22 Middlefield Banc Corp. 2024 Summary Annual Report
20
24
FOUNDATION
For Success
SUMMARY ANNUAL REPORT
23 Middlefield Banc Corp. 2024 Summary Annual Report
$1,391,979
$1,331,006
$1,687,682
$1,822,883
$1,853,359
Total Assets (in thousands)
2020
2021
2022
2024
2023
$8,349
$18,633
$15,673
$17,368
$15,519
Net Income (in thousands)
2020
2021
2022
2024
2023
Return on Average Equity
8.83%
7.48%
6.07%
11.25%(1)
12.74%
(1) 2022 includes $2.3 million in one-time merger expenses.
2020
2021
2022
2024
2023
Dividends Declared Per Share
$0.85
$0.80
$0.60
$0.81
$0.69
2020
2021
2022
2024
2023
$1.93 EARNINGS PER SHARE—BASIC
$1.92 EARNINGS PER SHARE—DILUTED
Middlefield Banc Corp. 2024 Summary Annual Report 1
In the face of ongoing economic, interest rate, and regulatory
uncertainty, Middlefield remained committed to the core values
that have defined the Company over our 124-year history to once
again deliver meaningful results for our shareholders, employees,
customers, and communities. Through disciplined execution,
we achieved key milestones, strengthened our financial position,
and reinforced our role as a trusted financial partner.
Over the years, Middlefield’s Board has put an important focus
on succession planning and leadership development. Our
efforts have produced a strong, experienced, and committed
team that is focused on upholding Middlefield’s community-
oriented values, while looking to the future to ensure we
provide our customers with leading financial products and
services to help them thrive.
Across Middlefield, employees are encouraged to support their
local communities. This involvement fosters deep relationships
not only with community leaders but also with regulators and
other stakeholders. In addition, Middlefield has a history of
supporting banking and financial organizations. Middlefield’s
CEO, Ron Zimmerly, is currently serving on the Board of
Directors of the Ohio Bankers League and is a member of the
Federal Reserve Bank of Cleveland’s Community Depository
Institution Advisory Council.
Throughout 2024, Ron Zimmerly and Sarah Winters, the
Company’s Senior VP/Chief Human Resources Officer, worked
with members of our Board of Directors, in particular Michael
Voinovich the Chairperson of Middlefield’s Compensation
Committee, to review and update our compensation
structure and incentive plans. We believe these efforts ensure
Middlefield is attracting, developing, and motivating talent to
align with the goals, values and mission of the Company.
In late 2023, Michael Cheravitch, a proven banker with over
35 years of experience, joined the Company as Chief Banking
Officer. Under this role, Michael oversees all Commercial,
Business, and Consumer banking channels, including digital
banking, the retail branch network and call center, along with
consumer lending, and residential mortgage.
The Board continues to get updates from advisors and
investments bankers on the M&A environment, capital market
landscape, and strategic outlook for banks. These efforts
demonstrate the Board’s long-standing commitment to pursue
opportunities that maximize value for our shareholders. In
addition, four times a year the Board receives in-depth updates
from Middlefield’s leadership team. This includes updates on
capital, staffing resources, and a comprehensive performance
review on how our results are performing against the Company’s
strategic plan.
The Board also remains
focused on key performance
indicators including liquidity,
risk, and capital allocation.
I am pleased to report
that Middlefield ended
2024 with robust liquidity
levels including cash and
investments of $222.4 million,
and additional borrowing
capacity of $381.7 million on
Federal Home Loan Bank advances. Credit quality remained
firm during the fourth quarter of 2024, and we are well reserved
with an allowance for credit losses to total loans of 1.48% at
December 31, 2024. Finally, I am pleased to report that the
Board approved a 5% increase to our quarterly cash dividend
reflecting our confidence in the future, as well as our strong
capital position and expanding levels of profitability. This latest
expansion in our dividend reflects the fifth time since 2018 the
Board has approved an increase to our regular dividend.
During 2024, Middlefield held events throughout our markets
aimed at engaging local shareholders, customers, and
community members. These events provided an opportunity
for important stakeholders to learn more about Middlefield
and meet members of the Company’s leadership team and
Board of Directors. We believe it is important to have regular
conversations and interactions with our stakeholders and I
was pleased with the turnout from each event. Based on their
success, we are looking forward to continuing these activities
in 2025 and beyond.
Middlefield’s Board remains highly engaged and committed
to creating lasting value for the Company’s shareholders,
employees, customers, and communities. We have a strong,
high-performing leadership team that is executing against
our strategic plan. Our solid performance in 2024 reflects
the hard work and dedication of all the employees of The
Middlefield Banking Company. I am proud of our success in
2024 and look forward to what we can accomplish together
for our shareholders and communities.
On behalf of the Middlefield Banc Corp. Board of Directors and
our employees, we thank you for your continued support.
WILLIAM J. SKIDMORE
Chairman, Board of Directors
I AM PROUD TO SHARE THAT 2024 WAS A YEAR MARKED BY
CONTINUED GROWTH, DEVELOPMENT AND STRONG FINANCIAL
PERFORMANCE.
