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Middleburg Financial Corporation Announces 2010 Second Quarter Earnings

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MIDDLEBURG, Va., July 30 /PRNewswire-FirstCall/ -- Middleburg Financial Corporation (the "Company"), (Nasdaq: MBRG), parent company of Middleburg Bank (the "Bank"), today reported its financial results for the second quarter of 2010.

Second Quarter 2010 Highlights:

  • Net income of $723,548 for the quarter;
  • Diluted earnings per share of $0.10 for the quarter;
  • Net interest margin of 3.67% for the quarter;
  • Total asset growth of $85.0 million or 8.7% for the six month period;
  • Total loans increased by $9.9 million or 1.6% for the six month period;
  • Total deposit growth of $53.4 million or 6.6% for six month period;
  • Provision for loan losses decreased 18.4% relative to the quarter ended June 30, 2009; and
  • Tier I capital ratio of 13.33%, leverage ratio of 10.58%

 

"Despite continued challenges in the economy, Middleburg Financial Corporation delivered net income of $723,548 in the second quarter of 2010," said Gary R. Shook, President and Chief Executive Officer. "The increase in non performing assets in the quarter was related to previously identified loans and was expected as we continue to work through the collection process for these loans.  Looking ahead, we foresee a continuation of problem loans throughout this year, which will continue to impact earnings," added Mr. Shook.

Net Interest Income and Net Interest Margin

Net interest income was $8.4 million during the three months ended June 30, 2010, a decrease of 14.9% relative to the quarter ended June 30, 2009. The average yield on earning assets was 5.22% for the quarter ended June 30, 2010 while the average cost of interest bearing liabilities was 1.82% for the same period representing a decrease of 124 basis points and 69 basis points, respectively, from the quarter ended June 30, 2009.  The net interest margin for the three months ended June 30, 2010 was 3.67% compared to 4.36% for the quarter ended June 30, 2009.  

The Company's net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitably earning assets are funded. The Company's net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets.  Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 34%. Details on the calculation of the net interest margin are included in the "Key Statistics" table.

Asset Quality and Provision for Loan Losses

The provision for loan losses was $1.3 million for the quarter ended June 30, 2010, compared to $1.6 million for the quarter ended June 30, 2009, a decline of 18.4%.   The Company increased its allowance for loan losses ("ALLL") $890,000 or 9.6% during the first six months of 2010. The ALLL at June 30, 2010 was $10.1 million representing 1.54% of total portfolio loans outstanding versus 1.43% of total portfolio loans at December 31, 2009. The pace of problem loans is as expected. The Company deemed it prudent to increase its ratio of allowance for loan losses to total loans as a result of continued economic uncertainty and an increase in non-performing assets.

Non-performing assets increased from $17.2 million or 1.8% of total assets at December 31, 2009 to $26.7 million or 2.5% of total assets as of June 30, 2010.  The increase was primarily due to an increase in delinquent loans over 90 days and non-accrual loans.  Given the continued economic uncertainties, it is possible that we could experience further increases in non-performing assets.

Non-Interest Income

Non-interest income decreased by $72,000 or 1.2% to $6.1 million when comparing the quarter ended June 30, 2010 to the quarter ended June 30, 2009.  Increases in trust and investment advisory fees and gains on sales of mortgage loans were offset by net securities losses.  Trust and Investment advisory service fees earned by Middleburg Trust Company ("MTC") and Middleburg Investment Advisors ("MIA") increased $83,000 or 10.5% to $875,000 and gains on mortgage loan sales increased $466,000 or 13.8% to $3.8 million when comparing the quarter ended June 30, 2010 to the quarter ended June 30, 2009.  Additionally, fees related to mortgage loan sales increased $184,000 or 63% to $476,000 from the quarter ended June 30, 2009 to the quarter ended June 30, 2010.  Net securities losses were $134,000 during the quarter ended June 30, 2010 compared to net securities gains of $661,000 during the quarter ended June 30, 2009.  The net securities losses during the quarter ended June 30, 2010 included $97,000 of other than temporary impairment losses related to two securities previously identified as impaired under generally accepted accounting principles.  Southern Trust Mortgage, our majority owned subsidiary, originated $188.7 million in mortgage loans during the quarter ended June 30, 2010 compared to $316.9 million originated during the quarter ended June 30, 2009.  Mortgage loans originated for the six months ended June 30, 2010 was $337.7 million versus $587.7 million for the six months ended June 30, 2009.

