MIDDLEBURG, Va., Jan. 30, 2015 /PRNewswire/ -- Middleburg
Financial Corporation (the "Company") (Nasdaq: MBRG), today
announced net income of $1.63
million, or $0.23 per diluted
share, for the fourth quarter of 2014. Net income was
$7.58 million, or $1.06 per diluted share, for the year ended
December 31, 2014.
"As we look forward to 2015, we are gratified with the
accomplishments of 2014 as compared to the previous year,"
commented Gary R. Shook, President
and CEO of Middleburg Financial Corporation. "In each area
there were significant improvements, including a 23% increase in
net income on a year-over-year basis. We are focused on
expense reduction and continuing the momentum of the robust loan
growth that occurred in the fourth quarter of 2014."
Fourth Quarter 2014 Highlights:
- Net income of $1.63 million or
$0.23 per diluted share for the
fourth quarter of 2014, an increase of 45.15% compared to
$1.12 million or $0.16 per diluted share for the fourth quarter of
2013. Net income of $7.58
million or $1.06 per diluted
share for 2014, an increase of 23.24% compared to $6.15 million or $0.87 per diluted share for 2013.
- Net interest margin for the fourth quarter of 2014 declined to
3.31% compared to 3.36% for the previous quarter and to 3.43% for
the fourth quarter of 2013. Net interest margin for 2014 and
2013 was 3.40%.
- Cost of funds was 43 bp for the fourth quarter of 2014, a
decrease of 2 bp from the previous quarter and a decrease of 12 bp
from the fourth quarter of 2013. Cost of funds was 48 bp for
2014, a decrease of 12 bp from 2013.
- Net interest income was $9.32
million for the fourth quarter of 2014, a decrease of 2.41%
compared to the previous quarter and a decrease of 3.06% compared
to the fourth quarter of 2013. Net interest income was
$38.08 million for 2014, an increase
of 1.00% from 2013.
- Non-interest expense was $9.42
million for the fourth quarter of 2014, a decrease of 31.22%
compared to the fourth quarter of 2013. Non-interest expense
was $41.08 million for 2014, a
decrease of 23.98% from 2013.
- Efficiency ratio of 77.53% for the fourth quarter of 2014,
compared to an efficiency ratio of 88.32% for the fourth quarter of
2013. Efficiency ratio of 75.10% in 2014 compared to an
efficiency ratio of 82.13% in 2013.
- Total assets were $1.22 billion
as of December 31, 2014, a decrease
of 0.40% for the full year.
- Total deposits were $989.12
million as of December 31,
2014, an increase of 0.68% for the full year.
- Loans held-for-investment were $754.85
million as of December 31,
2014, an increase of 3.62% for the full year.
- Nonaccrual loans were $9.94
million on December 31, 2014,
a decrease of 49.66% for the full year.
- The ratio of nonperforming assets to total assets was 1.59% at
December 31, 2014 compared to 2.33%
at December 31, 2013.
- Capital ratios continue to be strong: Tangible Common Equity
Ratio of 9.70%, Total Risk-Based Capital Ratio of 16.95%, Tier 1
Risk-Based Capital Ratio of 15.70%, and a Tier 1 Leverage Ratio of
9.90% at December 31, 2014.
TOTAL REVENUE
Total revenue, which is comprised of net
interest income (before provision for loan losses) and non-interest
income, was $11.67 million for the
fourth quarter of 2014, representing a decrease of 1.35% compared
to the previous quarter and a decrease of 22.30% compared to the
fourth quarter of 2013. Total revenue for all of 2014 was
$52.87 million compared to total
revenue for 2013 of $62.24 million, a
decline of 15.05% on a year-over-year basis. The decline in
revenue in the fourth quarter of 2014 compared to the previous
quarter was driven by lower net interest income as the decrease in
loan yields caused further net interest margin compression.
The declines in revenue in 2014 compared to the same periods in
2013 were primarily due to the sale of Southern Trust Mortgage in
the second quarter of 2014, which resulted in no revenue from the
gain on sale of residential mortgage loans in the third and fourth
quarters of 2014.
Net Interest Income
The Company recorded net interest
income of $9.32 million for the
fourth quarter of 2014, representing a decrease of 2.41% compared
to the previous quarter and a decrease of 3.06% compared to the
quarter ended December 31,
2013. The net interest margin declined to 3.31%, compared to
3.36% for the previous quarter and 3.43% for the quarter ended
December 31, 2013.
The following factors contributed to net interest margin
compression during the fourth quarter of 2014:
- Yields on earning assets declined by 7 bp compared to the
previous quarter, primarily due to a 12 bp decrease in loan
yields and a 26 bp decrease in yields on investments.
- Loan yields fell even as loan balances increased during the
quarter, reflecting competitive market pressures that resulted in
lower yields for loans booked during the period.
- Yields on investment securities were impacted by an increase in
premium amortization stemming from faster prepayments on mortgage
backed securities accompanied by a general decline in market yields
which resulted in lower book yields for securities that were added
to the portfolio during the period.
- Cost of funds declined by 2 bp to 43 bp as the Company grew
non-interest bearing deposits and paid off some maturing brokered
deposits.
The decline in yields on earning assets resulted in total
interest income of $10.49 million for
the quarter, lower by 2.81% compared to the previous
quarter. Total interest income for the quarter declined
by 5.64% compared to the quarter ended December 31, 2013 as yields on average earning
assets fell by 22 bp while the balance of average earning assets
declined by 0.59% during the period.
The Company recorded net interest income of $38.08 million for 2014, representing an increase
of 1.00% compared to 2013. The net interest margin for all of
2014 was 3.40%, flat compared to the net interest margin for
2013.