CHAIRMAN’S LETTER TO SHAREHOLDERS:
2 Middlefield Banc Corp. 2024 Summary Annual Report
TO OUR SHAREHOLDERS:
FOSTERING RELATIONSHIPS AND MAINTAINING MIDDLEFIELD’S LONG-STANDING
COMMITMENT TO PROVIDE LOCAL, PERSONALIZED AND COMMUNITY-ORIENTED
FINANCIAL SERVICES TO OUR DIVERSE OHIO MARKETS CONTINUES TO CREATE
VALUE FOR OUR BANK AND OUR SHAREHOLDERS.
Throughout 2024, we successfully navigated a complex
economic and interest rate environment, which is a testament
to Middlefield’s talented team and robust banking platform.
As a result, our financial and operating results strengthened
throughout the year and our 2024 fourth quarter marked one of
the most profitable quarters in Middlefield’s 124-year history. As
we look forward, we are focused on leveraging our history, while
building a solid foundation for the future.
For the year ended December 31, 2024, net income was $15.5
million, or $1.92 per diluted share, compared to $17.4 million, or
$2.14 per diluted share last year. The reduction in net income
over the prior year was primarily due to higher funding costs,
as our cost of funds increased to 2.51% in 2024, compared
to 1.62% in the prior year period, which resulted from higher
interest rates and increased competition for deposits. This led
to a 45-basis point year-over-year reduction in our net interest
margin and reduced net-interest income. Despite these year-
over-year trends, we ended the year with a strong net interest
margin of 3.52%.
While we expect competition for deposits will continue, we
believe our net interest margin will expand in 2025 as we benefit
from a strong pipeline of potential new loans. In addition, at
December 31, 2024, nearly 70% of our loan portfolio was subject
to repricing. Loan demand across our Central, Western, and
Northeast Ohio markets remains strong and is supported by
stable economic trends and compelling development projects.
Our Central Ohio market in particular is experiencing historical
levels of development led by investments from Intel, Amazon,
Honda, Nationwide Children’s Hospital, and most recently
Anduril. These are multi-billion dollar projects that require
resources from across the state. For example, the $100 billion
Intel plant includes suppliers from 38 counties across Ohio.
Middlefield continues to distinguish itself within competitive
Ohio markets through an outstanding team of bankers that
provide personalized solutions to our communities. In addition,
we continue to strengthen our foundation by investing in new
technologies, expanding our team, and developing new financial
products that meet the growing needs of our customers.
During 2024, we improved our treasury management solutions
to provide business customers with additional resources to
manage their businesses and prevent fraud. We enhanced our
infrastructure with investments in new phone systems and ATMs
as well as new technologies to further protect the Bank and
our customers against online threats. We also made strategic
improvements to our organizational structure by enhancing our
sales and lending cultures. By investing in our foundation, we
are better positioned to support our future growth and expand
our services to more retail and business customers.
OUR FINANCIAL AND OPERATING RESULTS
STRENGTHENED THROUGHOUT THE YEAR
AND OUR 2024 FOURTH QUARTER MARKED
ONE OF THE MOST PROFITABLE QUARTERS
IN MIDDLEFIELD’S 124-YEAR HISTORY.
Middlefield Banc Corp. 2024 Summary Annual Report 3
Middlefield’s growth opportunities are also supported
by our strong capital levels and excellent asset quality. At
December 31, 2024, our equity to assets ratio was 11.36%,
compared to 11.28% from the prior year. Our overall liquidity
remains robust with access to the Federal Reserve Board’s
discount window, cash and investments of $221.6 million, and
additional borrowing capacity of $381.7 million on Federal
Home Loan Bank advances at December 31, 2024.
Middlefield’s long-standing track record of producing
outstanding asset quality further supports our robust liquidity
levels. At December 31, 2024, annual net charge-offs were just
0.10% of average loans, compared to 0.00% at December 31,
2023. Over the past ten years, Middlefield’s net charge-offs have
averaged just 0.09% of total loans, demonstrating the long-term
success of our lending culture and credit infrastructure.
Middlefield remains committed to returning excess capital back
to its shareholders. Since 2018, we have repurchased over
1.1 million shares of our common stock. This includes 43,858
shares of stock purchased in 2024, at an average price of $24.00
per share. In addition, since paying a dividend of $0.57 per
share in 2019, our regular dividend has increased at a compound
annual growth rate of 7.0% to end 2024 at $0.80 per share.
Reflecting our confidence in the future, as well as our strong
capital position and expanding levels of profitability, the Board
approved a 5.0% increase in our regular quarterly dividend for
the first quarter of 2025.
During 2024, we celebrated the 10th anniversary of Middlefield’s
Nasdaq listing. Since listing on Nasdaq in 2014, Middlefield’s
total assets have increased by 174%, and our annual net income
has grown 116%. In addition, over this period, $100 invested
in Middlefield’s stock has increased to $223, compared to
$201 for the KBW Regional Banking Index, a well-followed
bank index. This outperformance demonstrates the strong
community banking franchise we have created and the success
of our multi-year strategic plan.
After navigating several
years of rapid changes to the
economy and interest rate
environment, we are excited
to focus more of our efforts
on proactively serving our
communities and building a
solid foundation to further grow our Bank. We believe 2025
will be another good year of profitable growth for Middlefield,
reflecting our long-standing commitment to our communities,
disciplined underwriting standards, and continued investments
in our business.