The revenues and expenses of Southern Trust Mortgage for the three and six month periods ended June 30, 2010 are reflected in the Company's financial statements on a consolidated basis following generally accepted accounting principles in the United States.  The outstanding equity interest not held by the Company is reported on the Company's balance sheet as "Non-controlling interest in consolidated subsidiary" and the earnings or loss attributable to the non-controlling interest is reported on the Company's income statement as "Net (income) / loss attributable to non-controlling interest."

Trust and investment advisory fees are based primarily upon the market value of the accounts under administration/management.  Total consolidated assets under administration by MTC and MIA were at $1.1 billion at June 30, 2010, an increase of 8.9% relative to June 30, 2009.  The Bank holds a large portion of its investment portfolio in custody with MTC.  MTC's assets under administration were $821.1 million at June 30, 2010 versus $661.3 million at June 30, 2009 representing an increase of 24.2%.  MIA's assets under administration were $312.6 million at June 30, 2010 versus $379.6 million at June 30, 2009 representing a decrease of 17.7%.  

Non-Interest Expense

Non-interest expense in the second quarter of 2010 decreased $753,000, down 5.8% relative to the quarter ended June 30, 2009.

Salaries and employee benefit expenses in the second quarter of 2010 decreased by $213,000 relative to the quarter ended June 30, 2009, primarily due to a decrease in mortgage loan originations and the related commission expense. Expenses and losses related to other real estate owned decreased $354,000 or 54.5% for the quarter ended June 30, 2010 compared to the same quarter in 2009.  Other operating expenses increased by $201,000 or 14.9% during the second quarter of 2010 relative to the second quarter of 2009 due to increases in various other expense categories.

Total Consolidated Assets

Total assets at June 30, 2010 were $1.1 billion, an increase of $85.0 million or 8.7% over December 31, 2009.

Total portfolio loans, net of allowance for loan losses, increased by $9.1 million, or 1.4% when comparing June 30, 2010 to December 31, 2009.  The investment portfolio was at $200.8 million at June 30, 2010, an increase of $28.1 million or 16.3% compared to December 31, 2009. Mortgages held for resale increased $17.4 million or 38.7% from December 31, 2009 to June 30, 2010. Cash and due from bank balances increased by $2.4 million or 13.1% from December 31, 2009 to June 30, 2010.

Deposits and Other Borrowings

Total deposits were at $859.1 million at June 30, 2010, up $53.4 million or 6.6% from December 31, 2009, primarily due to a continued increase in savings and non-interest bearing demand deposits. Time deposits, including brokered deposits increased $14.5 million or 4.8% from December 31, 2009 to June 30, 2010. Brokered deposits were $105.4 million at June 30, 2010, up $29.2 million or 38.3% from December 31, 2009. Long term borrowings from the FHLB were $52.9 million at June 30, 2010, up $17.9 million from December 31, 2009.  The increase in brokered deposits and borrowings was related to the funding of commercial loans and the purchase of investment securities.

Equity

Total shareholders' equity at June 30, 2010 was $105.3 million, compared to shareholders' equity of $103.4 million as of December 31, 2009. Retained earnings at June 30, 2010 were at $42.9 million compared to $42.7 million at December 31, 2009. The book value of the Company's common stock at June 30, 2010 was $14.84 per share.   As of June 30, 2010, the Tier 1 risk-based capital ratio was 13.33%, the total risk-based capital ratio was 14.58% and the leverage ratio was 10.58%

Certain information contained in this discussion may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements relate to the Company's future operations and are generally identified by phrases such as "the Company expects," "the Company believes" or words of similar import.  Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and other filings with the Securities and Exchange Commission.  

