Exhibit 99

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:	Investor and Media Contact:
James Heslop President/Chief Executive Officer Middlefield Banc Corp. (440) 632-1666 Ext. 3219 JHeslop@middlefieldbank.com	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

Middlefield Banc Corp. Reports 2022 Nine Month Financial Results

MIDDLEFIELD, OHIO, October 18, 2022 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and nine months ended September 30, 2022.

2022 Nine Month Financial Highlights (on a year-over-year basis unless noted):

• Returned $6.6 million of capital to shareholders through dividends and the repurchase of 141,002 shares at an average price of $25.83 per share

• Net income was $12.2 million, or $2.08 per diluted share, compared to $13.8 million, or $2.19 per diluted share

• Nine-month pre-tax income benefited from $1.2 million of accelerated net fees associated with the Paycheck Protection Program (“PPP”), compared to $3.1 million in the 2021 nine-month period

• Year-to-date net income was negatively impacted by $969,000 of one-time expenses associated with the proposed Liberty Bancshares, Inc. merger

• Net interest margin improved by 24 basis points to 4.02%, compared to 3.78%

• Total loans were $995.2 million, compared to $981.7 million at December 31, 2021

• Total loans increased by $46.6 million, or 6.6% annualized from December 31, 2021, without the impact of PPP loan forgiveness

• Return on average assets was 1.24%, compared to 1.34%

• Return on average equity was 11.96%, compared to 12.58%

• Return on average tangible common equity⁽¹⁾ was 13.59%, compared to 14.20%

• Strong asset quality with nonperforming loans to total loans of 0.37%, compared to 0.67%

• Allowance for loan losses was 1.46% of total loans, compared to 1.41%

• Merger with Liberty Bancshares, Inc. on schedule to close during the 2022 fourth quarter

“2022 is shaping up to be a strong year of core earnings and asset growth. Total loans increased 1.7% from the second quarter and are up 4.0% on a year-over-year basis, without the impact of PPP loan forgiveness. In addition, year-to-date profitability has benefitted from robust asset quality and a higher net interest margin, partially offsetting a $1.9 million year-over-year reduction in PPP fees and nearly $1.0 million of one-time expenses associated with the proposed Liberty Bancshares, Inc. merger,” stated James R. Heslop, II, President and Chief Executive Officer.

“As we navigate a rising rate and more fluid economic environment, we are focused on supporting the financial needs of our Ohio communities, maintaining strong asset quality, and completing the merger with Liberty Bancshares, Inc. The merger is on track to close during the 2022 fourth quarter and we expect to benefit as a larger bank with total assets of approximately $1.80 billion, strong earnings accretion, and a robust footprint in two of Ohio’s largest and fastest-growing markets,” concluded Mr. Heslop.

Income Statement

Net interest income for the nine-month period ended September 30, 2022, was $36.1 million, compared to $36.2 million for the same period last year. Year-to-date, the net interest margin was 4.02%, compared to 3.78% for the same period last year. Net interest income for the 2022 third quarter was $12.6 million, compared to $12.5 million for the 2021 third quarter. The 1.1% increase in net interest income for the 2022 third quarter from the same period in 2021 was largely a result of higher interest income and lower interest expense. The net interest margin for the 2022 third quarter was 4.23%, compared to 3.90% for the same period of 2021.

For the 2022 nine-month period, noninterest income was $4.3 million, compared to $5.7 million for the same period last year. Noninterest income for the 2022 third quarter was $1.5 million, compared to $1.8 million for the same period last year.

For the 2022 nine-month period, noninterest expense increased 6.5% to $25.7 million, compared to $24.1 million for the same period last year. Operating costs in the 2022 third quarter increased 12.4% to $8.9 million from $7.9 million for the 2021 third quarter. The Company incurred $390,000 during the 2022 third quarter and $969,000 during the 2022 nine-month period of additional operating expenses associated with the proposed Liberty Bancshares, Inc. merger.

Net income for the 2022 nine-month period, was $12.2 million, or $2.08 per diluted share, compared to $13.8 million, or $2.19 per diluted share for the same period last year. Net income for the 2022 third quarter, was $4.2 million, or $0.73 per diluted share, compared to $5.2 million, or $0.85 per diluted share for the same period last year.

