Mon, Dec 23, 10:16 PM (20 days ago)
Middlefield Banc Corp (NASDAQ: MBCN) filed an amendment to its Form 10-K for the fiscal year ending December 31, 2023, primarily to correct an administrative error in the Report of Independent Registered Public Accounting Firm and to update dates in the Management’s Annual Report on Internal Control Over Financial Reporting. The financial statements remain unchanged, reflecting a loan portfolio of $1.5 billion and an allowance for credit losses of $21.7 million. The Company adopted ASC Topic 326 for credit loss accounting, significantly altering its estimation methodology. The market value of non-affiliate common stock was approximately $215.2 million as of June 30, 2023. Management asserts that internal controls over financial reporting were effective as of year-end, with no material weaknesses noted. The amendment does not introduce new financial data or alter the original filings' content, emphasizing compliance with SEC regulations. Future outlook remains stable, but changes in economic conditions could pose risks to credit loss estimates.