As you can see, Middlefield has developed a long-standing
track record of financial and operating success, supported by
a highly profitable financial model, strong capital levels and
asset quality, and community focused banking platform. In
addition, we continue to invest in our business to strengthen our
foundation. We believe these trends will support our business
in 2025 and beyond, and I look forward to the opportunities
in front of the Company to create value for our shareholders,
as well as our Northeast, Central, and Western Ohio employees
and communities.
On behalf of everyone at the Middlefield Banc Corp., thank you
for your continued support.
Sincerely,
RONALD L. ZIMMERLY, JR.
President and Chief Executive Officer
4 Middlefield Banc Corp. 2024 Summary Annual Report
2016
$ 29,994
4,190
25,804
570
25,234
3,959
20,872
8,32
1,905
$ 6,416
$787,82
629,934
76,960
602,542
6,598
357
139
1
$ 1.52
0.54
17.07
36.13
$ 2,318
0.85
9.33
(Dollar amounts in thousands, except earnings per share data)
2015
2016
2017
Interest income
$ 28,595
$ 29,994
$ 43,995
Interest expense
3,820
4,190
6,647
Net interest income
24,775
25,804
37,348
Provision for credit losses(1)
315
570
1,045
Net interest income after provision for credit losses
24,460
25,234
36,303
Noninterest income
4,044
3,959
4,859
Noninterest expense
20,077
20,872
27,485
Income before income taxes
8,427
8,321
13,677
Income taxes
1,562
1,905
4,222
Net income
$ 6,865
$ 6,416
$ 9,455
Total assets
$735,139
$787,821
$1,106,336
Deposits
624,447
629,934
878,194
Equity capital
62,304
76,960
119,863
Loans outstanding, net
527,325
602,542
916,023
Allowance for credit losses(1)
6,385
6,598
7,190
Net charge-offs (recoveries)
776
357
453
Full time employees (average equivalents)
143
139
190
Number of offices
10
11
14
Basic earnings per share
$ 1.71
$ 1.52
$ 1.56
Dividends per share
0.54
0.54
0.54
Book value per share
16.59
17.07
18.63
Dividends payout ratio
30.90%
36.13%
35.52%
Cash dividends paid
$ 2,153
$ 2,318
$ 3,358
Return on average assets
0.97%
0.85%
0.88%
Return on average equity
10.62%
9.33%
8.52%
DECADE OF PROGRESS
(1) On January 1, 2023, we adopted ASU 2016-13, Financial Instruments—Credit Losses—Topic (326): Measurement of Credit Losses on Financial Instruments.
This methodology for calculating the allowance for credit losses considers the possibility of expected loss over the life of the loan. Prior to January 1,
2023, the calculation of the allowance for loan losses was based on an incurred loan loss methodology.
Middlefield Banc Corp. 2024 Summary Annual Report 5
6
2017
2018
2019
2020
2021
2022
2023
2024
4
$ 43,995
$ 50,357
$ 54,525
0
6,647
9,909
13,140
4
37,348
40,448
41,385
0
1,045
840
890
4
36,303
39,608
40,495
9
4,859
3,728
4,841
2
27,485
28,743
30,033
1
13,677
14,593
15,303
5
4,222
2,162
2,592
6
$ 9,455
$ 12,431
$ 12,711
1
$1,106,336
$1,248,398
$1,182,475
4
878,194
1,016,067
1,020,843
0
119,863
128,290
137,775
2
916,023
984,681
977,490
8
7,190
7,428
6,768
7
453
602
1,550
9
190
200
189
1
14
15
16
2
$ 1.56
$ 1.92
$ 1.96
4
0.54
0.59
0.57
7
18.63
19.77
21.45
3%
35.52%
30.40%
28.99%
8
$ 3,358
$ 3,779
$ 3,685
5%
0.88%
1.09%
1.05%
3%
8.52%
9.94%
9.35%
$ 52,335
4,195
48,140
700
47,440
7,249
31,991
22,698
4,065
$ 18,633
$1,331,006
1,166,610
145,335
967,349
14,342
(183)
185
16
$ 3.01
0.69
24.68
22.76%
$ 4,240
1.36%
12.74%
$ 54,906
4,729
50,177
—
50,177
6,746
38,030
18,893
3,220
$ 15,673
$1,687,682
1,402,019
197,691
1,338,434
14,438
(96)
238
22
$ 2.60
0.81
23.98
37.23%
$ 5,490
1.17%
11.25%
$ 90,301
25,098
65,203
3,002
62,201
6,691
48,137
20,755
3,387
$ 17,368
$1,822,883
1,426,602
205,681
1,456,437
21,693
(31)
256
23
$ 2.14
0.85
25.41
39.52%
$ 6,864
0.99%
8.83%
$ 101,262
40,582
60,680
2,008
58,672
7,213
47,541
18,344
2,825
$ 15,519
$1,853,359
1,445,693
210,562
1,497,167
22,447
1,436
256
23
$ 1.93
0.80
26.08
41.61%
$ 6,457
0.84%
7.48%
$ 52,638
9,250
43,388
9,840
33,548
5,990
29,788
9,750
1,401
$ 8,349
$1,391,979
1,225,200
143,810
1,090,626
13,459
3,149
184
16
$ 1.31
0.60
21.86
45.92%
$ 3,834
0.64%
6.07%
6 Middlefield Banc Corp. 2024 Summary Annual Report
2023
$ 56,397
4,439
60,836
170,779
955
183,545
401,580
82,506
328,854
221,508
127,818
125,105
7,214
1,478,130
21,693
1,456,437
21,339
36,356
6,642
34,349
35,190
$1,822,883
$ 401,384
205,582
274,682
210,639
334,315
1,426,602
163,000
11,862
15,738
1,617,202
161,388
—
100,237
(16,090)
(39,854)
205,681
$1,822,883
CONSOLIDATED BALANCE SHEET
ASSETS
Cash and due from banks
Federal funds sold
Cash and cash equivalents
Investment securities available for sale, at fair value
Other investments
Loans:
Commercial real estate:
Owner occupied
Non-owner occupied
Multifamily
Residential real estate
Commercial and industrial
Home equity lines of credit
Construction and other
Consumer installment
Total loans
Less: allowance for credit losses
Net loans
Premises and equipment, net
Goodwill
Core deposit intangibles
Bank-owned life insurance
Accrued interest receivable and other assets
TOTAL ASSETS
LIABILITIES
Deposits:
Noninterest-bearing demand
Interest-bearing demand
Money market
Savings
Time
Total deposits
Federal Home Loan Bank advances
Other borrowings
Accrued interest payable and other liabilities
TOTAL LIABILITIES
STOCKHOLDERS’ EQUITY
Common stock, no par value; 25,000,000 shares authorized, 9,953,018 and 9,930,704
shares issued; 8,073,708 and 8,095,252 shares outstanding
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost; 1,879,310 and 1,835,452 shares
TOTAL STOCKHOLDERS’ EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
See accompanying notes to the consolidated financial statements.