Balance Sheet

Total assets at September 30, 2022, decreased slightly to approximately $1.35 billion from $1.37 billion at September 30, 2021. Net loans at September 30, 2022, decreased 1.5% to $980.7 million, compared to $996.0 million at September 30, 2021. Since 2020, Middlefield has helped customers receive $211.6 million of forgiveness payments under the terms of the Paycheck Protection Program, including processing $0.4 million of forgiveness payments during the third quarter of 2022, and $33.1 million of forgiveness payments year-to-date. The balance of PPP loans outstanding at September 30, 2022, was $1.0 million.

Total deposits at September 30, 2022, were $1.13 billion, compared to $1.20 billion at September 30, 2021. The 5.8% decrease in deposits was primarily due to declines in interest-bearing, time-based, money market and savings accounts, partially offset by increased noninterest-bearing accounts. The investment portfolio was $162.1 million at September 30, 2022, compared with $163.1 million at September 30, 2021.

Donald L. Stacy, Chief Financial Officer, stated, “The growth we have experienced in our net interest margin throughout 2022 is encouraging, driven by an 18-basis point increase in our yield on earning assets, and a 6-basis point improvement in our cost of funds. As competition for deposits increases, we expect our cost of funds to increase in future periods. Asset quality remains strong across our portfolio, with only $3.7 million of nonperforming loans at September 30, 2022, which is a 45.8% reduction from September 30, 2021, and represents just 0.37% of total loans at the end of the 2022 third quarter. With a higher degree of economic uncertainty, we have maintained a robust allowance for loan losses, which was 1.46% of total

loans at September 30, 2022. We believe our strong balance sheet and favorable capital position will allow us to navigate a more challenging economic cycle, while simultaneously allocating capital to support our long-term growth strategies, dividend payment, and share repurchase program.”

Mr. Stacy continued, “Year-to-date, we have repurchased 141,002 shares of our common stock at a total cost of $3.6 million. This includes 45,638 shares repurchased during the 2022 third quarter at an average price of $26.74 per share at September 30, 2022. We have 246,549 shares remaining under our repurchase program.”

Stockholders’ Equity and Dividends

At September 30, 2022, stockholders’ equity was $122.9 million compared to $146.1 million at September 30, 2021. The 15.9% year-over-year decline in stockholders’ equity was primarily due to an increase in the unrealized loss on the available-for-sale investment portfolio as well as the Company’s stock repurchase program. On a per-share basis, shareholders’ equity at September 30, 2022, was $21.30 compared to $24.13 at September 30, 2021.

At September 30, 2022, tangible stockholders’ equity⁽¹⁾ was $106.6 million, compared to $129.5 million at September 30, 2021. On a per-share basis, tangible stockholders’ equity⁽¹⁾ was $18.48 at September 30, 2022, compared to $21.39 at September 30, 2021.

Through the 2022 nine-month period, the Company declared cash dividends of $0.51 per share, compared to $0.48 per share for the same period last year.

At September 30, 2022, the Company had an equity-to-assets ratio of 9.09%, compared to 10.69% at September 30, 2021.

Asset Quality    

No provision for loan losses was recorded for both the 2022 and 2021 third quarters. There was no provision for loan losses for the 2022 nine-month period versus $900,000 for the same period last year.

Net charge-offs were $18,000, or 0.01% of average loans, annualized, during the 2022 third quarter, compared to net recoveries of $34,000, or 0.01% of average loans, annualized, at September 30, 2021. Year-to-date net recoveries were $190,000, or 0.02% of average loans, annualized, compared to net charge-offs of $125,000, or 0.02% of average loans, annualized for the nine-months ended September 30, 2021.

Nonperforming loans at September 30, 2022, were $3.7 million, compared to $6.8 million at September 30, 2021. Nonperforming assets at September 30, 2022, were $10.5 million, compared to $13.9 million at September 30, 2021. The allowance for loan losses at September 30, 2022, stood at $14.5 million, or 1.46% of total loans, compared to $14.2 million, or 1.41% of total loans at September 30, 2021.

About Middlefield Banc Corp.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company, with total assets of $1.35 billion at September 30, 2022. The Bank operates 16 full-service banking centers and an LPL Financial^® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Additional information is available at www.middlefieldbank.bank

⁽¹⁾NON-GAAP FINANCIAL MEASURES

This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Middlefield Banc Corp. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below.