Non-Interest Income
Non-interest income decreased by
56.52% in the fourth quarter of 2014 and by 39.74% for all of 2014
compared to the same periods in 2013. The primary
reason for the decline in non-interest income was the Company's
sale of its majority interest in Southern Trust Mortgage during the
second quarter of 2014, which resulted in no revenue from the gain
on sale of residential mortgage loans in the third and fourth
quarters of 2014. The drop in mortgage revenue was partially
offset by fees generated by Middleburg Investment Group ("MIG"),
which is the Company's wealth management group. Fees earned
by MIG increased by 10.16% during the fourth quarter of 2014 and by
9.87% for all of 2014 compared to the same periods in 2013.
Fee income is based primarily on the market value of the accounts
under administration which were $1.87
billion at December 31, 2014
compared to $1.55 billion at
December 31, 2013.
NON-INTEREST EXPENSE
Non-interest expense declined by
31.22% during the fourth quarter of 2014 and by 23.98% for all of
2014, compared to the same periods in 2013. Principal
categories of non-interest expense that changed were the
following:
- Salaries and employee benefit expenses declined by 30.48% in
the fourth quarter of 2014 and by 26.21% for all of 2014 compared
to the same periods in 2013. The primary reasons for lower
salary and employee benefit expenses were the sale of the Company's
majority interest in Southern Trust Mortgage in the second quarter
of 2014 and staff reductions at the bank.
- Advertising expenses decreased by 114.91% in the fourth quarter
of 2014 and by 74.95% for all of 2014 compared to the same periods
in 2013, as the Company streamlined its advertising campaigns and
product marketing.
- Occupancy and equipment expense decreased by 28.06% in the
fourth quarter of 2014 and by 15.02% for all of 2014 compared to
the same periods in 2013. The primary reason for lower
expenses in this category was the sale of Southern Trust Mortgage
in the second quarter of 2014. Expenses attributable to
Southern Trust Mortgage were consolidated in the Company's
financial statements through the date of the sale.
- Costs related to other real estate owned (OREO) increased by
41.03% in the fourth quarter of 2014 and decreased by 82.41% for
all of 2014 compared to the same periods in 2013. Changes in the
level of OREO related expenses are determined by the volume of OREO
properties recorded during the periods, valuation allowance
adjustments related to estimated selling costs of new properties
recorded and adjustments based on fair value of existing
properties, the condition and maintenance of properties held during
the periods and gains and losses incurred on the sale of
properties.
- Other expenses declined by 36.22% in the fourth quarter of 2014
and by 17.95% for all of 2014 compared to the same periods in
2013. The primary reasons for declines in expenses in
this category were the sale of the Company's majority interest in
Southern Trust Mortgage in the second quarter of 2014.
Significant items in this category include expenses related to
deposit processing, fees for advisory services, telephone and
professional fees.
ASSET QUALITY
Nonaccrual loans declined during 2014
compared to the prior year and as a result the allowance for loans
losses declined to $11.79 million or
1.56% of total loans at December 31,
2014 compared to $13.32
million or 1.83% of total loans at December 31, 2013. The following factors
contributed to the decline in the allowance for loan losses:
- Loans that were delinquent for more than 90 days and still
accruing declined to $30,000 as of
December 31, 2014 from $808,000 as of December
31, 2013.
- Nonaccrual loans were $9.94
million as of December 31,
2014, compared to $19.75
million as of December 31,
2013, representing a decrease of 49.66%.
- Troubled debt restructurings that were performing as agreed
totaled $4.30 million at December 31, 2014 compared to $4.67 million at December
31, 2013, representing a decrease of 8.11%.
- Total nonperforming assets were $19.45
million or 1.59% of total assets at December 31, 2014 compared to $28.66 million or 2.33% to total assets at
December 31, 2013.
CONSOLIDATED ASSETS
Total consolidated assets at
December 31, 2014 were $1.22 billion, a decrease of 0.40% since
December 31, 2013. Changes in
major asset categories were as follows:
- Cash balances and deposits at other banks decreased by
$12.32 million compared to
December 31, 2013, as the Company
paid off maturing brokered deposits and Federal Home Loan Bank
advances during the third and fourth quarters of 2014.
- The Company deployed excess liquidity into growing its
securities portfolio which increased by $21.34 million compared to December 31, 2013.
- Loan balances grew in the fourth quarter of the year and loans
held for investment increased by $26.37
million from December 31,
2013. A reclassification of $8.64
million, previously in mortgage loans held for sale, into a
single loan made to Southern Trust Mortgage was necessitated by the
Company's sale of its majority interest in Southern Trust Mortgage
during the second quarter of 2014.
CONSOLIDATED LIABILITIES
Total consolidated
liabilities at December 31, 2014 were
$1.10 billion, a decrease of 1.07%
compared to December 31, 2013. Total
deposits increased by $6.72 million
from December 31, 2013 to
$989.12 million as of December 31, 2014, while Federal Home Loan Bank
borrowings fell by $25 million to
$55 million.
SHAREHOLDERS' EQUITY AND CAPITAL
Shareholders' equity
attributable to Middleburg Financial Corporation shareholders at
December 31, 2014 was $122.03 million, compared to $112.58 million at December 31, 2013. Retained earnings at
December 31, 2014 were $55.85 million compared to $50.69 million at December
31, 2013. The book value of the Company's common stock
at December 31, 2014 was $17.11 per share versus $15.90 per share at December 31, 2013.
The Company's capital ratios remain well above regulatory
minimum capital ratios as of December 31,
2014:
- Tier 1 Leverage ratio was 9.90%, 5.90% over the regulatory
minimum of 4.0%.
