Private company

MIDDLEFIELD BANC CORP

MIDDLEFIELD BANC CORP is an American state commercial bank, incorporated in Ohio.1

Last updated Oct 20, 2026.

Overview

  • IndustryState Commercial Banks1
  • HeadquartersMiddlefield, Ohio1
  • Incorporated inOH2
  • Business address15985 East High Street, P O Box 35, Middlefield, Oh 44062-92632
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Middlefield Banc Corp. Incorporated in 1988 under the Ohio General Corporation Law, Middlefield Banc Corp. (“Company”) is a bank holding company registered under the Bank Holding Company Act of 1956. The Company’s subsidiaries are:3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

22.9%Net margin4
-5.6%Revenue growth, 20244
7.4%Return on equity4
$16.7MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs13¢$9.0M
  • Interest60¢$40.6M
  • Income tax4¢$2.8M
  • Profit23¢$15.5M

Out of $67.9M in revenue.4

Where each dollar of operating cash went, fiscal 2024

  • Capital spending4¢$776.0K
  • Dividends paid37¢$6.5M
  • Share buybacks6¢$1.1M
  • Kept or used elsewhere53¢$9.2M

Out of $17.5M of cash from operations.4

Financial statements

Revenue4$67.9M in 2024−6% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $71.9M$71.9M20232024: $67.9M$67.9M2024−6%
Net income567894$15.5M in 2024+25% since 2018
0$5.0M$10.0M$15.0M$20.0M2018: $12.4M$12.4M20182019: $12.7M$12.7M2019+2%2020: $8.3M$8.3M2020−34%2021: $18.6M$18.6M2021+123%2022: $15.7M$15.7M2022−16%2023: $17.4M$17.4M2023+11%2024: $15.5M$15.5M2024−11%
Fiscal year2018201920202021202220232024
Revenue$71.9M4$67.9M4
Interest$9.9M5$13.1M6$9.2M7$4.2M8$4.7M9$25.1M4$40.6M4
Income before tax$22.7M8$18.9M9$20.8M4$18.3M4
Income tax$2.2M5$2.6M6$1.4M7$4.1M8$3.2M9$3.4M4$2.8M4
Net income$12.4M5$12.7M6$8.3M7$18.6M8$15.7M9$17.4M4$15.5M4
Earnings per share$1.925$1.966$1.317$3.018$2.609$2.144$1.934
Earnings per share (diluted)$1.915$1.956$1.307$3.008$2.599$2.144$1.924
Shares (weighted, basic)6.2M shares86.0M shares98.1M shares48.1M shares4
Shares (weighted, diluted)6.2M shares86.0M shares98.1M shares48.1M shares4

Compare MIDDLEFIELD BANC CORP with another company

Corporate structure

MIDDLEFIELD BANC CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MIDDLEFIELD BANC CORP

  • Castle Creek Capital Partners VI, LP Filed SCHEDULE 13D/A on MIDDLEFIELD BANC CORP, latest Feb 4, 2026 (2 filings since Dec 9, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G on MIDDLEFIELD BANC CORP, latest Jul 29, 2025
  • Ancora Advisors LLC Filed SC 13D on MIDDLEFIELD BANC CORP, latest Jan 5, 2023 (4 filings since Nov 1, 2021)
  • MIDDLEFIELD BANC CORP Middlefield, Ohio

