Last $17.95 USD
Change Today -0.18 / -0.99%
Volume 1.8K
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As of 1:19 PM 04/23/14 All times are local (Market data is delayed by at least 15 minutes).

middleburg financial corp (MBRG) Key Developments

Middleburg Financial Corporation Revised Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment of Goodwill for the Fourth Quarter Ended December 31, 2013

Middleburg Financial Corporation revised unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. The previously-reported financial results for the fourth quarter and year ended December 31, 2013 have been revised to include a non-cash charge of $500,000 related to the impairment of goodwill associated with Southern Trust Mortgage. In light of declining profitability in the mortgage business and increasing regulatory burdens, the company is evaluating a range of options for its interest in Southern Trust Mortgage. Due in part to these factors and in connection with the preparation of its financial statements to be included in its annual report on Form 10-K, the company determined that this impairment charge was necessary to reflect the diminished fair value of Southern Trust Mortgage. The impact of the charge on net income for the fourth quarter and year ended December 31, 2013 is $330,000. This is a non-cash charge and is not expected to affect the company’s ongoing operations. For the quarter, the company reported total interest and dividend income of $11,114,000 against $11,460,000 a year ago. Net interest income was $9,610,000 against $9,553,000 a year ago. Income before income taxes was $1,205,000 against $2,455,000 a year ago. Net income attributable to the company was $1,126,000 or $0.16 per basic and diluted share against $1,421,000 or $0.20 per basic and diluted share a year ago. Return on average total assets - QTD was 0.37% against 0.46% a year ago. Return on average total equity - QTD was 3.92% against 4.96% a year ago. For the full year, the company reported total interest and dividend income of $44,272,000 against $47,023,000 a year ago. Net interest income was $37,705,000 against $38,199,000 a year ago. Income before income taxes was $8,094,000 against $9,956,000 a year ago. Net income attributable to the company was $6,154,000 or $0.87 per basic and diluted share against $6,486,000 or $0.92 per basic and diluted share a year ago. Book value was $15.90 per share compared to $16.15 at December 31, 2012. Tangible book value was $15.14 per share compared to $15.3 at December 31, 2012. For the quarter, the company reported non-cash charge of $500,000 related to the impairment of goodwill associated with Southern Trust Mortgage.

Middleburg Financial Corporation Declares Cash Dividend, Payable on February 28, 2014

Middleburg Financial Corporation announced a cash dividend of $0.07 per share to shareholders of record on February 14, 2014, payable on February 28, 2014.

Middleburg Financial Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter of 2013

Middleburg Financial Corporation reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest and dividend income of $11,114,000 against $11,460,000 a year ago. Net interest income was $9,610,000 against $9,553,000 a year ago. Income before income taxes was $1,701,000 against $2,455,000 a year ago. Net income attributable to the company was $1,489,000 or $0.21 per diluted share against $1,421,000 or $0.20 per diluted share a year ago. Return on average total assets was 0.48% against 0.46% a year ago. Return on average total equity was 5.20% against 4.96% a year ago. For the full year, the company reported total interest and dividend income of $44,272,000 against $47,023,000 a year ago. Net interest income was $37,705,000 against $38,199,000 a year ago. Income before income taxes was $8,594,000 against $9,956,000 a year ago. Net income attributable to the company was $6,521,000 or $0.92 per diluted share against $6,486,000 or $0.92 per diluted share a year ago. The book value of the company's common stock at December 31, 2013 was $15.95 per share compared to $16.15 at December 31, 2012. The company's net loan charge-offs during the fourth quarter of 2013 were $172,000 compared to $911,000 for the quarter ended December 31, 2012.

Mary Leigh McDaniel Joins the Boards of Middleburg Financial Corporation and Middleburg Bank

Middleburg Financial Corporation announced that Mary Leigh McDaniel has joined its Board of Directors and the Board of its subsidiary, Middleburg Bank. Ms. McDaniel is partner in Combs & McDaniel, PLC.

Middleburg Financial Corporation Appoints Mary Leigh McDaniel as Director, Effective January 22, 2014

Middleburg Financial Corporation appointed Mary Leigh McDaniel as a new director of the Company, effective January 22, 2014. Ms. McDaniel has been a partner in the public accounting firm of Updegrove, Combs & McDaniel, PLC since 2001 and has more than 30 years of experience in all areas of public accounting, including tax, financial planning, estate and business consulting and auditing.

 

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Valuation MBRG Industry Range
Price/Earnings 20.9x
Price/Sales 2.1x
Price/Book 1.1x
Price/Cash Flow 20.8x
TEV/Sales NM Not Meaningful
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