About Middleburg Financial Corporation

Middleburg Financial Corporation is headquartered in Middleburg, Virginia and has two wholly owned subsidiaries, Middleburg Bank and Middleburg Investment Group, Inc. Middleburg Bank serves communities in Virginia with financial centers in Ashburn, Leesburg, Marshall, Middleburg, Purcellville, Reston, Warrenton and Williamsburg. Middleburg Investment Group owns Middleburg Trust Company and Middleburg Investment Advisors, Inc. Middleburg Trust Company is headquartered in Richmond, Virginia with offices in Williamsburg and Middleburg. Middleburg Investment Advisors, Inc. is an SEC registered investment advisor located in Alexandria, Virginia.  Middleburg Financial Corporation is also the majority owner of Southern Trust Mortgage, which is based in Virginia Beach and provides mortgages through 17 offices in 11 states.

Middleburg Financial Corporation and Subsidiaries

 

Consolidated Statements of Income

 

(In Thousands, Except Per Share Data)

 
                 
 

Unaudited

 

Unaudited

 
 

For the Six
Months

 

For the Three
Months

 
 

Ended June 30,

 

Ended June 30,

 
 

2010

 

2009

 

2010

 

2009

 

Interest and Dividend Income

               

 Interest and fees on loans

$       20,829

 

$ 25,820

 

$    10,384

 

$ 12,870

 

 Interest on securities available for sale

               

    Taxable

2,028

 

2,463

 

1,090

 

1,202

 

    Exempt from federal income taxes

1,293

 

1,474

 

600

 

746

 

    Dividends

43

 

36

 

22

 

18

 

 Interest on federal funds sold and other

63

 

58

 

28

 

24

 

     Total interest and dividend income

$       24,256

 

$ 29,851

 

$    12,124

 

$ 14,860

 

Interest Expense

               

 Interest on deposits

$         6,251

 

$   8,115

 

$      3,077

 

$   3,959

 

 Interest on securities sold under agreements to repurchase

80

 

25

 

60

 

3

 

 Interest on short-term borrowings

111

 

467

 

67

 

191

 

 Interest on long-term debt

926

 

1,650

 

488

 

797

 

     Total interest expense

$         7,368

 

$ 10,257

 

$      3,692

 

$   4,950

 

     Net interest income

$       16,888

 

$ 19,594

 

$      8,432

 

$   9,910

 

Provision for loan losses

2,220

 

2,620

 

1,291

 

1,583

 

     Net interest income after provision

               

      for loan losses

$       14,668

 

$ 16,974

 

$      7,141

 

$   8,327

 

Other Income

               

Trust and investment advisory fee income

$         1,690

 

$   1,589

 

$         875

 

$      792

 

Service charges on deposit accounts

909

 

945

 

468

 

490

 

Net gains (losses) on securities available for sale

469

 

1,070

 

(37)

 

661

 

Total other-than-temporary impairment loss on securities

(248)

 

(179)

 

(97)

 

-

 

Commissions on investment sales

311

 

257

 

167

 

172

 

Bank owned life insurance

255

 

257

 

130

 

130

 

Gain on loans held for sale

6,474

 

6,170

 

3,844

 

3,378

 

Fees on loans held for sale

834

 

527

 

476

 

292

 

Other service charges, commissions and fees

256

 

297

 

143

 

158

 

Other operating income

179

 

183

 

88

 

56

 

      Total other income

$       11,129

 

$ 11,116

 

$     6,057

 

$   6,129

 

Other Expense

               

 Salaries and employee benefits

$       14,381

 

$ 14,930

 

$     7,457

 

$   7,670

 

 Net occupancy expense of premises

3,094

 

2,950

 

1,490

 

1,565

 

 Other taxes

397

 

290

 

201

 

145

 

 Advertising

428

 

365

 

248

 

216

 

 Computer operations

668

 

661

 

340

 

360

 

 Other real estate owned

505

 

1,460

 

295

 

649

 

 Audits and examinations

277

 

310

 

162

 

108

 

 Legal fees

306

 

299

 

167

 

176

 

 FDIC insurance

1,153

 