- Tier 1 Risk-Based Capital Ratio was 15.70%, 11.70% over the
regulatory minimum of 4.0%.
- Total Risk Based Capital Ratio was 16.95%, 8.95% over the
regulatory minimum of 8.0%.
Caution about Forward Looking Statements
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, 2013, 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, Gainesville, Leesburg, Marshall, Middleburg, Purcellville, Reston, Richmond, Warrenton and Williamsburg. Middleburg
Investment Group owns Middleburg Trust Company, which is
headquartered in Richmond,
Virginia with offices in Middleburg, Alexandria and Williamsburg.
MIDDLEBURG
FINANCIAL CORPORATION
|
Consolidated
Balance Sheets
|
(In thousands, except
for share and per share data)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
December 31,
2014
|
|
December 31,
2013
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks
|
$
|
7,396
|
|
|
$
|
6,648
|
|
Interest-bearing
deposits with other institutions
|
47,626
|
|
|
60,695
|
|
Total cash and cash
equivalents
|
55,022
|
|
|
67,343
|
|
Securities held to
maturity, fair value approximates $1,397 for 2014
|
1,500
|
|
|
—
|
|
Securities available
for sale, at fair value
|
348,263
|
|
|
328,423
|
|
Loans held for
sale
|
—
|
|
|
33,175
|
|
Restricted
securities, at cost
|
5,279
|
|
|
6,780
|
|
Loans receivable, net
of allowance for loan losses of $11,786 and $13,320,
respectively
|
743,060
|
|
|
715,160
|
|
Premises and
equipment, net
|
18,104
|
|
|
20,017
|
|
Goodwill and
identified intangibles
|
3,807
|
|
|
5,346
|
|
Other real estate
owned, net of valuation allowance of $755 and $398,
respectively
|
4,051
|
|
|
3,424
|
|
Bank owned life
insurance
|
22,617
|
|
|
21,955
|
|
Accrued interest
receivable and other assets
|
21,154
|
|
|
26,130
|
|
TOTAL
ASSETS
|
$
|
1,222,857
|
|
|
$
|
1,227,753
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest bearing
demand deposits
|
$
|
216,912
|
|
|
$
|
185,577
|
|
Savings and interest
bearing demand deposits
|
523,266
|
|
|
528,879
|
|
Time
deposits
|
248,938
|
|
|
267,940
|
|
Total
deposits
|
989,116
|
|
|
982,396
|
|
Securities sold under
agreements to repurchase
|
38,515
|
|
|
34,539
|
|
Federal Home Loan
Bank borrowings
|
55,000
|
|
|
80,000
|
|
Subordinated
notes
|
5,155
|
|
|
5,155
|
|
Accrued interest
payable and other liabilities
|
13,037
|
|
|
10,590
|
|
Commitments and
contingent liabilities
|
—
|
|
|
—
|
|
TOTAL
LIABILITIES
|
1,100,823
|
|
|
1,112,680
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Common stock ($2.50
par value; 20,000,000 shares authorized, 7,131,643 and
7,080,591,
issued and outstanding, respectively)
|
17,494
|
|
|
17,403
|
|
Capital
surplus
|
44,892
|
|
|
44,251
|
|
Retained
earnings
|
55,854
|
|
|
50,689
|
|
Accumulated other
comprehensive income
|
3,794
|
|
|
232
|
|
Total Middleburg
Financial Corporation shareholders' equity
|
122,034
|
|
|
112,575
|
|
Non-controlling
interest in consolidated subsidiary
|
—
|
|
|
2,498
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
122,034
|
|
|
115,073
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$
|
1,222,857
|
|
|
$
|
1,227,753
|
|
MIDDLEBURG
FINANCIAL CORPORATION
|
Consolidated
Statements of Income
|
(In thousands, except
for per share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
For the Three
Months
Ended December 31,
|
|
For the Twelve
Months
Ended December 31,
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
INTEREST AND DIVIDEND
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
8,176
|
|
|
$
|
8,744
|
|
|
$
|
33,833
|
|
|
$
|
35,248
|
|
Interest and
dividends on securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
1,728
|
|
|
1,638
|
|
|
6,900
|
|
|
6,105
|
|
Tax-exempt
|
481
|
|
|
638
|
|
|
2,137
|
|
|
2,555
|
|
Dividends
|
64
|
|
|
63
|
|
|
293
|
|
|
232
|
|
Interest on deposits
in banks and federal funds sold
|
38
|
|
|
31
|
|
|
162
|
|
|
132
|
|
Total interest and
dividend income
|
10,487
|
|
|
11,114
|
|
|
43,325
|
|
|
44,272
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
933
|
|
|
1,094
|
|
|
3,889
|
|
|
4,911
|
|
Interest on
securities sold under agreements to repurchase
|
79
|
|
|
82
|
|
|
318
|
|
|
325
|
|
