Announcement • Mar 03
Farmers National Banc Corp. (NasdaqCM:FMNB) completed the acquisition of Middlefield Banc Corp. (NasdaqCM:MBCN) from Castle Creek Advisors VIII LLC and others. Farmers National Banc Corp. (NasdaqCM:FMNB) entered into a letter of intent to acquire Middlefield Banc Corp. (NasdaqCM:MBCN) from Castle Creek Advisors VIII LLC and others on August 12, 2025. Farmers National Banc Corp agreed to acquire Middlefield Banc Corp from Castle Creek Advisors VIII LLC and others for approximately $300 million on October 22, 2025. At the close of the transaction, Farmers intends to appoint two Middlefield directors to Farmers’ Board of Directors. Upon consummation of the transaction, Middlefield Bank will be merged with and into Farmers National Bank and Middlefield Bank’s branches will become branches of Farmers National Bank. In case of termination, Middlefield Banc shall pay Farmers National Banc a termination fee of $12 million. As of January 13, 2026 Farmers National Banc Corp. reminds its shareholders to cast their votes regarding the proposed merger with Middlefield Banc Corp. The shareholder meeting will be held virtually on February 10, 2026.
The transaction is subject to the approval of Farmers National Banc and Middlefield Banc shareholders, approval for listing on The NASDAQ Stock Market, effectiveness of the Registration Statement on Form S-4, receipt of regulatory and other governmental approvals, and the expiration of applicable waiting periods. The expected completion of the transaction is first quarter of 2026. As of February 5, 2026, the transaction has been approved by all regulatory approvals. As of February 10, 2026, shareholders of Farmers and Middlefield each have approved the proposed merger of Middlefield with and into Farmers.
Dan Flaherty of Janney Montgomery Scott LLC acted as financial advisor, fairness opinion provider for Farmers National Banc Corp and will receive a fee of $0.25 million for opinion rendered and 0.75% of transaction value for advisory fee. J. Bret Treier of Vorys, Sater, Seymour & Pease LLP acted as legal advisor for Farmers National Banc Corp. Raymond James & Associates, Inc. acted as financial advisor, fairness opinion provider for Middlefield Banc Corp and will receive a fee of $0.3 million for opinion rendered and $3.9 million for advisory services. J. Brennan Ryan of Nelson Mullins Riley & Scarborough LLP acted as legal advisor for Middlefield Banc Corp. Vijay S. Sekhon of Sidley Austin LLP acted as legal advisor for Castle Creek Advisors VIII LLC. Alliance Advisors LLC acted as proxy solicitor to Farmers National Banc and will receive a fee of $0.03 million. Alliance Advisors LLC acted as proxy solicitor to Middlefield Banc Corp and will receive a fee of $0.0375 million.
Farmers National Banc Corp. (NasdaqCM:FMNB) completed the acquisition of Middlefield Banc Corp. (NasdaqCM:MBCN) from Castle Creek Advisors VIII LLC and others on March 2, 2026. Declared Dividend • Feb 12
Fourth quarter dividend of US$0.21 announced Dividend of US$0.21 is the same as last year. Ex-date: 17th February 2026 Payment date: 27th February 2026 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (35% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has increased by an average of 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 11
Middlefield Banc Corp. Reports Net Charges Off for the Fourth Quarter Ended December 31, 2025 Middlefield Banc Corp. reported net charges off for the fourth quarter ended December 31, 2025. For the three months, the company reported Net charge-offs were $148,000, or (0.04%) of average loans, annualized, for the 2025 fourth quarter, compared to net recoveries of $151,000, or 0.04% of average loans, annualized, for the same period of 2024. The higher net
charge-offs were due to the partial charge-off of one loan during the 2025 third quarter. Reported Earnings • Feb 10
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$2.39 (up from US$1.92 in FY 2024). Revenue: US$77.6m (up 18% from FY 2024). Net income: US$19.4m (up 25% from FY 2024). Profit margin: 25% (up from 24% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10.0%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Feb 10
Middlefield Banc Corp. Announces First-Quarter Cash Dividend for 2026, Payable on February 27, 2026 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.21 per common share. The 2026 first-quarter dividend is payable on February 27, 2026, to shareholders of record on February 17, 2026. Board Change • Jan 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 5 highly experienced directors. Independent Director Jennifer Moeller was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Nov 20
Third quarter dividend of US$0.21 announced Shareholders will receive a dividend of US$0.21. Ex-date: 28th November 2025 Payment date: 12th December 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has increased by an average of 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 18
Middlefield Banc Corp. Declares Cash Dividend for the Fourth-Quarter 2025, Payable on December 12, 2025 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.21 per common share. The 2025 fourth-quarter dividend is payable on December 12, 2025, to shareholders of record on November 28, 2025. Price Target Changed • Oct 27