(Dollar amounts in thousands, except shares)
2024
$ 46,037
9,755
55,792
165,802
855
181,447
412,291
89,849
353,442
229,034
143,379
103,608
6,564
1,519,614
22,447
1,497,167
20,565
36,356
5,611
35,259
35,952
$1,853,359
$ 377,875
208,291
414,074
197,749
247,704
1,445,693
172,400
11,660
13,044
1,642,797
161,999
246
109,299
(20,073)
(40,909)
210,562
$1,853,359
Middlefield Banc Corp. 2024 Summary Annual Report 7
2024
$ 92,566
1,491
568
2,028
3,861
748
101,262
33,263
6,616
703
40,582
60,680
2,008
58,672
3,907
(9)
—
930
199
916
68
1,202
7,213
24,641
2,376
925
4,740
1,583
1,055
2,265
1,581
200
1,031
99
—
7,045
47,541
18,344
2,825
$ 15,519
$ 1.93
1.92
2023
$81,963
1,289
771
1,893
3,914
471
90,301
18,995
5,386
717
25,098
65,203
3,002
62,201
3,878
(161)
(170)
823
97
743
421
1,060
6,691
24,511
2,566
1,241
4,588
1,578
861
2,293
1,477
95
1,059
510
473
6,885
48,137
20,755
3,387
$17,368
$ 2.14
2.14
(Dollar amounts in thousands, except per share data)
CONSOLIDATED STATEMENT OF INCOME
INTEREST AND DIVIDEND INCOME
Interest and fees on loans
Interest-earning deposits in other institutions
Federal funds sold
Investment securities:
Taxable interest
Tax-exempt interest
Dividends on stock
Total interest and dividend income
INTEREST EXPENSE
Deposits
Short-term borrowings
Other borrowings
Total interest expense
NET INTEREST INCOME
Provision for credit losses
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
NONINTEREST INCOME
Service charges on deposit accounts
Loss on equity securities
Loss on other real estate owned
Earnings on bank-owned life insurance
Gain on sale of loans
Revenue from investment services
Gross rental income
Other income
Total noninterest income
NONINTEREST EXPENSE
Salaries and employee benefits
Occupancy expense
Equipment expense
Data processing and information technology costs
Ohio state franchise tax
Federal deposit insurance expense
Professional fees
Advertising expense
Software amortization expense
Core deposit intangible amortization
Gross other real estate owned expenses
Merger-related costs
Other expense
Total noninterest expense
Income before income taxes
Income taxes
NET INCOME
EARNINGS PER SHARE
Basic
Diluted
See accompanying notes to the consolidated financial statements.
MIDDLEFIELD
BANC CORP.
BOARD OF
DIRECTORS
WILLIAM J. SKIDMORE
2007
Chairman, Board of Directors
Middlefield Banc Corp.
The Middlefield Banking
Company
Retired Ohio Senior District
Manager
Waste Management of Ohio, Inc.
RONALD L. ZIMMERLY, JR.
2022
President and
Chief Executive Officer
Middlefield Banc Corp.
The Middlefield Banking
Company
JAMES J. McCASKEY
2004
Vice Chairman, Board of Directors
Middlefield Banc Corp.
The Middlefield Banking
Company
President
McCaskey Landscape and
Design, LLC
CAROLYN J. TURK, C.P.A.
2004
Retired Financial Executive
Molded Fiber Glass Companies
KENNETH E. JONES
2008
Retired Financial Executive
Chesapeake Financial Advisors
DARRYL E. MAST
2013
Retired: Hattie Larlham Care
Group and Hattie Larlham
Foundation
THOMAS W. BEVAN
2017
Chief Executive Officer
Bevan & Associates, LPA, Inc.