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MIDDLEFIELD BANC CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$4.9M4 Dec 31, 2024$4.9M4 Dec 31, 20230%
Buildings and improvements$21.2M4 Dec 31, 2024$21.0M4 Dec 31, 2023+0.8%
Furniture and fixtures$10.6M4 Dec 31, 2024$10.1M4 Dec 31, 2023+4.6%
Construction in progress$139.0K4 Dec 31, 2024$04 Dec 31, 2023
Property and equipment, before depreciation$39.5M9 Dec 31, 2023$38.6M9 Dec 31, 2022+2.2%
Accumulated depreciation$18.1M9 Dec 31, 2023$16.7M9 Dec 31, 2022+8.8%
Property and equipment, net$21.3M9 Dec 31, 2023$22.0M9 Dec 31, 2022−2.8%
Finance-lease assets$3.2M4 Dec 31, 2024$3.5M4 Dec 31, 2023−8.6%
Operating-lease assets (leased space)$400.0K4 Dec 31, 2024$560.0K4 Dec 31, 2023−28.6%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$165.8M4 Dec 31, 2024$170.8M4 Dec 31, 2023−2.9%
Equity securities at fair value$855.0K4 Dec 31, 2024$955.0K4 Dec 31, 2023−10.5%
Deposits held (banks)$1.4B4 Dec 31, 2024$1.4B4 Dec 31, 2023+1.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$36.4M4 Dec 31, 2024$36.4M4 Dec 31, 20230%
Finite-lived intangibles, net$5.6M4 Dec 31, 2024$6.6M4 Dec 31, 2023−15.5%

Properties, in its own words

The Bank’s principal executive offices are located at 15985 East High Street, Middlefield, Ohio 44062.

As of the date of this Annual Report on Form 10-K, MBC has 21 banking centers, 1 loan production office, and one administrative office as listed below:

The rest of Item 2

● · branch offices in Middlefield (two offices), Chardon, and Newbury in Geauga County;

● · an administrative office in Middlefield in Geauga County;

● · branch offices in Garrettsville and Mantua in Portage County;

● · a branch office in Orwell in Ashtabula County;

● · a branch office in Cortland in Trumbull County;

● · branch offices in Dublin and Westerville in Franklin County;

● · a loan production office in Mentor in Lake County;

● · branch offices in Sunbury and Powell in Delaware County;

● · branch offices in Beachwood and Solon in Cuyahoga County;

● · a branch office in Twinsburg in Summit County;

● · a branch office in Plain City in Madison County;

● · branch offices in Ada and Kenton in Hardin County;

● · branch offices in Bellefontaine (two offices) in Logan County;

● · a branch office in Marysville in Union County.

On December 31, 2024, the net book value of the Bank’s investment in premises and equipment totaled $20.6 million.

Item 2 of the 10-K filed Mar 13, 2025.3

Leadership

Who has led MIDDLEFIELD BANC CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas G. Caldwell2008–2022
  2. James R. Heslop Ii.2022–2024
  3. Ronald Len Zimmerly Jr.2024–now

President

  1. Thomas G. Caldwell2008–2022
  2. Charles O. Moore2016–2023
  3. Ronald Len Zimmerly Jr.2023

Chief financial officer

  1. Donald L. Stacy2006–2023
  2. Michael Ranttila2019–now

Chief operating officer

  1. James R. Heslop Ii.2006–2022
2010201520202025
Board members and other officers (36)

Timeline

  1. Feb 25, 20268-K Executive or director change56
  2. Feb 12, 20268-K Executive or director change57
  3. Feb 10, 20268-K Results of operations58
  4. Feb 10, 20268-K Shareholder vote; Regulation FD disclosure59
  5. Feb 9, 20268-K Other events60
  6. Feb 5, 20268-K Other events61
  7. Jan 16, 20268-K Executive or director change62
  8. Dec 12, 20258-K Executive or director change63
  9. Nov 17, 20258-K Other events64
  10. Oct 27, 20258-K Entered a material agreement65
  11. Oct 22, 20258-K Results of operations66
  12. Oct 22, 20258-K Other events67
  13. May 14, 2024New chief executive Ronald Len Zimmerly Jr. becomes CEO14
  14. Jun 6, 2022New chief executive James R. Heslop Ii. becomes CEO15
  15. Feb 13, 2008New chief executive Thomas G. Caldwell becomes CEO16