1,057

 

352

 

777

 

 Other operating expenses

3,000

 

2,529

 

1,554

 

1,353

 

      Total other expense

$       24,209

 

$ 24,851

 

$   12,266

 

$ 13,019

 
                 

      Income before income taxes

$         1,588

 

$   3,239

 

$        932

 

$   1,437

 

      Income tax expense

162

 

161

 

75

 

21

 

      Net income

$         1,426

 

$   3,078

 

$        857

 

$   1,416

 

Less:  Net (income) / loss attributable to non-controlling interest

112

 

(1,281)

 

(133)

 

(603)

 

      Net income attributable to Middleburg Financial Corporation

$         1,538

 

$   1,797

 

$        724

 

$      813

 

 Amortization of discount on preferred stock

-

 

32

 

-

 

19

 

 Dividend on preferred stock

-

 

464

 

-

 

278

 

      Net income available to common shareholders

$         1,538

 

$   1,301

 

$        724

 

$      516

 
                 

Net income per common share, basic

$           0.22

 

$     0.28

 

$       0.10

 

$     0.11

 

Net income per common share, diluted

$           0.22

 

$     0.28

 

0.10

 

$     0.11

 

Dividends per share

$           0.20

 

$     0.38

 

0.10

 

$     0.19

 

                                   See Accompanying Notes to Consolidated Financial Statements

 
               

 

Middleburg Financial Corporation

 

Consolidated Balance Sheets

 

(In Thousands, Except for Share Data)

 
   
 

(Unaudited)

     
 

June 30,

 

December 31,

 
 

2010

 

2009

 

Assets:

       

Cash and due from banks

$      20,776

 

$          18,365

 

Interest-bearing deposits in banks

50,448

 

24,845

 

Securities available for sale

200,786

 

172,699

 

Loans held for sale

62,442

 

45,010

 

Restricted securities, at cost

6,225

 

6,225

 

Loans, net of allowance for loan losses of $10,075 in 2010

       

  and $9,185 in 2009

644,181

 

635,094

 

Premises and equipment, net

23,264

 

23,506

 

Goodwill and identified intangibles

6,446

 

6,531

 

Other real estate owned, net of valuation allowance of

       

  $873 in 2010 and $1,121 in 2009.

8,257

 

6,511

 

Prepaid federal deposit insurance

5,837

 

6,923

 

Accrued interest receivable and other assets

32,690

 

30,665

 
         

Total assets

$ 1,061,352

 

$        976,374

 
         

Liabilities and Shareholders' Equity:

       

Liabilities:

       

  Deposits:

       

     Non-interest bearing demand deposits

$    121,504

 

$        106,459

 

     Savings and interest-bearing demand deposits

421,584

 

397,720

 

     Time deposits

315,967

 

301,469

 

Total deposits

$    859,055

 

$        805,648

 
         

  Securities sold under agreements to repurchase

23,213

 

17,199

 

  Short-term borrowings

8,851

 

3,538

 

  Long-term debt

52,912

 

35,000

 

  Subordinated notes

5,155

 

5,155

 

  Accrued interest and other liabilities

6,874

 

6,475

 

  Commitments and contingent liabilities

-

 

-

 

Total liabilities

$    956,060

 

$        873,015

 
         

Shareholders' Equity:

       

 Common stock, par value $2.50 share, authorized 20,000,000 shares

       

  issued and outstanding at June 30, 2010 - 6,914,687 shares

       

  issued and outstanding at December 31, 2009 - 6,909,293 shares

$      17,286

 

$          17,273

 

 Capital surplus

42,883

 

42,807

 

 Retained earnings

42,859

 

42,706

 

 Accumulated other comprehensive (loss), net

(434)

 

(2,474)

 

Total Middleburg Financial Corporation shareholders' equity

$    102,594

 

$        100,312

 
         

 Non-controlling interest in consolidated subsidiary

2,698

 

3,047

 

Total shareholders' equity

$    105,292

 

$        103,359

 
         

Total liabilities and shareholders' equity

$ 1,061,352

 

$        976,374

 
         
       

 

