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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INTEREST INCOME        
Interest and fees on loans $ 8,227 $ 8,357 $ 24,484 $ 25,656
Interest and dividends on securities        
Taxable 1,938 1,763 5,636 5,173
Tax-exempt 444 535 1,354 1,656
Dividends 71 84 196 230
Interest on deposits with other banks and federal funds sold 23 51 84 123
Total interest and dividend income 10,703 10,790 31,754 32,838
INTEREST EXPENSE        
Interest on deposits 877 955 2,580 2,952
Interest on securities sold under agreements to repurchase 2 81 64 243
Interest on FHLB borrowings and other debt 165 209 507 876
Total interest expense 1,044 1,245 3,151 4,071
NET INTEREST INCOME 9,659 9,545 28,603 28,767
(Recovery of) provision for loan losses (432) 550 (407) 1,510
NET INTEREST INCOME AFTER (RECOVERY OF) PROVISION FOR LOAN LOSSES 10,091 8,995 29,010 27,257
NON-INTEREST INCOME        
Service charges on deposit accounts 622 635 1,792 1,815
Trust services income 1,168 1,119 3,629 3,224
Gains on sales of loans held for sale, net 0 1 3 4,859
Gains on sales of securities available for sale, net 0 12 138 141
Commissions on investment sales 132 193 415 479
Bank owned life insurance 166 168 489 494
Gain on sale of majority interest in consolidated subsidiary 0 0 0 24
Other operating income 266 152 1,331 1,399
Total non-interest income 2,354 2,280 7,797 12,435
NON-INTEREST EXPENSE        
Salaries and employee benefits 4,834 4,441 14,664 17,467
Occupancy and equipment 1,248 1,262 3,813 4,841
Advertising 98 136 332 430
Computer operations 524 439 1,536 1,408
Other real estate owned 193 (33) 285 145
Other taxes 230 220 684 637
Federal deposit insurance 188 220 583 687
Other operating expenses 1,959 1,706 5,355 6,042
Total non-interest expense 9,274 8,391 27,252 31,657
Income before income taxes 3,171 2,884 9,555 8,035
Income tax expense 850 763 2,506 2,179
NET INCOME 2,321 2,121 7,049 5,856
Net loss attributable to non-controlling interest 0 0 0 98
Net income attributable to Middleburg Financial Corporation $ 2,321 $ 2,121 $ 7,049 $ 5,954
Earnings per share:        
Basic (in dollars per share) $ 0.32 $ 0.30 $ 0.99 $ 0.84
Diluted (in dollars per share) $ 0.32 $ 0.30 $ 0.98 $ 0.84