FORWARD-LOOKING STATEMENTS

This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets, and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; (8) changes in the securities markets; (9) the Company’s failure to integrate Liberty Bancshares, Inc. and Liberty National Bank with Middlefield in accordance with expectations and deviations from performance expectations related to Liberty Bancshares, Inc. and Liberty National Bank; or (10) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.    

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, unaudited)

Balance Sheets (period end)	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
ASSETS
Cash and due from banks	$	119,777		$	60,114		$	78,804		$	97,172		$	113,177
Federal funds sold		8,800			19,039			29,474			22,322			19,174
Cash and cash equivalents		128,577			79,153			108,278			119,494			132,351
Equity securities, at fair value		972			779			851			818			833
Investment securities available for sale, at fair value		162,064			171,958			175,216			170,199			163,057
Loans held for sale		—			—			9			1,051			676
Loans:
Commercial real estate:
Owner occupied		120,912			120,771			113,590			111,470			110,883
Non-owner occupied		285,419			288,334			293,745			283,618			310,222
Multifamily		38,063			29,152			29,385			31,189			30,762
Residential real estate		247,612			246,453			244,747			240,089			232,020
Commercial and industrial		146,987			137,398			131,683			148,812			163,052
Home equity lines of credit		114,344			111,730			106,300			104,355			105,450
Construction and other		33,748			35,988			50,152			54,148			49,378
Consumer installment		8,110			8,171			8,118			8,010			8,515
Total loans		995,195			977,997			977,720			981,691			1,010,282
Less allowance for loan and lease losses		14,532			14,550			14,492			14,342			14,234
Net loans		980,663			963,447			963,228			967,349			996,048
Premises and equipment, net		16,215			17,030			17,142			17,272			17,507
Goodwill		15,071			15,071			15,071			15,071			15,071
Core deposit intangibles		1,171			1,249			1,326			1,403			1,484
Bank-owned life insurance		17,382			17,274			17,166			17,060			16,954
Other real estate owned		6,792			6,792			6,992			6,992			7,090
Accrued interest receivable and other assets		22,104			20,624			18,019			14,297			14,794
TOTAL ASSETS	$	1,351,011		$	1,293,377		$	1,323,298		$	1,331,006		$	1,365,865
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
LIABILITIES
Deposits:
Noninterest-bearing demand	$	383,675		$	379,872		$	361,251		$	334,171		$	316,770
Interest-bearing demand		160,112			154,788			162,010			196,308			237,576
Money market		162,052			185,494			187,807			177,281			178,423
Savings		247,466			252,179			264,784			260,125			256,114
Time		177,182			174,833			191,320			198,725			211,674
Total deposits		1,130,487			1,147,166			1,167,172			1,166,610			1,200,557
Short-term borrowings		80,000			—			—			—			—
Other borrowings		12,107			12,910			12,975			12,901			12,966
Accrued interest payable and other liabilities		5,562			5,081			5,507			6,160			6,287
TOTAL LIABILITIES		1,228,156			1,165,157			1,185,654			1,185,671			1,219,810
STOCKHOLDERS’ EQUITY
Common stock, no par value; 10,000,000 shares authorized, 7,350,616 shares issued, 5,767,803 shares outstanding as of September 30, 2022		87,640			87,562			87,562			87,131			87,131
Retained earnings		93,166			89,900			86,804			83,971			80,376
Accumulated other comprehensive (loss) income		(25,080	)		(17,591	)		(6,674	)		3,462			3,610
Treasury stock, at cost; 1,582,813 shares as of September 30, 2022		(32,871	)		(31,651	)		(30,048	)		(29,229	)		(25,062	)
TOTAL STOCKHOLDERS’ EQUITY		122,855			128,220			137,644			145,335			146,055
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,351,011		$	1,293,377		$	1,323,298		$	1,331,006		$	1,365,865

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, except per share and share amounts, unaudited)

