.5M | 672.84M | 613.66M | 593.62M | 614.85M | 607.3M | 594.17M | 521.95M | 432.79M | 399.31M | 310.39M | 283.92M | 266.39M | 238.87M | 204.5M | 178.07M | 158.25M |
| Total Equity | 229.64M | 210.56M | 205.68M | 197.69M | 145.34M | 143.81M | 137.78M | 128.29M | 119.86M | 76.96M | 62.3M | 63.87M | 53.47M | 55.44M | 47.25M | 38.02M | 36.71M | 35.06M | 34.96M | 30.46M | 27.29M | 24.82M | 23.5M | 21.75M | 19.79M | 18.24M |
| Equity Growth % | 9.06% | 2.37% | 4.04% | 36.02% | 1.06% | 4.38% | 7.39% | 7.03% | 55.75% | 23.52% | -2.45% | 19.44% | -3.54% | 17.32% | 24.28% | 3.58% | 4.7% | 0.28% | 14.76% | 11.63% | 9.94% | 5.61% | 8.08% | 9.9% | 8.46% | - |
| Equity / Assets (Capital Ratio) | 12.07% | 11.36% | 11.28% | 11.71% | 10.92% | 10.33% | 11.65% | 10.28% | 10.83% | 9.79% | 8.48% | 9.43% | 8.26% | 8.27% | 7.22% | 6.01% | 6.57% | 7.49% | 8.05% | 8.94% | 8.77% | 8.52% | 8.96% | 9.61% | 10% | 10.34% |
| Return on Equity (ROE) | 8.82% | 7.46% | 8.61% | 9.14% | 12.89% | 5.93% | 9.55% | 10.02% | 9.61% | 9.21% | 10.88% | 12.24% | 12.91% | 12.23% | 9.69% | 6.74% | 4.96% | 7.47% | 10.32% | 13.45% | 14.21% | 13.55% | 12.37% | 12.04% | 11.94% | 12.26% |
| Book Value per Share | 28.24 | 26.04 | 25.31 | 32.71 | 23.40 | 22.45 | 21.19 | 19.77 | 19.68 | 18.16 | 15.39 | 15.58 | 13.21 | 14.46 | 14.04 | 12.06 | 11.86 | 11.34 | 11.08 | 10.08 | 9.09 | 8.22 | 8.72 | 8.52 | 7.71 | 7.47 |
| Tangible BV per Share | 23.20 | 20.85 | 20.02 | 26.18 | 20.75 | 19.83 | 18.55 | 17.08 | 16.75 | 17.07 | 14.25 | 14.44 | 12.04 | 13.22 | 12.61 | 10.62 | 10.38 | 9.86 | 9.70 | 10.04 | 9.09 | 8.22 | 8.72 | 8.52 | 7.71 | 7.47 |
| Common Stock | 163.81M | 162M | 161.39M | 161.03M | 87.13M | 86.89M | 86.62M | 85.92M | 84.86M | 47.94M | 36.19M | 35.53M | 34.98M | 34.3M | 31.24M | 0 | 0 | 0 | 26.65M | 19.51M | 15.98M | 12.82M | 10.04M | 7.88M | 6.29M | 6.29M |
| Additional Paid-in Capital | 1.05M | 246K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.24M | 28.43M | 27.92M | 27.3M | 26.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 121.93M | 109.3M | 100.24M | 94.15M | 83.97M | 69.58M | 65.06M | 56.04M | 47.43M | 41.33M | 37.24M | 32.52M | 27.46M | 22.48M | 18.21M | 15.84M | 14.96M | 14.79M | 13.75M | 14.69M | 14.96M | 15M | 15.09M | 15.05M | 14.84M | 13.34M |
| Accumulated OCI | -16.24M | -20.07M | -16.09M | -22.14M | 3.46M | 4.28M | 1.84M | -154K | 1.09M | 1.2M | 2.4M | 2.55M | -2.24M | 5.39M | -26.7M | 487K | 562.22K | -294.9K | -26.7M | -521K | -677.09K | -28.68K | 125.2K | 475.43K | 133.72K | 88.81K |
| Treasury Stock | -40.91M | -40.91M | -39.85M | -35.35M | -29.23M | -16.94M | -15.75M | -13.52M | -13.52M | -13.52M | -13.52M | -6.73M | -6.73M | -6.73M | -6.73M | -6.73M | -6.73M | -6.73M | -5.38M | -3.21M | -2.97M | -2.97M | -1.75M | -1.66M | -1.48M | -1.48M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CRE concentration and liquidity
According to recent financial statements, MBCN grew total assets from $1.8 billion in 2023Q3 to $1.9 billion by 2025Q4, a trend primarily driven by a significant expansion of the investment securities portfolio rather than aggressive organic loan growth within its core Northeast Ohio operating footprint.
The shift toward a $1.7 billion investment securities portfolio suggests management is prioritizing balance sheet liquidity over higher-risk loan deployment in the current interest rate environment. This strategy appears to provide a defensive buffer, though it may limit the bank's ability to capture higher yields typically associated with commercial lending expansion.
Based on reported figures, MBCN maintains a stable equity-to-assets ratio of approximately 11% to 12% across the last ten quarters, indicating a consistent capital cushion that supports the bank's ongoing geographic expansion into the Columbus metropolitan area without requiring immediate external equity financing or excessive leverage.
The bank's capital position appears robust relative to its regional peers, providing management with the necessary flexibility to absorb potential credit volatility. Investors should monitor whether this capital buffer remains sufficient as the bank scales its urban operations, which typically carry higher risk profiles than its legacy rural markets.
As reported in quarterly filings, the bank's liquidity profile is heavily weighted toward investment securities, which reached $1.7 billion in 2025Q4, while cash and cash equivalents remained relatively modest at $39.8 million, suggesting a reliance on the securities book for contingent funding needs during periods of market stress.
This heavy concentration in securities implies that the bank's liquidity is sensitive to interest rate fluctuations and potential unrealized losses within the portfolio. While this structure provides a stable base, it may limit the bank's agility if rapid cash deployment is required to meet sudden deposit outflows or loan demand.
Financial data indicates that investment securities constitute nearly 90% of total assets as of 2025Q4, a structural reality that warrants further investigation into the duration and credit quality of these holdings, as this concentration exposes the bank to significant interest rate risk beyond its core lending operations.
The reliance on a large securities portfolio to drive asset growth may mask underlying pressures on the net interest margin if the duration of these assets is misaligned with the bank's funding costs. Investors should consider whether this strategy is a temporary liquidity management tool or a permanent shift in the bank's fundamental business model.
Quick answers to the most common questions about buying MBCN stock.
As of 2025, Middlefield Banc Corp. (MBCN) had total assets of $1.90B including $47.5M in current assets.
Middlefield Banc Corp. (MBCN) carries total debt of $186.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Middlefield Banc Corp. (MBCN) has total shareholders' equity (book value) of $229.6M ($28.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Middlefield Banc Corp. (MBCN) reported a current ratio of 0.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.