Price target increased by 9.8% to US$33.67 Up from US$30.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$34.19. The company is forecast to post earnings per share of US$2.66 for next year compared to US$1.92 last year. Reported Earnings • Oct 23
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.66 (up from US$0.29 in 3Q 2024). Revenue: US$19.5m (up 34% from 3Q 2024). Net income: US$5.32m (up 127% from 3Q 2024). Profit margin: 27% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 4.0%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$33.35, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Banks industry in the US. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$47.40 per share. Declared Dividend • Aug 14
Second quarter dividend of US$0.21 announced Shareholders will receive a dividend of US$0.21. Ex-date: 29th August 2025 Payment date: 12th September 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 12
Middlefield Banc Corp. Announces 2025 Third-Quarter Cash Dividend Payment, Payable on September 12, 2025 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.21 per common share. The 2025 third-quarter dividend is payable on September 12, 2025, to shareholders of record on August 29, 2025. Announcement • Jul 31
Middlefield Banc Corp. Appoints John Cunningham as Svp, Northeast Ohio Commercial Market Executive Middlefield Banc Corp. announced that John Cunningham has been appointed SVP, Northeast Ohio Commercial Market Executive. John Cunningham, with nearly 30 years of banking experience, was the SVP - Senior Managing Director, Commercial Real Estate at Premier Bank from 2021 to 2025. He held positions at TCF Bank /Chemical Bank, The Home Saving and Loan Bank, Huntington National Bank, National City Bank, and Associates First Capital Corporation. Cunningham holds degrees from Miami University and Case Western Reserve University’s Weatherhead School of Business. Major Estimate Revision • Jul 29
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$74.4m to US$76.8m. EPS estimate increased from US$2.23 to US$2.57 per share. Net income forecast to grow 15% next year vs 14% growth forecast for Banks industry in the US. Consensus price target up from US$30.67 to US$33.00. Share price fell 2.9% to US$29.75 over the past week. Price Target Changed • Jul 25
Price target increased by 7.6% to US$33.00 Up from US$30.67, the current price target is an average from 3 analysts. New target price is 10% above last closing price of US$29.96. Stock is up 3.8% over the past year. The company is forecast to post earnings per share of US$2.46 for next year compared to US$1.92 last year. Reported Earnings • Jul 23
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.76 (up from US$0.52 in 2Q 2024). Revenue: US$20.3m (up 21% from 2Q 2024). Net income: US$6.16m (up 48% from 2Q 2024). Profit margin: 30% (up from 25% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Jul 10
Price target increased by 8.4% to US$30.00 Up from US$27.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$31.27. Stock is up 32% over the past year. The company is forecast to post earnings per share of US$2.23 for next year compared to US$1.92 last year. Declared Dividend • May 15
First quarter dividend of US$0.21 announced Shareholders will receive a dividend of US$0.21. Ex-date: 30th May 2025 Payment date: 13th June 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 13
Middlefield Banc Corp. Declares Cash Dividend for the Second-Quarter of 2025, Payable on June 13, 2025 Middlefield Banc Corp. announced that its board of directors declared a quarterly cash dividend of $0.21 per common share. The 2025 second-quarter dividend is payable on June 13, 2025, to shareholders of record on May 30, 2025. Major Estimate Revision • May 01
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$71.4m to US$74.3m. EPS estimate increased from US$1.94 to US$2.23 per share. Net income forecast to grow 11% next year vs 13% growth forecast for Banks industry in the US. Consensus price target up from US$27.67 to US$29.00. Share price was steady at US$25.93 over the past week. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.60 (up from US$0.52 in 1Q 2024). Revenue: US$17.9m (up 6.2% from 1Q 2024). Net income: US$4.83m (up 16% from 1Q 2024). Profit margin: 27% (up from 25% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 23
Middlefield Banc Corp., Annual General Meeting, May 14, 2025 Middlefield Banc Corp., Annual General Meeting, May 14, 2025. Location: //meetnow.global/mspxwf6, United States Reported Earnings • Mar 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.92 (down from US$2.14 in FY 2023). Revenue: US$65.9m (down 4.4% from FY 2023). Net income: US$15.5m (down 11% from FY 2023). Profit margin: 24% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.52% (down from 3.97% in FY 2023). Cost-to-income ratio: 67.4% (up from 64.5% in FY 2023). Non-performing loans: 1.97% (up from 0.74% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to US$25.75. The fair value is estimated to be US$32.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Declared Dividend • Feb 13