8 Middlefield Banc Corp. 2024 Summary Annual Report
Central Ohio Region
Advisory Board:
JEFFREY A. GONGWER;
GEORGE J. KONTOGIANNIS, AIA;
TIMOTHY C. LONG;
MICHAEL J. MORAN
*Director of The Middlefield
Banking Company
MICHAEL C. VOINOVICH
2020
Executive Vice President and
Chief Investment Officer of
ECHO Health, Inc.
THOMAS E. “TED” GRIFFITH*
2022
Partner
Powell Seeds, LLC
MARK R. WATKINS
2022
Partner
Watkins Farm
KEVIN A. DiGERONIMO
2021
Principal
DiGeronimo Companies
THOMAS J. SIMON*
2022
Chairman of the Board
Coverlink Insurance
JENNIFER L. MOELLER
2023
Angel Investor
SPENCER T. COHN
2022
Director
Castle Creek Capital LLC
Middlefield Banc Corp. 2024 Summary Annual Report 9
10 Middlefield Banc Corp. 2024 Summary Annual Report
RONALD L. ZIMMERLY, JR.
President and Chief Executive
Officer
MICHAEL C. RANTTILA
Senior Vice President and Chief
Financial Officer
JULIE E. SHAW
Corporate Secretary
THE MIDDLEFIELD
BANKING COMPANY
EXECUTIVE OFFICERS
THE MIDDLEFIELD
BANKING COMPANY
OFFICERS
MIDDLEFIELD
BANC CORP.
OFFICERS
RONALD L. ZIMMERLY, JR. 1999
President and Chief Executive Officer
COURTNEY M. ERMINIO 2010
Executive Vice President
Chief Risk Officer
REBECCA NOBLIT 2017
Executive Vice President
Chief Credit Officer
MICHAEL C. RANTTILA 2017
Executive Vice President
Chief Financial Officer
THOMAS WILSON, CFA 2020
Executive Vice President
Chief Strategy and Innovation Officer
MICHAEL CHERAVITCH 2023
Executive Vice President
Chief Banking Officer
SARAH WINTERS 2023
Executive Vice President
Chief Human Resources Officer
PATRICIA ARNETT 1987
Senior Vice President
Treasury Management
Director
THOMAS R. NEIKIRK 1994
Senior Vice President
Commercial Relationship Manager
MATTHEW E. BELLIN 2006
Senior Vice President
Commercial Relationship Manager
ADAM T. COOK 2006
Senior Vice President
Project Manager
ANNA MARIA BRENNEMAN 2009
Senior Vice President
Senior Commercial Market Executive
FELICIA M. HOUGH 2009
Senior Vice President
Branch Administration
VALERIE MULLHOLAND 2011
Senior Vice President
Loan Administration
LORI A. GRAHAM 2013
Senior Vice President
Compliance and CRA Officer
DANIEL B. PLANT 2014
Senior Vice President
Mortgage Lending
STANLEY GREGORIN, JR. 2018
Senior Vice President
Commercial Relationship Manager
GREG T. YURCO 2019
Senior Vice President
Commercial Relationship Manager
GARY C. KERN 2020
Senior Vice President
Chief Information Officer
Middlefield Banc Corp. 2024 Summary Annual Report 11
BRETT BAUMEISTER 2023
Senior Vice President
Commercial Relationship Manager
JOSHUA RILEY 2023
Senior Vice President
Senior Commercial Market Executive
JULIE E. SHAW 2019
Executive Assistant
Corporate Secretary/Training and
Development Coordinator
BRETT A. RICHEY 2010
Vice President
Special Assets Manager
BRANDON BUCKNELL 2015
Vice President
Commercial Relationship Manager
JOHN SOLICH 2015
Vice President
Commercial Relationship Manager
AMANDA HOYT 2016
Vice President
Abrigo Product Owner
NICOLE MARCHIO 2017
Vice President
Deposit Operations Officer
MELISSA M. MAKI 2018
Vice President
Marketing Communications
Director
KEVIN SERNA 2019
Vice President
Commercial Relationship Manager
JAMESON CURRY 2023
Vice President
Commercial Relationship Manager
AIMEE GILLILAND 2023
Vice President
Treasury Management Sales Officer
MARIA HYDELL 2024
Vice President
Credit Manager
JODI DEARTH 2024
Vice President
Controller
MOLLY MILLER 2023
Vice President
Project Manager
KIMBERLY SARK 2023
Vice President
Chief Accounting Officer
PRESTON STAPLETON 2023
Vice President
Commercial Relationship Manager
GLEN GALLEBO 2024
Vice President
Commercial Relationship Manager
RACHEL DEAN 1985
Assistant Vice President
Regional Branch Administrator
Northeast Ohio Region
KATHLEEN M. VANEK 1998
Assistant Vice President
Mortgage and Consumer Loan
Originator
MARLIN J. MOSCHELL 2000
Assistant Vice President
Lending Officer
HEATHER ALTSTAETTER 2002
Assistant Vice President
Public Relations Manager
CORSIE ARN 2003
Assistant Vice President
Branch Operations Manager
12 Middlefield Banc Corp. 2024 Summary Annual Report
THE MIDDLEFIELD
BANKING COMPANY
OFFICERS (continued)
KEVIN J. MITCHELL 2007
Assistant Vice President
Lender II
MELISSA K. GAY 2008
Assistant Vice President
BSA Officer
JEAN M. CARTER 2009
Assistant Vice President
Branch Manager
KELLY HECKMAN 2009
Assistant Vice President
Compliance Assistant
DALE MOORE 2009
Assistant Vice President
Project Manager and
Bank Security Officer
DERRICK HAYNES 2011
Assistant Vice President
Manager of Tech Support
LISABETH A. MULDOWNEY 2012
Assistant Vice President
Market Manager/Portage County
JENNI UNDERWOOD 2013
Assistant Vice President
Mortgage Loan Operations Manager
STEPHEN J. LEBOLD 2014
Assistant Vice President
Branch Manager
