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* mbc 15985 East High Street P. O. Box 35 Middlefield , Ohio 44062 Middlefield Banc Corp Phone : 440 / 632-1666 FAX : 440 / 632-1700 www.middlefieldbank.bank PRESS RELEASE 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 Exhibit 99 MIDDLEFIELD , OHIO , April 20 , 2021 ended March 31 , 2021 . Middlefield Banc Corp. Reports 2021 First Quarter Financial Results Middlefield Banc Corp. ( NASDAQ : MBCN ) today reported financial results for the 2021 first quarter 2021 First Quarter Financial Highlights Include ( on a year - over - year basis unless noted ) : Net income increased to a quarterly record of $ 4.2 million , or a record $ 0.65 per diluted share Net interest margin improved by 10 basis points to 3.73 % , compared to 3.63 % • Total noninterest income was up 106.5 % to $ 2.2 million • Pre - tax , pre - provision for loan losses ( 1 ) income increased 49.5 % to $ 5.8 million Return on average assets increased to 1.22 % from 0.35 % Return on average equity increased to 11.64 % from 3.01 % • Return on average tangible common equity ( 1 ) increased to 13.16 % from 3.43 % Efficiency ratio improved to 57.91 % , compared to 63.47 % Net charge - offs declined 86.0 % to $ 37,000 First quarter cash dividend increased 6.7 % to $ 0.16 per share " Our record first quarter financial results are encouraging and reflects the successful actions we took last year to navigate the impacts of the COVID - 19 pandemic , our commitment to our communities , and the dedication of our team , " stated Thomas G. Caldwell , President and Chief Executive Officer . " While the COVID - 19 pandemic continues , we are seeing improving trends across many aspects of our business and across many of our markets . We believe 2021 will be a strong year for Middlefield . " " Last year we quickly implemented our Paycheck Protection Program ( “ PPP ” ) process and helped provide more than 1,410 small businesses over $ 145 million of support , while protecting over 12,000 jobs . We continue to help small business customers throughout our communities and during the first quarter , we processed an additional $ 60 million of PPP loans . During the first quarter , we also helped customers secure $ 49.7 million of PPP forgiveness , which provided a $ 750,000 benefit to our yield on earnings assets . Over 45 % of PPP applicants booked were to small businesses without a prior banking relationship , which is a testament to the agility of our organization , our local presence , and our community - oriented values . "