Middlefield Banc Corp - Understand $mbcn stock

$MBCN Market Cap: $251.5 Million

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Financial Snapshot

Revenue

$75.82M

TTM

Gross Margin

Net Earnings

$14.21M

TTM

Current Assets

Current Liabilities

$16.45M

Q3 2024

Current Ratio

Total Assets

$1.858B

Q3 2024

Total Liabilities

$1.647B

Q3 2024

Book Value

$210.7M

Q3 2024

Cash

$73.87M

Q3 2024

P/E

17.69

Nov 29, 2024 EST

Free Cash Flow

$22.14M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Revenue	$90.30M	$54.91M	$52.34M	$52.64M	$54.53M	$50.36M	$44.00M	$29.99M	$28.60M	$27.87M
YoY Change	64.46%	4.91%	-0.58%	-3.46%	8.28%	14.46%	46.68%	4.89%	2.59%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$90.30M	$54.91M	$52.34M	$52.64M	$54.53M	$50.36M	$44.00M	$29.99M	$28.60M	$27.87M
Cost Of Revenue
Gross Profit
Gross Profit Margin

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$1.500M	$1.300M	$1.400M	$1.300M	$1.000M	$951.0K	$876.0K	$735.0K	$715.0K	$750.0K	$890.0K	$930.0K	$730.0K	$740.0K	$680.0K	$650.0K	$600.0K	$580.0K
YoY Change	15.38%	-7.14%	7.69%	30.0%	5.15%	8.56%	19.18%	2.8%	-4.67%	-15.73%	-4.3%	27.4%	-1.35%	8.82%	4.62%	8.33%	3.45%	28.89%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Interest Expense	$25.10M	$4.729M	$4.065M	$9.250M	$13.14M	$9.909M	$6.647M	$4.190M	$3.820M	$4.070M
YoY Change	430.73%	16.33%	-56.05%	-29.6%	32.61%	49.07%	58.64%	9.69%	-6.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Pretax Income	$20.76M	$18.89M	$22.70M	$9.750M	$15.30M	$14.59M	$13.68M	$8.321M	$8.427M	$9.172M	$9.010M	$7.940M	$4.730M	$2.430M	$1.710M	$3.000M	$4.170M	$5.360M
YoY Change	9.86%	-16.76%	132.8%	-36.29%	4.87%	6.7%	64.37%	-1.26%	-8.12%	1.8%	13.48%	67.86%	94.65%	42.11%	-43.0%	-28.06%	-22.2%	4.69%
Income Tax	$3.387M	$3.220M	$4.065M	$1.401M	$2.592M	$2.162M	$4.222M	$1.905M	$1.562M	$1.992M	$1.980M	$1.660M	$600.0K	-$90.00K	-$70.00K	$390.0K	$800.0K	$1.470M
% Of Pretax Income	16.32%	17.04%	17.91%	14.37%	16.94%	14.82%	30.87%	22.89%	18.54%	21.72%	21.98%	20.91%	12.68%	-3.7%	-4.09%	13.0%	19.18%	27.43%
Net Earnings	$17.37M	$15.67M	$18.63M	$8.349M	$12.71M	$12.43M	$9.455M	$6.416M	$6.865M	$7.180M	$7.030M	$6.280M	$4.130M	$2.520M	$1.780M	$2.620M	$3.380M	$3.880M
YoY Change	10.81%	-15.89%	123.18%	-34.32%	2.25%	31.48%	47.37%	-6.54%	-4.39%	2.13%	11.94%	52.06%	63.89%	41.57%	-32.06%	-22.49%	-12.89%	4.86%
Net Earnings / Revenue	19.23%	28.55%	35.6%	15.86%	23.31%	24.69%	21.49%	21.39%	24.01%	25.76%
Basic Earnings Per Share	$2.14	$2.60	$3.01	$1.31	$1.96	$1.92	$3.12	$3.04	$3.41	$3.52
Diluted Earnings Per Share	$2.14	$2.59	$3.00	$1.30	$1.95	$1.91	$3.10	$3.03	$3.39	$3.50	$1.736M	$1.640M	$1.226M	$800.0K	$574.2K	$847.9K	$1.073M	$1.281M

