Middleburg Financial Corp. (MBRG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Middleburg Financial Corp. has a market cap of $109.37 million; its shares were traded at around $15.81 with a P/E ratio of 45.17 and P/S ratio of 1.41. The dividend yield of Middleburg Financial Corp. stocks is 2.53%.MBRG is in the portfolios of Chuck Akre of Akre Capital Management, LLC, Chuck Royce of Royce& Associates.
Total assets for the Company increased to $1.0 billion at March 31, 2010, compared to $976.3 million at December 31, 2009, representing an increase of $43.2 million or 4.3%. Total average assets decreased 1.0% from $999.2 million for the three months ended March 31, 2009 to $988.9 million for the same period in 2010. Total liabilities were $914.7 million at March 31, 2010, compared to $873.0 million at December 31, 2009. Total average liabilities decreased $20.5 million or 2.3% to $884.6 million for the three months ended March 31, 2010, compared to the same period in 2009. Average shareholders equity increased 10.5% or $9.7 million over the same periods.
Total loans, including loans held for sale at March 31, 2010 were $700.7 million, an increase of $11.4 million from the December 31, 2009 amount of $689.3 million. Loans held for sale decreased to $42.8 million, or 6.1% of total loans at March 31, 2010, compared to $45.0 million, or 6.5% of total loans at December 31, 2009. Southern Trust Mortgage closed $149.0 million in loans for the three months ended March 31, 2010, compared to $270.8 million for the three months ended March 31, 2009. The Company experienced an increase in real estate construction loans, which were $77.8 million at March 31, 2010, compared to $72.9 million at December 31, 2009. Real estate mortgage loans of $523.6 million at March 31, 2010 increased slightly from the December 31, 2009 amount of $508.4 million. Commercial, financial and agricultural loans, which are primarily loans to businesses, decreased to $40.6 million at March 31, 2010, compared to $45.8 at December 31, 2009. Southern Trust Mortgage has a $5.0 million line of credit and a $50.0 million participation agreement with Middleburg Bank. The line of credit and the participation amounts are eliminated in the consolidation process and are not reflected in the Company s consolidated financial statements. Net charge-offs were $244,000 for the three months ended March 31, 2010. The provision for loan losses for the three months ended March 31, 2010 was $929,000 compared to $1.0 million for the same period in 2009. The allowance for loan losses at March 31, 2010 was $9.9 million or 1.50% of total loans outstanding, excluding loans held for sale, compared to $9.2 million or 1.43% at December 31, 2009.
Securities increased to $186.0 million at March 31, 2010 compared to $178.9 million at December 31, 2009. During the three months ended March 31, 2010, the Company continued to maintain a higher cash liquidity position than in prior years by investing the proceeds of sales, maturities and principal payments of securities into interest bearing deposits at the Federal Reserve Bank and the Federal Home Loan Bank. Accordingly, the yields on these investments were lower than the Company could attain in other less liquid investments. The average balance of federal funds sold was zero for the three months ended March 31, 2010, compared to $21.2 million for the three months ended March 31, 2009 while the average balance in interest-bearing bank balances increased to $44.7 million for the three months ended March 31, 2010 versus $3.5 million for the same period in 2009. The Company sold $16.1 million in securities, received proceeds of $7.3 million from maturities and principal payments, and purchased securities of $29.4 million during the three months ended March 31, 2010. Approximately $151,000 in losses related to other-than-temporary impairment on trust-preferred securities was recognized for the three
Deposits increased $21.7 million to $827.3 million at March 31, 2010 from $805.6 million at December 31, 2009. Average deposits for the three months ended March 31, 2010 increased 6.6% or $50.0 million compared to average deposits for the three months ended March 31, 2009. Average interest bearing demand deposits were $279.6 million for the three months ended March 31, 2010 compared to $224.6 million for the three months ended March 31, 2009. Average interest bearing deposits were $699.4 million for the three months ended March 31, 2010 compared to $648.0 million for the three months ended March 31, 2009.
Time deposits decreased $3.4 million from December 31, 2009 to $298.1 million at March 31, 2010. Time deposits include brokered certificates of deposit, which decreased $2.9 million to $61.1 million at March 31, 2010 from the December 31, 2009 amount of $64.0 million. The brokered certificates of deposit have maturities ranging from two months to five years. Securities sold under agreements to repurchase (“Repo Accounts”) increased $7.1 million from $17.2 million at December 31, 2009 to $24.3 million at March 31, 2010. The Repo Accounts include certain long-term commercial checking accounts with average balances that typically exceed $100,000 and the Tredegar Institutional Select account which includes accounts maintained by Middleburg Trust Company s business clients.