Fourth quarter dividend increased to US$0.21 Dividend of US$0.21 is 5.0% higher than last year. Ex-date: 28th February 2025 Payment date: 14th March 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (42% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.4% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 11
Middlefield Banc Corp. Declares 2025 First-Quarter Cash Dividend, Payable on March 14, 2025 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.21 per common share, representing a 5% increase from the 2024 fourth quarter dividend. The 2025 first-quarter dividend is payable on March 14, 2025, to shareholders of record on February 28, 2025. Buy Or Sell Opportunity • Jan 31
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to US$25.91. The fair value is estimated to be US$33.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 9.8% in the next 2 years. Price Target Changed • Jan 28
Price target decreased by 9.8% to US$27.67 Down from US$30.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$26.98. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of US$1.94 for next year compared to US$1.92 last year. Reported Earnings • Jan 24
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.92 (down from US$2.14 in FY 2023). Revenue: US$65.9m (down 4.4% from FY 2023). Net income: US$15.5m (down 11% from FY 2023). Profit margin: 24% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.3%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Dec 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to US$28.15. The fair value is estimated to be US$35.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Price Target Changed • Dec 04
Price target increased by 8.2% to US$30.67 Up from US$28.33, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$31.16. Stock is up 3.9% over the past year. The company is forecast to post earnings per share of US$1.78 for next year compared to US$2.14 last year. Declared Dividend • Nov 21
Third quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 29th November 2024 Payment date: 13th December 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (45% payout ratio) and is expected to be well covered in 3 years' time (42% forecast payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 19
Middlefield Banc Corp. Announces Cash Dividend for the Fourth Quarter of 2024, Payable on December 13, 2024 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The fourth-quarter dividend is payable on December 13, 2024, to shareholders of record on November 29, 2024. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$33.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$35.63 per share. Buy Or Sell Opportunity • Oct 20
Now 27% undervalued Over the last 90 days, the stock has risen 5.0% to US$27.51. The fair value is estimated to be US$37.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Reported Earnings • Oct 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.29 (down from US$0.47 in 3Q 2023). Revenue: US$14.6m (down 13% from 3Q 2023). Net income: US$2.34m (down 39% from 3Q 2023). Profit margin: 16% (down from 23% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Oct 07
Price target increased by 9.0% to US$28.33 Up from US$26.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$28.49. Stock is up 5.0% over the past year. The company is forecast to post earnings per share of US$1.93 for next year compared to US$2.14 last year. Buy Or Sell Opportunity • Sep 03
Now 25% undervalued Over the last 90 days, the stock has risen 23% to US$25.74. The fair value is estimated to be US$34.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 9.2%. Revenue is forecast to grow by 4.3% in a year. Earnings are forecast to decline by 6.0% in the next year. Declared Dividend • Aug 15
Second quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 30th August 2024 Payment date: 13th September 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 8.5% over the next year. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Announcement • Aug 14
Middlefield Banc Corp. Announces Third-Quarter Dividend, Payable on September 13, 2024 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The third-quarter dividend is payable on September 13, 2024, to shareholders of record on August 30, 2024. Buy Or Sell Opportunity • Aug 01
Now 26% undervalued Over the last 90 days, the stock has risen 6.8% to US$24.77. The fair value is estimated to be US$33.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 9.2%. Revenue is forecast to grow by 4.3% in a year. Earnings are forecast to decline by 6.0% in the next year. Major Estimate Revision • Jul 25
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$67.8m to US$68.5m. EPS estimate increased from US$1.72 to US$1.93 per share. Net income forecast to shrink 6.0% next year vs 3.7% growth forecast for Banks industry in the US . Consensus price target of US$26.00 unchanged from last update. Share price rose 7.7% to US$26.76 over the past week. Reported Earnings • Jul 19
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$0.52 (down from US$0.63 in 2Q 2023). Revenue: US$16.8m (down 7.6% from 2Q 2023). Net income: US$4.16m (down 18% from 2Q 2023). Profit margin: 25% (down from 28% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jul 12