COLLEEN PIRRMANN 2014
Assistant Vice President
Regional Branch Administrator
Central Ohio Region
KIMBERLY UTTERBACK 2014
Assistant Vice President
Assistant Compliance Officer
ERNA LEAGAN-MABEL 2015
Assistant Vice President
Loan Servicing Manager
CORRINE MITCHELL 2016
Assistant Vice President
Regional Branch Administrator
Western Ohio Region
LAURA STIMMEL 2017
Assistant Vice President
Branch Manager
CHRISTOPHER J. HESS 2018
Assistant Vice President
Branch Manager
NICHOLAS GRAND 2019
Assistant Vice President
Underwriting Manager
RYAN LANE 2019
Assistant Vice President
Mortgage and Consumer Lender
BRIAN MOORE 2019
Assistant Vice President
Mortgage and Consumer Lender
DAVID WILLOBY 2019
Assistant Vice President
Commercial Relationship Manager
MICHELLE WELCH 2021
Assistant Vice President
Human Resources Manager
DAMON YODER 2022
Assistant Vice President
Senior Financial Analyst
JUSTIN FERGUSON 2021
Assistant Vice President
Loan Documentation Manager
DEANNA MOX 2025
Assistant Vice President
Branch Manager
KRISTINA STEPHENS 2006
Banking Officer
Account Processing Manager
MICHELLE BAHLEDA 2014
Banking Officer
Mortgage Lender Officer III
JAMIE GENOVESE 2016
Banking Officer
Support Center Manager
10
YEAR
ON AUGUST 27, 2024, WE’RE THRILLED TO CELEBRATE A MAJOR
MILESTONE AS WE RING THE NASDAQ BELL to mark the 10-year listing
anniversary under our ticker symbol MBCN!
A huge thank you to our incredible team, valued clients, and dedicated
shareholders who have supported us on this remarkable journey. Your
trust and partnership have been key to our success, and we look forward
to many more years of growth and innovation. Here’s to a decade of
achievements and to the exciting future ahead.
Pictured from L to R: Thomas Wilson, Executive Vice President/Chief Strategy and Innovation
Officer; William Skidmore, Chairman of the Board; Ronald L. Zimmerly Jr., President and
Chief Executive Officer; Michael Ranttila, Executive Vice President/Chief Financial Officer
NASDAQ LISTING ANNIVERSARY
Middlefield Banc Corp. 2024 Summary Annual Report 13
KENTON
BELLEFONTAINE
MARYSVILLE
KENTON
BELLEFONTAINE
MARYSVILLE
COLUMBUS
FRANKLIN
DELAWARE
UNION
HARDIN
LOGAN
PLAIN
ADA
BELLEFONTAINE
MARYSVILLE
KENTON
LOGAN
UNION
HARDIN
DUBLIN
POWELL
PLAIN CITY
WESTERVILLE
COLUMBUS
FRANKLIN
DELAWARE
SUNBURY
MARYSVILLE
14 Middlefield Banc Corp. 2024 Summary Annual Report
Middlefield Banc Corp. 2024 Summary Annual Report 15
CLEVELAND
PORTAGE
TRUMBULL
ASHTABULA
GEAUGA
CORTLAND
GARRETTSVILLE
NEWBURY
SOLON
TWINSBURG
BEACHWOOD
ORWELL
CHARDON
MANTUA
PORTAGE
TRUMBULL
GEAUGA
ASHTABULA
MIDDLEFIELD
LAKE
MENTOR (LPO)
THE MIDDLEFIELD
BANKING COMPANY
LOCATIONS
16 Middlefield Banc Corp. 2024 Summary Annual Report
Administrative Offices
15200 Madison Road
Middlefield, Ohio 44062
888.801.1666
Ada Office
118 South Main Street
P.O. Box 135
Ada, Ohio 45810
419.634.5015
Beachwood
25201 Chagrin Boulevard
Suite 120
Beachwood, Ohio 44122
216.359.5580
Bellefontaine North Office
1120 North Main Street
P.O. Box 849
Bellefontaine, Ohio 43311
937.592.5688
Bellefontaine South Office
1454 South Main Street
P.O. Box 670
Bellefontaine, Ohio 43311
937.593.9694
Chardon
348 Center Street
P.O. Box 1078
Chardon, Ohio 44024
440.286.1222
Cortland
3450 Niles-Cortland Road
Cortland, Ohio 44410
330.637.3208
Dublin
6215 Perimeter Drive
Dublin, Ohio 43017
614.793.4631
Garrettsville
8058 State Street
Garrettsville, Ohio 44231
330.527.2121
Kenton Office
100 East Franklin Street
P.O. Box 234
Kenton, Ohio, 43326
419.673.1217
Lake County Loan
Production Office
8373 Mentor Avenue
Mentor, Ohio 44060
440.632.8140
Mantua
10691 Main Street
Mantua, Ohio 44255
330.274.0881
Marysville
160 Coleman’s Crossing Boulevard
Marysville, Ohio 43040
937.642.0467
Middlefield Main
15985 East High Street
P.O. Box 35
Middlefield, Ohio 44062
440.632.8115
Middlefield West
15545 West High Street
P.O. Box 35
Middlefield, Ohio 44062
440.632.8113
Newbury
11110 Kinsman Road
Suite 1
P.O. Box 208
Newbury, Ohio 44065
440.564.7000
Orwell
30 South Maple Street
P.O. Box 66
Orwell, Ohio 44076
440.437.7200
Plain City
490 South Jefferson Avenue
Plain City, Ohio 43064
614.689.2622
Powell
10628 Sawmill Parkway
Powell, Ohio, 43065
614.392.5702
Solon
6134 Kruse Drive
Solon, Ohio 44139
440.542.3789
Sunbury
492 West Cherry Street
Sunbury, Ohio 43074
740.913.0632
Twinsburg
2351 Edison Boulevard
P.O. Box 560
Twinsburg, Ohio 44087
330.425.3033
Westerville
17 North State Street
Westerville, Ohio 43081
614.890.7832
THE MIDDLEFIELD BANKING COMPANY LOCATIONS
As a community bank, The Middlefield
Banking Company is strongly committed
to making a positive impact in our
communities through charitable giving,
volunteerism, and support for non-profits
and vital community organizations.