Interest on
short-term borrowings
|
—
|
|
|
17
|
|
|
—
|
|
|
123
|
|
Interest on FHLB
borrowings and other debt
|
160
|
|
|
312
|
|
|
1,036
|
|
|
1,208
|
|
Total interest
expense
|
1,172
|
|
|
1,505
|
|
|
5,243
|
|
|
6,567
|
|
NET INTEREST
INCOME
|
9,315
|
|
|
9,609
|
|
|
38,082
|
|
|
37,705
|
|
Provision for loan
losses
|
450
|
|
|
110
|
|
|
1,960
|
|
|
109
|
|
NET INTEREST INCOME
AFTER PROVISION FOR LOAN LOSSES
|
8,865
|
|
|
9,499
|
|
|
36,122
|
|
|
37,596
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
606
|
|
|
592
|
|
|
2,422
|
|
|
2,291
|
|
Trust services
income
|
1,138
|
|
|
1,033
|
|
|
4,362
|
|
|
3,970
|
|
Gains on loans held
for sale
|
1
|
|
|
3,114
|
|
|
4,860
|
|
|
15,652
|
|
Gains on securities
available for sale, net
|
45
|
|
|
21
|
|
|
186
|
|
|
418
|
|
Commissions on
investment sales
|
132
|
|
|
107
|
|
|
611
|
|
|
470
|
|
Bank owned life
insurance
|
168
|
|
|
105
|
|
|
662
|
|
|
472
|
|
Gain on sale of
majority interest in consolidated subsidiary
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
Other operating
income
|
260
|
|
|
431
|
|
|
1,659
|
|
|
1,266
|
|
Total non-interest
income
|
2,350
|
|
|
5,403
|
|
|
14,786
|
|
|
24,539
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,134
|
|
|
7,385
|
|
|
22,601
|
|
|
30,627
|
|
Occupancy and
equipment
|
1,336
|
|
|
1,857
|
|
|
6,177
|
|
|
7,269
|
|
Advertising
|
(65)
|
|
|
436
|
|
|
365
|
|
|
1,457
|
|
Computer
operations
|
485
|
|
|
485
|
|
|
1,893
|
|
|
1,860
|
|
Other real estate
owned
|
110
|
|
|
78
|
|
|
256
|
|
|
1,455
|
|
Other
taxes
|
212
|
|
|
186
|
|
|
849
|
|
|
751
|
|
Federal deposit
insurance
|
212
|
|
|
139
|
|
|
899
|
|
|
822
|
|
Other operating
expenses
|
1,999
|
|
|
3,134
|
|
|
8,041
|
|
|
9,800
|
|
Total non-interest
expense
|
9,423
|
|
|
13,700
|
|
|
41,081
|
|
|
54,041
|
|
Income before income
taxes
|
1,792
|
|
|
1,202
|
|
|
9,827
|
|
|
8,094
|
|
Income tax
expense
|
162
|
|
|
303
|
|
|
2,341
|
|
|
1,931
|
|
NET INCOME
|
1,630
|
|
|
899
|
|
|
7,486
|
|
|
6,163
|
|
Net loss (income)
attributable to non-controlling interest
|
—
|
|
|
224
|
|
|
98
|
|
|
(9)
|
|
Net income
attributable to Middleburg Financial Corporation
|
$
|
1,630
|
|
|
$
|
1,123
|
|
|
$
|
7,584
|
|
|
$
|
6,154
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.23
|
|
|
$
|
0.16
|
|
|
$
|
1.07
|
|
|
$
|
0.87
|
|
Diluted
|
$
|
0.23
|
|
|
$
|
0.16
|
|
|
$
|
1.06
|
|
|
$
|
0.87
|
|
Dividends per common
share
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
$
|
0.34
|
|
|
$
|
0.24
|
|
MIDDLEBURG
FINANCIAL CORPORATION
|
Quarterly Summary
Statements of Income
|
(Unaudited, Dollars
In thousands, except for per share data)
|
|
For the Three
Months Ended
|
|
December
31,
2014
|
|
|
September
30,
2014
|
|
|
June
30,
2014
|
|
|
March
31,
2014
|
|
|
December
31,
2013
|
|
INTEREST AND DIVIDEND
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
8,176
|
|
|
$
|
8,357
|
|
|
$
|
8,493
|
|
|
$
|
8,806
|
|
|
$
|
8,744
|
|
Interest and
dividends on securities available for
sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
1,728
|
|
|
1,763
|
|
|
1,792
|
|
|
1,617
|
|
|
1,638
|
|
Tax-exempt
|
481
|
|
|
535
|
|
|
537
|
|
|
584
|
|
|
638
|
|
Dividends
|
64
|
|
|
84
|
|
|
72
|
|
|
73
|
|
|
63
|
|
Interest on deposits
in banks and federal funds sold
|
38
|
|
|
51
|
|
|
47
|
|
|
26
|
|
|
31
|
|
Total interest and
dividend income
|
10,487
|
|
|
10,790
|
|
|
10,941
|
|
|
11,106
|
|
|
11,114
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
933
|
|
|
955
|
|
|
995
|
|
|
1,002
|
|
|
1,094
|
|
Interest on
securities sold under agreements to repurchase
|
79
|
|
|
81
|
|
|
81
|
|
|
80
|
|
|
82
|
|
Interest on
short-term borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
Interest on FHLB
borrowings and other debt
|
160
|
|
|
209
|
|
|
355
|
|
|
313
|
|
|
312
|
|
Total interest
expense
|
1,172
|
|
|
1,245
|
|
|
1,431
|
|
|
1,395
|
|
|
1,505
|
|
NET INTEREST
INCOME
|
9,315
|
|
|
9,545
|
|
|
9,510
|
|
|
9,711
|
|
|
9,609
|
|
Provision for loan
losses
|
450
|
|
|
550
|
|
|
72
|
|
|
888
|
|
|
110
|
|
NET INTEREST INCOME
AFTER PROVISION
FOR LOAN
LOSSES
|
8,865
|
|
|
8,995
|
|
|
9,438
|
|
|
8,823
|
|
|
9,499
|
|
