Middlefield Banc Corp. (NASDAQ: MBCN) today reported record
financial results for the twelve months ended December 31,
2019.
2019 Financial Highlights (on a year-over-year basis
unless noted):
- Net income increased 2.3% to a record $12.7 million
- Earnings per diluted share increased 2.1% to a record $1.95 per
share
- Return on average common equity was 9.35%, compared to
9.94%
- Return on average tangible common equity(1) was 10.72%,
compared to 11.57%
- Book value per share was up 8.5% to a record $21.45 per
share
- Tangible book value(1) per share was up 10.0% to a record
$18.78 per share
- Total net loans decreased 0.7% to $977.5 million
- Net interest income improved 2.3% to $41.4 million
- Total noninterest income was up 29.9% to $4.8 million
- Noninterest expense was up only 4.5%
- Equity to assets strengthened to 11.65%, compared to
10.28%
- All per share data has been adjusted to reflect the November 8,
2019 two-for-one stock split
“Middlefield achieved record annual earnings, earnings per
share, and book value for the year ended December 31, 2019, despite
a more challenging banking landscape,” stated Thomas G. Caldwell,
President and Chief Executive Officer. “During the year, we were
able to successfully offset macro related pressures related to a
declining rate environment and significant competition for loans
and deposits, as annual noninterest income increased nearly 30%,
core asset quality improved, and noninterest expenses only
increased 4.5%, compared to the prior year. We continue to invest
in developing new products and services for our customers, and
further expanded our footprint in Central Ohio with our new Plain
City branch that opened during the 2019 fourth quarter.
“During 2019, the Company repurchased 98,832 shares of our
common stock, increased our quarterly cash dividend by 7.1%, and
completed a two-for-one stock split to improve our trading
liquidity. These actions reflect management and the board’s
optimism for our future and commitment to creating value for all
shareholders.
“As we look to 2020 and beyond, we expect market conditions will
remain competitive. During this period, our strategy will remain
focused on balancing loan growth with a conservative approach to
risk. In addition, we will continue to pursue strategies aimed at
diversifying sources of income, expanding our presence in Central
Ohio, increasing our market share in our core Northeast Ohio
markets, and investing in our platform to support our long-term
growth opportunity,” concluded Mr. Caldwell.
Income Statement
For the 2019 full year, net interest income increased 2.3% to
$41.4 million, compared to $40.4 million for the same period last
year. The net interest margin for the 2019 twelve-month period was
3.68%, compared to 3.77% for the same period last year. Net
interest income for the 2019 fourth quarter was $10.3 million,
compared to $10.5 million for the 2018 fourth quarter. The net
interest margin for the 2019 fourth quarter was 3.66%, compared to
3.76% for the same period of 2018.
For the 2019 full year, noninterest income increased 29.9% to
$4.8 million, compared to $3.7 million for the same period last
year. Noninterest income for the 2019 fourth quarter was $1.3
million, compared to $1.0 million for the 2018 fourth quarter.
For the 2019 full year, noninterest expense increased 4.5% to
$30.0 million, compared to $28.7 million last year. For the 2019
fourth quarter, noninterest expense was $7.4 million, compared to
$7.2 million for the same period last year.
“We have remained focused on managing risk and pricing on loans,
while prudently controlling our funding costs on deposits,” said
Donald L. Stacy, Chief Financial Officer. “During the 2019 fourth
quarter charge-offs were higher as a result of charging off
$566,000 of acquired student loans during the quarter. We believe
this was a one-time issue, and as our nonperforming assets at
December 31, 2019 indicate, we expect charge-offs will return to
more historical levels during the 2020 first quarter. Looking at
our deposits, I am encouraged by the growth we experienced in core
deposits during the fourth quarter, and we ended the quarter with a
loan-to-deposit ratio of 96.4% at December 31, 2019 compared to
97.6% at December 31, 2018.”