Here’s a glimpse of the meaningful
donations we proudly made in 2024, which
have benefited over 320 organizations
with total contributions reaching $320,000!
Our team members generously volunteer
their time, talent, and resources in
leadership roles with over 30 organizations.
These efforts amount to nearly 650 eligible
hours of Community Reinvestment Act
(CRA) service across Northeast, Central,
and Western Ohio. We have dedicated
almost half of those hours by partnering
with Junior Achievement to help students
in grades K-12 learn about financial
literacy, entrepreneurship, and workplace
readiness. Additional service hours were
spent supporting the United Ways, special
programs, schools, and other non-profits to
provide basic needs such as food, clothing,
and supplies.
2024
Community Involvement
Top Gifts:
· Schools and Universities: over $50,000
· United Way Organizations (Team Members + Corporate): almost
$40,000
· Financial Literacy Programs (Junior Achievement & EVERFI): over
$35,000
· Chambers of Commerce: over $30,000
· The Salvation Army: over $14,000
· County Fairs/4-H Clubs: almost $13,000 (excludes any livestock sales)
Sample of Funded Organizations:
· African American Wellness Agency (Northeast Region)
· Beatitudes Community Center (Western Region)
· Children’s Hunger Alliance (All Regions)
· EVERFI Financial Literacy (Central and Western Region)
· Fair Housing (Northeast & Central Region)
· Financial Empowerment (Northeast Region)
· Food Pantries (All Regions)
· Geauga Growth Partnership (Northeast Region)
· Geauga Park District (Northeast Region)
· Hattie Larlham Center for Children with Disabilities (Northeast and
Central Region)
· Leadership Geauga County (Northeast Region)
· Logan County Community Improvement Corp (Western Region)
· Metzenbaum Sheltered Industries (Northeast Region)
· Next Step (Northeast Region)
· Ohio Cancer Research (All Regions)
· Rotary and Kiwanis Clubs (All Regions)
· Women’s Recovery Center (Northeast Region)
· WomenSafe at the Green House (Northeast Region)
Middlefield Banc Corp. 2024 Summary Annual Report 17
Retail Team visited the Senior Citizens
Conference, hosted by Ashtabula County
Department of Job & Family Services.
Teams at the Pelotonia Ride, raised funds for
OSU’s Comprehensive Cancer Center.
MB sponsored the United Way of Hardin
County Bourbon Disco Ball in Groovy 70s attire.
MB sponsored the Dublin Food Pantry event
for the 2nd Annual Bounty at Bridge Park.
Bellefontaine’s Kelly Hoffman presented a
check along with other sponsors for school
lunches at Indian Lake Schools.
NEO Teams joined up with Junior Achievement
of Greater Cleveland to teach financial literacy
to Chardon students.
Ada Team at “Re-Prom Party with a Purpose”
raised funds for Beatitudes Community Center.
Team joined United Way Services of Geauga
County for their annual Day of Action at West
Geauga Middle School.
Western Team works the Popcorn Tent at the
Hardin County Fair.
Marysville Team connects with businesses
at an after-hours event hosted by the Union
County Chamber.
Central Team attended Junior Achievement of
Central Ohio’s Biztown event at Columbus
City Schools.
Central and Western Teams at the Chad
Flowers Memorial Golf Tournament to raise
funds for a scholarship in his honor.
Community Involvement
18 Middlefield Banc Corp. 2024 Summary Annual Report
Westerville Team booth at Uptown Fourth
Friday provided giveaways for the July
music festival.
Mantua Team at the Farmers & Makers Market
at the Granary to greet members of the
community.
Middlefield Team delivered items to the
Geauga County Dog Shelter collected from our
team and customers.
Risk Team visited WomenSafe with their
collected Angel Tree Donations.
Garrettsville Team serves peach pie at the
annual Peach Social and Car Cruise.
Western Team delivered a $1,600 check to
Wolf Creek Art Center in Kenton to repair the
center’s water damage.
