MBRG » Topics » Deposits and Other Borrowings

This excerpt taken from the MBRG 8-K filed Oct 30, 2009.

Deposits and Other Borrowings

 

Total deposits, which include brokered deposits, decreased $22.5 million or 2.8% to $787.6 million at September 30, 2009 from $810.1 million at June 30, 2009. Brokered deposits decreased $19.9 million, as a result of maturities, to $87.6 million at September 30, 2009 from $107.5 million at June 30, 2009. Non-interest bearing demand deposits decreased $18.8 million to $105.6 million at September 30, 2009 when compared to June 30, 2009. Savings and interest-bearing demand deposits increased $33.0 million, from $347.6 million at June 30, 2009. In particular, interest checking increased $21.6 million when comparing September 30, 2009 to June 30, 2009. Money market and savings deposits increased to $11.4 million at September 30, 2009 from $96.3 million at June 30, 2009. Time deposits, excluding brokered certificates of deposit, decreased $17.4 million to $204.6 million at September 30, 2009.

 

Short term borrowings, which include Southern Trust Mortgage’s line of credit with a regional bank, were $7.1 million at September 30, 2009 and $21.3 million at June 30, 2009.

 

This excerpt taken from the MBRG 8-K filed Jul 23, 2009.

Deposits and Other Borrowings

Total deposits, which include brokered deposits, increased $36.9 million or 4.8% to $810.1 million at June 30, 2009 from $773.2 million at March 31, 2009. Brokered deposits were $107.5 million and $111.4 million at June 30, 2009 and March 31, 2009, respectively. Non-interest bearing demand deposits increased $11.3 million to $124.5 million at June 30, 2009. Interest checking increased $11.8 million, from $239.5 million at March 31, 2009. Money market and savings deposits increased to $96.3 million at June 30, 2009 from $89.6 million at March 31, 2009. Time deposits, excluding brokered certificates of deposit, increased $11.0 million to $230.6 million at June 30, 2009.

Short term borrowings, which include Southern Trust Mortgage’s line of credit with a regional bank, were $21.3 million at June 30, 2009 and $15.3 million at March 31, 2009.

This excerpt taken from the MBRG 8-K filed Apr 23, 2009.

Deposits and Other Borrowings

 

Total deposits, which include brokered deposits, increased 3.8% to $773.2 million at March 31, 2009 from $744.8 million at December 31, 2008. Brokered deposits were $111.4 million and $107.8 million at March 31, 2009 and December 31, 2008, respectively. Interest checking increased $24.9 million, from $171.1 million at December 31, 2008.

 

Short term borrowings, which include Southern Trust Mortgage’s line of credit with a regional bank, were $15.3 million at March 31, 2009 and $40.9 million at December 31, 2008. Southern Trust Mortgage has a long standing line of credit with its correspondent bank that is primarily used to fund its mortgages held for sale.

 

This excerpt taken from the MBRG 8-K filed Feb 2, 2009.

Deposits and Other Borrowings

 

Total deposits, which include brokered deposits, increased 7.1% to $744.8 million at December 31, 2008 from $695.3 million at September 30, 2008. Brokered deposits were $107.5 million at December 31, 2008 and September 30, 2008, respectively. Total deposits increased 26.5% to $744.8 million at December 31, 2008 from $588.8 million at December 31, 2007. Purchases of brokered deposits and a CD promotional campaign in the fourth quarter of 2008 drove the increase.

 

Short term borrowings, which include overnight advances with the Federal Home Loan Bank of Atlanta, were $40.9 million at December 31, 2008 and $38.5 million at September 30, 2008. Short-term borrowings were comprised of $40.9 million and $38.5 million due to the consolidation of Southern Trust Mortgage at December 31, 2008 and September 30, 2008, respectively. Southern Trust Mortgage has a long standing line of credit with its correspondent bank that is primarily used to fund its mortgages held for sale.

 

This excerpt taken from the MBRG 8-K filed Oct 21, 2008.

Deposits and Other Borrowings

 

Total deposits, which include brokered deposits, increased 5.3% to $695.3 million at September 30, 2008 from $660.2 million at June 30, 2008. Brokered deposits were $107.5 million at September 30, 2008 and $68.7 million at June 30, 2008.

 

Short term borrowings, which include overnight advances with the Federal Home Loan Bank of Atlanta, were $38.5 million at September 30, 2008 and $43.6 million at June 30, 2008. Short-term borrowings were comprised of $38.5 million and $43.6 million due to the consolidation of Southern Trust Mortgage at September 30, 2008 and June 30, 2008, respectively. Southern Trust Mortgage has a long standing line of credit with its correspondent bank that is primarily used to fund its mortgages held for sale.

 

This excerpt taken from the MBRG 8-K filed Aug 7, 2008.

