middleburg financial corp (MBRG) Key Developments
Middleburg Financial Corporation Declares Cash Dividend, Payable on May 31, 2013
May 1 13
Middleburg Financial Corporation announced the declaration of a cash dividend of $0.05 per share. The dividend is to be paid on May 31, 2013 to shareholders of record as of May 17, 2013.
Middleburg Financial Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Announces Charge-Offs for the First Quarter of 2013
May 1 13
Middleburg Financial Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, net interest income was $9,435,000 against $9,771,000 for the same period a year ago. Income before income taxes was $1,623,000 against $1,649,000 for the same period a year ago. Net income attributable to Middleburg Financial Corporation was $1,327,000 against $1,582,000 for the same period a year ago. Basic and diluted earnings per share were $0.19 against $0.23 for the same period a year ago. Return on average total assets QTD was 0.44% against 0.54% for the same period a year ago. Return on average total equity QTD was 4.71% against 5.95% for the same period a year ago. Book value per share was $16.28 against $15.40 for the same period a year ago. Tangible book value per share was $15.41 against $14.52 for the same period a year ago.
The net loan charge-offs during the first quarter of 2013 were $615,000 compared to net charge-offs of $911,000 for the previous quarter and $554,000 in net loan charge-offs for the quarter ended March 31, 2012.
Middleburg Financial Corporation Announces Management Changes
Apr 15 13
On April 10, 2013, John L. Brooks, Senior Vice President and Chief Accounting Officer, notified Middleburg Financial Corporation of his resignation, effective June 30, 2013. Addtionally, Mr. Brooks will be providing consulting services to the company until August 15, 2013. Following Mr. Brooks' resignation, Raj Mehra, the company's Executive Vice President and Chief Financial Officer, will assume the additional role of principal accounting officer.
Middleburg Financial Corporation, Annual General Meeting, May 01, 2013
Mar 29 13
Middleburg Financial Corporation, Annual General Meeting, May 01, 2013., at 10:00 US Eastern Standard Time. Location: Middleburg Community Center. Agenda: To consider amendment to the company’s bylaws; to elect 11 directors to serve for terms of one year each expiring at the 2014 annual meeting of shareholders; to approve an amendment to the 2006 equity compensation plan; to ratify the appointment of Yount, Hyde & Barbour, P.C., as independent registered public accounting firm for the year ending December 31, 2013, and to act upon such other matters as may properly come before the annual meeting.
Middleburg Financial Corporation Proposes Amendments to its Bylaws
Mar 29 13
Middleburg Financial Corporation announced that its board of directors authorized an amendment to the company’s bylaws. The amendment will revise Section 2.2 of the Bylaws to decrease the size of the company’s Board of Directors from twelve to eleven. The amendment will not become effective until May 1, 2013, the date of the company’s 2013 Annual Meeting of Shareholders.