XML 19 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
INTEREST INCOME      
Interest and fees on loans $ 32,479 $ 33,833 $ 35,248
Interest and dividends on securities      
Taxable 7,628 6,900 6,105
Tax-exempt 1,803 2,137 2,555
Dividends 265 293 232
Interest on deposits with other banks and federal funds sold 106 162 132
Total interest and dividend income 42,281 43,325 44,272
INTEREST EXPENSE      
Interest on deposits 3,462 3,889 4,911
Interest on securities sold under agreements to repurchase 64 318 325
Interest on short-term borrowings 0 0 123
Interest on FHLB borrowings and other debt 681 1,036 1,208
Total interest expense 4,207 5,243 6,567
NET INTEREST INCOME 38,074 38,082 37,705
Provision for loan losses 2,293 1,960 109
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 35,781 36,122 37,596
NON-INTEREST INCOME      
Service charges on deposit accounts 1,061 1,163 1,114
Trust services income 4,785 4,362 3,970
ATM fee income 1,344 1,259 1,177
Gains (losses) on sales of loans held for sale, net (1) 4,860 15,652
Gains on sales of securities available for sale, net 140 186 418
Commissions on investment sales 547 611 470
Bank owned life insurance 656 662 472
Gain on sale of majority interest in consolidated subsidiary 0 24 0
Other operating income 1,858 1,659 1,266
Total non-interest income 10,390 14,786 24,539
NON-INTEREST EXPENSE      
Salaries and employee benefits 18,435 22,601 30,627
Occupancy and equipment 5,106 6,177 7,269
Advertising 288 365 1,457
Computer operations 2,337 1,893 1,860
Other real estate owned 284 256 1,455
Other taxes 915 849 751
Federal deposit insurance 786 899 822
Goodwill impairment 0 0 500
ATM expense 547 520 501
Audits and exams 585 630 609
Other operating expenses 6,343 6,891 8,190
Total non-interest expense 35,626 41,081 54,041
Income before income taxes 10,545 9,827 8,094
Income tax expense 2,715 2,341 1,931
NET INCOME 7,830 7,486 6,163
Net (income) loss attributable to non-controlling interest 0 98 (9)
Net income attributable to Middleburg Financial Corporation $ 7,830 $ 7,584 $ 6,154
Earnings per share:      
Basic (in dollars per share) $ 1.10 $ 1.07 $ 0.87
Diluted (in dollars per share) $ 1.09 $ 1.06 $ 0.87