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Middleburg Financial reports Q3 2015 net income of USD2m.

BANKING AND CREDIT NEWS-November 5, 2015-Middleburg Financial reports Q3 2015 net income of USD2m

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Middleburg Financial Corporation (NASDAQ: MBRG) has reported net income of USD2.32 million, or USD0.32 per diluted share in the third quarter 2015, compared to USD2.12 million or USD0.30 per diluted share for the third quarter 2014.

Net income for the nine months ended September 30, 2015 was USD7.05 million or USD0.98 per diluted share compared to USD5.95 million or USD0.84 per diluted share for the same period in 2014.

Net interest margin increased to 3.28 percent, higher by 4 basis points ("bp") compared to the previous quarter and lower by 8 bp compared to the third quarter of 2014.

Total revenue increased to USD12.01 million for the third quarter of 2015, higher by 2.26 percent compared to the previous quarter and an increase of 1.59 percent compared to the third quarter of 2014.

Net interest income increased to USD9.66 million, higher by 3.72 percent compared to the previous quarter and 1.19 percent higher than the third quarter of 2014. Net interest income was USD28.60 million for the nine months ended September 30, 2015, a decrease of 0.57 percent from net interest income reported for the same period for 2014.

Non-interest income declined by 3.33 percent compared to the previous quarter and was higher by 3.25 percent compared to the third quarter of 2014.

Non-interest expense increased slightly to USD9.27 million, higher by 2.16 percent compared to the previous quarter and higher by 10.52 percent compared to the third quarter of 2014. Non-interest expense for the nine months ended September 30, 2015 fell by 13.91 percent compared to the nine months ended September 30, 2014, primarily due to the sale of the Company's majority interest in Southern Trust Mortgage in the second quarter of 2014.

Total revenue was USD12.01 million for the third quarter of 2015, higher by 2.26 percent compared to the previous quarter and an increase of 1.59 percent compared to the third quarter of 2014.

Total consolidated assets increased to September 30, 2015 were USD1.26 billion, higher by 3.14 percent since December 31, 2014. Shareholders' equity at September 30, 2015 was USD126.41 million, compared to USD122.03 million at December 31, 2014.

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:Nov 5, 2015
Words:416
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