MIDDLEBURG FINANCIAL CORPORATION

 

KEY STATISTICS

 
                   

(Unaudited. Dollars in thousands except per share data) 

 

For the Three Months Ended

 
   

June 30
2010

 

Mar 31,
2010

 

Dec 31,
2009

 

Sep 30,
2009

 
                   

Net Income (dollars in thousands)

 

$             724

 

$             814

 

$         1,114

 

$            610

 

Earnings per share, basic

 

$            0.10

 

$            0.12

 

$           0.07

 

$           0.05

 

Earnings per share, diluted

 

$            0.10

 

$            0.12

 

$           0.07

 

$           0.05

 

Dividend per share

 

$            0.10

 

$            0.10

 

$           0.10

 

$           0.10

 
                   

Return on average total assets

 

0.28%

 

0.33%

 

0.35%

 

0.29%

 

Return on average total equity

 

2.85%

 

3.25%

 

2.82%

 

2.51%

 

Dividend payout ratio

 

100.00%

 

84.90%

 

142.86%

 

200.00%

 

Non-Interest income as a percent of total revenue

 

34.05%

 

28.00%

 

29.37%

 

23.60%

 
                   

Net interest margin(1)

 

3.67%

 

3.94%

 

3.83%

 

4.13%

 

Yield on average earning assets

 

5.22%

 

5.58%

 

5.61%

 

6.08%

 

Yield on average interest-bearing liabilities

 

1.82%

 

1.93%

 

2.16%

 

2.35%

 

Net interest spread

 

3.40%

 

3.65%

 

3.45%

 

3.73%

 
                   

Non-interest income to average assets (3)

 

2.39%

 

1.93%

 

2.10%

 

1.71%

 

Non-interest expense to average assets (3)

 

4.73%

 

4.90%

 

4.74%

 

4.71%

 
                   

Efficiency ratio - QTD (2)

 

81.78%

 

87.85%

 

83.48%

 

84.26%

 
                   

(1)  The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets.  
Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non taxable (i.e.,
municipal income) then subtracting interest expense. The tax rate utilized is 34%. The Company's net interest margin is a
common measure used by the financial service industry to determine how profitably earning assets are funded.  Because the
Company earns a fair amount of non taxable interest income due to the mix of securities in its investment security portfolio,
net interest income for the ratio is calculated on a tax equivalent basis as described above.

 

(2)  The efficiency ratio is not a measurement under accounting principles generally accepted in the United States.  
It is calculated by dividing non interest expense by the sum of tax equivalent net interest income and non interest income
excluding gains and losses on the investment portfolio.  The tax rate utilized is 34%. The Company calculates this ratio in
order to evaluate its overhead structure or how effectively it is operating.  An increase in the ratio from period to period
indicates the Company is losing a larger percentage of its income to expenses.  

 

(3)  Ratios are computed by dividing annualized income and expense amounts by quarterly average assets.

 
                 

 

MIDDLEBURG FINANCIAL CORPORATION

                 

SELECTED FINANCIAL DATA BY QUARTER

                 

(Unaudited. Dollars in thousands except per share data)

 

2Q10

 

1Q10

 

4Q09

 

3Q09

 

BALANCE SHEET RATIOS

                 
 

Net loans to deposits

 

74.99%

 

78.32%

 

78.83%

 

81.67%

 
 

Average interest-earning assets to

                 
 

   average-interest bearing liabilities

 

117.69%

 

117.51%

 

121.36%

 

120.32%

 

PER SHARE DATA (1)

                 
 

Dividends

 

$        0.10

 

$        0.10

 

$        0.10

 

$        0.10

 
 

Book value

 

$      14.84

 

$      14.65

 

$      14.52

 

$      14.61

 
 

Tangible book value

 

$      13.91

 

$      13.71

 

$      13.57

 

$      13.65

 

SHARE PRICE DATA

                 
 

Closing price

 

$      13.91

 

$      15.06

 

$      14.59

 

$      13.05

 
 

Diluted earnings multiple (1)

 

34.78

 

31.38

 

52.11

 

