News Column

Middleburg Financial Corporation Announces Fourth Quarter 2013 Results

February 21, 2014



By a News Reporter-Staff News Editor at Real Estate Weekly News -- Middleburg Financial Corporation (the "Company") (Nasdaq: MBRG), announced net income of $1.49 million for the quarter ended December 31, 2013, or $0.21 per diluted share and net income of $6.52 million for the full year 2013, or $0.92 per diluted share.

"Middleburg Financial Corporation continued to move forward in 2013, with positive trends in deposits, loans, trust and investment services income, as well as net income," commented Gary R. Shook, president and CEO of the Company. Moreover, non-performing assets, which have been a drag on earnings performance over the past several years continued to decline throughout 2013. Net income for the Company grew slightly in 2013 even with the headwinds faced by the significant decline in mortgage refinance activity. As mortgage revenue declined and compliance costs continued to rise, we addressed operating costs by adjusting our staffing levels, including the elimination of senior management positions, all of which were reflected in the earnings for the fourth quarter."

Keywords for this news article include: Mortgage, Real Estate, Middleburg Financial Corporation.

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Source: Real Estate Weekly News


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