	For the Three Months Ended													For the Nine Months Ended
Statements of Income	September 30, 2022			June 30, 2022			March 31, 2022		December 31, 2021			September 30, 2021		September 30, 2022			September 30, 2021
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	11,892		$	11,268		$	10,985	$	11,586		$	12,258	$	34,145		$	36,310
Interest-earning deposits in other institutions		134			74			24		30			30		232			60
Federal funds sold		51			46			3		1			1		100			2
Investment securities:
Taxable interest		449			442			443		438			461		1,334			1,241
Tax-exempt interest		982			955			784		732			673		2,721			1,833
Dividends on stock		59			33			24		23			24		116			79
Total interest and dividend income		13,567			12,818			12,263		12,810			13,447		38,648			39,525
INTEREST EXPENSE
Deposits		812			709			726		783			915		2,247			3,130
Short-term borrowings		44			—			—		—			—		44			—
Other borrowings		112			81			69		67			68		262			214
Total interest expense		968			790			795		850			983		2,553			3,344
NET INTEREST INCOME		12,599			12,028			11,468		11,960			12,464		36,095			36,181
Provision for loan losses		—			—			—		(200	)		—		—			900
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		12,599			12,028			11,468		12,160			12,464		36,095			35,281
NONINTEREST INCOME
Service charges on deposit accounts		1,004			956			914		906			876		2,874			2,519
(Loss) gain on equity securities		(57	)		(72	)		33		(14	)		102		(96	)		223
Earnings on bank-owned life insurance		108			108			106		106			108		322			440
Gains on sale of loans		7			18			3		118			309		28			1,122
Revenue from investment services		233			153			141		198			190		527			529
Other income		251			220			206		221			236		677			838
Total noninterest income		1,546			1,383			1,403		1,535			1,821		4,332			5,671
NONINTEREST EXPENSE
Salaries and employee benefits		4,491			3,785			4,386		4,088			4,488		12,662			13,063
Occupancy expense		458			583			505		542			426		1,546			1,506
Equipment expense		233			274			315		358			333		822			1,003
Data processing and information technology costs		985			822			844		851			845		2,650			2,447
Ohio state franchise tax		293			292			293		285			287		878			859
Federal deposit insurance expense		84			90			50		50			150		224			444
Professional fees		280			383			455		435			136		1,118			878
Net loss (gain) on other real estate owned		1			206			8		(66	)		9		215			77
Advertising expense		268			229			228		221			222		725			664
Software amortization expense		27			40			48		119			88		115			242
Core deposit intangible amortization		78			77			77		80			81		232			241
Merger-related costs		390			579			—		—			—		969			—
Other expense		1,298			1,175			1,057		868			842		3,531			2,694
Total noninterest expense		8,886			8,535			8,266		7,831			7,907		25,687			24,118
Income before income taxes		5,259			4,876			4,605		5,864			6,378		14,740			16,834
Income taxes		1,010			787			772		1,027			1,174		2,569			3,038
NET INCOME	$	4,249		$	4,089		$	3,833	$	4,837		$	5,204	$	12,171		$	13,796
PTPP (1)	$	5,259		$	4,876		$	4,605	$	5,664		$	6,378	$	14,740		$	17,734

(1) The pre-tax pre-provision (PTPP) is the income before income taxes before provision for loan losses considerations, for reconciliation of non-GAAP measures.

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands, except per share and share amounts, unaudited)

	For the Three Months Ended															For the Nine Months Ended
Per common share data	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			September 30, 2022			September 30, 2021
Net income per common share –basic	$	0.73		$	0.70		$	0.65		$	0.81		$	0.85		$	2.08		$	2.20
Net income per common share –diluted	$	0.73		$	0.70		$	0.65		$	0.81		$	0.85		$	2.08		$	2.19
Dividends declared per share	$	0.17		$	0.17		$	0.17		$	0.21		$	0.16		$	0.51		$	0.48
Book value per share (period end)	$	21.30		$	22.07		$	23.43		$	24.68		$	24.13		$	21.30		$	24.13
Tangible book value per share (period end) (2) (3)	$	18.48		$	19.26		$	20.64		$	21.88		$	21.39		$	18.48		$	21.39
Dividends declared	$	983		$	993		$	1,000		$	1,242		$	978		$	2,976		$	2,998
Dividend yield		2.49	%		2.71	%		2.78	%		3.37	%		2.66	%		2.52	%		2.69	%
Dividend payout ratio		23.13	%		24.28	%		26.09	%		25.68	%		18.79	%		24.45	%		21.73	%
Average shares outstanding – basic		5,792,773			5,851,422			5,879,025			5,951,838			6,136,648			5,840,757			6,265,803
Average shares outstanding –diluted		5,805,799			5,860,098			5,889,836			5,975,333			6,157,181			5,853,783			6,287,556
Period ending shares outstanding		5,767,803			5,810,351			5,873,565			5,888,737			6,054,083			5,767,803			6,054,083
Selected ratios
Return on average assets		1.32	%		1.25	%		1.17	%		1.41	%		1.51	%		1.24	%		1.34	%
Return on average equity		12.94	%		12.30	%		10.75	%		13.17	%		13.95	%		11.96	%		12.58	%
Return on average tangible common equity (2) (4)		14.79	%		14.02	%		12.13	%		14.85	%		15.71	%		13.59	%		14.20	%
Efficiency (1)		61.07	%		61.83	%		62.54	%		56.56	%		54.05	%		61.79	%		56.42	%
Equity to assets at period end		9.09	%		9.91	%		10.40	%		10.92	%		10.69	%		9.09	%		10.69	%
Noninterest expense to average assets		0.69	%		0.65	%		0.62	%		0.58	%		0.58	%		1.96	%		1.75	%