Balance Sheet
Total assets at December 31, 2019, decreased 5.3% to $1.18
billion, from $1.25 billion at December 31, 2018. Net loans at
December 31, 2019, were $977.5 million, compared to $984.7 million
at December 31, 2018. The 0.7% year-over-year decrease in total net
loans was a result of a 14.2% decline in consumer installment
loans, and a 5.7% decline in commercial real estate loans,
partially offset by an 11.5% increase in real estate construction
loans, a 6.8% increase in commercial and industrial loans, and a
3.1% increase in residential real estate loans.
Total deposits at December 31, 2019, were $1.02 billion,
compared to $1.02 billion at December 31, 2018. The 0.5%
year-over-year increase in deposits was primarily a result of
higher time deposits and interest-bearing deposits. The investment
portfolio, which is entirely classified as available for sale, was
$105.7 million at December 31, 2019, compared with $98.3 million at
December 31, 2018.
Stockholders’ Equity and Dividends
At December 31, 2019, stockholders’ equity increased 7.4% to
$137.8 million, compared to $128.3 million at December 31, 2018. On
a per share basis, shareholders’ equity at December 31, 2019, was a
record $21.45 compared to $19.77 at the same period last year.
At December 31, 2019, tangible stockholders’ equity(1) increased
8.9% to $120.6 million, compared to $110.8 million at December 31,
2018. On a per share basis, tangible stockholders’ equity(1) was
$18.78 at December 31, 2019, compared to $17.08 at December 31,
2018.
For the 2019 full year, the company declared cash dividends of
$0.57 per share, compared to $0.59 per share for the same period
last year. The dividend payout ratio for the 2019 twelve-month
period was 28.99%. At December 31, 2019, the company had an equity
to assets leverage ratio of 11.65%, compared to 10.28% at December
31, 2018.
Asset Quality
The provision for loan losses for the 2019 fourth quarter was
$460,000 versus $210,000 for the same period last year.
Nonperforming assets at December 31, 2019, were $8.8 million,
compared to $7.8 million at December 31, 2018. Net charge-offs for
the 2019 fourth quarter were $693,000, or 0.28% of average loans,
annualized, compared to $276,000, or 0.11% of average loans,
annualized at December 31, 2018.
The provision for loan losses for the year ended December 31,
2019 was $890,000 compared to $840,000 for the year ended December
31, 2018. For the 2019 twelve-month period, net charge-offs were
$1.6 million, or 0.16% of average loans, compared to $602,000, or
0.06% of average loans for the 2018 twelve-month period. The
allowance for loan losses at December 31, 2019, stood at $6.8
million, or 0.69% of total loans, compared to $7.4 million or 0.75%
of total loans at December 31, 2018.
About Middlefield Banc Corp.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is
the bank holding company of The Middlefield Banking Company with
total assets of $1.18 billion at December 31, 2019. 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.
Additional information is available at
www.middlefieldbank.bank.
(1)This press release includes disclosure of Middlefield Banc
Corp.’s tangible book value per share and return on average
tangible equity, which are financial measures not prepared in
accordance with generally accepted accounting principles in the
United States (GAAP). A non-GAAP financial measure is a numerical
measure of historical or future financial performance, financial
position or cash flows that excludes or includes amounts that are
required to be disclosed by GAAP. Middlefield Banc Corp. believes
that these non-GAAP financial measures provide both management and
investors a more complete understanding of the underlying
operational results and trends and Middlefield Banc Corp.’s
marketplace performance. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the numbers prepared in accordance with GAAP. The
reconciliations of non-GAAP financial measures are included in the
tables following Consolidated Financial Highlights below.
This press release of Middlefield Banc Corp. and the reports
Middlefield Banc Corp. files with the Securities and Exchange
Commission often contain “forward-looking statements” relating to
present or future trends or factors affecting the banking industry
and, specifically, the financial operations, markets and products
of Middlefield Banc Corp. These forward-looking statements involve
certain risks and uncertainties. There are a number of important
factors that could cause Middlefield Banc Corp.’s future results to
differ materially from historical performance or projected
performance. These factors include, but are not limited to: (1) a
significant increase in competitive pressures among financial
institutions; (2) changes in the interest rate environment that may
reduce interest margins; (3) changes in prepayment speeds,
charge-offs and loan loss provisions; (4) less favorable than
expected general economic conditions; (5) legislative or regulatory
changes that may adversely affect businesses in which Middlefield
Banc Corp. is engaged; (6) technological issues which may adversely
affect Middlefield Banc Corp.’s financial operations or customers;
(7) changes in the securities markets; or (8) risk factors
mentioned in the reports and registration statements Middlefield
Banc Corp. files with the Securities and Exchange Commission.