NON-INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
606
|
|
|
635
|
|
|
622
|
|
|
557
|
|
|
592
|
|
Trust services
income
|
1,138
|
|
|
1,119
|
|
|
1,057
|
|
|
1,048
|
|
|
1,033
|
|
Gains on loans held
for sale
|
1
|
|
|
1
|
|
|
1,916
|
|
|
2,942
|
|
|
3,114
|
|
Gains on securities
available for sale, net
|
45
|
|
|
12
|
|
|
66
|
|
|
63
|
|
|
21
|
|
Commissions on
investment sales
|
132
|
|
|
193
|
|
|
146
|
|
|
140
|
|
|
107
|
|
Bank owned life
insurance
|
168
|
|
|
168
|
|
|
164
|
|
|
162
|
|
|
105
|
|
Gain on sale of
majority interest in consolidated subsidiary
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
Other operating
income
|
260
|
|
|
152
|
|
|
278
|
|
|
969
|
|
|
431
|
|
Total non-interest
income
|
2,350
|
|
|
2,280
|
|
|
4,273
|
|
|
5,881
|
|
|
5,403
|
|
NON-INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,134
|
|
|
4,441
|
|
|
5,993
|
|
|
7,033
|
|
|
7,385
|
|
Occupancy and
equipment
|
1,336
|
|
|
1,262
|
|
|
1,679
|
|
|
1,900
|
|
|
1,857
|
|
Advertising
|
(65)
|
|
|
136
|
|
|
131
|
|
|
163
|
|
|
436
|
|
Computer
operations
|
485
|
|
|
439
|
|
|
510
|
|
|
458
|
|
|
485
|
|
Other real estate
owned
|
110
|
|
|
(33)
|
|
|
12
|
|
|
167
|
|
|
78
|
|
Other
taxes
|
212
|
|
|
220
|
|
|
220
|
|
|
197
|
|
|
186
|
|
Federal deposit
insurance
|
212
|
|
|
220
|
|
|
230
|
|
|
238
|
|
|
139
|
|
Other operating
expenses
|
1,999
|
|
|
1,706
|
|
|
2,356
|
|
|
1,979
|
|
|
3,134
|
|
Total non-interest
expense
|
9,423
|
|
|
8,391
|
|
|
11,131
|
|
|
12,135
|
|
|
13,700
|
|
Income before income
taxes
|
1,792
|
|
|
2,884
|
|
|
2,580
|
|
|
2,569
|
|
|
1,202
|
|
Income tax
expense
|
162
|
|
|
763
|
|
|
667
|
|
|
749
|
|
|
303
|
|
NET INCOME
|
1,630
|
|
|
2,121
|
|
|
1,913
|
|
|
1,820
|
|
|
899
|
|
Net loss (income)
attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
(58)
|
|
|
157
|
|
|
224
|
|
Net income
attributable to Middleburg Financial Corporation
|
$
|
1,630
|
|
|
$
|
2,121
|
|
|
$
|
1,855
|
|
|
$
|
1,977
|
|
|
$
|
1,123
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.23
|
|
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.16
|
|
Diluted
|
$
|
0.23
|
|
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.16
|
|
Dividends per common
share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
MIDDLEBURG
FINANCIAL CORPORATION
|
Selected Financial
Data by Quarter
|
(Unaudited, Dollars
in thousands, except for per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
|
December
31,
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2014
|
|
|
2013
|
|
BALANCE SHEET
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to
deposits
|
76.32
|
%
|
|
73.87
|
%
|
|
72.65
|
%
|
|
76.10
|
%
|
|
74.15
|
%
|
Average
interest-earning assets to average
interest-bearing
liabilities
|
133.54
|
%
|
|
130.14
|
%
|
|
128.37
|
%
|
|
126.80
|
%
|
|
126.87
|
%
|
INCOME STATEMENT
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (ROA)
|
0.53
|
%
|
|
0.69
|
%
|
|
0.61
|
%
|
|
0.66
|
%
|
|
0.37
|
%
|
Return on average
equity (ROE)
|
5.31
|
%
|
|
7.00
|
%
|
|
6.30
|
%
|
|
6.99
|
%
|
|
3.92
|
%
|
Net interest margin
(1)
|
3.31
|
%
|
|
3.36
|
%
|
|
3.38
|
%
|
|
3.54
|
%
|
|
3.43
|
%
|
Yield on average
earning assets
|
3.72
|
%
|
|
3.79
|
%
|
|
3.88
|
%
|
|
4.04
|
%
|
|
3.94
|
%
|
Cost of
funds
|
0.43
|
%
|
|
0.45
|
%
|
|
0.52
|
%
|
|
0.52
|
%
|
|
0.55
|
%
|
Efficiency ratio
(6)
|
77.53
|
%
|
|
68.82
|
%
|
|
78.99
|
%
|
|
75.19
|
%
|
|
88.32
|
%
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
Book value (MFC
Shareholders)
|
17.11
|
|
|
16.97
|
|
|
16.73
|
|
|
16.37
|
|
|
15.90
|
|
Tangible book value
(4)
|
16.58
|
|
|
16.43
|
|
|
16.19
|
|
|
15.62
|
|
|
15.13
|
|
SHARE PRICE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing
price
|
$
|
18.01
|
|
|
$
|
17.74
|
|
|
$
|
20.00
|
|
|
$
|
17.61
|
|
|
$
|
18.04
|
|
Diluted earnings
multiple (2)
|
16.99
|
|
|
14.78
|
|
|
19.23
|
|
|
15.72
|
|
|
19.61
|
|
Book value multiple
(3)
|
1.05
|
|
|
1.05
|
|
|
1.20
|
|
|
1.08
|
|
|
1.11
|
|
COMMON STOCK
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares at
end of period
|
7,131,643
|
|
|
7,123,914
|
|
|
7,113,744
|
|
|
7,076,145
|
|
|
7,080,591
|
|
Weighted average
