Exhibit 99

15985 East High Street

P. O. Box 35

Middlefield, Ohio 44062

Phone:  440/632-1666    FAX:  440/632-1700

www.middlefieldbank.bank

Middlefield Banc Corp. Reports 2020 First Quarter Financial Results

MIDDLEFIELD, OHIO, April 27, 2020 ◆◆◆◆ Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the 2020 first quarter ended March 31, 2020.

2020 First Quarter Financial Highlights Include (on a year-over-year basis unless noted):

“The Middlefield Banking Company is committed to helping its customers and communities respond to the significant financial challenges caused by the COVID-19 pandemic,” stated Thomas G. Caldwell, President and Chief Executive Officer. “Over the past several weeks, Middlefield has helped nearly 560 small businesses receive over $90 million of support through the March 2020 CARES Act. This process has required a significant amount of time and resources from across our organization. I am extremely proud of our associates for their response to the crisis and their dedication providing essential financial services to our communities.”

“We ended the 2020 first quarter with a strong financial position and capital levels. Our net interest margin has remained stable over the past 12 months, despite a declining rate environment and significant competition for loans and deposits. Net income would have also been stable, but we prudently took a $2.7 million provision during the first quarter to increase our allowance for loan losses. We are confident in our

conservative and disciplined approach to credit and risk management, however the economic challenges caused by the COVID-19 crisis have had an impact on credit quality and cannot be discounted. Macroeconomic trends have yet to fully capture the impact of the COVID-19 crisis, but we believe underlying economic weaknesses in our markets existed on March 31, 2020. We expect further pressure on our net interest margin due to the recent 100 basis point reduction in the Federal Reserve target rate, and we will continue making the necessary adjustments to our allowance for loan losses as the COVID-19 crisis evolves.”

“We are focused on managing all aspects of the business that are under our control as we navigate the COVID-19 crisis and a lower rate environment, while supporting our customers, employees, communities, and shareholders. This includes pursuing near-term strategies that protect the health and safety of our employees and customers, control risk, proactively manage expenses, and support our dividend policy. As we respond to the COVID-19 crisis and the unprecedented environment it has created, I am thankful for the proven leadership team we have assembled and our loyal customers, employees, and shareholders.”

Income Statement

Net interest income for the 2020 first quarter was $10.0 million, compared to $10.2 million for the 2019 first quarter. The net interest margin for the 2020 first quarter was 3.63%, compared to 3.69% for the same period of 2019. For the 2020 first quarter, noninterest income was essentially unchanged from the same period last year, at $1.1 million. Noninterest expense for the 2020 first quarter decreased 3.3% to $7.3 million, from the 2019 first quarter.

Donald L. Stacy, Chief Financial Officer stated: “Throughout 2019, we remained focused on managing risk and pricing on loans, while prudently controlling our funding costs on deposits. While these strategies impacted loan growth last year, we ended the 2020 first quarter with a 16.4% year-over-year reduction in nonperforming assets, and a 42.9% year-over-year reduction in charge-offs. As a result, we entered this challenging market environment with improved asset quality trends. However, since the COVID-19 crisis began, we have experienced an increase in requests for deferrals and we are working on providing temporary relief to our customers. With an equity to assets ratio of 10.93%, we have strong liquidity and have access to additional liquidity sources if needed to navigate this challenging period.”

Balance Sheet

Total assets at March 31, 2020, decreased 5.2% to $1.21 billion, compared to $1.28 billion at March 31, 2019. Net loans at March 31, 2020, were $988.8 million, compared to $997.3 million at March 31, 2019. The 0.9% year-over-year decrease in net loans was primarily a result of a $35.5 million decrease in multifamily commercial real estate loans, and a $15.4 million decline in non-owner occupied commercial real estate loans, partially offset by a $21.0 million increase in commercial and industrial loans, and an $11.9 million increase in construction and other loans.

Total deposits at March 31, 2020, was $1.00 billion, compared to $1.04 billion at March 31, 2019. The 3.5% decrease in deposits was primarily a result of lower time, money market, and saving deposits, partially offset by higher noninterest-bearing and interest-bearing demand accounts. The investment portfolio, classified as available for sale, was $103.0 million at March 31, 2020, compared with $98.1 million at March 31, 2019.

Stockholders’ Equity and Dividends

At March 31, 2020, stockholders’ equity increased 0.8% to $132.7 million compared to $131.7 million at March 31, 2019. On a per share basis, shareholders’ equity at March 31, 2020, was $20.83 compared to $20.22, an increase of 3.0%, over the same period last year.

At March 31, 2020, tangible stockholders’ equity⁽¹⁾ increased 1.2% to $115.6 million for the 2020 first quarter, compared to $114.3 million at March 31, 2019. On a per-share basis, tangible stockholders’ equity⁽¹⁾ was $18.16 at March 31, 2020, compared to $17.55, an increase of 3.5%, at March 31, 2019.

During the 2020 first quarter, the Company paid cash dividends of $0.15 per share, compared to $0.14 per share for the first quarter last year.

At March 31, 2020, the Company had an equity to assets leverage ratio of 10.93%, compared to 10.28% at March 31, 2019.

Asset Quality

The provision for loan losses for the 2020 first quarter was $2.7 million, compared to $240,000 for the same period a year ago. Most of the increased provision is the result of increases to the current economic conditions qualitative factors. Nonperforming assets at March 31, 2020, were $8.9 million, compared to $10.6 million at March 31, 2019. Net charge-offs were $264,000, or 0.11% of average loans, annualized, during the 2020 first quarter, compared to net charge-offs of $462,000, or 0.19% of average loans, annualized, at March 31, 2019. The allowance for loan losses at March 31, 2020, stood at $9.2 million, or 0.93% of total loans, compared to $7.2 million, or 0.72% of total loans at March 31, 2019.

COVID-19 Update

The following table provides information with respect to our commercial loans by type at March 31, 2020.

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020, and provides over $2.0 trillion in emergency economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”).

As a qualified SBA lender, we were automatically authorized to originate PPP loans.

An eligible business can apply for a PPP loan up to the greater of: (1) 2.5 times its average monthly payroll costs; or (2) $10.0 million. PPP loans will have: (a) an interest rate of 1.0%, (b) a two-year loan term to maturity; and (c) principal and interest payments deferred for six months from the date of disbursement. The SBA will guarantee 100% of the PPP loans made to eligible borrowers. The entire principal amount of the borrower’s PPP loan, including any accrued interest, is eligible to be reduced by the loan forgiveness amount under the PPP so long as employee and compensation levels of the business are maintained and 75% of the loan proceeds are used for payroll expenses, with the remaining 25% of the loan proceeds used for other qualifying expenses.

As of April 22, 2020, we approved 558 applications for up to $90.7 million of loans under the PPP.

As of April 21, 2020, we received requests to modify 261 loans aggregating $164.5 million. As of April 21, 2020, we modified 188 loans aggregating $107.0 million primarily consisting of the deferral of principal and interest payments and the extension of the maturity date. The remaining modifications are in process and are expected to be completed.

Details with respect to actual loan modifications are as follows:

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 $1.21 billion at March 31, 2020. 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⁾ This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share and return on average tangible equity, 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.

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; or (9) 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)

* All share and per share information has been adjusted for a two-for-one stock split completed on November 8, 2019

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

(Dollar amounts in thousands)

MIDDLEFIELD BANC CORP.

Consolidated Selected Financial Highlights

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