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Middleburg Financial Hurt by Mortgage Stake.
Middleburg, VA -- Middleburg Financial Corp. here saw its fourth-quarter earnings drop by nearly two-thirds in a year-over-year comparison, due mostly to an impairment charge related to the company's investment in Southern Trust Mortgage LCC. Middleburg recorded a non-cash impairment charge of $5 million related to its investment in STM.
The lender reported net income of $3.1 million, or $0.67 per diluted share, for the year ended Dec. 31, which represents a 61.8% decrease from $8 million, or $1.90 per diluted share, for the year ended Dec. 31, 2006.
Assets have grown 9% since Dec. 31, 2006, leading to total consolidated assets of $841.4 million at Dec. 31, 2007. The net loan portfolio increased 13.1%, reaching $638.7 million at Dec. 31, 2007.
Earnings from mortgage banking have been negatively affected by decreased production levels and narrowed margins resulting from shifts in the mix of retail and wholesale loan volume. Additionally, along with the higher expense associated with adjusting STM's allowance for loan losses, other expenses increased with the hiring of several loan producers and support staff with the objective of increasing future loan ...
- Middleburg Financial Corporation Announces Second Quarter 2003 Earnings.
- Press release article from: PR Newswire August 7, 2003 700+ words
Middleburg Financial Corporation reported net income...Southern Trust Mortgage, LLC (STM), which Middleburg acquired...2003. The equity earnings in STM added $.26 per diluted share...months ended June 30, 2003. STM closed $333 million in loans...
- Middleburg Financial Corporation Announces Fourth Quarter And Year to Date 2003...
- Press release article from: PR Newswire January 30, 2004 700+ words
Middleburg Financial Corporation reported net income...Southern Trust Mortgage, LLC (STM) and as part of the acquisition of STM, Middleburg Bank's mortgage banking department was transferred to STM. All earnings of that department...
- Middleburg Financial Corporation Announces 2007 Fourth Quarter Earnings.
- Press release article from: PR Newswire January 25, 2008 700+ words
...PRNewswire-FirstCall/ -- Middleburg Financial Corporation reported asset...Southern Trust Mortgage, LCC (STM) in order to determine whether or not its investment in STM had been impaired. Based upon...valuation of the investment in STM, the Company's Board of...
- Middleburg Financial Corporation Announces Third Quarter 2003 Earnings.
- Press release article from: PR Newswire October 17, 2003 700+ words
Middleburg Financial Corporation reported net income...Southern Trust Mortgage, LLC (STM), which Middleburg acquired...part of the acquisition of STM, Middleburg's mortgage...department was transferred to STM. All earnings of that department...
- Middleburg Financial Corporation Announces First Quarter 2004 Earnings.
- Press release article from: PR Newswire April 28, 2004 700+ words
Middleburg Financial Corporation reported net income...Southern Trust Mortgage, LLC (STM) and, as part of the investment in STM, Middleburg Bank's mortgage banking department was transferred to STM. All earnings of that department...
- Middleburg Financial Corporation Announces 2006 Third Quarter Earnings.
- Press release article from: PR Newswire October 23, 2006 700+ words
...MIDDLEBURG, Va., Oct. 23 /PRNewswire-FirstCall/ -- Middleburg Financial Corporation reported net income of $2.3 million, or...production has declined for Southern Trust Mortgage, LLC (STM), some of this decrease was attributed to narrowed margins...
- Middleburg Financial Corporation Announces 2006 First Quarter Earnings.
- Press release article from: PR Newswire April 28, 2006 700+ words
...MIDDLEBURG, Va., April 28 /PRNewswire-FirstCall/ -- Middleburg Financial Corporation reported quarterly net income of $2.0 million...wholesale loan volume. For the quarter ended March 31, 2006, STM produced more wholesale volume, which usually generates...
- Middleburg Financial Corporation Announces 2006 Earnings.
- Press release article from: PR Newswire February 7, 2007 700+ words
...MIDDLEBURG, Va., Feb. 7 /PRNewswire-FirstCall/ -- Middleburg Financial Corporation reported net income of $8.0 million for the...release premium income for Southern Trust Mortgage, LLC (STM), negatively impacted the Company's 2006 net income by...
Source: HighBeam Research, Middleburg Financial Hurt by Mortgage Stake.