Management has maintained consistent quarterly dividend distributions of approximately $1.7 million, indicating that organic capital generation remains sufficient to support strategic expansion without requiring external equity issuance.
| 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 from Operations | 0 | 17.47M | 22.36M | 18.36M | 15.42M | 15.08M | 13.46M | 14.28M | 13.92M | 7.8M | 7.18M | 7.46M | 9.9M | 10.28M | 9.15M | 5.73M | 1.13M | 3.2M | 4.29M | 4.51M | 3.96M | 4.02M | 3.46M | 3.2M | 2.7M | 2.95M |
| Operating CF Growth % | -100% | -21.86% | 21.75% | 19.06% | 2.25% | 12.06% | -5.76% | 2.59% | 78.44% | 8.62% | -3.71% | -24.63% | -3.74% | 12.42% | 59.5% | 405.74% | -64.53% | -25.55% | -4.71% | 13.8% | -1.44% | 16.28% | 7.89% | 18.51% | -8.46% | - |
| Net Income | 19.42M | 15.52M | 17.37M | 15.67M | 18.63M | 8.35M | 12.71M | 12.43M | 9.46M | 6.42M | 6.87M | 7.18M | 7.03M | 6.28M | 4.13M | 2.52M | 1.78M | 2.61M | 3.38M | 3.88M | 3.7M | 3.27M | 2.8M | 2.5M | 2.27M | 2.24M |
| Depreciation & Amortization | 0 | 1.15M | 1.05M | 142K | 2.1M | 2.02M | 2.02M | 1.91M | 2.08M | 1.07M | 1.01M | 1.05M | 891K | 929K | 731K | 740K | 679.87K | 645.19K | 597.74K | 578.59K | 448.39K | 403.92K | 377.55K | 354.55K | 300.53K | 352.61K |
| Deferred Taxes | 0 | 198K | -705K | -324K | -401K | -1.35M | 327K | -241K | 293K | -93K | 558K | -154K | 423K | 2K | -97K | -777K | -469K | -269.95K | 97.31K | -58.06K | -85.34K | -33.7K | -69.93K | -72.3K | 54.4K | -87.52K |
| Other Non-Cash Items | -19.42M | 1.21M | 3.22M | 2.38M | -6.13M | 7.99M | -2.58M | -105K | 2.35M | 422K | -1.06M | -617K | 1.14M | 2.63M | 3.74M | 4.03M | 1.96M | 703.73K | 301.81K | -161.49K | -37.82K | 475.43K | 438.87K | 506.49K | -102K | 426K |
| Working Capital Changes | 0 | -985K | 1.17M | 186K | 735K | -2.08M | 335K | -179K | -286K | -39K | -212K | -9K | 413K | 404K | 587K | -773K | -2.88M | -512.02K | -104.61K | 263.03K | -61.57K | -100.92K | -89.66K | -86.92K | 179.07K | 24.64K |
| Cash from Investing | 0 | -43.29M | -126.54M | -8.61M | 70.89M | -135.32M | 276K | -76.54M | -95.25M | -45.98M | -59.45M | -26.72M | -6.1M | -8.01M | -19.36M | -87.56M | -65.55M | -34.13M | -47.82M | -21.86M | -20.17M | -29.28M | -34.09M | -32.6M | -20.65M | -9.83M |
| Purchase of Investments | 0 | -2.94M | -2.2M | -32.29M | -68.91M | -24.07M | -34.96M | -13M | -3.08M | -1.74M | -21.95M | -12.29M | -25.82M | -83.43M | -80.08M | -113.86M | -52.18M | -39.2M | -33.08M | -33.14M | -31.69M | -50.4M | -18.13M | -9.34M | -7.69M | -14.24M |
| Sale/Maturity of Investments | 0 | 2.22M | 3.26M | 62.12M | 11.52M | 18.17M | 30.01M | 7.28M | 21.37M | 32.26M | 29.18M | 21.86M | 50.5M | 83.9M | 93.39M | 48.69M | 21.49M | 19.87M | 10.69M | 11.86M | 32.3M | 50.33M | 22.53M | 13.97M | 15.09M | 16.6M |
| Net Investment Activity | 0 | -720K | 1.06M | 29.83M | -57.39M | -5.9M | -4.95M | -5.72M | 18.29M | 30.52M | 7.24M | 9.57M | 24.68M | 473K | 13.31M | -65.17M | -30.69M | -19.34M | -22.39M | -21.27M | 614.51K | -75.36K | 4.4M | 4.63M | 7.4M | 2.36M |
