Exhibit 99




Company Contact:   Investor and Media Contact:    

Thomas G. Caldwell

President/Chief Executive Officer

Middlefield Banc Corp.

(440) 632-1666 Ext. 3200



Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400



Middlefield Banc Corp. Reports 2018 First Half Financial Results

MIDDLEFIELD, OHIO, July 19, 2018 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2018 first half and second quarter ended June 30, 2018.

2018 First Half Financial Highlights versus 2017 First Half (unless noted):


    Net income was up 23.8% to $5.7 million


    Earnings per diluted share increased 9.3% to $1.76 per share, despite a 13.5% increase in the average number of diluted shares outstanding


    For the 2018 second quarter, return on average equity was 10.08%, compared to 9.34% for the quarter ended June 30, 2017


    For the 2018 second quarter, return on average tangible common equity(1) was 11.77%, compared to 11.30% for the quarter ended June 30, 2017


    Book value per share was up 4.0% to $37.95 per share


    Tangible book value(1) per share was up 5.6% to $32.49 per share


    Total net loans increased 8.7% to $936.2 million


    Total interest income improved 14.1% to $24.1 million


    Noninterest expense was up only 3.1%


    Equity to assets remains strong at 10.52%

“Record profitability helped increase our return on average equity (“ROAE”) to over 10% during the second quarter, after several capital raises and the Liberty acquisition temporarily reduced our ROAE to the high single digits,” stated Thomas G. Caldwell, President and Chief Executive Officer. “During the quarter, we had approximately $38 million of loans payoff, which included a $6 million loan that was previously classified as a troubled debt restructuring (“TDR”). In spite of this impact, our loan portfolio has increased nearly 9% compared to the same period a year ago. Our pipeline of potential new loans remains robust, but we have started to see other lenders within our markets become more aggressive on pricing and less restrictive on covenants and standards. It is important to note that Middlefield will remain focused on our lending standards by appropriately managing credit risk and controlling growth.”

The following information was filed by Middlefield Banc Corp (MBCN) on Friday, July 20, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Middlefield Banc Corp's financial trajectory

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