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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
INTEREST INCOME        
Interest and fees on loans $ 8,014 $ 8,493 $ 16,257 $ 17,299
Interest and dividends on securities        
Taxable 1,792 1,792 3,698 3,410
Tax-exempt 449 537 910 1,121
Dividends 66 72 125 145
Interest on deposits with other banks and federal funds sold 31 47 61 73
Total interest and dividend income 10,352 10,941 21,051 22,048
INTEREST EXPENSE        
Interest on deposits 848 995 1,703 1,997
Interest on securities sold under agreements to repurchase 17 81 62 161
Interest on FHLB borrowings and other debt 174 355 342 668
Total interest expense 1,039 1,431 2,107 2,826
NET INTEREST INCOME 9,313 9,510 18,944 19,222
(Recovery of) provision for loan losses (425) 72 25 960
NET INTEREST INCOME AFTER (RECOVERY OF) PROVISION FOR LOAN LOSSES 9,738 9,438 18,919 18,262
NON-INTEREST INCOME        
Service charges on deposit accounts 612 622 1,170 1,180
Trust services income 1,243 1,057 2,461 2,105
Gains (losses) on sales of loans held for sale (6) 1,916 (6) 4,858
Gains on sales of securities available for sale, net 37 66 138 129
Commissions on investment sales 154 146 283 286
Bank owned life insurance 163 164 323 326
Gain on sale of majority interest in consolidated subsidiary 0 24 0 24
Other operating income 223 278 1,065 1,247
Total non-interest income 2,426 4,273 5,434 10,155
NON-INTEREST EXPENSE        
Salaries and employee benefits 4,973 5,993 9,821 13,026
Occupancy and equipment 1,226 1,679 2,565 3,579
Advertising 101 131 234 294
Computer operations 522 510 1,012 969
Other real estate owned 25 12 92 179
Other taxes 231 220 454 417
Federal deposit insurance 184 230 395 468
Other operating expenses 1,807 2,356 3,396 4,335
Total non-interest expense 9,069 11,131 17,969 23,267
Income before income taxes 3,095 2,580 6,384 5,150
Income tax expense 815 667 1,656 1,415
NET INCOME 2,280 1,913 4,728 3,735
Net (income) loss attributable to non-controlling interest 0 (58) 0 98
Net income attributable to Middleburg Financial Corporation $ 2,280 $ 1,855 $ 4,728 $ 3,833
Earnings per share:        
Basic (in dollars per share) $ 0.32 $ 0.26 $ 0.66 $ 0.54
Diluted (in dollars per share) $ 0.32 $ 0.26 $ 0.66 $ 0.54