XML 57 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
INTEREST INCOME        
Interest and fees on loans $ 8,493 $ 8,795 $ 17,299 $ 17,760
Interest and dividends on securities available for sale        
Taxable 1,792 1,468 3,410 2,999
Tax-exempt 537 646 1,121 1,276
Dividends 72 54 145 110
Interest on deposits in banks and federal funds sold 47 29 73 59
Total interest and dividend income 10,941 10,992 22,048 22,204
INTEREST EXPENSE        
Interest on deposits 995 1,253 1,997 2,626
Interest on securities sold under agreements to repurchase 81 81 161 161
Interest on short-term borrowings 0 18 0 47
Interest on FHLB borrowings and other debt 355 299 668 594
Total interest expense 1,431 1,651 2,826 3,428
NET INTEREST INCOME 9,510 9,341 19,222 18,776
Provision for (recovery of) loan losses 72 184 960 (4)
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES 9,438 9,157 18,262 18,780
NON-INTEREST INCOME        
Service charges on deposit accounts 622 574 1,180 1,108
Trust services income 1,057 1,014 2,105 1,974
Gains on loans held for sale 1,916 4,483 4,858 8,376
Gains on securities available for sale, net 66 326 129 373
Commissions on investment sales 146 110 286 204
Fees on mortgages held for sale 23 58 51 75
Bank owned life insurance 164 123 326 243
Gain on sale of majority interest in consolidated subsidiary 24 0 24 0
Other operating income 255 392 1,196 655
Total non-interest income 4,273 7,080 10,155 13,008
NON-INTEREST EXPENSE        
Salaries and employee benefits 5,993 7,692 13,026 15,492
Occupancy and equipment 1,679 1,787 3,579 3,592
Advertising 131 435 294 703
Computer operations 510 458 969 919
Other real estate owned 12 142 179 961
Other taxes 220 187 417 379
Federal deposit insurance 230 270 468 535
Other operating expenses 2,356 2,137 4,335 4,455
Total non-interest expense 11,131 13,108 23,267 27,036
Income before income taxes 2,580 3,129 5,150 4,752
Income tax expense 667 774 1,415 1,137
NET INCOME 1,913 2,355 3,735 3,615
Net (income) loss attributable to non-controlling interest (58) (262) 98 (195)
Net income attributable to Middleburg Financial Corporation $ 1,855 $ 2,093 $ 3,833 $ 3,420
Earnings per share:        
Basic (in dollars per share) $ 0.26 $ 0.30 $ 0.54 $ 0.48
Diluted (in dollars per share) $ 0.26 $ 0.29 $ 0.54 $ 0.48