Middleburg Financial Corporation Announces 2010 Second Quarter Earnings
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.
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Middleburg Financial Corporation and Subsidiaries |
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Consolidated Statements of Income |
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(In Thousands, Except Per Share Data) |
||||||||
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Unaudited |
Unaudited |
|||||||
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For the Six |
For the Three |
|||||||
|
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 |
||||||||
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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 |
||||||||
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for loan losses |
$ 14,668 |
$ 16,974 |
$ 7,141 |
$ 8,327 |
||||
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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 |
||||
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Fees on loans held for sale |
834 |
527 |
476 |
292 |
||||
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Other service charges, commissions and fees |
256 |
297 |
143 |
158 |
||||
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Other operating income |
179 |
183 |
88 |
56 |
||||
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Total other income |
$ 11,129 |
$ 11,116 |
$ 6,057 |
$ 6,129 |
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Other Expense |
||||||||
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Salaries and employee benefits |
$ 14,381 |
$ 14,930 |
$ 7,457 |
$ 7,670 |
||||
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Net occupancy expense of premises |
3,094 |
2,950 |
1,490 |
1,565 |
||||
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Other taxes |
397 |
290 |
201 |
145 |
||||
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Advertising |
428 |
365 |
248 |
216 |
||||
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Computer operations |
668 |
661 |
340 |
360 |
||||
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Other real estate owned |
505 |
1,460 |
295 |
649 |
||||
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Audits and examinations |
277 |
310 |
162 |
108 |
||||
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Legal fees |
306 |
299 |
167 |
176 |
||||
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FDIC insurance |
1,153 |
1,057 |
352 |
777 |
||||
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Other operating expenses |
3,000 |
2,529 |
1,554 |
1,353 |
||||
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Total other expense |
$ 24,209 |
$ 24,851 |
$ 12,266 |
$ 13,019 |
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Income before income taxes |
$ 1,588 |
$ 3,239 |
$ 932 |
$ 1,437 |
||||
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Income tax expense |
162 |
161 |
75 |
21 |
||||
|
Net income |
$ 1,426 |
$ 3,078 |
$ 857 |
$ 1,416 |
||||
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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 |
||||
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Amortization of discount on preferred stock |
- |
32 |
- |
19 |
||||
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Dividend on preferred stock |
- |
464 |
- |
278 |
||||
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Net income available to common shareholders |
$ 1,538 |
$ 1,301 |
$ 724 |
$ 516 |
||||
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Net income per common share, basic |
$ 0.22 |
$ 0.28 |
$ 0.10 |
$ 0.11 |
||||
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Net income per common share, diluted |
$ 0.22 |
$ 0.28 |
0.10 |
$ 0.11 |
||||
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Dividends per share |
$ 0.20 |
$ 0.38 |
0.10 |
$ 0.19 |
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See Accompanying Notes to Consolidated Financial Statements |
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Middleburg Financial Corporation |
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Consolidated Balance Sheets |
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(In Thousands, Except for Share Data) |
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(Unaudited) |
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June 30, |
December 31, |
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2010 |
2009 |
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Assets: |
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Cash and due from banks |
$ 20,776 |
$ 18,365 |
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Interest-bearing deposits in banks |
50,448 |
24,845 |
||
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Securities available for sale |
200,786 |
172,699 |
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Loans held for sale |
62,442 |
45,010 |
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Restricted securities, at cost |
6,225 |
6,225 |
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Loans, net of allowance for loan losses of $10,075 in 2010 |
||||
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and $9,185 in 2009 |
644,181 |
635,094 |
||
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Premises and equipment, net |
23,264 |
23,506 |
||