65.25

 
 

Book value multiple (2)

 

0.94

 

1.03

 

1.00

 

0.89

 

COMMON STOCK DATA

                 
 

Outstanding shares at end of period

 

6,914,687

 

6,909,293

 

6,909,293

 

6,901,843

 
 

Weighted average shares O/S Basic  - QTD

 

6,911,744

 

6,909,293

 

5,635,687

 

5,208,624

 
 

Weighted average shares O/S, diluted - QTD

 

6,924,338

 

6,912,173

 

6,906,429

 

6,267,267

 

CAPITAL RATIOS (1)

                 
 

Capital to Assets - Common shareholders

 

9.67%

 

9.94%

 

10.27%

 

12.27%

 
 

Total risk based capital ratio

 

14.58%

 

15.02%

 

15.06%

 

18.22%

 
 

Tier 1 risk based capital ratio

 

13.33%

 

13.77%

 

13.86%

 

16.97%

 
 

Leverage ratio

 

10.58%

 

10.71%

 

10.40%

 

12.50%

 

CREDIT QUALITY

                 
 

Net charge-offs to average loans

 

0.15%

 

0.04%

 

0.18%

 

0.17%

 
 

Total non-performing loans to total loans

 

2.81%

 

2.00%

 

1.48%

 

1.57%

 
 

Total non-performing assets to total assets

 

2.51%

 

1.88%

 

1.64%

 

1.88%

 
 

Non-accrual loans to:

                 
 

     total loans

 

1.87%

 

1.46%

 

1.34%

 

1.38%

 
 

     total assets

 

1.15%

 

0.94%

 

0.88%

 

0.90%

 
 

Allowance for loan losses to:

                 
 

     total loans

 

1.54%

 

1.50%

 

1.43%

 

1.41%

 
 

    non-performing assets

 

37.80%

 

51.43%

 

53.00%

 

49.21%

 
 

    non-accrual loans

 

82.51%

 

102.67%

 

104.11%

 

102.43%

 

NON-PERFORMING ASSETS:

                 
 

   Loans delinquent over 90 days

 

$      6,188

 

$      3,544

 

$         908

 

$      1,206

 
 

   Non-accrual loans    

 

12,211

 

9,613

 

8,608

 

9,008

 
 

   Other real estate owned and repossessed assets

 

8,257

 

6,034

 

6,511

 

8,537

 
 

Total non-performing assets

 

$    26,656

 

$    19,191

 

$    16,027

 

$    18,751

 

NET LOAN CHARGE-OFFS:

                 
 

   Loans charged off

 

$      1,142

 

$         291

 

$      1,280

 

$      1,216

 
 

   (Recoveries)

 

(56)

 

(47)

 

(48)

 

(49)

 
 

Net charge-offs

 

$      1,086

 

$         244

 

$      1,232

 

$      1,167

 

PROVISION FOR LOAN LOSSES

 

$      1,291

 

$         929

 

$         967

 

$         964

 

ALLOWANCE FOR LOAN LOSS SUMMARY

                 
 

Balance at the beginning of period

 

$      9,870

 

$      9,185

 

$      9,227

 

$      9,430

 
 

Provision

 

1,291

 

929

 

967

 

964

 
 

Net charge-offs / (recoveries)

 

1,086

 

244

 

1,009

 

1,167

 
 

Balance at the end of period

 

$    10,075

 

$      9,870

 

$      9,185

 

$      9,227

 
   

(1)  The diluted earnings multiple is calculated by dividing the period's closing market price per share by the
annualized diluted earnings per share for the period.  The diluted earnings multiple is a measure of how much an
investor may be willing to pay for $1.00 of the Company's earnings.  

 

(2)  The book value multiple (or price to book ratio) is calculated by dividing the period's closing market price per
share by the period's book value per share.  The book value multiple is a measure used to compare the Company's
market value per share to its book value per share.