Middlefield Banc Corp. undertakes no obligation to release
revisions to these forward-looking statements or to reflect events
or circumstances after the date of this press release.
MIDDLEFIELD BANC CORP. Consolidated Selected Financial
Highlights (Dollar amounts in thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
Balance Sheets (period end)
2019
2019
2019
2019
2018
ASSETS Cash and due from banks
$
35,113
$
118,956
$
133,372
$
121,045
$
107,933
Federal funds sold
-
1,069
2,010
-
-
Cash and cash equivalents
35,113
120,025
135,382
121,045
107,933
Equity securities, at fair value
710
628
660
674
616
Investment securities available for sale, at fair value
105,733
105,041
98,809
98,114
98,322
Loans held for sale
1,220
791
431
1,230
597
Loans
984,258
999,282
998,232
1,004,484
992,109
Less allowance for loan and lease losses
6,768
7,001
7,304
7,206
7,428
Net loans
977,490
992,281
990,928
997,278
984,681
Premises and equipment, net
17,874
17,182
16,788
15,741
13,003
Goodwill
15,071
15,071
15,071
15,071
15,071
Core deposit intangibles
2,056
2,141
2,227
2,312
2,397
Bank-owned life insurance
16,511
16,403
16,294
16,185
16,080
Accrued interest receivable and other assets
10,697
11,015
11,832
13,285
9,698
TOTAL ASSETS
$
1,182,475
$
1,280,578
$
1,288,422
$
1,280,935
$
1,248,398
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
LIABILITIES Deposits: Noninterest-bearing demand
$
191,370
$
199,235
$
198,817
$
194,298
$
203,410
Interest-bearing demand
107,844
107,033
94,266
107,246
92,104
Money market
160,826
155,419
152,885
178,668
196,685
Savings
192,003
182,005
194,505
184,662
222,954
Time
368,800
390,721
411,034
375,357
300,914
Total deposits
1,020,843
1,034,413
1,051,507
1,040,231
1,016,067
Short-term borrowings
5,075
92,000
85,000
91,000
90,398
Other borrowings
12,750
12,359
12,449
11,518
8,803
Accrued interest payable and other liabilities
6,032
5,893
5,206
6,487
4,840
TOTAL LIABILITIES
1,044,700
1,144,665
1,154,162
1,149,236
1,120,108
STOCKHOLDERS' EQUITY * Common stock, no par value; 10,000,000
shares authorized, 7,294,792 shares issued, 6,423,630 shares
outstanding as of December 31, 2019
86,617
86,617
86,590
86,437
85,925
Retained earnings
65,063
62,886
60,517
58,139
56,037
Accumulated other comprehensive income (loss)
1,842
2,157
1,377
641
(154
)
Treasury stock, at cost; 871,162 shares as of December 31, 2019
(15,747
)
(15,747
)
(14,224
)
(13,518
)
(13,518
)
TOTAL STOCKHOLDERS' EQUITY
137,775
135,913
134,260
131,699
128,290
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,182,475
$
1,280,578
$
1,288,422
$
1,280,935
$
1,248,398
* All share and per share information has been adjusted for a
two-for-one stock split completed on November 8, 2019
MIDDLEFIELD BANC CORP. Consolidated Selected Financial
Highlights (Dollar amounts in thousands)
For the Three Months
Ended
For the Twelve Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
Statements of Income
2019
2019
2019
2019
2018
2019
2018
INTEREST AND DIVIDEND INCOME Interest and fees on loans
$
12,392