Calendar

When it reported results

  1. Feb 10, 2026Reported quarterly or annual results58
  2. Oct 22, 2025Reported quarterly or annual results66
  3. Jul 22, 2025Reported quarterly or annual results68
  4. Apr 24, 2025Reported quarterly or annual results69
  5. Jul 18, 2024Reported quarterly or annual results70
  6. Apr 30, 2024Reported quarterly or annual results71
  7. Jan 26, 2024Reported quarterly or annual results72
  8. Oct 23, 2023Reported quarterly or annual results73

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

415 filings to the SEC since October 2021: 5 annual reports, 13 quarterly reports, 91 major events, 259 insider forms, 8 large holders, 39 other. The latest 20:

  1. Mar 12, 202615-12G EDGAR
  2. Mar 2, 20264 TURK C 03 02 2026 EDGAR
  3. Mar 2, 20264 SKIDMORE W 03 02 2026 EDGAR
  4. Mar 2, 20264 VOINOVICH M 03 02 2026 EDGAR
  5. Mar 2, 20264 BEVAN T 03 02 2026 EDGAR
  6. Mar 2, 20264 DIGERONIMO K 03 02 2026 EDGAR
  7. Mar 2, 20264 JONES K 03 02 2026 EDGAR
  8. Mar 2, 20264 MCCASKEY J 03 02 2026 EDGAR
  9. Mar 2, 20264 MOELLER J 03 02 2026 EDGAR
  10. Mar 2, 20264 ZIMMERLY R 03 02 2026 EDGAR
  11. Mar 2, 20264 RANTTILA M 03 02 2026 EDGAR
  12. Mar 2, 20264 ERMINIO C 03 02 2026 EDGAR
  13. Mar 2, 20264 CHERAVITCH M 03 02 2026 EDGAR
  14. Mar 2, 20264 NOBLIT R 03 02 2026 EDGAR
  15. Mar 2, 20264 WILSON T 03 02 2026 EDGAR
  16. Mar 2, 20264 WINTERS S 03 02 2026 EDGAR
  17. Mar 2, 202625-NSE EDGAR
  18. Mar 2, 2026S-8 POS EDGAR
  19. Feb 27, 2026S-3DPOS EDGAR
  20. Feb 25, 20264 MCCASKEY J 02 23 2026 EDGAR

The 415 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

48 open-market trades by officers, directors and large owners since October 2021: 48 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 21, 2025DiGeronimo Kevin ADirectorBuy1,950$25.65$50.0KForm 4
Feb 21, 2025Voinovich Michael CDirectorBuy120$26.00$3.1KForm 4
Feb 21, 2025RANTTILA MICHAELEVP/CFOBuy48$25.15$1.2KForm 4
Feb 3, 2025RANTTILA MICHAELEVP/CFOBuy300$25.50$7.7KForm 4
Sep 16, 2024Zimmerly Ronald Len Jr.Chief Executive OfficerBuy212$28.47$6.0KForm 4
Jun 5, 2024Wilson Thomas MEVP-Chief Strategy OfficerBuy1,000$20.98$21.0KForm 4
May 31, 2024Moeller Jennifer LDirectorBuy200$21.40$4.3KForm 4
May 13, 2024Zimmerly Ronald Len Jr.Chief Executive OfficerBuy1,000$22.47$22.5KForm 4
May 13, 2024Zimmerly Ronald Len Jr.Chief Executive OfficerBuy1,000$22.47$22.5KForm 4
May 9, 2024Moeller Jennifer LDirectorBuy250$23.00$5.8KForm 4
May 9, 2024Wilson Thomas MEVP-Chief Strategy OfficerBuy1,000$22.38$22.4KForm 4
Feb 14, 2024Moeller Jennifer LDirectorBuy280$23.75$6.7KForm 4
Feb 5, 2024Voinovich Michael CDirectorBuy1,000$25.75$25.8KForm 4
Feb 2, 2024Voinovich Michael CDirectorBuy1,000$26.67$26.7KForm 4
Nov 2, 2023Moeller Jennifer LDirectorBuy43$25.25$1.1KForm 4
May 16, 2023HESLOP JAMES R IIEVP/Chief Executive OfficerBuy577$22.56$13.0KForm 4
May 12, 2023HESLOP JAMES R IIEVP/Chief Executive OfficerBuy423$22.43$9.5KForm 4
May 11, 2023Wilson Thomas MEVP-Chief Strategy OfficerBuy1,000$22.59$22.6KForm 4
May 11, 2023Wilson Thomas MEVP-Chief Strategy OfficerBuy1,000$22.59$22.6KForm 4
Apr 28, 2023Voinovich Michael CDirectorBuy100$27.67$2.8KForm 4