 
                   

 

Middleburg Financial Corporation

 

Average Balances, Income and Expenses, Yields and Rates

 

Three  Months Ended June 30,

 
     

2010

         

2009

     
 

Average

 

Income/

 

Yield/

 

Average

 

Income/

 

Yield/

 
 

Balance

 

Expense

 

Rate  (2)

 

Balance

 

Expense

 

Rate  (2)

 
 

(Dollars in thousands)

 

Assets :

                       

Securities:

                       

  Taxable

$    142,279

 

$      1,112

 

3.13%

 

$    100,118

 

$      1,221

 

4.89%

 

  Tax-exempt (1)

56,248

 

909

 

6.48%

 

65,100

 

1,131

 

6.97%

 

      Total securities

$    198,527

 

$      2,021

 

4.08%

 

$    165,218

 

$      2,352

 

5.71%

 

Loans

                       

  Taxable

$    709,042

 

$    10,383

 

5.87%

 

$    727,690

 

$    12,870

 

7.34%

 

  Tax-exempt  (1)

-

 

-

 

-

 

1

 

-

 

0.00%

 

      Total loans

$    709,042

 

$    10,383

 

5.87%

 

$    727,691

 

$    12,870

 

7.34%

 

Federal funds sold

-

 

-

 

-

 

31,720

 

14

 

0.18%

 

Interest on money market investments

-

 

-

 

-

 

-

 

-

 

-

 

Interest bearing deposits in

                       

     other financial institutions

47,566

 

28

 

0.24%

 

21,876

 

9

 

0.17%

 

      Total earning assets

$    955,135

 

$    12,432

 

5.22%

 

$    946,505

 

$    15,245

 

6.79%

 

Less: allowances for credit losses

(9,956)

         

(8,499)

         

Total nonearning assets

92,346

         

81,352

         

Total assets

$ 1,037,525

         

$ 1,019,358

         
                         

Liabilities:

                       

Interest-bearing deposits:

                       

   Checking

$    286,485

 

$         579

 

0.81%

 

$    247,303

 

$         783

 

1.27%

 

   Regular savings

77,173

 

188

 

0.98%

 

54,980

 

176

 

1.28%

 

   Money market savings

51,683

 

107

 

0.83%

 

39,190

 

103

 

1.05%

 

   Time deposits:

                       

      $100,000 and over

158,698

 

1,141

 

2.88%

 

132,288

 

1,046

 

3.17%

 

      Under $100,000

151,141

 

1,062

 

2.82%

 

200,553

 

1,851

 

3.70%

 

      Total interest-bearing deposits

$    725,180

 

$      3,077

 

1.70%

 

$    674,314

 

$      3,959

 

2.35%

 
                         

Short-term borrowings

6,030

 

67

 

4.46%

 

21,003

 

191

 

3.65%

 

Securities sold under agreements

                       

   to repurchase

24,977

 

60

 

0.98%

 

20,559

 

3

 

0.06%

 

Long-term debt

55,375

 

488

 

3.53%

 

79,155

 

797

 

4.04%

 

Federal funds purchased

35

 

-

 

0.00%

 

-

 

-

 

-

 

   Total interest-bearing liabilities

$    811,597

 

$      3,692

 

1.82%

 

$    795,031

 

$      4,950

 

2.50%

 

Non-interest bearing liabilities

                       

   Demand deposits

114,953

         

110,153

         

   Other liabilities

6,328

         

10,828

         

Total liabilities

$    932,878

         

$    916,012

         

Non-controlling interest

2,671

         

2,851

         

Shareholders' equity

101,976

         

100,495

         

Total liabilities and shareholders'

                       

  equity

$ 1,037,525

         

$ 1,019,358

         
                         

Net interest income

   

$      8,740

         

$    10,295

     
                         

Interest rate spread

       

3.40%

         

3.96%

 

Interest expense as a percent of

                       

   average earning assets

       

1.55%

         

2.10%

 

Net interest margin

       

3.67%

         

4.36%

 
                         

(1) Income and yields are reported on tax equivalent basis assuming a federal tax rate of 34%.

 
   

(2) All yields and rates have been annualized on a 365 day year.

 
                       

 

SOURCE Middleburg Financial Corporation



RELATED LINKS
http://www.middleburgbank.com

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