$
12,804
$
12,706
$
12,488
$
12,467
$
50,390
$
46,576
Interest-earning deposits in other institutions
124
193
169
187
146
673
558
Federal funds sold
22
24
25
7
17
78
46
Investment securities: Taxable interest
197
206
214
179
182
796
688
Tax-exempt interest
661
613
553
565
589
2,392
2,262
Dividends on stock
40
45
53
58
58
196
227
Total interest and dividend income
13,436
13,885
13,720
13,484
13,459
54,525
50,357
INTEREST EXPENSE Deposits
3,014
3,173
3,277
2,945
2,828
12,409
8,631
Short-term borrowings
34
42
79
213
78
368
842
Other borrowings
80
92
95
96
92
363
436
Total interest expense
3,128
3,307
3,451
3,254
2,998
13,140
9,909
NET INTEREST INCOME
10,308
10,578
10,269
10,230
10,461
41,385
40,448
Provision for loan losses
460
80
110
240
210
890
840
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
9,848
10,498
10,159
9,990
10,251
40,495
39,608
NONINTEREST INCOME Service charges on deposit accounts
577
571
530
508
498
2,186
1,914
Investment securities gains on sale, net
-
4
190
-
-
194
-
Gain (loss) on equity securities
82
(32
)
(14
)
58
(55
)
94
(9
)
Earnings on bank-owned life insurance
108
109
109
105
110
431
428
Gains on sale of loans
148
128
98
59
67
433
231
Other income
390
325
386
402
357
1,503
1,164
Total noninterest income
1,305
1,105
1,299
1,132
977
4,841
3,728
NONINTEREST EXPENSE Salaries and employee benefits
4,049
4,272
4,078
4,124
4,065
16,523
15,749
Occupancy expense
580
535
496
553
465
2,164
1,933
Equipment expense
270
244
291
235
273
1,040
969
Data processing costs
614
580
549
465
446
2,208
1,806
Ohio state franchise tax
262
262
261
259
220
1,044
823
Federal deposit insurance expense
-
-
100
130
100
230
550
Professional fees
448
401
403
431
364
1,683
1,482
Advertising expense
128
202
200
203
227
733
921
Software amortization expense
159
182
152
145
145
638
605
Core deposit intangible amortization
85
86
85
85
87
341
352
Other expense
783
909
867
870
851
3,429
3,553
Total noninterest expense
7,378
7,673
7,482
7,500
7,243
30,033
28,743
Income before income taxes
3,775
3,930
3,976
3,622
3,985
15,303
14,593
Income taxes
634
661
686
611
560
2,592
2,162
NET INCOME
$
3,141
$
3,269
$
3,290
$
3,011
$
3,425
$
12,711
$
12,431
MIDDLEFIELD BANC CORP. Consolidated Selected Financial
Highlights (Dollar amounts in thousands, except per share and
share amounts)
For the Three Months
Ended
For the Twelve Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
2019
2019
2019
2019
2018
2019
2018
Per common share data (5) Net income per common share -
basic
$
0.48
$
0.51
$
0.51
$
0.46
$
0.53
$
1.96
$
1.92
Net income per common share - diluted
$
0.49
$
0.50
$
0.50
$
0.46
$
0.53
$
1.95
$
1.91
Dividends declared per share
$
0.15
$
0.14
$
0.14
$
0.14
$
0.14
$
0.57
$
0.59
Book value per share (period end)
$
21.45
$
21.16
$
20.70
$
20.22
$
19.77
$
21.45
$
19.77
Tangible book value per share (period end) (2) (3)
$
18.78
$
18.48
$
18.04
$
17.55
$
17.08
$
18.78
$
17.08
Dividends declared
$
964
$
900
$
912
$
909
$
908
$
3,685
$
3,779
Dividend yield
2.28
%
2.37
%
2.74