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
Property, Plant & Equipment	$21.34M	$21.96M	$18.10M	$19.10M	$18.80M	$13.00M	$11.90M	$11.20M	$9.800M	$10.00M	$9.800M	$8.700M	$8.300M	$8.200M	$8.400M	$8.400M	$7.000M	$6.700M
YoY Change	-2.83%	21.33%	-5.24%	1.6%	44.62%	9.24%	6.25%	14.29%	-2.0%	2.04%	12.64%	4.82%	1.22%	-2.38%	0.0%	20.0%	4.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$9.237M	$9.454M	$1.700M	$1.100M	$400.0K					$1.500M	$3.700M	$200.0K	$600.0K	$2.600M	$1.600M	$1.800M	$1.400M	$800.0K
YoY Change	-2.3%	456.12%	54.55%	175.0%						-59.46%	1750.0%	-66.67%	-76.92%	62.5%	-11.11%	28.57%	75.0%
Total Long-Term Assets
YoY Change
Total Assets	$1.823B	$1.688B	$1.331B	$1.392B	$1.183B	$1.248B	$1.106B	$787.8M	$735.1M	$677.5M	$647.1M	$670.3M	$654.6M	$632.2M	$558.7M	$467.8M	$434.3M	$340.9M
YoY Change
Accounts Payable	$15.74M	$878.0K	$200.0K	$600.0K	$900.0K					$300.0K	$400.0K
YoY Change	1692.48%	339.0%	-66.67%	-33.33%						-25.0%
Accrued Expenses	$7.904M	$5.163M	$3.100M	$2.300M	$2.400M
YoY Change	53.09%	66.55%	34.78%	-4.17%
Deferred Revenue
YoY Change
Short-Term Debt		$65.00M		$0.00	$100.0K	$400.0K	$4.700M	$68.40M	$35.80M	$14.80M	$10.80M	$6.500M	$7.400M	$7.600M	$6.800M	$1.900M	$1.500M	$1.600M
YoY Change				-100.0%	-75.0%	-91.49%	-93.13%	91.06%	141.89%	37.04%	66.15%	-12.16%	-2.63%	11.76%	257.89%	26.67%	-6.25%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$15.74M	$6.041M	$3.300M	$2.900M	$3.300M	$400.0K	$4.700M	$68.40M	$35.80M	$300.0K	$400.0K	$6.500M	$7.400M	$7.600M	$6.800M	$1.900M	$1.500M	$1.600M
YoY Change	160.52%	83.06%	13.79%	-12.12%	725.0%	-91.49%	-93.13%	91.06%	11833.33%	-25.0%	-93.85%	-12.16%	-2.63%	11.76%	257.89%	26.67%	-6.25%
Long-Term Debt	$11.86M	$12.06M	$12.90M	$17.00M	$12.30M	$8.200M	$8.200M	$8.200M	$8.200M	$8.200M	$11.60M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change	-1.63%	-6.52%	-24.12%	38.21%	50.0%	0.0%	0.0%	0.0%	0.0%	-29.31%
Other Long-Term Liabilities	$4.608M	$10.91M	$2.800M	$3.000M	$2.700M	$4.800M	$4.500M	$3.100M	$2.600M	$1.800M	$2.000M	$2.000M	$2.100M	$2.000M	$2.200M	$2.200M	$2.500M	$1.600M
YoY Change	-57.78%	289.75%	-6.67%	11.11%	-43.75%	6.67%	45.16%	19.23%	44.44%	-10.0%	0.0%	-4.76%	5.0%	-9.09%	0.0%	-12.0%	56.25%
Total Long-Term Liabilities	$11.86M	$22.97M	$15.70M	$20.00M	$15.00M	$13.00M	$12.70M	$11.30M	$10.80M	$10.00M	$13.60M	$2.000M	$2.100M	$2.000M	$2.200M	$2.200M	$2.500M	$1.600M
YoY Change	-48.36%	46.32%	-21.5%	33.33%	15.38%	2.36%	12.39%	4.63%	8.0%	-26.47%	580.0%	-4.76%	5.0%	-9.09%	0.0%	-12.0%	56.25%
Total Liabilities	$1.617B	$1.490B	$1.186B	$1.248B	$1.045B	$1.120B	$986.5M	$710.9M	$672.8M	$613.7M	$593.6M	$614.9M	$607.3M	$594.2M	$522.0M	$432.8M	$399.3M	$310.4M
YoY Change	8.54%	25.66%	-5.01%	19.48%	-6.73%	13.54%	38.77%	5.66%	9.63%	3.39%	-3.46%	1.25%	2.2%	13.83%	20.61%	8.39%	28.64%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Basic Shares Outstanding	8.103M	6.027M	6.187M	6.385M	6.470M	6.460M	3.029M	2.108M	2.015M	2.042M
Diluted Shares Outstanding	8.126M	6.044M	6.211M	6.405M	6.503M	6.488M	3.053M	2.119M	2.024M	2.050M
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $251.49 Million

About MIDDLEFIELD BANC CORP

Middlefield Banc Corp. is a holding company, which engages in the provision of personal and commercial banking solutions. The company is headquartered in Middlefield, Ohio and currently employs 256 full-time employees. The company went IPO on 2001-08-14. The firm's subsidiaries include The Middlefield Banking Company (MBC) (the Bank) and EMORECO Inc. MBC is engaged in the general commercial banking business in northeastern, central, and western Ohio. MBC offers customers a range of banking services, including checking, savings, negotiable order of withdrawal (NOW) accounts, money market accounts, time deposits, commercial loans, real estate loans, a variety of consumer loans, safe deposit facilities, and travelers’ checks. MBC offers online banking and bill payment services to individuals and online cash management services to business customers through its website at www.middlefieldbank.bank. The Bank operates approximately 21 full-service banking centers and a financial brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, and others. MBC also operates a loan production office in Mentor, Ohio.

Industry: State Commercial Banks Peers: Eagle Bancorp Montana, Inc. Embassy Bancorp, Inc. Finward Bancorp FNCB Bancorp, Inc. First Northwest Bancorp Richmond Mutual Bancorporation, Inc. PNC FINANCIAL SERVICES GROUP, INC.