Darryl E. Mast Declines Re-Election as Member of the Board of Directors of Middlefield Banc Corp On July 8, 2024 Darryl E. Mast, a member of the Board of Directors of Middlefield Banc Corp., notified the Company of his decision to not run for reelection as a Board member for the Company at its 2025 Annual Meeting, which will also be Mr. Mast’s final day as a Board member. The action of Mr. Mast was for personal reasons and did not result from any disagreements with management or the Board. Mr. Mast has served as a director of the Company since 2013 and served as a member of the Company’s Audit and Executive Committees as well as Chair of the Risk and Compliance Committee for The Middlefield Banking Company. Declared Dividend • May 16
First quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 31st May 2024 Payment date: 14th June 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 13% over the next year. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Announcement • May 15
Middlefield Banc Corp. Declares Quarterly Cash Dividend, Payable on June 14, 2024 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The second-quarter dividend is payable on June 14, 2024, to shareholders of record on May 31, 2024. Reported Earnings • May 01
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.52 (down from US$0.60 in 1Q 2023). Revenue: US$16.9m (down 4.4% from 1Q 2023). Net income: US$4.17m (down 15% from 1Q 2023). Profit margin: 25% (down from 28% in 1Q 2023). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Announcement • Apr 06
Middlefield Banc Corp., Annual General Meeting, May 15, 2024 Middlefield Banc Corp., Annual General Meeting, May 15, 2024, at 13:00 Eastern Standard Time. Agenda: To consider election of directors; to consider a non-binding advisory proposal to approve the compensation of Middlefield Banc Corp.'s named executive officers; to consider ratification of the appointment of S.R. Snodgrass, P.C. as independent auditor for the fiscal year ending December 31, 2024; and to consider other business issues. Price Target Changed • Apr 02
Price target decreased by 7.5% to US$28.67 Down from US$31.00, the current price target is an average from 3 analysts. New target price is 24% above last closing price of US$23.20. Stock is down 16% over the past year. The company is forecast to post earnings per share of US$1.63 for next year compared to US$2.14 last year. Reported Earnings • Mar 31
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$2.14. Revenue: US$68.9m (up 21% from FY 2022). Net income: US$17.4m (up 11% from FY 2022). Profit margin: 25% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 4.04% (down from 4.08% in FY 2022). Cost-to-income ratio: 64.5% (down from 65.0% in FY 2022). Non-performing loans: 0.74% (up from 0.16% in FY 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 2.7%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 15 March 2024. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.2%). Declared Dividend • Feb 16
Fourth quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (37% payout ratio) and is expected to be well covered in 3 years' time (49% forecast payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 23% over the next 2 years. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 13
Middlefield Banc Corp. Declares Cash Dividend for the First Quarter of 2024, Payable on March 15, 2024 Middlefield Banc Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share for the first quarter of 2024. The dividend is payable on March 15, 2024, to shareholders of record on March 1, 2024. Recent Insider Transactions • Feb 06
Independent Director recently bought US$52k worth of stock On the 5th of February, Michael Voinovich bought around 2k shares on-market at roughly US$26.21 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$158k more in shares than they have sold in the last 12 months. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$71.6m to US$68.9m. EPS estimate also fell from US$1.89 per share to US$1.64 per share. Net income forecast to shrink 23% next year vs 3.5% decline forecast for Banks industry in the US. Consensus price target up from US$30.33 to US$31.00. Share price fell 8.7% to US$27.12 over the past week. Reported Earnings • Jan 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$2.15. Revenue: US$68.9m (up 21% from FY 2022). Net income: US$17.4m (up 11% from FY 2022). Profit margin: 25% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 2.7%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Price Target Changed • Jan 05
Price target increased by 7.9% to US$29.67 Up from US$27.50, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$29.70. Stock is up 7.6% over the past year. The company is forecast to post earnings per share of US$2.21 for next year compared to US$2.60 last year. Board Change • Jan 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jennifer Moeller was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.25 per share at 2.8% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (3.6%).