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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 , July 16 , 2021 second quarter ended June 30 , 2021 . Middlefield Banc Corp. Reports Record 2021 First Half Financial Results Middlefield Banc Corp. ( NASDAQ : MBCN ) today reported financial results for the 2021 first half and 2021 First Half Financial Highlights Include ( on a year - over - year basis unless noted ) : . Net income of $ 8.6 million , or $ 1.35 per diluted share driven by record second quarter earnings of $ 4.4 million , or a record $ 0.70 per diluted share Net interest margin improved by 16 basis points to 3.72 % , compared to 3.56 % Total noninterest income was up 49.9 % to $ 3.9 million Pre - tax , pre - provision ( 1 ) income increased 35.4 % to $ 11.4 million • Return on average assets increased to 1.26 % from 0.64 % • Return on average equity increased to 11.88 % from 5.79 % • Return on average tangible common equity ( 1 ) increased to 13.41 % from 6.59 % Efficiency ratio improved to 57.60 % , compared to 62.33 % • Year - to - date net charge - offs declined 46.6 % to $ 159,000 " Our record second quarter and first half earnings reflect strong operating performance across our business and improving economic trends throughout our Northeast and Central Ohio markets , " stated Thomas G. Caldwell , President and Chief Executive Officer . " In addition , we have successfully navigated the low interest rate environment throughout the 2021 first half by successfully managing our net interest margin , enhancing our efficiency ratio , controlling operating expenses , growing noninterest income , and maintaining strong asset quality . " " Year - to - date , we have helped small business customers secure $ 93.5 million of PPP forgiveness , which provided a $ 1.5 million benefit to our yield on earnings assets . At June 30 , 2021 , $ 90.2 million of PPP loans remained on the balance sheet and we expect the majority of the outstanding PPP loans will be forgiven by year end . " " While economic and interest rate uncertainty remains , we are focused on pursuing our long - term growth strategy , making investments across our business , and creating value for our shareholders . As a result , we