Middleburg Financial Q1 Profit Beats Estimates

(RTTNews) - Middleburg Financial Corp. (MBRG) Wednesday reported first-quarter net income attributable to the company of $1.98 million or $0.28 per share, up from $1.33 million or $0.19 per share in the same period last year.

Analysts polled by Thomson Reuters expected the company to earn $0.19 per share. Analysts' estimates typically exclude special items.

Revenues increased 1.49 percent to $15.59 million from last year. The increase in revenue in the first quarter was driven by an expanding net interest margin. The net interest margin for the quarter ended March 31, 2014 was 3.54% compared to 3.45% for the quarter ended March 31, 2013.

Net-interest income totaled $9.71 million, up from $9.44 million last year, while total non-interest income decreased to $5.88 million from $5.93 million last year.