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Goodwill and identified intangibles |
6,446 |
6,531 |
||
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Other real estate owned, net of valuation allowance of |
||||
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$873 in 2010 and $1,121 in 2009. |
8,257 |
6,511 |
||
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Prepaid federal deposit insurance |
5,837 |
6,923 |
||
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Accrued interest receivable and other assets |
32,690 |
30,665 |
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Total assets |
$ 1,061,352 |
$ 976,374 |
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Liabilities and Shareholders' Equity: |
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Liabilities: |
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Deposits: |
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Non-interest bearing demand deposits |
$ 121,504 |
$ 106,459 |
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Savings and interest-bearing demand deposits |
421,584 |
397,720 |
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Time deposits |
315,967 |
301,469 |
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Total deposits |
$ 859,055 |
$ 805,648 |
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Securities sold under agreements to repurchase |
23,213 |
17,199 |
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Short-term borrowings |
8,851 |
3,538 |
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Long-term debt |
52,912 |
35,000 |
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Subordinated notes |
5,155 |
5,155 |
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Accrued interest and other liabilities |
6,874 |
6,475 |
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Commitments and contingent liabilities |
- |
- |
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Total liabilities |
$ 956,060 |
$ 873,015 |
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Shareholders' Equity: |
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Common stock, par value $2.50 share, authorized 20,000,000 shares |
||||
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issued and outstanding at June 30, 2010 - 6,914,687 shares |
||||
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issued and outstanding at December 31, 2009 - 6,909,293 shares |
$ 17,286 |
$ 17,273 |
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Capital surplus |
42,883 |
42,807 |
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Retained earnings |
42,859 |
42,706 |
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Accumulated other comprehensive (loss), net |
(434) |
(2,474) |
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Total Middleburg Financial Corporation shareholders' equity |
$ 102,594 |
$ 100,312 |
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Non-controlling interest in consolidated subsidiary |
2,698 |
3,047 |
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Total shareholders' equity |
$ 105,292 |
$ 103,359 |
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Total liabilities and shareholders' equity |
$ 1,061,352 |
$ 976,374 |
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MIDDLEBURG FINANCIAL CORPORATION |
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KEY STATISTICS |
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(Unaudited. Dollars in thousands except per share data) |
For the Three Months Ended |
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|
June 30 |
Mar 31, |
Dec 31, |
Sep 30, |
||||||
|
Net Income (dollars in thousands) |
$ 724 |
$ 814 |
$ 1,114 |
$ 610 |
|||||
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Earnings per share, basic |
$ 0.10 |
$ 0.12 |
$ 0.07 |
$ 0.05 |
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Earnings per share, diluted |
$ 0.10 |
$ 0.12 |
$ 0.07 |
$ 0.05 |
|||||
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Dividend per share |
$ 0.10 |
$ 0.10 |
$ 0.10 |
$ 0.10 |
|||||
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Return on average total assets |
0.28% |
0.33% |
0.35% |
0.29% |
|||||
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Return on average total equity |
2.85% |
3.25% |
2.82% |
2.51% |
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Dividend payout ratio |
100.00% |
84.90% |
142.86% |
200.00% |
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Non-Interest income as a percent of total revenue |
34.05% |
28.00% |
29.37% |
23.60% |
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Net interest margin(1) |
3.67% |
3.94% |
3.83% |
4.13% |
|||||
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Yield on average earning assets |
5.22% |
5.58% |
5.61% |
6.08% |
|||||
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Yield on average interest-bearing liabilities |
1.82% |
1.93% |
2.16% |
2.35% |
|||||
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Net interest spread |
3.40% |
3.65% |
3.45% |
3.73% |
|||||
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Non-interest income to average assets (3) |
2.39% |
1.93% |
2.10% |
1.71% |
|||||
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Non-interest expense to average assets (3) |
4.73% |
4.90% |
4.74% |
4.71% |
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Efficiency ratio - QTD (2) |
81.78% |
87.85% |
83.48% |
84.26% |
