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Middleburg Financial Corporation (MBRG) has reported 39.82 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.09 million, or $0.15 a share in the quarter, compared with $0.78 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 28.53 percent to $11.73 million from $9.13 million in the previous year period. Net interest income for the quarter rose 1.53 percent over the prior year period to $9.62 million. Non-interest income for the quarter rose 66.14 percent over the last year period to $3.92 million.
Middleburg Financial Corporation has made provision of $1.80 million for loan losses during the quarter, down 33.33 percent from $2.70 million in the same period last year.
Net interest margin was stable at 3.17 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter deteriorated to 77.87 percent from 67.21 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"Our strategic focus mirrors the attributes of the high net worth northern and central Virginia market and bodes well for us as we move forward," said Gary R. Shook, president and chief executive officer of Middleburg Financial Corporation. "While the fourth quarter had some bumpiness from significant merger related expenses, we did see quality loan growth accompanied by a lower cost of funds and an expanded net interest margin. Loan growth came from all of our markets with a diversity of loan types. For the second year in a row Middleburg Investment Group ("MIG") produced record earnings of $1.2 million. With approximately $2 billion in assets under administration, MIG has the scale that will continue to drive increased profitability."
Assets, liabilities fall
Total assets stood at $1,272.64 million as on Dec. 31, 2016, down 1.72 percent compared with $1,294.86 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,145.96 million as on Dec. 31, 2016, down 2.16 percent from $1,171.31 million on Dec. 31, 2015. Loans outpace deposit growth
Net loans stood at $848.69 million as on Dec. 31, 2016, up 6.80 percent compared with $794.64 million on Dec. 31, 2015. Deposits stood at $1,053.06 million as on Dec. 31, 2016, up 1.18 percent compared with $1,040.80 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $248.57 million or 23.60 percent of total deposits on Dec. 31, 2016, compared with $235.90 million or 22.66 percent of total deposits on Dec. 31, 2015.
Investments stood at $312.25 million as on Dec. 31, 2016, down 17.56 percent or $66.53 million from year-ago. Shareholders equity stood at $126.68 million as on Dec. 31, 2016, up 2.53 percent or $3.12 million from year-ago.
Return on average assets moved up 9 basis points to 0.33 percent in the quarter from 0.24 percent in the last year period. At the same time, return on average equity increased 91 basis points to 3.36 percent in the quarter from 2.45 percent in the last year period.
Nonperforming assets were almost stable over the past one year at $25.45 million on Dec. 31, 2016. Meanwhile, nonperforming assets to total assets was 2 percent in the quarter, up from 1.97 percent in the last year period.
Book value per share was $17.58 for the quarter, up 0.80 percent or $0.14 compared to $17.44 for the same period last year.
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