XML 13 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 8,744 $ 9,189 $ 26,504 $ 28,565
Interest and dividends on securities available for sale        
Taxable 1,468 1,537 4,467 4,976
Tax-exempt 640 596 1,917 1,799
Dividends 59 46 169 135
Interest on deposits in banks and federal funds sold 43 39 101 88
Total interest and dividend income 10,954 11,407 33,158 35,563
INTEREST EXPENSE        
Interest on deposits 1,190 1,728 3,817 5,467
Interest on securities sold under agreements to repurchase 82 83 243 250
Interest on short-term borrowings 59 74 106 311
Interest on FHLB borrowings and other debt 303 305 896 889
Total interest expense 1,634 2,190 5,062 6,917
NET INTEREST INCOME 9,320 9,217 28,096 28,646
Provision for (recovery of) loan losses 3 635 (1) 2,156
FOR (RECOVERY OF) LOAN LOSSES 9,317 8,582 28,097 26,490
NON-INTEREST INCOME        
Service charges on deposit accounts 590 557 1,699 1,625
Trust services income 963 928 2,937 2,828
Gains on loans held for sale 4,162 6,161 12,538 15,088
Gains on securities available for sale, net 23 164 397 452
Total other-than-temporary impairment losses 0 0 0 (46)
Portion of loss recognized in other comprehensive income 0 0 0 46
Net impairment losses 0 0 0 0
Commissions on investment sales 159 117 363 389
Fees on mortgages held for sale 28 37 103 143
Bank owned life insurance 125 118 367 363
Other operating income 78 236 732 585
Total non-interest income 6,128 8,318 19,136 21,473
NON-INTEREST EXPENSE        
Salaries and employee benefits 7,750 7,276 23,242 22,139
Net occupancy and equipment expense 1,820 1,732 5,412 5,265
Advertising 318 652 1,021 1,399
Computer operations 456 322 1,375 1,101
Other real estate owned 416 1,506 1,377 2,666
Other taxes 186 203 565 611
Federal deposit insurance expense 149 262 683 781
Other operating expenses 2,210 1,883 6,666 6,501
Total non-interest expense 13,305 13,836 40,341 40,463
Income before income taxes 2,140 3,064 6,892 7,500
Income tax expense 491 565 1,628 1,578
NET INCOME 1,649 2,499 5,264 5,922
Net income attributable to non-controlling interest (38) (785) (233) (856)
Net income attributable to Middleburg Financial Corporation $ 1,611 $ 1,714 $ 5,031 $ 5,066
Earnings per share:        
Basic (in dollars per share) $ 0.23 $ 0.24 $ 0.71 $ 0.72
Diluted (in dollars per share) $ 0.23 $ 0.24 $ 0.71 $ 0.72
Dividends per common share (in dollars per share) $ 0.07 $ 0.05 $ 0.17 $ 0.15