Deposits and Other Borrowings

 

Total deposits, which include brokered deposits, increased 10.8% to $660.2 million at June 30, 2008 from $596.0 million at March 31, 2008. Brokered deposits were $68.7 million at June 30, 2008 and $20.7 million at March 31, 2008. Total retail deposits, which exclude brokered deposits, increased 2.9% from $575.6 million at March 31, 2008 to $592.3 million at June 30, 2008. The increase in deposits is primarily due to increases in interest checking.

 

Short term borrowings, which include overnight advances with the Federal Home Loan Bank of Atlanta, were $43.6 million at June 30, 2008 and $73.7 million at March 31, 2008. With the proceeds from the increased brokered deposits, the outstanding balance of Federal Home Loan Bank overnight advances were paid off at June 30, 2008. There were $42.0 million of Federal Home Loan Bank overnight advances at March 31, 2008. Short-term borrowings also included $36.4 million and $43.6 million due to the consolidation of Southern Trust Mortgage at March 31, 2008 and June 30, 2008, respectively. Southern Trust Mortgage has a line of credit that is primarily used to fund its mortgages held for sale.

 

This excerpt taken from the MBRG 8-K filed Oct 29, 2007.

Deposits and Other Borrowings

 

Total deposits, which includes brokered deposits, increased 2.8% to $575.4 million at September 30, 2007 from $560.0 million at September 30, 2006. Total retail deposits, which excludes brokered deposits, decreased 1.7% from $534.8 million at September 30, 2006 to $525.7 million at September 30, 2007. At September 30, 2007, $49.8 million of the brokered certificates remained outstanding. The Company had $25.2 million in brokered certificates of deposits at September 30, 2006.

 

During the third quarter of 2007, the Company began to offer a high yielding, short term certificate of deposit to its markets in order to obtain deposits and to broaden its client base. In order to open the high yield certificate of deposit, a client must bring new money to the Bank and open a demand deposit account. The demand deposit account must maintain a minimum balance throughout the term of the certificate of deposit to continue to earn the premium rate. The certificate of deposit promotion resulted in $36.0 million in new deposits during the quarter.

 

Securities sold under agreements to repurchase with commercial checking account clients increased by $8.3 million or 25.3% from September 30, 2006 to $41.2 million at September 30, 2007. Federal Home Loan Bank advances and overnight borrowings increased $48.8 million or 59.7% to $130.5 million at September 30, 2007 from $81.7 million at September 30, 2006. FHLB advances have provided the majority of funding for the Company’s 2007 loan growth.

 

This excerpt taken from the MBRG 8-K filed Jul 26, 2007.

Deposits and Other Borrowings

 

Total deposits, which includes brokered deposits, decreased 0.1% to $560.9 million at June 30, 2007 from $561.6 million at June 30, 2006. Total retail deposits, which excludes brokered deposits, decreased 4.7% from $536.4 million at June 30, 2006 to $511.0 million at June 30, 2007. At June 30, 2007, three of the Company’s financial service centers had total average deposits in excess of $85.0 million.

 

During the second quarters of 2006 and 2007, the Company issued $11.3 million and $26.8 million in brokered certificates of deposit, respectively. At June 30, 2007, $49.9 million of the brokered certificates remained outstanding. The Company had $25.2 million in brokered certificates of deposits at June 30, 2006.

 

Securities sold under agreements to repurchase with commercial checking account clients increased by $2.3 million or 6.3% from June 30, 2006 to $39.3 million at June 30, 2007. Federal Home Loan Bank advances and overnight borrowings increased $33.4 million or 33.7% to $132.4 million at June 30, 2007 from $99.0 million at June 30, 2006. The increased FHLB borrowings were utilized to subsidize part of the $66.4 million in year over year net loan growth.

 


 

This excerpt taken from the MBRG 8-K filed May 2, 2007.

Deposits and Other Borrowings

Total deposits, which includes brokered deposits, increased 2.1% to $556.8 million at March 31, 2007 from $545.8 million at March 31, 2006.  Total retail deposits, which excludes brokered deposits, decreased 0.04% from $531.9 million at March 31, 2006 to $531.7 million at March 31, 2007. At March 31, 2007, $25.1 million of the brokered certificates were outstanding.  The Company had $13.9 million in brokered certificates of deposits at March 31, 2006.  


Securities sold under agreements to repurchase with commercial checking account clients increased by $5.0 million or 14.4% from March 31, 2006 to $39.9 million at March 31, 2007.  Federal Home Loan Bank advances and overnight borrowings decreased $7.3 million or 6.8% to $99.0 million at March 31, 2007 from $106.3 million at March 31, 2006.  


This excerpt taken from the MBRG 8-K filed Feb 9, 2007.

Deposits and Other Borrowings

 

Total deposits, which includes brokered deposits, increased 3.5% to $570.6 million at December 31, 2006 from $551.4 million at December 31, 2005. Total retail deposits, which excludes brokered deposits, increased 1.5% from $537.6 million at December 31, 2005 to $545.5 million at December 31, 2006. At December 31, 2006, $25.1 million of the brokered certificates were outstanding. The Company had $13.9 million in brokered certificates of deposits at December 31, 2005.