shares O/S , basic - QTD
|
7,127,164
|
|
|
7,108,450
|
|
|
7,093,788
|
|
|
7,078,470
|
|
|
7,096,260
|
|
Weighted average
shares O/S, diluted - QTD
|
7,146,140
|
|
|
7,134,262
|
|
|
7,117,826
|
|
|
7,103,785
|
|
|
7,130,272
|
|
Dividend payout
ratio
|
43.48
|
%
|
|
33.33
|
%
|
|
26.92
|
%
|
|
25.05
|
%
|
|
33.32
|
%
|
CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital to assets -
common shareholders
|
9.98
|
%
|
|
10.01
|
%
|
|
9.50
|
%
|
|
9.59
|
%
|
|
9.20
|
%
|
Capital to assets -
with non-controlling
interest
|
9.98
|
%
|
|
10.01
|
%
|
|
9.50
|
%
|
|
9.78
|
%
|
|
9.40
|
%
|
Tangible common
equity ratio (5)
|
9.70
|
%
|
|
9.72
|
%
|
|
9.22
|
%
|
|
9.19
|
%
|
|
8.76
|
%
|
Leverage
ratio
|
9.90
|
%
|
|
9.71
|
%
|
|
9.54
|
%
|
|
9.61
|
%
|
|
9.42
|
%
|
Tier 1 risk based
capital ratio
|
15.70
|
%
|
|
16.04
|
%
|
|
15.63
|
%
|
|
14.67
|
%
|
|
14.62
|
%
|
Total risk based
capital ratio
|
16.95
|
%
|
|
17.30
|
%
|
|
16.88
|
%
|
|
15.93
|
%
|
|
15.88
|
%
|
CREDIT
QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans
|
0.46
|
%
|
|
0.09
|
%
|
|
0.23
|
%
|
|
0.13
|
%
|
|
0.02
|
%
|
Total nonperforming
loans to total loans
|
1.89
|
%
|
|
1.63
|
%
|
|
2.10
|
%
|
|
2.76
|
%
|
|
3.46
|
%
|
Total nonperforming
assets to total assets
|
1.59
|
%
|
|
1.50
|
%
|
|
1.57
|
%
|
|
2.04
|
%
|
|
2.33
|
%
|
Nonaccrual loans
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
1.32
|
%
|
|
1.01
|
%
|
|
1.43
|
%
|
|
2.03
|
%
|
|
2.71
|
%
|
Total
assets
|
0.81
|
%
|
|
0.61
|
%
|
|
0.83
|
%
|
|
1.23
|
%
|
|
1.61
|
%
|
Allowance for loan
losses to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
1.56
|
%
|
|
1.57
|
%
|
|
1.58
|
%
|
|
1.81
|
%
|
|
1.83
|
%
|
Nonperforming
assets
|
60.59
|
%
|
|
63.18
|
%
|
|
58.50
|
%
|
|
53.54
|
%
|
|
46.48
|
%
|
Nonaccrual
loans
|
118.52
|
%
|
|
155.80
|
%
|
|
110.57
|
%
|
|
88.92
|
%
|
|
67.44
|
%
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90+
days and still accruing
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
355
|
|
|
$
|
503
|
|
|
$
|
808
|
|
Nonaccrual
loans
|
9,944
|
|
|
7,332
|
|
|
10,408
|
|
|
14,876
|
|
|
19,752
|
|
Restructured loans
(not in nonaccrual)
|
4,295
|
|
|
4,522
|
|
|
4,552
|
|
|
4,838
|
|
|
4,674
|
|
Other real estate
owned
|
4,051
|
|
|
5,064
|
|
|
4,356
|
|
|
4,491
|
|
|
3,424
|
|
Repossessed
assets
|
1,132
|
|
|
1,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total nonperforming
assets
|
$
|
19,452
|
|
|
$
|
18,080
|
|
|
$
|
19,671
|
|
|
$
|
24,708
|
|
|
$
|
28,658
|
|
(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 non taxable interest income
due to the mix in its investment and loan portfolios, net interest
income for the ratio is calculated on a tax equivalent basis as
described above. This calculation excludes net securities
gains and losses.
|
(2)
|
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.
|
(3)
|
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.
|
(4)
|
Tangible book value
is not a measurement under accounting principles generally accepted
in the United States. It is computed by subtracting
identified intangible assets and goodwill from total Middleburg
Financial Corporation shareholders' equity and then dividing the
result by the number of shares of common stock issued and
outstanding at the end of the accounting period.
|
(5)
|
The tangible common
equity ratio is not a measurement under accounting principles
generally accepted in the United States. It is computed by
subtracting identified intangible assets and goodwill from total
Middleburg Financial Corporation shareholders' equity and total
assets and then dividing the adjusted shareholders' equity balance
by the adjusted total asset balance.
|
(6)
|
The efficiency ratio
is not a measurement under accounting principles generally accepted
in the United States. It is calculated by dividing non-interest
expense (adjusted for amortization of intangibles, other real
estate expenses, and non-recurring one-time charges) 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 in calculating tax equivalent amounts is 34%. The
Company calculates and reviews this ratio as a means of evaluating
operational efficiency.
