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MBRG > SEC Filings for MBRG > Form 8-K on 6-Mar-2014All Recent SEC Filings

Show all filings for MIDDLEBURG FINANCIAL CORP

Form 8-K for MIDDLEBURG FINANCIAL CORP


6-Mar-2014

Results of Operations and Financial Condition


Item 2.02 Results of Operations and Financial Condition.

On January 31, 2014, Middleburg Financial Corporation (the "Company") furnished a Current Report on Form 8-K that included a press release announcing the Company's financial results for the fourth quarter and year ended December 31, 2013. This Form 8-K/A is being filed to revise financial results included with such Form 8-K.

The previously-reported financial results for the fourth quarter and year ended December 31, 2013 have been revised to include a non-cash charge of $500,000 related to the impairment of goodwill associated with Southern Trust Mortgage. In light of declining profitability in the mortgage business and increasing regulatory burdens, the Company is evaluating a range of options for its interest in Southern Trust Mortgage. Due in part to these factors and in connection with the preparation of its financial statements to be included in its Annual Report on Form 10-K, the Company determined that this impairment charge was necessary to reflect the diminished fair value of Southern Trust Mortgage.

The impact of the charge on net income for the fourth quarter and year ended December 31, 2013 is $330,000. This is a non-cash charge and is not expected to affect the Company's ongoing operations. The Company's revised net income is $1.12 million, or $0.16 per diluted share, for the quarter ended December 31, 2013 and $6.15 million, or $0.87 per diluted share, for the full year 2013. The book value per share of the Company's common stock declined $0.05 as a result of the revision to $15.90 per share at December 31, 2013. The impairment will have minimal impact on the Company's capital ratios.

Set forth below are revised Consolidated Balance Sheets, Consolidated Statements of Income, Quarterly Summary Statements of Income, Key Statistics, Selected Financial Data by Quarter, Quarterly and Annual Average Balances and Yields on Earning Assets and Liabilities.


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