| Acquisitions | 0 | 0 | 0 | 18.41M | 0 | 0 | 0 | 0 | 5.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | -41.79M | -126.5M | -55.96M | 128.88M | -128.35M | 7.12M | -68.72M | -117.77M | -74.33M | -66.17M | -35.39M | -28.95M | -7.48M | -32.09M | -22.06M | -34.39M | -13.39M | -23.02M | 643 | -20.33M | -28.99M | -37.79M | -36.64M | -26.94M | -12.04M |
| Cash from Financing | 0 | 20.78M | 111.21M | -75.36M | -79.23M | 197.55M | -86.56M | 130.31M | 88.72M | 46.92M | 50.37M | 18.71M | -22.95M | 8.68M | 13.97M | 71.31M | 88.11M | 30.58M | 47.7M | 25.17M | 16.72M | 25.69M | 33.4M | 25.63M | 19M | 8.5M |
| Dividends Paid | 0 | -6.46M | -6.86M | -5.49M | -4.24M | -3.83M | -3.69M | -3.78M | -3.36M | -2.32M | -2.15M | -2.12M | -2.1M | -2M | -1.76M | -1.64M | -1.61M | -1.58M | -1.47M | -1.32M | -1.19M | -1.08M | -966.7K | -862.7K | -772.07K | -595.25K |
| Share Repurchases | 0 | -1.05M | -4.51M | -6.12M | -12.29M | -1.19M | -2.23M | 0 | 0 | 0 | -6.78M | 0 | 0 | 0 | 0 | 0 | 0 | -1.35M | -2.17M | -238.53K | 0 | -1.22M | -81.62K | -204.07K | 0 | -1.31M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.16M | 11.21M | 0 | 0 | 74K | 2.33M | 2.21M | 0 | 0 | 0 | 221.36K | 367.83K | 357.06K | 291.37K | 190.43K | 41.53K | 0 | 44.5K |
| Net Stock Activity | 0 | -1.05M | -4.51M | -6.12M | -12.29M | -1.19M | -2.23M | 0 | 15.16M | 11.21M | -6.78M | 0 | 74K | 2.33M | 2.21M | 0 | 0 | -1.35M | -1.95M | 129.29K | 357.06K | -933.5K | 108.81K | -162.54K | 0 | -1.27M |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 0 | 19.09M | 24.78M | -128.52M | -58.5M | 204.37M | 5.11M | 138.66M | 50.94M | 6M | 38.98M | 17.82M | -23.84M | 13.07M | 16.25M | 78.66M | 92.84M | 31.62M | 58.19M | 9.85M | 245.51K | 215.12K | 167.41K | 142.18K | 0 | 0 |
| Net Change in Cash | -55.79M | -5.04M | 7.03M | -65.69M | 7.08M | 77.3M | -72.82M | 68.05M | 7.39M | 8.74M | -1.89M | -554K | -19.15M | 10.96M | 3.75M | -10.52M | 23.7M | -359.86K | 4.18M | 7.82M | 509.39K | 425.32K | 2.76M | -3.77M | 1.05M | 1.63M |
| Exchange Rate Effect | 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 |
| Cash at Beginning | 55.79M | 60.84M | 53.81M | 119.49M | 112.42M | 35.11M | 107.93M | 39.89M | 32.49M | 23.75M | 25.64M | 26.19M | 45.35M | 34.39M | 30.64M | 41.15M | 17.46M | 17.82M | 13.64M | 5.82M | 5.31M | 4.89M | 2.13M | 5.89M | 4.84M | 3.21M |
| Cash at End | 0 | 55.79M | 60.84M | 53.81M | 119.49M | 112.42M | 35.11M | 107.93M | 39.89M | 32.49M | 23.75M | 25.64M | 26.19M | 45.35M | 34.39M | 30.64M | 41.15M | 17.46M | 17.82M | 13.64M | 5.82M | 5.31M | 4.89M | 2.13M | 5.89M | 4.84M |
| Interest Paid | 0 | 41.64M | 22.75M | 4.33M | 4.41M | 9.59M | 12.97M | 9.74M | 6.51M | 4.19M | 3.74M | 4.12M | 5.38M | 6.6M | 8.8M | 11.06M | 12.18M | 14.27M | 12.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 1.98M | 1.56M | 3.58M | 5.53M | 2.18M | 2.71M | 2.13M | 5.71M | 1.33M | 800K | 2.26M | 1.62M | 1.55M | 615K | 850K | 275K | 600K | 850K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 16.69M | 21.26M | 17.48M | 14.82M | 14.01M | 11.56M | 12.18M | 12.72M | 5.63M | 6.67M | 6.56M | 8.06M | 9.29M | 8.56M | 5.41M | 667.02K | 1.79M | 3.72M | 3.92M | 3.5M | 3.8M | 2.75M | 2.61M | 1.59M | 2.8M |
| FCF Growth % | -100% | -21.49% | 21.64% | 17.96% | 5.8% | 21.13% | -5.07% | -4.24% | 125.71% | -15.58% | 1.8% | -18.68% | -13.16% | 8.43% | 58.37% | 710.61% | -62.72% | -51.95% | -5.01% | 11.87% | -7.88% | 38.3% | 5.3% | 64.32% | -43.26% | - |
