Middlefield Banc (MBCN) AI Stock Analysis

• Market Cap: $244.78M
• Dividend Yield: 2.74%
• Average Volume (3M): 7.21K
• Price to Earnings (P/E): 13.5
• Beta (1Y): 1.06
• Revenue Growth: 7.42%
• EPS Growth: 15.82%
• Country: US
• Employees: 246
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.76
• Shares Outstanding: 8,081,193
• 10 Day Avg. Volume: 9,268
• 30 Day Avg. Volume: 7,211
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.17
• Enterprise Value/Revenue: 2.61
• Enterprise Value/Gross Profit: 4.27
• Enterprise Value/Ebitda: 14.09
• 1Y Price Target: $33.00
• Price Target Upside: 8.95% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 76 Outperform
• Price Target: $35.00 ▲(15.55% Upside)

Middlefield Banc's strong financial performance and strategic growth initiatives are the most significant factors driving the score. Technical indicators show positive momentum, and the valuation is fair. The company's ability to leverage regional growth opportunities further supports its competitive position.

Middlefield Banc Business Overview & Revenue Model

Company Description

Middlefield 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.

How the Company Makes Money

Middlefield Banc generates revenue primarily through interest income and non-interest income. Interest income is earned from loans extended to consumers and businesses, as well as from investments in securities. The bank's loan portfolio, which includes residential mortgages, commercial real estate loans, and consumer loans, constitutes a significant portion of its revenue. Non-interest income is derived from fees for services such as account maintenance, transaction processing, and wealth management advisory services. Additionally, strategic partnerships with other financial service providers can enhance MBCN's offerings and contribute to its overall earnings by expanding its customer base and product range.

Middlefield Banc Financial Statement Overview

Summary

Middlefield Banc shows consistent revenue growth and healthy profitability. However, increasing leverage is a concern. Effective cash management and stable equity position strengthen financial stability, but operational efficiency could improve.

Income Statement

Middlefield Banc has demonstrated consistent revenue growth, with a 13.04% increase from 2023 to 2024. Gross profit margins have remained stable, reflecting efficient cost management. However, the EBIT margin showed a slight decline, suggesting room for improvement in operational efficiency. Net profit margins are healthy, indicating robust profitability.

Balance Sheet

The company maintains a strong equity position with an equity ratio of 11.32% as of TTM, which is considered healthy for a regional bank. The debt-to-equity ratio has increased over time, posing a potential risk if leverage continues to rise. Return on equity remains impressive, highlighting effective utilization of shareholder funds.

Cash Flow

Operating cash flow has increased, showing positive cash generation capability. The free cash flow to net income ratio is strong, indicating effective cash management. However, fluctuations in investing and financing cash flows suggest some volatility in cash flow activities.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	108.47M	96.99M	61.65M	59.58M	58.63M
Gross Profit	65.89M	68.89M	56.92M	54.69M	39.54M
EBITDA	19.50M	21.80M	19.04M	24.80M	11.78M
Net Income	15.52M	17.37M	15.67M	18.63M	8.35M
Balance Sheet
Total Assets	1.85B	1.82B	1.69B	1.33B	1.39B
Cash, Cash Equivalents and Short-Term Investments	211.84M	227.18M	216.37M	267.37M	207.23M
Total Debt	184.06M	175.43M	77.06M	13.78M	13.83M
Total Liabilities	1.64B	1.62B	1.49B	1.19B	1.25B
Stockholders Equity	210.56M	205.68M	197.69M	145.34M	143.81M
Cash Flow
Free Cash Flow	16.69M	21.26M	17.48M	14.82M	14.01M
Operating Cash Flow	17.47M	22.36M	18.36M	15.42M	15.08M
Investing Cash Flow	-43.29M	-126.54M	-8.61M	70.89M	-135.32M
Financing Cash Flow	20.78M	111.21M	-75.36M	-79.23M	197.55M

Middlefield Banc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 30.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MBCN, the sentiment is Positive. The current price of 30.29 is above the 20-day moving average (MA) of 29.72, above the 50-day MA of 29.65, and above the 200-day MA of 27.78, indicating a bullish trend. The MACD of 0.40 indicates Negative momentum. The RSI at 52.36 is Neutral, neither overbought nor oversold. The STOCH value of 28.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MBCN.

Middlefield Banc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LCNB	77 Outperform	$227.66M	10.75	8.28%	5.48%	14.84%	169.99%
PWOD	76 Outperform		―		―	14.11%	29.41%
MBCN	76 Outperform	$244.78M	13.50	8.60%	2.74%	7.42%	15.82%
CHMG	72 Outperform	$250.61M	22.05	5.18%	2.41%	-6.64%	-51.99%
Sector *	68 Neutral	$17.80B	11.87	10.23%	3.74%	9.69%	1.18%
BPRN	68 Neutral	$222.68M	35.01	2.70%	3.64%	16.39%	-72.87%
EVBN	60 Neutral		―		―	-6.85%	-51.70%

Middlefield Banc Corporate Events

Middlefield Banc Declares Consistent Quarterly Dividend

On August 11, 2025, Middlefield Banc Corp. announced that its Board of Directors approved a quarterly cash dividend of $0.21 per common share, consistent with the previous quarter’s dividend. This decision reflects the company’s stable financial position and commitment to providing returns to its shareholders, with the dividend payable on September 12, 2025, to shareholders of record on August 29, 2025.

Middlefield Banc Embraces Strategic Growth Initiatives

Middlefield Banc Corp. has undergone significant leadership changes and strategic growth initiatives following its acquisition of Liberty Bancshares in December 2022. The company has appointed new executives, including CEO Ron Zimmerly in 2024 and CFO Mike Ranttila in 2023, as part of its succession plan. Middlefield is leveraging its strong market presence in Ohio, particularly in the Columbus region, which is experiencing historic economic development with major investments from companies like Intel and Amazon. This positions Middlefield to capitalize on regional growth opportunities, enhancing its competitive advantage and community banking values.