Middlefield Banc (MBCN) AI Stock Analysis

• Market Cap: $264.52M
• Dividend Yield: 2.28%
• Average Volume (3M): 6.75K
• Price to Earnings (P/E): 12.5
• Beta (1Y): 1.11
• Revenue Growth: 7.13%
• EPS Growth: 48.87%
• Country: US
• Employees: 246
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.65
• Shares Outstanding: 8,086,886
• 10 Day Avg. Volume: 6,596
• 30 Day Avg. Volume: 6,755
• PEG Ratio: -1.49
• Price to Book (P/B): 1.08
• Price to Sales (P/S): 2.09
• P/FCF Ratio: 13.57
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 3.36
• Enterprise Value/Gross Profit: 5.05
• Enterprise Value/Ebitda: 14.31
• 1Y Price Target: $35.00
• Price Target Upside: -5.10% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $39.00 ▲(5.75% Upside)

Middlefield Banc's overall stock score is driven by positive technical indicators and strategic corporate events, particularly the merger with Farmers National Banc Corp. However, challenges in financial performance, including declining revenue growth and profitability, weigh on the score. The valuation is fair, providing a balanced outlook.

Positive Factors

Merger with Farmers National

The merger with Farmers National is a strategic move expected to enhance profitability and competitive positioning, creating a leading community banking franchise in the Midwest.

Stable Financial Strategy

Consistent quarterly dividends reflect Middlefield Banc's stable financial strategy and commitment to shareholder returns, indicating financial stability and management confidence.

Low Leverage

A low debt-to-equity ratio indicates a strong balance sheet with conservative leverage, providing financial flexibility and reducing risk in volatile markets.

Negative Factors

Declining Revenue Growth

Significant decline in revenue growth poses a challenge to Middlefield Banc's financial performance, potentially impacting future profitability and market competitiveness.

Reduced Profitability

Decreasing net profit margins indicate challenges in maintaining profitability, which could affect the company's ability to reinvest in growth and sustain operations.

Cash Generation Issues

Declining free cash flow growth suggests potential issues with cash generation, which could strain financial resources and limit strategic investments.

Middlefield Banc Business Overview & Revenue Model

Company Description

Middlefield Banc is a financial services provider operating primarily in the banking sector. Based in Ohio, the company offers a range of services including commercial and retail banking, mortgage lending, and wealth management. Through its subsidiaries, Middlefield Banc focuses on providing personalized banking solutions to individuals and businesses, fostering growth in the communities it serves.

How the Company Makes Money

Middlefield Banc generates revenue primarily through interest income from loans, which includes commercial loans, consumer loans, and mortgages. The company also earns fees from various banking services such as account maintenance, transaction fees, and wealth management services. Additionally, Middlefield Banc benefits from non-interest income sources, including service charges and investment securities. Strategic partnerships with local businesses and community organizations enhance its customer base and drive additional revenue. The bank's focus on local markets and personalized service helps maintain a loyal clientele, contributing positively to its overall earnings.

Middlefield Banc Financial Statement Overview

Summary

Middlefield Banc faces challenges with declining revenue growth and profitability, as reflected in the income statement. The balance sheet remains stable with low leverage, but declining returns are a concern. Cash flow analysis shows potential issues with cash generation. Overall, the company needs to address revenue growth and profitability to improve its financial health.

Income Statement

Middlefield Banc's income statement shows a significant decline in revenue growth with a TTM revenue growth rate of -75.52%. The gross profit margin is relatively strong at 64.51% TTM, but the net profit margin has decreased to 17.72% TTM. The EBIT and EBITDA margins are unusually high, indicating potential accounting or reporting anomalies. Overall, the income statement reflects challenges in maintaining revenue growth and profitability.

