Middlefield Banc (MBCN) AI Stock Analysis

• Market Cap: $207.44M
• Dividend Yield: 3.15%
• Average Volume (3M): 8.39K
• Price to Earnings (P/E): 12.8
• Beta (1Y): 1.03
• Revenue Growth: 8.36%
• EPS Growth: -2.51%
• Country: US
• Employees: 246
• Sector: Financial
• Sector Strength: 85
• Industry: Banks - Regional
• EPS (TTM): 2.00
• Shares Outstanding: 8,081,193
• 10 Day Avg. Volume: 8,413
• 30 Day Avg. Volume: 8,390
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.41
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 4.30
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $32.00
• Price Target Upside: 23.41% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

Middlefield Banc's overall stock score reflects a strong financial foundation characterized by consistent revenue growth, profitability, and a robust balance sheet with no debt. While technical indicators show a slightly bearish trend, the company's fair valuation and positive corporate events, including strategic leadership changes, support an optimistic outlook. Investors should watch for liability management and long-term investment volatility.

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 Corp generates income primarily through interest earned on loans and leases, as well as fees and commissions from its banking services. The interest income is derived from lending activities, including personal, commercial, and mortgage loans, which are offered at competitive rates. The bank also earns non-interest income from service charges on deposit accounts, transaction fees, and wealth management services. Additionally, Middlefield Banc may engage in activities such as securities trading and investment to diversify its revenue streams. Strategic partnerships with financial service providers can also contribute to its earnings by expanding its service offerings and customer reach.

Middlefield Banc Financial Statement Overview

Summary

Middlefield Banc has shown consistent revenue growth and strong profitability, with a robust balance sheet characterized by zero debt. However, increasing liabilities and volatile investing cash flows present some risks.

Income Statement

Middlefield Banc has demonstrated consistent revenue growth over recent years, with total revenue increasing from $49.38M in 2020 to $68.89M in 2023. The Gross Profit Margin has remained strong at 100% due to the nature of banking operations. However, the Net Profit Margin was 25.21% in 2023, reflecting healthy profitability. EBIT Margin was 46.50% in 2023, showing efficient management of operating expenses. The absence of EBITDA data in recent years limits the full analysis of operating efficiency.

Balance Sheet

Middlefield Banc's Balance Sheet highlights a favorable equity position with a Debt-to-Equity ratio of 0 in 2024, indicating no reliance on debt. Stockholders' Equity has increased to $210.56M in 2024, reflecting a positive trend. The Equity Ratio was 11.36% in 2023, showcasing a solid capital cushion. However, there has been a significant increase in total liabilities over the years, which warrants monitoring.

Cash Flow

The company has shown stable Free Cash Flow with a notable growth rate of 21.93% from 2022 to 2023. The Operating Cash Flow to Net Income ratio was 1.29 in 2023, indicating strong cash generation relative to net income. However, fluctuations in investing cash flow, particularly large outflows in 2023, could signal potential risks in long-term investments.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
67.89M	68.89M	55.02M	55.48M	49.38M
	Gross Profit
67.89M	68.89M	55.02M	55.48M	49.38M
	EBIT
-60.08M	32.04M	24.95M	22.70M	9.75M
	EBITDA
0.00	0.00	0.00	25.11M	12.06M
	Net Income Common Stockholders
15.52M	17.37M	15.67M	18.63M	8.35M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
211.84M	60.84M	216.37M	267.37M	207.23M
	Total Assets
1.85B	1.82B	1.69B	1.33B	1.39B
	Total Debt
184.06M	175.43M	77.06M	12.90M	17.04M
	Net Debt
138.02M	119.03M	25.66M	-84.27M	-75.84M
	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
17.47M	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	-8.65M	70.89M	-135.32M
	Financing Cash Flow
20.78M	111.21M	-75.39M	-79.23M	197.55M

Middlefield Banc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 25.93
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 25.93 is above the 20-day moving average (MA) of 25.08, above the 50-day MA of 25.77, and below the 200-day MA of 26.90, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.29 is Neutral, neither overbought nor oversold. The STOCH value of 81.00 is Negative, 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
BPRN	71 Outperform	$196.32M	17.32	4.43%	3.99%	10.64%	-56.22%
PWOD	67 Neutral	$213.92M	10.08	10.50%	4.34%	14.11%	29.41%
MBCN	66 Neutral	$207.44M	12.83	7.72%	3.15%	8.36%	-2.51%
CHMG	63 Neutral	$212.34M	9.35	10.65%	2.78%	6.05%	-9.27%
Sector *	63 Neutral	$12.37B	9.56	7.95%	79.17%	12.62%	-5.26%
EVBN	60 Neutral	$214.07M	17.82	6.62%	3.39%	-6.85%	-51.70%
LCNB	60 Neutral	$212.79M	13.13	6.55%	5.91%	24.45%	25.77%

Middlefield Banc Corporate Events

Middlefield Banc Announces Leadership Changes and Growth Plans

Middlefield Banc Corp. recently announced strategic leadership changes as part of its comprehensive succession plan, including the appointment of Ron Zimmerly as CEO in 2024 and Mike Ranttila as CFO in 2023. The company has effectively integrated the acquisition of Liberty Bancshares and is positioned for growth in Ohio’s attractive banking markets, benefiting from economic development projects in the Columbus region. These developments reflect Middlefield’s commitment to community banking and its strong financial standing, with a focus on improving profitability and maintaining a competitive edge in key Ohio markets.