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Middleburg Financial Corp. has a market cap of $109.37 million; its shares were traded at around $15.81 with a P/E ratio of 45.17 and P/S ratio of 1.41. The dividend yield of Middleburg Financial Corp. stocks is 2.53%.MBRG is in the portfolios of Chuck Akre of Akre Capital Management, LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Total interest income decreased $2.9 million or 19.0%, for the three months ended March 31, 2010, when compared to the same period in 2009. Interest and fees on loans decreased 19.3% for the three months ended March 31, 2010 to $10.4 million, compared to $13.0 million for the same period in 2009. Total interest expense was $3.7 million for the three months ended March 31, 2010, compared to $5.3 million for the three months ended March 31, 2009, a decrease of 30.7%. Interest expense on deposits for the three months ended March 31, 2010 decreased $982,000 when compared to the same period in 2009 while interest bearing deposits increased $50.1 million or 7.6% during the three months ended March 31, 2010, compared to the same period in 2009. Total other income increased $85,000 to $5.1 million for the three months ended March 31, 2010, when compared to the same period in 2009. Total other expense was $11.9 million for the three months ended March 31, 2010 compared to $11.8 million for the same period in 2009.Total assets for the Company increased to $1.0 billion at March 31, 2010, compared to $976.3 million at December 31, 2009, representing an increase of $43.2 million or 4.3%. Total average assets decreased 1.0% from $999.2 million for the three months ended March 31, 2009 to $988.9 million for the same period in 2010. Total liabilities were $914.7 million at March 31, 2010, compared to $873.0 million at December 31, 2009. Total average liabilities decreased $20.5 million or 2.3% to $884.6 million for the three months ended March 31, 2010, compared to the same period in 2009. Average shareholders equity increased 10.5% or $9.7 million over the same periods.
Total loans, including loans held for sale at March 31, 2010 were $700.7 million, an increase of $11.4 million from the December 31, 2009 amount of $689.3 million. Loans held for sale decreased to $42.8 million, or 6.1% of total loans at March 31, 2010, compared to $45.0 million, or 6.5% of total loans at December 31, 2009. Southern Trust Mortgage closed $149.0 million in loans for the three months ended March 31, 2010, compared to $270.8 million for the three months ended March 31, 2009. The Company experienced an increase in real estate construction loans, which were $77.8 million at March 31, 2010, compared to $72.9 million at December 31, 2009. Real estate mortgage loans of $523.6 million at March 31, 2010 increased slightly from the December 31, 2009 amount of $508.4 million. Commercial, financial and agricultural loans, which are primarily loans to businesses, decreased to $40.6 million at March 31, 2010, compared to $45.8 at December 31, 2009. Southern Trust Mortgage has a $5.0 million line of credit and a $50.0 million participation agreement with Middleburg Bank. The line of credit and the participation amounts are eliminated in the consolidation process and are not reflected in the Company s consolidated financial statements. Net charge-offs were $244,000 for the three months ended March 31, 2010. The provision for loan losses for the three months ended March 31, 2010 was $929,000 compared to $1.0 million for the same period in 2009. The allowance for loan losses at March 31, 2010 was $9.9 million or 1.50% of total loans outstanding, excluding loans held for sale, compared to $9.2 million or 1.43% at December 31, 2009.
Securities increased to $186.0 million at March 31, 2010 compared to $178.9 million at December 31, 2009. During the three months ended March 31, 2010, the Company continued to maintain a higher cash liquidity position than in prior years by investing the proceeds of sales, maturities and principal payments of securities into interest bearing deposits at the Federal Reserve Bank and the Federal Home Loan Bank. Accordingly, the yields on these investments were lower than the Company could attain in other less liquid investments. The average balance of federal funds sold was zero for the three months ended March 31, 2010, compared to $21.2 million for the three months ended March 31, 2009 while the average balance in interest-bearing bank balances increased to $44.7 million for the three months ended March 31, 2010 versus $3.5 million for the same period in 2009. The Company sold $16.1 million in securities, received proceeds of $7.3 million from maturities and principal payments, and purchased securities of $29.4 million during the three months ended March 31, 2010. Approximately $151,000 in losses related to other-than-temporary impairment on trust-preferred securities was recognized for the three
Deposits increased $21.7 million to $827.3 million at March 31, 2010 from $805.6 million at December 31, 2009. Average deposits for the three months ended March 31, 2010 increased 6.6% or $50.0 million compared to average deposits for the three months ended March 31, 2009. Average interest bearing demand deposits were $279.6 million for the three months ended March 31, 2010 compared to $224.6 million for the three months ended March 31, 2009. Average interest bearing deposits were $699.4 million for the three months ended March 31, 2010 compared to $648.0 million for the three months ended March 31, 2009.
Time deposits decreased $3.4 million from December 31, 2009 to $298.1 million at March 31, 2010. Time deposits include brokered certificates of deposit, which decreased $2.9 million to $61.1 million at March 31, 2010 from the December 31, 2009 amount of $64.0 million. The brokered certificates of deposit have maturities ranging from two months to five years. Securities sold under agreements to repurchase (“Repo Accounts”) increased $7.1 million from $17.2 million at December 31, 2009 to $24.3 million at March 31, 2010. The Repo Accounts include certain long-term commercial checking accounts with average balances that typically exceed $100,000 and the Tredegar Institutional Select account which includes accounts maintained by Middleburg Trust Company s business clients.
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