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(1) The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. |
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(2) The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. |
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(3) Ratios are computed by dividing annualized income and expense amounts by quarterly average assets. |
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MIDDLEBURG FINANCIAL CORPORATION |
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SELECTED FINANCIAL DATA BY QUARTER |
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(Unaudited. Dollars in thousands except per share data) |
2Q10 |
1Q10 |
4Q09 |
3Q09 |
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BALANCE SHEET RATIOS |
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Net loans to deposits |
74.99% |
78.32% |
78.83% |
81.67% |
||||||
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Average interest-earning assets to |
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average-interest bearing liabilities |
117.69% |
117.51% |
121.36% |
120.32% |
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PER SHARE DATA (1) |
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Dividends |
$ 0.10 |
$ 0.10 |
$ 0.10 |
$ 0.10 |
||||||
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Book value |
$ 14.84 |
$ 14.65 |
$ 14.52 |
$ 14.61 |
||||||
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Tangible book value |
$ 13.91 |
$ 13.71 |
$ 13.57 |
$ 13.65 |
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SHARE PRICE DATA |
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Closing price |
$ 13.91 |
$ 15.06 |
$ 14.59 |
$ 13.05 |
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Diluted earnings multiple (1) |
34.78 |
31.38 |
52.11 |
65.25 |
||||||
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Book value multiple (2) |
0.94 |
1.03 |
1.00 |
0.89 |
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COMMON STOCK DATA |
||||||||||
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Outstanding shares at end of period |
6,914,687 |
6,909,293 |
6,909,293 |
6,901,843 |
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Weighted average shares O/S Basic - QTD |
6,911,744 |
6,909,293 |
5,635,687 |
5,208,624 |
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Weighted average shares O/S, diluted - QTD |
6,924,338 |
6,912,173 |
6,906,429 |
6,267,267 |
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CAPITAL RATIOS (1) |
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|
Capital to Assets - Common shareholders |
9.67% |
9.94% |
10.27% |
12.27% |
||||||
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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% |
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CREDIT QUALITY |
||||||||||
|
Net charge-offs to average loans |
0.15% |
0.04% |
0.18% |
0.17% |
||||||
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Total non-performing loans to total loans |
2.81% |
2.00% |
1.48% |
1.57% |
||||||
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Total non-performing assets to total assets |
2.51% |
1.88% |
1.64% |
1.88% |
||||||
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Non-accrual loans to: |
||||||||||
|
total loans |
1.87% |
1.46% |
1.34% |
1.38% |
||||||
|
total assets |
1.15% |
0.94% |
0.88% |
0.90% |
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Allowance for loan losses to: |
||||||||||
|
total loans |
1.54% |
1.50% |
1.43% |
1.41% |
||||||
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non-performing assets |
37.80% |
51.43% |
53.00% |
49.21% |
||||||
|
non-accrual loans |
82.51% |
102.67% |
104.11% |
102.43% |
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NON-PERFORMING ASSETS: |
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|
Loans delinquent over 90 days |
$ 6,188 |
$ 3,544 |
$ 908 |
$ 1,206 |
||||||
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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 |
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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 |
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PROVISION FOR LOAN LOSSES |
$ 1,291 |
$ 929 |
$ 967 |
$ 964 |
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ALLOWANCE FOR LOAN LOSS SUMMARY |
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|
Balance at the beginning of period |
$ 9,870 |
$ 9,185 |
$ 9,227 |
$ 9,430 |
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|
Provision |
1,291 |
929 |
967 |
964 |
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|
Net charge-offs / (recoveries) |
1,086 |
244 |
1,009 |
1,167 |
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|
Balance at the end of period |
$ 10,075 |
$ 9,870 |
$ 9,185 |
$ 9,227 |
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|
(1) The diluted earnings multiple is calculated by dividing the period's closing market price per share by the |
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|
(2) The book value multiple (or price to book ratio) is calculated by dividing the period's closing market price per |
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|
Middleburg Financial Corporation |
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|
Average Balances, Income and Expenses, Yields and Rates |
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|