(1) The efficiency ratio is calculated by dividing noninterest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus noninterest income

(2) See reconciliation of non-GAAP measures below

(3) Calculated by dividing tangible common equity by shares outstanding

(4) Calculated by dividing annualized net income for each period by average tangible common equity

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(unaudited)

	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
Yields	2022			2022			2022			2021			2021			2022			2021
Interest-earning assets:
Loans receivable (2)		4.78	%		4.66	%		4.53	%		4.61	%		4.74	%		4.66	%		4.54	%
Investment securities (2)		3.90	%		3.76	%		3.41	%		3.30	%		3.37	%		3.69	%		3.51	%
Interest-earning deposits with other banks		2.06	%		0.77	%		0.23	%		0.20	%		0.21	%		0.82	%		0.20	%
Total interest-earning assets		4.55	%		4.28	%		4.06	%		4.07	%		4.20	%		4.30	%		4.12	%
Deposits:
Interest-bearing demand deposits		0.22	%		0.15	%		0.14	%		0.12	%		0.12	%		0.17	%		0.13	%
Money market deposits		0.46	%		0.49	%		0.47	%		0.47	%		0.46	%		0.47	%		0.47	%
Savings deposits		0.19	%		0.06	%		0.06	%		0.06	%		0.06	%		0.10	%		0.06	%
Certificates of deposit		0.96	%		0.83	%		0.87	%		0.90	%		1.08	%		0.89	%		1.19	%
Total interest-bearing deposits		0.43	%		0.36	%		0.37	%		0.36	%		0.41	%		0.39	%		0.47	%
Non-Deposit Funding:
Borrowings		2.94	%		2.51	%		2.16	%		2.09	%		2.08	%		2.61	%		1.14	%
Total interest-bearing liabilities		0.50	%		0.39	%		0.39	%		0.37	%		0.44	%		0.43	%		0.48	%
Cost of deposits		0.29	%		0.24	%		0.25	%		0.26	%		0.30	%		0.26	%		0.35	%
Cost of funds		0.34	%		0.27	%		0.27	%		0.27	%		0.31	%		0.29	%		0.35	%
Net interest margin (1)		4.23	%		4.02	%		3.80	%		3.82	%		3.90	%		4.02	%		3.78	%

(1) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(2) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%.

	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Asset quality data	2022			2022			2022			2021			2021
(Dollar amounts in thousands, unaudited)
Nonperforming loans (1)	$	3,692		$	4,670		$	4,728		$	4,859		$	6,806
Other real estate owned		6,792			6,792			6,992			6,992			7,090
Nonperforming assets	$	10,484		$	11,462		$	11,720		$	11,851		$	13,896
Allowance for loan losses	$	14,532		$	14,550		$	14,492		$	14,342		$	14,234
Allowance for loan losses/total loans		1.46	%		1.49	%		1.48	%		1.46	%		1.41	%
Net charge-offs (recoveries):
Quarter-to-date	$	18		$	(58	)	$	(150	)	$	(308	)	$	(34	)
Year-to-date		(190	)		(208	)		(150	)		(183	)		125
Net charge-offs (recoveries) to average loans, annualized:
Quarter-to-date		0.01	%		-0.02	%		-0.06	%		-0.12	%		-0.01	%
Year-to-date		-0.02	%		-0.04	%		-0.06	%		-0.02	%		0.02	%
Nonperforming loans/total loans		0.37	%		0.48	%		0.48	%		0.49	%		0.67	%
Allowance for loan losses/nonperforming loans		393.61	%		311.56	%		306.51	%		295.16	%		209.14	%
Nonperforming assets/total assets		0.78	%		0.89	%		0.89	%		0.89	%		1.02	%

(1) Nonperforming loans exclude troubled debt restructurings that are performing in accordance with their terms over a prescribed period of time.