Plain City Team volunteered to serve breakfast
at Daily Needs Assistance’s food pantry.
Central Team at the Need Knows No Season
fundraiser for the Salvation Army featuring
former NFL star Cardale Jones.
Newbury’s Brian Cain provided refreshments to
workers restoring service lines after a tornado.
Middlefield Banc Corp. 2024 Summary Annual Report 19
20 Middlefield Banc Corp. 2024 Summary Annual Report
I
R
S
P
I
T
Be Exceptional: Deliver high-quality service, exceed
expectations, and create lasting positive impressions
in every interaction.
Be Impactful: Contribute positively to our community,
fostering purpose, and connections with all team
members, customers, community members,
and stakeholders.
Be Accountable: Uphold honesty and transparency,
take responsibility for your actions, manage resources,
and build trust and reliability.
Be Courteous: Treat others with kindness and grace,
demonstrating that you value and respect their
perspectives and contributions. Cultivate an environment
where dignity, mutual respect, and appreciation thrive.
Be Proactive: Anticipate challenges and
opportunities, take the lead in innovating and
continuous improvement, and feel empowered
to make a meaningful difference.
Be Collaborative: Harness the power of collaboration,
work seamlessly together to achieve common goals,
and support and celebrate each other’s success.
TEAMWORK
INITIATIVE
RESPECT
INTEGRITY
PURPOSE
SERVICE
OUR CORE VALUES
24 Middlefield Banc Corp. 2024 Summary Annual Report
HIGH
CLOSE
LOW
CLOSE
CASH
DIVIDENDS
PER SHARE
2024
First Quarter
$32.72
$22.99
$0.20
Second Quarter
$24.40
$20.66
$0.20
Third Quarter
$29.74
$21.75
$0.20
Fourth Quarter
$33.50
$27.16
$0.20
2023
First Quarter
$29.43
$26.00
$0.20
Second Quarter
$ 29.24
$22.33
$0.20
Third Quarter
$ 30.20
$24.71
$0.20
Fourth Quarter
$ 36.70
$ 25.19
$0.25
SHAREHOLDER INFORMATION
CORPORATE HEADQUARTERS
Middlefield Banc Corp.
15985 East High Street
P.O. Box 35
Middlefield, Ohio 44062
888.801.1666 • 440.632.1666
fax: 440.632.1700
FORM 10-K AND 10-Q AVAILABILITY
A copy of Middlefield Banc Corp.’s
Annual Report on Form 10-K and
Quarterly Reports on 10-Q filed
with the Securities and Exchange
Commission will be furnished to any
shareholder, free of charge, upon
written or e-mail request to:
Michael Ranttila
Executive Vice President and CFO
Middlefield Banc Corp.
P.O. Box 35
Middlefield, Ohio 44062
or mranttila@middlefieldbank.com
MARKET MAKER
The symbol for Middlefield Banc
Corp. common stock is MBCN and
the CUSIP is 596304204.
Keefe, Bruyette & Woods
800.342.5529
www.kbw.com
NOTICE OF ANNUAL MEETING
The 2025 Annual Meeting of
Shareholders of Middlefield Banc
Corp. will be held on Wednesday,
May 14, 2025 at 1:00 p.m. Eastern
Time. We have adopted a virtual
format for our Annual Meeting.
We will provide a live webcast
of the Annual Meeting at
www.meetnow.global/MFDL4CJ
You will need the control number
located on your proxy card to
participate.
TRANSFER AGENT AND REGISTRAR
Computershare
P.O. Box 505000
Louisville, KY 40233-5000
1.800.736.3001
INDEPENDENT AUDITORS
S.R. Snodgrass, P.C.
2009 Mackenzie Way, Suite 340
Cranberry Township, PA 16066
724.934.0344
INTERNET INFORMATION
Information on the Company
and its subsidiary bank is
available on the Internet at
www.middlefieldbank.bank.
DIVIDEND PAYMENT DATES
Subject to action by the Board of
Directors, Middlefield Banc Corp.
will pay dividends in March, June,
September, and December.
DIVIDEND REINVESTMENT AND
STOCK PURCHASE PLAN
Shareholders may elect to reinvest
their dividends in additional shares
of Middlefield Banc Corp.’s common
stock through the Company’s
Dividend Reinvestment Plan. To
arrange automatic purchase of
shares with quarterly dividend
proceeds, please call 1.800.736.3001.
DIRECT DEPOSIT OF DIVIDENDS
The direct deposit program, which
is offered at no charge, provides
for automatic deposit of quarterly
dividends directly to a checking or
savings account with The Middlefield
Banking Company. For information
regarding this program, please call
888.801.1666.
RELATED STOCKHOLDER MATTERS
Middlefield Banc Corp. had 1,118
shareholders of record as of March 5,
2025. Our common stock trades on
the NASDAQ Capital Market under
the ticker symbol MBCN. The table
below shows the high and low bid
prices and cash dividends paid on the
Company’s common stock during the
periods indicated. The high and low
bid prices are compiled from data
available through NASDAQ. This
information does not reflect retail
mark-up, markdowns or commissions,
and does not necessarily represent
actual transactions.
21 Middlefield Banc Corp. 2024 Summary Annual Report
Middlefield Banc Corp.
15985 East High Street, Middlefield, Ohio 44062
888.801.1666
www.middlefieldbank.bank