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Middlefield Banc Corp. (MBCN-0.84%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1.85 billion, an increase from $1.82 billion the previous year. Total loans increased to $1.52 billion from $1.48 billion, while total deposits rose to $1.45 billion from $1.43 billion.
Net income for the year was $15.5 million, down from $17.4 million in the previous year. Earnings per share decreased to $1.92 from $2.14.
The company reported an allowance for credit losses of $22.4 million, representing 1.48% of total loans, compared to 1.47% the previous year.
Middlefield Banc Corp. completed its merger with Liberty Bancshares, Inc. in December 2022, issuing approximately $73.3 million in stock as merger consideration.
The filing details various financial metrics, including a return on average assets of 0.84% and a return on average equity of 7.48%.
Middlefield Banc Corp. operates 21 banking centers and one loan production office across Ohio, with a focus on commercial and consumer banking services.
The company identified cybersecurity as a risk, noting a cyber-attack in April 2023 that resulted in a class action lawsuit, which is expected to be covered by insurance.
Middlefield Banc Corp. continues to focus on expanding its market presence in Ohio and enhancing its financial performance through strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Middlefield Banc Corp. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.