%
2.76
%
2.62
%
2.18
%
2.76
%
Dividend payout ratio
30.69
%
27.53
%
27.72
%
30.19
%
26.51
%
28.99
%
30.40
%
Average shares outstanding - basic
6,423,543
6,458,258
6,502,508
6,498,278
6,478,360
6,470,408
6,459,908
Average shares outstanding - diluted
6,455,387
6,479,066
6,514,946
6,510,568
6,500,298
6,502,806
6,487,814
Period ending shares outstanding
6,423,630
6,423,130
6,485,170
6,512,740
6,488,664
6,423,630
6,488,664
Selected ratios Return on average assets
1.04
%
1.07
%
1.09
%
1.01
%
1.15
%
1.05
%
1.09
%
Return on average equity
8.87
%
9.41
%
9.79
%
9.36
%
10.52
%
9.35
%
9.94
%
Return on average tangible common equity (2) (4)
10.11
%
10.76
%
11.23
%
10.80
%
12.17
%
10.72
%
11.57
%
Efficiency (1)
61.75
%
63.93
%
63.03
%
64.30
%
61.60
%
63.25
%
63.29
%
Equity to assets at period end
11.65
%
10.61
%
10.42
%
10.28
%
10.28
%
11.65
%
10.28
%
Noninterest expense to average assets
0.61
%
0.64
%
0.62
%
0.62
%
0.62
%
2.49
%
2.51
%
(1) The efficiency ratio is calculated by dividing noninterest
expense less amortization of intangibles by the sum of net interest
income on a fully taxable equivalent basis plus noninterest income
(2) See reconciliation of non-GAAP measures below (3) Calculated by
dividing tangible common equity by shares outstanding (4)
Calculated by dividing annualized net income for each period by
average tangible common equity (5) All share and per share
information has been adjusted for a two-for-one stock split
completed on November 8, 2019
MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
For the Three Months
Ended
For the Twelve Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
2019
2019
2019
2019
2018
2019
2018
Yields Interest-earning assets: Loans receivable (2)
4.97
%
5.09
%
5.08
%
5.07
%
5.09
%
5.06
%
4.91
%
Investment securities (2)
3.94
%
3.80
%
3.79
%
3.80
%
3.73
%
3.77
%
3.67
%
Interest-earning deposits with other banks
1.65
%
2.31
%
2.21
%
2.26
%
2.08
%
2.11
%
1.90
%
Total interest-earning assets
4.75
%
4.86
%
4.86
%
4.85
%
4.82
%
4.83
%
4.68
%
Deposits: Interest-bearing demand deposits
0.41
%
0.39
%
0.36
%
0.30
%
0.31
%
0.36
%
0.23
%
Money market deposits
1.41
%
1.43
%
1.40
%
1.58
%
1.56
%
1.46
%
1.11
%
Savings deposits
0.62
%
0.68
%
0.69
%
0.81
%
0.85
%
0.70
%
0.65
%
Certificates of deposit
2.18
%
2.18
%
2.35
%
2.15
%
1.99
%
2.22
%
1.83
%
Total interest-bearing deposits
1.43
%
1.48
%
1.56
%
1.46
%
1.38
%
1.48
%
1.11
%
Non-Deposit Funding: Borrowings
2.52
%
3.03
%
2.70
%
2.57
%
3.54
%
2.63
%
2.20
%
Total interest-bearing liabilities
1.46
%
1.51
%
1.59
%
1.52
%
1.43
%
1.52
%
1.18
%
Cost of deposits
1.15
%
1.20
%
1.26
%
1.17
%
1.09
%
1.20
%
0.90
%
Cost of funds
1.17
%
1.23
%
1.29
%
1.24
%
1.14
%
1.23
%
0.97
%
Net interest margin (1)
3.66
%
3.72
%
3.65
%
3.70
%
3.76
%
3.68
%
3.77
%
(1) Net interest margin represents net interest income as a
percentage of average interest-earning assets. (2) Tax-equivalent
adjustments to calculate the yield on tax-exempt securities and
loans were determined using an effective tax rate of 21%.
