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MBCN

Middlefield BancNasdaqCM:MBCN Stock Report

Last Price

US$25.96

Market Cap

US$154.9m

7D

3.4%

1Y

30.5%

Updated

19 Jan, 2022

Data

Company Financials +
MBCN fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends5/6

MBCN Stock Overview

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.39 billion at March 31, 2021.

Middlefield Banc Competitors

Associated Banc-Corp

NYSE:ASB

US$3.6b

Old National Bancorp

NasdaqGS:ONB

US$3.2b

Farmers & Merchants Bancorp

OTCPK:FMCB

US$746.2m

Reliant Bancorp

NasdaqCM:RBNC

US$592.3m

Price History & Performance

Summary of all time highs, changes and price drops for Middlefield Banc
Historical stock prices
Current Share PriceUS$25.96
52 Week HighUS$27.77
52 Week LowUS$18.64
Beta0.84
1 Month Change6.31%
3 Month Change5.27%
1 Year Change30.45%
3 Year Change16.81%
5 Year Change31.78%
Change since IPO113.76%

Recent News & Updates

Shareholder Returns

MBCNUS BanksUS Market
7D3.4%-5.8%-4.6%
1Y30.5%28.1%7.7%

Return vs Industry: MBCN exceeded the US Banks industry which returned 29.3% over the past year.

Return vs Market: MBCN exceeded the US Market which returned 10.2% over the past year.

Price Volatility

Is MBCN's price volatile compared to industry and market?
MBCN volatility
MBCN Average Weekly Movement4.1%
Banks Industry Average Movement3.8%
Market Average Movement6.6%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.4%

Stable Share Price: MBCN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: MBCN's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1901184Tom Caldwellhttps://www.middlefieldbank.bank

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.39 billion at March 31, 2021. The bank operates 16 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Middlefield Banc Fundamentals Summary

How do Middlefield Banc's earnings and revenue compare to its market cap?
MBCN fundamental statistics
Market CapUS$154.93m
Earnings (TTM)US$16.29m
Revenue (TTM)US$51.83m

9.5x

P/E Ratio

1.1x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MBCN income statement (TTM)
RevenueUS$51.83m
Cost of RevenueUS$0
Gross ProfitUS$51.83m
ExpensesUS$35.55m
EarningsUS$16.29m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.73
Gross Margin100.00%
Net Profit Margin31.42%
Debt/Equity Ratio8.9%

How did MBCN perform over the long term?

See historical performance and comparison

Dividends

2.6%

Current Dividend Yield

24%

Payout Ratio

Valuation

Is Middlefield Banc undervalued compared to its fair value and its price relative to the market?

36.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MBCN ($25.96) is trading below our estimate of fair value ($41.1)

Significantly Below Fair Value: MBCN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MBCN is good value based on its PE Ratio (9.5x) compared to the US Banks industry average (11.2x).

PE vs Market: MBCN is good value based on its PE Ratio (9.5x) compared to the US market (17x).


Price to Earnings Growth Ratio

PEG Ratio: MBCN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: MBCN is good value based on its PB Ratio (1.1x) compared to the US Banks industry average (1.2x).


Future Growth

How is Middlefield Banc forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-14.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MBCN's earnings are forecast to decline over the next 3 years (-14.5% per year).

Earnings vs Market: MBCN's earnings are forecast to decline over the next 3 years (-14.5% per year).

High Growth Earnings: MBCN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: MBCN's revenue is expected to decline over the next 3 years (-3.3% per year).

High Growth Revenue: MBCN's revenue is forecast to decline over the next 3 years (-3.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MBCN's Return on Equity is forecast to be low in 3 years time (10%).


Past Performance

How has Middlefield Banc performed over the past 5 years?

10.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MBCN has high quality earnings.

Growing Profit Margin: MBCN's current net profit margins (31.4%) are higher than last year (22.6%).


Past Earnings Growth Analysis

Earnings Trend: MBCN's earnings have grown by 10.7% per year over the past 5 years.

Accelerating Growth: MBCN's earnings growth over the past year (80.9%) exceeds its 5-year average (10.7% per year).

Earnings vs Industry: MBCN earnings growth over the past year (80.9%) exceeded the Banks industry 43.7%.


Return on Equity

High ROE: MBCN's Return on Equity (11.1%) is considered low.


Financial Health

How is Middlefield Banc's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: MBCN's Assets to Equity ratio (9.4x) is low.

Allowance for Bad Loans: MBCN has a sufficient allowance for bad loans (209%).

Low Risk Liabilities: 98% of MBCN's liabilities are made up of primarily low risk sources of funding.

Loan Level: MBCN has an appropriate level of Loans to Assets ratio (73%).

Low Risk Deposits: MBCN's Loans to Deposits ratio (83%) is appropriate.

Level of Bad Loans: MBCN has an appropriate level of bad loans (0.7%).


Dividend

What is Middlefield Banc current dividend yield, its reliability and sustainability?

2.62%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MBCN's dividend (2.62%) is higher than the bottom 25% of dividend payers in the US market (1.35%).

High Dividend: MBCN's dividend (2.62%) is low compared to the top 25% of dividend payers in the US market (3.48%).


Stability and Growth of Payments

Stable Dividend: MBCN's dividends per share have been stable in the past 10 years.

Growing Dividend: MBCN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (24.3%), MBCN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MBCN's dividends in 3 years are forecast to be well covered by earnings (29.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

21.3yrs

Average management tenure


CEO

Tom Caldwell (64 yo)

21.25yrs

Tenure

US$538,842

Compensation

Mr. Thomas G. Caldwell, also known as Tom, has been the Chief Executive Officer and President of Middlefield Banc Corp. since October 2000 and EMORECO, Incorporated. Mr. Caldwell serves as the President an...


CEO Compensation Analysis

Compensation vs Market: Tom's total compensation ($USD538.84K) is below average for companies of similar size in the US market ($USD1.10M).

Compensation vs Earnings: Tom's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MBCN's management team is seasoned and experienced (21.3 years average tenure).


Board Members

Experienced Board: MBCN's board of directors are seasoned and experienced ( 14 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MBCN insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Middlefield Banc Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: Middlefield Banc Corp.
  • Ticker: MBCN
  • Exchange: NasdaqCM
  • Founded: 1901
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$154.932m
  • Shares outstanding: 5.97m
  • Website: https://www.middlefieldbank.bank

Number of Employees


Location

  • Middlefield Banc Corp.
  • 15985 East High Street
  • P.O. Box 35
  • Middlefield
  • Ohio
  • 44062-0035
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 23:42
End of Day Share Price2022/01/19 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.