Balance Sheet

The balance sheet indicates a stable financial position with a low debt-to-equity ratio of 0.13 TTM, suggesting conservative leverage. However, the return on equity has decreased to 1.52% TTM, reflecting reduced profitability. The equity ratio remains strong, indicating a solid capital base. Overall, the balance sheet is stable but shows signs of declining returns.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth at -54.4% TTM, indicating potential cash generation issues. The operating cash flow to net income ratio is 0.26 TTM, suggesting moderate cash conversion efficiency. The free cash flow to net income ratio is healthy at 93.13% TTM. Overall, cash flow stability is a concern due to declining growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	85.08M	108.47M	96.99M	61.65M	59.58M	58.63M
Gross Profit	56.61M	65.89M	68.89M	56.92M	54.69M	39.54M
EBITDA	19.97M	19.50M	21.80M	19.04M	24.80M	11.78M
Net Income	15.84M	15.52M	17.37M	15.67M	18.63M	8.35M
Balance Sheet
Total Assets	1.98B	1.85B	1.82B	1.69B	1.33B	1.39B
Cash, Cash Equivalents and Short-Term Investments	0.00	211.84M	227.18M	216.37M	267.37M	207.23M
Total Debt	117.50M	184.06M	174.86M	77.78M	13.78M	13.83M
Total Liabilities	1.75B	1.64B	1.62B	1.49B	1.19B	1.25B
Stockholders Equity	224.12M	210.56M	205.68M	197.69M	145.34M	143.81M
Cash Flow
Free Cash Flow	19.93M	16.69M	21.26M	17.48M	14.82M	14.01M
Operating Cash Flow	20.33M	17.47M	22.36M	18.36M	15.42M	15.08M
Investing Cash Flow	-93.12M	-43.29M	-126.54M	-8.61M	70.89M	-135.32M
Financing Cash Flow	102.62M	20.78M	111.21M	-75.36M	-79.23M	197.55M

Middlefield Banc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 36.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 36.88 is above the 20-day moving average (MA) of 34.69, above the 50-day MA of 32.61, and above the 200-day MA of 29.32, indicating a bullish trend. The MACD of 1.16 indicates Negative momentum. The RSI at 65.96 is Neutral, neither overbought nor oversold. The STOCH value of 89.84 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
OVLY	72 Outperform	$235.21M	9.85	12.29%	1.99%	5.50%	-5.19%
NWFL	72 Outperform	$280.24M	46.21	3.56%	4.14%	-4.66%	-58.94%
FUNC	71 Outperform	$263.19M	10.56	13.36%	2.38%	11.72%	55.87%
WNEB	69 Neutral	$269.06M	20.09	5.51%	2.13%	7.37%	27.35%
MBCN	68 Neutral	$264.52M	12.55	9.73%	2.28%	7.13%	48.87%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Middlefield Banc Corporate Events

Middlefield Banc Declares Consistent Quarterly Dividend

On November 17, 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 dividend is payable on December 12, 2025, to shareholders of record as of November 28, 2025, reflecting the company’s stable financial strategy and commitment to shareholder returns.

Middlefield Banc Announces Merger with Farmers National

On October 22, 2025, Middlefield Banc Corp. announced a merger agreement with Farmers National Banc Corp., where Middlefield will merge into Farmers, making Farmers the surviving entity. This merger will see Middlefield Bank merge into Farmers Bank, with the latter as the surviving bank. The merger agreement outlines an exchange ratio for Middlefield’s shareholders and includes provisions for the integration of board members from Middlefield into Farmers’ board. The merger is subject to various conditions, including shareholder and regulatory approvals, and is expected to close in the first quarter of 2026. The agreement also details termination rights and a termination fee if certain conditions are not met.

Middlefield Banc Announces Merger with Farmers National

On October 22, 2025, Middlefield Banc Corp. announced a merger agreement with Farmers National Banc Corp., which will result in Middlefield merging into Farmers in an all-stock transaction valued at approximately $299 million. This merger aims to create a leading community banking franchise in the Midwest with over $7 billion in total assets and 83 branches across Ohio and Pennsylvania. The merger is expected to enhance profitability and competitive positioning, with the transaction anticipated to close by the end of the first quarter of 2026, pending shareholder and regulatory approvals. This strategic move is expected to expand Farmers’ footprint in Ohio, particularly in the Columbus region, and strengthen its foundation for long-term shareholder value.