All 48 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Ronald L. ZimmerlyJr$475.0K$1.3M77
2024Michael C. Ranttila52$300.0K$682.9K77
2024Michael L. Cheravitch63$230.0K$480.1K77
2023President & CEO$340.0K$641.7K77
2023CFOTreasurer and EVP$260.0K$497.0K77

SEC filer profile

How MIDDLEFIELD BANC CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMIDDLEFIELD BANC CORP1
  • CIK0000836147
  • Employer ID (EIN)34-15851113
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inOhio3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address15985 East High Street, P O Box 35, Middlefield, OH 44062-92631
  • Phone44063216661
  • Shares outstanding8,086,886 as of Nov 13, 202512
  • Public float$186.5M as of Jun 30, 20243
  • AuditorS. R. Snodgrass, P.C, Cranberry Township, Pennsylvania PCAOB ID 74; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceApr 17, 20011
  • Filings1,317 in all: 4 (674), 8-K (317), 10-Q (75), 3 (32), 4/A (24), DEF 14A (24), 10-K (23), 425 (21)1
    All 47 form types

    EFFECT (13), 5 (10), 424B3 (7), DEFA14A (7), POS AM (7), CORRESP (6), SC 13D (6), UPLOAD (6), D (5), S-3DPOS (5), 10-Q/A (4), 3/A (4), 8-K/A (4), PRE 14A (4), S-4/A (4), 5/A (3), ARS (3), S-4 (3), S-8 (3), S-3 (2), S-3D (2), S-8 POS (2), 10-12G (1), 10-12G/A (1), 10-K/A (1), 10-K405 (1), 15-12G (1), 25-NSE (1), 8-A12B (1), CERTNAS (1), DEFM14A (1), NT 10-Q (1), PX14A6G (1), S-1 (1), S-1/A (1), SC 13D/A (1), SC 13G (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2025
    Quarterly report (10-Q) Nov 13, 2025
    Proxy statement (DEF 14A) Apr 4, 2025
    Latest 8-K (8-K) Feb 25, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, Without Par ValueMBCNNASDAQ

From the cover page of the 10-K filed Mar 13, 2025 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks MIDDLEFIELD BANC CORP names in Item 1A of its 10-K filed Mar 13, 2025: 3 risks under these headings, as written.3

  • Risks Related to the Company’s Business
  • The Company does not have the financial and other resources that larger competitors have; this could affect its ability to compete for large commercial loan originations and its ability to offer products and services competitors provide to customers.
  • We rely extensively on models in managing many aspects of our business, and these models may be inaccurate or misinterpreted.
  • Risks Relating to Economic and Market Conditions
  • A prolonged economic downturn in our market area would adversely affect our loan portfolio and our growth prospects.
  • Risks Associated with the Company’s Common Stock
  • Risks Related to the Legal and Regulatory Environment
  • General Risk Factors

Legal proceedings

See the information in Note 15 - Commitments and Contingent Liabilities of our Consolidated Financial Statements, which we incorporate here by reference.

From time to time, the Company and the subsidiary bank are involved in various other legal proceedings that are incidental to its business. In the opinion of management, no other current legal proceedings are material to the Company's financial condition or the subsidiary bank, either individually or in the aggregate.

The opening of Item 3, Legal Proceedings.3

Sources

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