Reconciliation of Common Stockholders’ Equity to Tangible Common Equity	For the Three Months Ended
(Dollar amounts in thousands, unaudited)	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Stockholders’ Equity	$	122,855	$	128,220	$	137,644	$	145,335	$	146,055
Less Goodwill and other intangibles		16,242		16,320		16,397		16,474		16,555
Tangible Common Equity	$	106,613	$	111,900	$	121,247	$	128,861	$	129,500
Shares outstanding		5,767,803		5,810,351		5,873,565		5,888,737		6,054,083
Tangible book value per share	$	18.48	$	19.26	$	20.64	$	21.88	$	21.39

Reconciliation of Average Equity to Return on Average Tangible Common Equity	For the Three Months Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2022			2022			2022			2021			2021			2022			2021
Average Stockholders’ Equity	$	130,263		$	133,377		$	144,630		$	145,716		$	148,048		$	136,090		$	146,611
Less Average Goodwill and other intangibles		16,280			16,357			16,435			16,513			16,594			16,357			16,674
Average Tangible Common Equity	$	113,983		$	117,020		$	128,195		$	129,203		$	131,454		$	119,733		$	129,937
Net income	$	4,249		$	4,089		$	3,833		$	4,837		$	5,204		$	12,171		$	13,796
Return on average tangible common equity (annualized)		14.79	%		14.02	%		12.13	%		14.85	%		15.71	%		13.59	%		14.20	%

Reconciliation of Pre-Tax Pre-Provision Income (PTPP)	For the Three Months Ended											For the Nine Months Ended
	September 30,		June 30,		March 31,		December 31,			September 30,		September 30,		September 30,
	2022		2022		2022		2021			2021		2022		2021
Net income	$	4,249	$	4,089	$	3,833	$	4,837		$	5,204	$	12,171	$	13,796
Add Income Taxes		1,010		787		772		1,027			1,174		2,569		3,038
Add Provision for loan losses		—		—		—		(200	)		—		—		900
PTPP	$	5,259	$	4,876	$	4,605	$	5,664		$	6,378	$	14,740	$	17,734

MIDDLEFIELD BANC CORP.

Average Balance Sheets

(Dollar amounts in thousands, unaudited)

	For the Three Months Ended
	September 30, 2022							September 30, 2021
	Average Balance		Interest		Average Yield/Cost			Average Balance		Interest		Average Yield/Cost
Interest-earning assets:
Loans receivable (3)	$	987,689	$	11,892		4.78	%	$	1,027,935	$	12,258		4.74	%
Investment securities (3)		172,316		1,431		3.90	%		154,718		1,134		3.37	%
Interest-earning deposits with other banks (4)		46,938		244		2.06	%		105,910		55		0.21	%
Total interest-earning assets		1,206,943		13,567		4.55	%		1,288,563		13,447		4.20	%
Noninterest-earning assets		73,753							82,952
Total assets	$	1,280,696						$	1,371,515
Interest-bearing liabilities:
Interest-bearing demand deposits	$	162,878	$	91		0.22	%	$	225,264	$	67		0.12	%
Money market deposits		155,095		180		0.46	%		182,831		214		0.46	%
Savings deposits		249,898		119		0.19	%		253,960		38		0.06	%
Certificates of deposit		174,091		422		0.96	%		218,323		596		1.08	%
Short-term borrowings		8,554		44		2.04	%		—		—		0.00	%
Other borrowings		12,530		112		3.55	%		12,999		68		2.08	%
Total interest-bearing liabilities		763,046		968		0.50	%		893,377		983		0.44	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		382,351							323,726
Other liabilities		5,036							6,364
Stockholders’ equity		130,263							148,048
Total liabilities and stockholders’ equity	$	1,280,696						$	1,371,515
Net interest income			$	12,599						$	12,464
Interest rate spread (1)						4.05	%						3.76	%
Net interest margin (2)						4.23	%						3.90	%
Ratio of average interest-earning assets to average interest-bearing liabilities						158.17	%						144.24	%

(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

(2) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $277 and $195 for the three months ended September 30, 2022 and 2021, respectively

(4) Includes dividends received on restricted stock.