Three Months Ended June 30, |
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|
2010 |
2009 |
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|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
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|
Balance |
Expense |
Rate (2) |
Balance |
Expense |
Rate (2) |
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|
(Dollars in thousands) |
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|
Assets : |
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|
Securities: |
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|
Taxable |
$ 142,279 |
$ 1,112 |
3.13% |
$ 100,118 |
$ 1,221 |
4.89% |
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|
Tax-exempt (1) |
56,248 |
909 |
6.48% |
65,100 |
1,131 |
6.97% |
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|
Total securities |
$ 198,527 |
$ 2,021 |
4.08% |
$ 165,218 |
$ 2,352 |
5.71% |
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|
Loans |
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|
Taxable |
$ 709,042 |
$ 10,383 |
5.87% |
$ 727,690 |
$ 12,870 |
7.34% |
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|
Tax-exempt (1) |
- |
- |
- |
1 |
- |
0.00% |
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|
Total loans |
$ 709,042 |
$ 10,383 |
5.87% |
$ 727,691 |
$ 12,870 |
7.34% |
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|
Federal funds sold |
- |
- |
- |
31,720 |
14 |
0.18% |
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|
Interest on money market investments |
- |
- |
- |
- |
- |
- |
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|
Interest bearing deposits in |
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|
other financial institutions |
47,566 |
28 |
0.24% |
21,876 |
9 |
0.17% |
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|
Total earning assets |
$ 955,135 |
$ 12,432 |
5.22% |
$ 946,505 |
$ 15,245 |
6.79% |
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|
Less: allowances for credit losses |
(9,956) |
(8,499) |
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|
Total nonearning assets |
92,346 |
81,352 |
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|
Total assets |
$ 1,037,525 |
$ 1,019,358 |
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|
Liabilities: |
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|
Interest-bearing deposits: |
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|
Checking |
$ 286,485 |
$ 579 |
0.81% |
$ 247,303 |
$ 783 |
1.27% |
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|
Regular savings |
77,173 |
188 |
0.98% |
54,980 |
176 |
1.28% |
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|
Money market savings |
51,683 |
107 |
0.83% |
39,190 |
103 |
1.05% |
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|
Time deposits: |
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|
$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% |
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|
Total interest-bearing deposits |
$ 725,180 |
$ 3,077 |
1.70% |
$ 674,314 |
$ 3,959 |
2.35% |
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|
Short-term borrowings |
6,030 |
67 |
4.46% |
21,003 |
191 |
3.65% |
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|
Securities sold under agreements |
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|
to repurchase |
24,977 |
60 |
0.98% |
20,559 |
3 |
0.06% |
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|
Long-term debt |
55,375 |
488 |
3.53% |
79,155 |
797 |
4.04% |
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|
Federal funds purchased |
35 |
- |
0.00% |
- |
- |
- |
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|
Total interest-bearing liabilities |
$ 811,597 |
$ 3,692 |
1.82% |
$ 795,031 |
$ 4,950 |
2.50% |
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|
Non-interest bearing liabilities |
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|
Demand deposits |
114,953 |
110,153 |
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|
Other liabilities |
6,328 |
10,828 |
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|
Total liabilities |
$ 932,878 |
$ 916,012 |
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|
Non-controlling interest |
2,671 |
2,851 |
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|
Shareholders' equity |
101,976 |
100,495 |
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|
Total liabilities and shareholders' |
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|
equity |
$ 1,037,525 |
$ 1,019,358 |
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|
Net interest income |
$ 8,740 |
$ 10,295 |
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|
Interest rate spread |
3.40% |
3.96% |
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|
Interest expense as a percent of |
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|
average earning assets |
1.55% |
2.10% |
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|
Net interest margin |
3.67% |
4.36% |
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|
(1) Income and yields are reported on tax equivalent basis assuming a federal tax rate of 34%. |
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|
(2) All yields and rates have been annualized on a 365 day year. |
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SOURCE Middleburg Financial Corporation
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