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* mbc Middlefield Banc Corp 15985 East High Street P. O. Box 35 Middlefield , Ohio 44062 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 Middlefield Banc Corp. Reports 2021 Nine Month Financial Results MIDDLEFIELD , OHIO , October 18 , 2021 Middlefield Banc Corp. ( NASDAQ : MBCN ) today reported financial results for the three and nine months ended September 30 , 2021 . 2021 Nine Month Financial Highlights ( on a year - over - year basis unless noted ) : • Net income of $ 13.8 million , or $ 2.19 per diluted share driven by record third quarter earnings of $ 5.2 million , or a record $ 0.85 per diluted share Net interest margin improved by 23 basis points to 3.79 % , compared to 3.56 % • • Total noninterest income was up 29.5 % to $ 5.7 million • Pre - tax , pre - provision ( ¹ ) income increased 22.0 % to $ 17.7 million • Return on average assets increased to 1.34 % from 0.61 % • Return on average equity increased to 12.58 % from 5.48 % • • Return on average tangible common equity ( 1 ) increased to 14.20 % from 6.22 % Efficiency ratio improved to 56.42 % , compared to 58.59 % Year - to - date net charge - offs declined 96.0 % to $ 125,000 Middlefield has repurchased 346,103 shares of stock year - to - date , including 165,058 shares repurchased during the 2021 third quarter " As we celebrate our 120th anniversary , I am extremely pleased with the strong financial results we are achieving , " stated Thomas G. Caldwell , President and Chief Executive Officer . " We continue generating strong profitability as higher net interest margin , favorable asset quality and stable noninterest income successfully offset challenging loan growth and higher noninterest expense . " " We also continue to allocate capital to our share repurchase program . Year - to - date , we have repurchased 346,103 shares of our common stock at an average price of $ 23.47 per share , which includes 165,058 shares repurchased in the third quarter at an average price of $ 23.82 per share . Shares repurchased this year have been at an average price of 109.7 % to tangible book value of $ 21.39 at September 30 , 2021 , which we