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Middleburg Financial reports Q1 2016 net income of USD2m.

BANKING AND CREDIT NEWS-May 6, 2016-Middleburg Financial reports Q1 2016 net income of USD2m

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Middleburg Financial Corporation (NASDAQ: MBRG) has reported net income for the first quarter of 2016 was USD2.06 million or USD0.29 per diluted share compared to USD781,000 or USD0.11 per diluted share for the previous quarter and USD2.45 million or USD0.34 per diluted share for the same period in 2015, the company said.

Total revenue, which is composed of net interest income and non-interest income (before any provision for loan and lease losses), was USD12.20 million for the first quarter of 2016, higher by 1.12 percent compared to the previous quarter and a decrease of 3.48 percent compared to the same period in 2015.

The company recorded net interest income of USD9.75 million for the first quarter of 2016, an increase of 2.94 percent compared to the previous quarter and higher by 1.23 percent compared to the same period in 2015.

Non-interest income declined by 5.51 percent compared to the previous quarter and was lower by 18.55 percent compared to the quarter ended March 31, 2015.

Non-interest expense increased by 10.53 percent compared to the previous quarter and by 4.00 percent compared to the same period in 2015.

Total nonperforming assets were USD25.06 million as of March 31, 2016 compared to USD25.51 million at December 31, 2015 and USD18.43 million at March 31, 2015.

Total consolidated assets at March 31, 2016 were USD1.35 billion, higher by 4.11 percent since December 31, 2015.

Middleburg Financial Corporation is headquartered in Middleburg, Virginia and has two wholly owned subsidiaries, Middleburg Bank and Middleburg Investment Group, Inc. Middleburg Investment Group owns Middleburg Trust Company.

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:May 6, 2016
Words:313
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