|
MIDDLEBURG
FINANCIAL CORPORATION
Average Balances,
Income and Expenses, Yields and Rates
|
|
Three months ended
December 31,
|
|
2014
|
|
2013
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate (2)
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate (2)
|
|
(Dollars in
thousands)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
|
292,726
|
|
|
$
|
1,792
|
|
|
2.43
|
%
|
|
$
|
275,208
|
|
|
$
|
1,701
|
|
|
2.45
|
%
|
Tax-exempt
(1)
|
54,275
|
|
|
729
|
|
|
5.32
|
%
|
|
64,315
|
|
|
966
|
|
|
5.96
|
%
|
Total
securities
|
$
|
347,001
|
|
|
$
|
2,521
|
|
|
2.88
|
%
|
|
$
|
339,523
|
|
|
$
|
2,667
|
|
|
3.12
|
%
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
|
733,090
|
|
|
$
|
8,171
|
|
|
4.42
|
%
|
|
$
|
759,513
|
|
|
$
|
8,738
|
|
|
4.56
|
%
|
Tax-exempt (1)
|
617
|
|
|
8
|
|
|
5.14
|
%
|
|
655
|
|
|
9
|
|
|
5.45
|
%
|
Total loans
(3)
|
$
|
733,707
|
|
|
$
|
8,179
|
|
|
4.42
|
%
|
|
$
|
760,168
|
|
|
$
|
8,747
|
|
|
4.57
|
%
|
Interest on deposits
in banks and federal
funds sold
|
63,905
|
|
|
38
|
|
|
0.24
|
%
|
|
51,671
|
|
|
31
|
|
|
0.24
|
%
|
Total earning
assets
|
$
|
1,144,613
|
|
|
$
|
10,738
|
|
|
3.72
|
%
|
|
$
|
1,151,362
|
|
|
$
|
11,445
|
|
|
3.94
|
%
|
Less: allowance for
loan losses
|
(11,482)
|
|
|
|
|
|
|
|
|
(13,267)
|
|
|
|
|
|
|
|
Total nonearning
assets
|
76,475
|
|
|
|
|
|
|
|
|
81,162
|
|
|
|
|
|
|
|
Total
assets
|
$
|
1,209,606
|
|
|
|
|
|
|
|
|
$
|
1,219,257
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
$
|
332,419
|
|
|
$
|
163
|
|
|
0.19
|
%
|
|
$
|
329,590
|
|
|
$
|
195
|
|
|
0.23
|
%
|
Regular
savings
|
113,316
|
|
|
53
|
|
|
0.19
|
%
|
|
110,443
|
|
|
58
|
|
|
0.21
|
%
|
Money market
savings
|
71,222
|
|
|
34
|
|
|
0.19
|
%
|
|
76,197
|
|
|
40
|
|
|
0.21
|
%
|
Time
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$100,000 and
over
|
128,478
|
|
|
294
|
|
|
0.91
|
%
|
|
132,994
|
|
|
345
|
|
|
1.03
|
%
|
Under
$100,000
|
123,814
|
|
|
389
|
|
|
1.25
|
%
|
|
134,773
|
|
|
456
|
|
|
1.34
|
%
|
Total
interest-bearing deposits
|
$
|
769,249
|
|
|
$
|
933
|
|
|
0.48
|
%
|
|
$
|
783,997
|
|
|
$
|
1,094
|
|
|
0.55
|
%
|
Short-term
borrowings
|
—
|
|
|
—
|
|
|
—
|
%
|
|
2,022
|
|
|
16
|
|
|
3.14
|
%
|
Securities sold under
agreements to
repurchase
|
37,541
|
|
|
79
|
|
|
0.83
|
%
|
|
36,227
|
|
|
82
|
|
|
0.90
|
%
|
FHLB borrowings and
other debt
|
50,372
|
|
|
160
|
|
|
1.26
|
%
|
|
85,264
|
|
|
312
|
|
|
1.45
|
%
|
Federal funds
purchased
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
Total
interest-bearing liabilities
|
$
|
857,162
|
|
|
$
|
1,172
|
|
|
0.54
|
%
|
|
$
|
907,510
|
|
|
$
|
1,504
|
|
|
0.66
|
%
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
216,402
|
|
|
|
|
|
|
|
|
185,409
|
|
|
|
|
|
|
|
Other
liabilities
|
14,359
|
|
|
|
|
|
|
|
|
10,023
|
|
|
|
|
|
|
|
Total
liabilities
|
$
|
1,087,923
|
|
|
|
|
|
|
|
|
$
|
1,102,942
|
|
|
|
|
|
|
|
Non-controlling
interest
|
—
|
|
|
|
|
|
|
|
|
2,649
|
|
|
|
|
|
|
|
Shareholders'
equity
|
121,683
|
|
|
|
|
|
|
|
|
113,666
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
1,209,606
|
|
|
|
|
|
|
|
|
$
|
1,219,257
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
9,566
|
|
|
|
|
|
|
|
|
$
|
9,941
|
|
|
|
|
Interest rate
spread
|
|
|
|
|
|
|
3.18
|
%
|
|
|
|
|
|
|
|
3.28
|
%
|
Cost of
Funds
|
|
|
|
|
|
|
0.43
|
%
|
|
|
|
|
|
|
|
0.55
|
%
|
Interest expense as a
percent of average earning assets
|
|
|
|
|
|
|
0.41
|
%
|
|
|
|
|
|
|
|
0.52
|
%
|
Net interest
margin
|
|
|
|
|
|
|
3.31
|
%
|
|
|
|
|
|
|
|
3.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(3) Total average
loans include loans on non-accrual status.
