Middleburg Financial Corp. (MBRG, Financial) filed Quarterly Report for the period ended 2012-06-30.
Middleburg Financial Corp. has a market cap of $113.9 million; its shares were traded at around $16.47 with a P/E ratio of 19.4 and P/S ratio of 1.5. The dividend yield of Middleburg Financial Corp. stocks is 1.2%.
Net interest income for the three months ended June 30, 2012 was $9.7 million, compared to $9.4 million for the same period in 2011. Total interest income for the three months ended June 30, 2012 was $11.9 million compared to $12.1 million for the three months ended June 30, 2011 representing a decrease of 1.4%. Total interest expense was $2.3 million for the three months ended June 30, 2012 compared to $2.8 million for the same period in 2011 representing a decrease of 16.4%. Average earning assets increased by $94.1 million to $1.1 billion for the three months ended June 30, 2012 from $1.0 billion for the three months ended June 30, 2011. Average interest bearing liabilities increased by $46.2 million or 5.3% to $923.2 million for the three months ended June 30, 2012 when compared to the same period in 2011.
The net interest margin, on a tax equivalent basis, was 3.63% for the six months ended June 30, 2012 compared to 3.79% for the six-month period ended June 30, 2011. The net interest margin, on a tax equivalent basis, was 3.57% for the three months ended June 30, 2012 compared to 3.78% for the three-month period ended June 30, 2011. The average yield on earning assets was 4.40% for the quarter ended June 30, 2012 compared to 4.86% for the quarter ended June 30, 2011, representing a decrease of 46 basis points from the quarter ended June 30, 2011. The decrease in yields on earning assets from the quarter ended June 30, 2011 reflected a decrease of 59 basis points in the yield of the securities portfolio and a 40 basis point decrease in yields for the loan portfolio.
Commissions on investment sales decreased by $93.000 or 25.5% to $272,000 for the six months ended June 30, 2012, compared to $365,000 for the six months ended June 30, 2011. Commissions on investment sales decreased by $60,000 or 32.4% to $125,000 for the three months ended June 30, 2012, compared to $185,000 for the three months ended June 30, 2011.
The revenues and expenses of Southern Trust Mortgage for the three and six months ended June 30, 2012 are reflected in the Company s financial statements on a consolidated basis, with the proportionate share not owned by the Company reported as “Non-controlling Interest in Consolidated Subsidiary.” Southern Trust Mortgage originated $233.4 million in mortgage loans during the quarter ended June 30, 2012 compared to $153.0 million originated during the quarter ended June 30, 2011. Originations for the six months ended June 30, 2012 were $444.6 million versus $289.5 million originated during the six months ended June 30, 2011. Gains on mortgage loan sales increased by 28.3% when comparing the quarter ended June 30, 2012 to the quarter ended June 30, 2011 and by 30.0% when comparing the six months ended June 30, 2012 to June 30, 2011.
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Middleburg Financial Corp. has a market cap of $113.9 million; its shares were traded at around $16.47 with a P/E ratio of 19.4 and P/S ratio of 1.5. The dividend yield of Middleburg Financial Corp. stocks is 1.2%.
Highlight of Business Operations:
Net interest income for the six months ended June 30, 2012 was $19.6 million, compared to $18.4 million for the same period in 2011. Total interest income for the six months ended June 30, 2012 was $24.3 million compared to $23.9 million for the six months ended June 30, 2011 representing an increase of 1.7%. Total interest expense was $4.7 million for the six months ended June 30, 2012 compared to $5.5 million for the same period in 2011 representing a decrease of 13.8%. Average earning assets increased by $107.8 million to $1.1 billion for the six months ended June 30, 2012 from $1.0 billion for the six months ended June 30, 2011. Average interest bearing liabilities increased by $61.5 million or 7.1% to $923.3 million for the six months ended June 30, 2012 when compared to the same period in 2011.Net interest income for the three months ended June 30, 2012 was $9.7 million, compared to $9.4 million for the same period in 2011. Total interest income for the three months ended June 30, 2012 was $11.9 million compared to $12.1 million for the three months ended June 30, 2011 representing a decrease of 1.4%. Total interest expense was $2.3 million for the three months ended June 30, 2012 compared to $2.8 million for the same period in 2011 representing a decrease of 16.4%. Average earning assets increased by $94.1 million to $1.1 billion for the three months ended June 30, 2012 from $1.0 billion for the three months ended June 30, 2011. Average interest bearing liabilities increased by $46.2 million or 5.3% to $923.2 million for the three months ended June 30, 2012 when compared to the same period in 2011.
The net interest margin, on a tax equivalent basis, was 3.63% for the six months ended June 30, 2012 compared to 3.79% for the six-month period ended June 30, 2011. The net interest margin, on a tax equivalent basis, was 3.57% for the three months ended June 30, 2012 compared to 3.78% for the three-month period ended June 30, 2011. The average yield on earning assets was 4.40% for the quarter ended June 30, 2012 compared to 4.86% for the quarter ended June 30, 2011, representing a decrease of 46 basis points from the quarter ended June 30, 2011. The decrease in yields on earning assets from the quarter ended June 30, 2011 reflected a decrease of 59 basis points in the yield of the securities portfolio and a 40 basis point decrease in yields for the loan portfolio.
Commissions on investment sales decreased by $93.000 or 25.5% to $272,000 for the six months ended June 30, 2012, compared to $365,000 for the six months ended June 30, 2011. Commissions on investment sales decreased by $60,000 or 32.4% to $125,000 for the three months ended June 30, 2012, compared to $185,000 for the three months ended June 30, 2011.
The revenues and expenses of Southern Trust Mortgage for the three and six months ended June 30, 2012 are reflected in the Company s financial statements on a consolidated basis, with the proportionate share not owned by the Company reported as “Non-controlling Interest in Consolidated Subsidiary.” Southern Trust Mortgage originated $233.4 million in mortgage loans during the quarter ended June 30, 2012 compared to $153.0 million originated during the quarter ended June 30, 2011. Originations for the six months ended June 30, 2012 were $444.6 million versus $289.5 million originated during the six months ended June 30, 2011. Gains on mortgage loan sales increased by 28.3% when comparing the quarter ended June 30, 2012 to the quarter ended June 30, 2011 and by 30.0% when comparing the six months ended June 30, 2012 to June 30, 2011.
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