For the Three Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
End of Period Loan Balances
2019
2019
2019
2019
2018
(Dollar amounts in thousands) Commercial and industrial
$
89,527
$
85,861
$
85,520
$
85,756
$
83,857
Real estate - construction
63,246
57,564
54,619
58,019
56,731
Real estate - mortgage: Residential
347,047
347,739
345,830
340,483
336,487
Commercial
470,027
492,914
496,300
504,289
498,247
Consumer installment
14,411
15,204
15,963
15,937
16,787
Total
$
984,258
$
999,282
$
998,232
$
1,004,484
$
992,109
December 31,
September 30,
June 30,
March 31,
December 31,
Asset quality data
2019
2019
2019
2019
2018
(Dollar amounts in thousands) Nonaccrual loans
$
8,689
$
10,053
$
10,671
$
10,472
$
6,595
90 day past due and accruing
-
-
58
-
945
Nonperforming loans (3)
8,689
10,053
10,729
10,472
7,540
Other real estate owned
155
89
89
126
270
Nonperforming assets
$
8,844
$
10,142
$
10,818
$
10,598
$
7,810
Allowance for loan losses
$
6,768
$
7,001
$
7,304
$
7,206
$
7,428
Allowance for loan losses/total loans
0.69
%
0.70
%
0.73
%
0.72
%
0.75
%
Net charge-offs: Quarter-to-date
$
693
$
383
$
12
$
462
$
276
Year-to-date
1,550
857
474
462
602
Net charge-offs to average loans, annualized: Quarter-to-date
0.28
%
0.15
%
0.00
%
0.19
%
0.11
%
Year-to-date
0.16
%
0.11
%
0.10
%
0.19
%
0.06
%
Nonperforming loans/total loans
0.88
%
1.01
%
1.07
%
1.04
%
0.76
%
Allowance for loan losses/nonperforming loans
77.89
%
69.64
%
68.08
%
68.81
%
98.51
%
Nonperforming assets/total assets
0.75
%
0.79
%
0.84
%
0.83
%
0.63
%
(3) Nonperforming loans exclude troubled debt restructurings that
are performing in accordance with their terms over a prescribed
period of time
Reconciliation of Common Stockholders' Equity to
Tangible Common Equity *
For the Three Months
Ended
For the Twelve Months
Ended
(Dollar amounts in thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
2019
2019
2019
2019
2018
2019
2018
Stockholders' Equity
$
137,775
$
135,913
$
134,260
$
131,699
$
128,290
$
137,775
$
128,290
Less Goodwill and other intangibles
17,127
17,212
17,298
17,383
17,468
17,127
17,468
Tangible Common Equity
$
120,648
$
118,701
$
116,962
$
114,316
$
110,822
$
120,648
$
110,822
Shares outstanding
6,423,630
6,423,130
6,485,170
6,512,740
6,488,664
6,423,630
6,488,664
Tangible book value per share
$
18.78
$
18.48
$
18.04
$
17.55
$
17.08
$
18.78
$
17.08
Reconciliation of Average Equity to Return on Average
Tangible Common Equity
For the Three Months
Ended
For the Twelve Months
Ended
December 31,
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
2019
2019
2019
2019
2018
2019
2018
Average Stockholders' Equity
$
140,475
$
137,843
$
134,836
$
130,450
$
129,208
$
135,900
$
125,074
Less Average Goodwill and other intangibles
17,169
17,254
17,339
17,422
17,510
17,296
17,641
Average Tangible Common Equity
$
123,306
$
120,589
$
117,497
$
113,028
$
111,698
$
118,604
$
107,433
Net income
$
3,141
3,269
3,290
3,011
3,425
12,711
12,431
Return on average tangible common equity (annualized)
10.11
%
10.76
%
11.23
%
10.80
%
12.17
%
10.72
%
11.57
%
* All share and per share information has been adjusted for a
two-for-one stock split completed on November 8, 2019
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200124005030/en/
Company Contact: Thomas G. Caldwell President/Chief
Executive Officer Middlefield Banc Corp. (440) 632-1666 Ext. 3200
tcaldwell@middlefieldbank.com
Investor and Media Contact: Andrew M. Berger Managing
Director SM Berger & Company, Inc. (216) 464-6400
andrew@smberger.com
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