CRE concentration and margin compression
Based on reported financial statements, MBCN has maintained a consistent dividend payout pattern, with quarterly distributions of approximately $1.7 million, suggesting that organic capital generation remains sufficient to support the bank's ongoing expansion into the Columbus market without necessitating external equity issuance or significant balance sheet leverage.
The bank's ability to fund dividends while absorbing credit provision fluctuations indicates a stable internal capital generation engine. Investors should monitor whether the current pace of earnings retention remains adequate to support Tier 1 capital ratios as the bank scales its urban lending footprint.
As reported in recent SEC filings, MBCN’s investment activity shows intermittent portfolio adjustments, including a notable $10.3 million sale in 2025Q3, which suggests management is actively utilizing the securities book to manage liquidity needs and potentially offset volatility in core net interest income during periods of rate pressure.
The sporadic nature of these investment sales implies that the portfolio serves as a tactical liquidity buffer rather than a static yield-enhancement vehicle. Analysts should evaluate whether these divestments are driven by a need to fund loan growth or a strategic repositioning of duration risk in the current interest rate environment.
According to the cash flow data, the bank's operating cash flow has been significantly influenced by shifting provision expenses, ranging from a $2.2 million charge in 2024Q3 to a $475,000 credit in 2025Q4, reflecting management's evolving outlook on credit quality within the regional commercial real estate portfolio.
This volatility in provisions complicates the interpretation of operating cash flow, as non-cash adjustments under CECL accounting can mask underlying cash generation trends. The recent shift to a negative provision suggests a more optimistic credit outlook, though this warrants caution given the bank's concentrated exposure to local Ohio property markets.
Based on the provided financial data, MBCN has maintained a steady dividend of roughly $1.6 million to $1.7 million per quarter, indicating that management prioritizes consistent shareholder returns even as the bank navigates the capital-intensive process of expanding its presence in the competitive Columbus metropolitan area.
The absence of significant share buybacks in recent quarters, with the exception of 2024Q1, suggests a disciplined approach to capital allocation that favors maintaining liquidity for organic growth. Investors should monitor whether this dividend policy remains sustainable if the efficiency ratio continues to face pressure from urban expansion costs.
Quick answers to the most common questions about buying MBCN stock.
Middlefield Banc Corp. (MBCN) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Middlefield Banc Corp. (MBCN) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Middlefield Banc Corp. (MBCN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.