	For the Three Months Ended
	September 30, 2022							June 30, 2022
	Average Balance		Interest		Average Yield/Cost			Average Balance		Interest		Average Yield/Cost
Interest-earning assets:
Loans receivable (3)	$	987,689	$	11,892		4.78	%	$	970,820	$	11,268		4.66	%
Investment securities (3)		172,316		1,431		3.90	%		176,138		1,397		3.76	%
Interest-earning deposits with other banks (4)		46,938		244		2.06	%		79,924		153		0.77	%
Total interest-earning assets		1,206,943		13,567		4.55	%		1,226,882		12,818		4.28	%
Noninterest-earning assets		73,753							89,555
Total assets	$	1,280,696						$	1,316,437
Interest-bearing liabilities:
Interest-bearing demand deposits	$	162,878	$	91		0.22	%	$	159,779	$	59		0.15	%
Money market deposits		155,095		180		0.46	%		185,711		228		0.49	%
Savings deposits		249,898		119		0.19	%		260,226		40		0.06	%
Certificates of deposit		174,091		422		0.96	%		184,748		382		0.83	%
Short-term borrowings		8,554		44		2.04	%		—		—		0.00	%
Other borrowings		12,530		112		3.55	%		12,945		81		2.51	%
Total interest-bearing liabilities		763,046		968		0.50	%		803,409		790		0.39	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		382,351							375,013
Other liabilities		5,036							4,638
Stockholders’ equity		130,263							133,377
Total liabilities and stockholders’ equity	$	1,280,696						$	1,316,437
Net interest income			$	12,599						$	12,028
Interest rate spread (1)						4.05	%						3.89	%
Net interest margin (2)						4.23	%						4.02	%
Ratio of average interest-earning assets to average interest-bearing liabilities						158.17	%						152.71	%

(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

(2) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $277 and $271 for the three months ended September 30, 2022, and June 30, 2022, respectively.

(4) Includes dividends received on restricted stock.

	For the Nine Months Ended
	September 30, 2022							September 30, 2021
	Average Balance		Interest		Average Yield/Cost			Average Balance		Interest		Average Yield/Cost
Interest-earning assets:
Loans receivable (3)	$	980,787	$	34,145		4.66	%	$	1,070,058	$	36,310		4.54	%
Investment securities (3)		173,094		4,055		3.69	%		135,522		3,074		3.51	%
Interest-earning deposits with other banks (4)		72,851		448		0.82	%		94,955		141		0.20	%
Total interest-earning assets		1,226,732		38,648		4.30	%		1,300,535		39,525		4.12	%
Noninterest-earning assets		82,733							74,883
Total assets	$	1,309,465						$	1,375,418
Interest-bearing liabilities:
Interest-bearing demand deposits	$	164,337	$	210		0.17	%	$	211,797	$	209		0.13	%
Money market deposits		175,024		620		0.47	%		187,945		655		0.47	%
Savings deposits		256,762		197		0.10	%		254,574		123		0.06	%
Certificates of deposit		184,165		1,220		0.89	%		240,582		2,143		1.19	%
Short-term borrowings		2,851		44		2.06	%		113		—		0.00	%
Other borrowings		12,806		262		2.74	%		13,440		214		2.13	%
Total interest-bearing liabilities		795,945		2,553		0.43	%		908,451		3,344		0.49	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		372,343							314,172
Other liabilities		5,087							6,184
Stockholders’ equity		136,090							146,611
Total liabilities and stockholders’ equity	$	1,309,465						$	1,375,418
Net interest income			$	36,095						$	36,181
Interest rate spread (1)						3.87	%						3.63	%
Net interest margin (2)						4.02	%						3.78	%
Ratio of average interest-earning assets to average interest-bearing liabilities						154.12	%						143.16	%

(1) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

(2) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(3) Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $768 and $542 for the nine months ended September 30, 2022 and 2021, respectively.

(4) Includes dividends received on restricted stock.