|
MIDDLEBURG
FINANCIAL CORPORATION
Average Balances,
Income and Expenses, Yields and Rates
|
|
Twelve months
ended December 31,
|
|
2014
|
|
2013
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate (2)
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate (2)
|
|
(Dollars in
thousands)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
|
282,198
|
|
|
$
|
7,193
|
|
|
2.55
|
%
|
|
$
|
268,954
|
|
|
$
|
6,337
|
|
|
2.36
|
%
|
Tax-exempt
(1)
|
56,729
|
|
|
3,238
|
|
|
5.71
|
%
|
|
66,396
|
|
|
3,870
|
|
|
5.83
|
%
|
Total
securities
|
$
|
338,927
|
|
|
$
|
10,431
|
|
|
3.08
|
%
|
|
$
|
335,350
|
|
|
$
|
10,207
|
|
|
3.04
|
%
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
$
|
741,028
|
|
|
$
|
33,810
|
|
|
4.56
|
%
|
|
$
|
755,913
|
|
|
$
|
35,224
|
|
|
4.66
|
%
|
Tax-exempt (1)
|
643
|
|
|
34
|
|
|
5.29
|
%
|
|
679
|
|
|
37
|
|
|
5.45
|
%
|
Total loans
(3)
|
$
|
741,671
|
|
|
$
|
33,844
|
|
|
4.56
|
%
|
|
$
|
756,592
|
|
|
$
|
35,261
|
|
|
4.66
|
%
|
Interest on deposits
in banks and federal
funds sold
|
71,275
|
|
|
162
|
|
|
0.23
|
%
|
|
56,436
|
|
|
132
|
|
|
0.23
|
%
|
Total earning
assets
|
$
|
1,151,873
|
|
|
$
|
44,437
|
|
|
3.86
|
%
|
|
$
|
1,148,378
|
|
|
$
|
45,600
|
|
|
3.97
|
%
|
Less: allowance for
loan losses
|
(12,241)
|
|
|
|
|
|
|
|
|
(13,643)
|
|
|
|
|
|
|
|
Total nonearning
assets
|
77,834
|
|
|
|
|
|
|
|
|
80,813
|
|
|
|
|
|
|
|
Total
assets
|
$
|
1,217,466
|
|
|
|
|
|
|
|
|
$
|
1,215,548
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking
|
$
|
339,996
|
|
|
$
|
651
|
|
|
0.19
|
%
|
|
$
|
324,171
|
|
|
$
|
852
|
|
|
0.26
|
%
|
Regular
savings
|
113,363
|
|
|
212
|
|
|
0.19
|
%
|
|
110,210
|
|
|
243
|
|
|
0.22
|
%
|
Money market
savings
|
73,232
|
|
|
139
|
|
|
0.19
|
%
|
|
75,899
|
|
|
171
|
|
|
0.23
|
%
|
Time
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$100,000 and
over
|
125,904
|
|
|
1,232
|
|
|
0.98
|
%
|
|
139,018
|
|
|
1,671
|
|
|
1.20
|
%
|
Under
$100,000
|
129,021
|
|
|
1,655
|
|
|
1.28
|
%
|
|
140,230
|
|
|
1,974
|
|
|
1.41
|
%
|
Total
interest-bearing deposits
|
$
|
781,516
|
|
|
$
|
3,889
|
|
|
0.50
|
%
|
|
$
|
789,528
|
|
|
$
|
4,911
|
|
|
0.62
|
%
|
Short-term
borrowings
|
—
|
|
|
—
|
|
|
—
|
%
|
|
3,565
|
|
|
123
|
|
|
3.45
|
%
|
Securities sold under
agreements to
repurchase
|
36,899
|
|
|
318
|
|
|
0.86
|
%
|
|
35,536
|
|
|
325
|
|
|
0.91
|
%
|
FHLB borrowings and
other debt
|
70,141
|
|
|
1,036
|
|
|
1.48
|
%
|
|
86,767
|
|
|
1,208
|
|
|
1.39
|
%
|
Federal funds
purchased
|
1
|
|
|
—
|
|
|
0.00
|
%
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
Total
interest-bearing liabilities
|
$
|
888,557
|
|
|
$
|
5,243
|
|
|
0.59
|
%
|
|
$
|
915,396
|
|
|
$
|
6,567
|
|
|
0.72
|
%
|
Non-interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
199,273
|
|
|
|
|
|
|
|
|
175,942
|
|
|
|
|
|
|
|
Other
liabilities
|
11,059
|
|
|
|
|
|
|
|
|
7,356
|
|
|
|
|
|
|
|
Total
liabilities
|
$
|
1,098,889
|
|
|
|
|
|
|
|
|
$
|
1,098,694
|
|
|
|
|
|
|
|
Non-controlling
interest
|
—
|
|
|
|
|
|
|
|
|
2,824
|
|
|
|
|
|
|
|
Shareholders'
equity
|
118,577
|
|
|
|
|
|
|
|
|
114,030
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
1,217,466
|
|
|
|
|
|
|
|
|
$
|
1,215,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
$
|
39,194
|
|
|
|
|
|
|
|
|
$
|
39,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
spread
|
|
|
|
|
|
|
3.27
|
%
|
|
|
|
|
|
|
|
3.25
|
%
|
Cost of
Funds
|
|
|
|
|
|
|
0.48
|
%
|
|
|
|
|
|
|
|
0.60
|
%
|
Interest expense as a
percent of average earning assets
|
|
|
|
|
|
|
0.46
|
%
|
|
|
|
|
|
|
|
0.57
|
%
|
Net interest
margin
|
|
|
|
|
|
|
3.40
|
%
|
|
|
|
|
|
|
|
3.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(3) Total average
loans include loans on non-accrual status.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/middleburg-financial-corporation-announces-fourth-quarter-2014-results-300028148.html
SOURCE Middleburg Financial Corporation