 

Securities sold under agreements to repurchase with commercial checking account clients increased by $4.2 million or 12.1% from December 31, 2005 to $38.5 million at December 31, 2006. Federal Home Loan Bank advances and overnight borrowings decreased $7.6 million or 9.3% to $74.0 million at December 31, 2006 from $81.6 million at December 31, 2005.

 

This excerpt taken from the MBRG 8-K filed Oct 27, 2006.

Deposits and Other Borrowings


Total deposits, which includes brokered deposits, increased 7.7% to $560.3 million at September  30, 2006 from $520.1 million at September 30, 2005.  Total retail deposits, which excludes brokered deposits, increased 5.7% from $506.2 million at September 30, 2005 to $535.0 million at September 30, 2006. At September 30, 2006,




$25.2 million of the brokered certificates remained outstanding.  The Company had $13.9 million in brokered certificates of deposits at September 30, 2005.  


Securities sold under agreements to repurchase with commercial checking account clients decreased by $9.2 million or 22.0% from September 30, 2005 to $32.6 million at September 30, 2006. Federal Home Loan Bank advances and overnight borrowings decreased $6.4 million or 7.3% to $81.7 million at September 30, 2006 from $88.1 million at September 30, 2005.  During the third quarter of 2006, FHLB overnight borrowings were decreased with a portion of the proceeds received by the Company from its common stock issuance.   


This excerpt taken from the MBRG 8-K filed Jul 27, 2006.

Deposits and Other Borrowings


Total deposits, which includes brokered deposits, increased 7.2% to $561.6 million at June 30, 2006 from $523.9 million at June 30, 2005.  Total retail deposits, which excludes brokered deposits, increased 10.6% from $484.9 million at June 30, 2005 to $536.3 million at June 30, 2006. At June 30, 2006, three of the Company’s financial service centers had total average deposits in excess of $95.0 million.  Additionally, during 2005, three new deposit products were developed and marketed during the second, third and fourth quarters of that year.  The products are high yielding NOW, savings and money market accounts and are designed both to meet the consumer’s demand for higher interest rates and to allow the Company to remain competitive with other financial institutions operating within the Company’s market area. At June 30, 2006, the new products had a collective balance of $99.1 million and had a weighted aver age cost of 3.27%.


During the second quarters of 2005 and 2006, the Company issued $39.0 million and $11.3 million in brokered certificates of deposit, respectively.  At June 30, 2006, $25.2 million of the brokered certificates remained outstanding.  The Company had $38.9 million in brokered certificates of deposits at June 30, 2005.  


Securities sold under agreements to repurchase with commercial checking account clients increased by $4.9 million or 15.5% from June 30, 2005 to $36.9 million at June 30, 2006. Federal Home Loan Bank advances and overnight borrowings increased $33.0 million or 49.9% to $99.0 million at June 30, 2006 from $66.0 million at June 30, 2005.  The increased FHLB borrowings were utilized to subsidize part of the $90.0 million in year over year net loan growth.  


This excerpt taken from the MBRG 8-K filed May 4, 2006.

Deposits and Other Borrowings


Total deposits, which includes brokered deposits, increased 21.2% to $545.8 million at March 31, 2006 from $450.2 million at March 31, 2005.  Total retail deposits, which excludes brokered deposits, increased 18.2% from $450.2 million at March 31, 2005 to $531.9 million at March 31, 2006. At March 31, 2006, the Warrenton financial service center had $22.1 million in total deposits. Additionally, during 2005, three new deposit products were developed and marketed during the second, third and fourth quarters of that year.  The products are high yielding NOW, savings and money market accounts and are designed both to meet the consumer’s demand for higher interest rates and to allow the Company to remain competitive with other financial institutions operating within the Company’s market area. The Company considers the products to be successful in meeting the 2005 growth goals and positively contributing to the year’s needed deposit growth and reduction in funding costs.  At March 31, 2006, the new products had a collective balance of $116.4 million and had a weighted average cost of 3.26%.


During the second quarter of 2005, the Company issued $39.0 million in brokered certificates of deposit.  At March 31, 2006, $13.9 million of the brokered certificates remained outstanding.  These brokered certificates of deposits contributed 14.5% to the 21.2% year over year increase in total deposits at March 31, 2006.  The Company had no brokered deposits at March 31, 2005.  


Securities sold under agreements to repurchase with commercial checking account clients increased by $9.6 million or 37.8% from March 31, 2005 to $34.9 million at March 31, 2006. Federal Home Loan Bank advances and overnight borrowings increased $12.1 million or 12.9% to $106.3 million at March 31, 2006 from $94.1 million at March 31, 2005.  The increased FHLB borrowings were utilized to subsidize part of the $151.1 million in year over year net loan growth.  


This excerpt taken from the MBRG 8-K filed Jan 31, 2006.

Deposits and Other Borrowings


Total deposits, which includes brokered deposits, increased 29.8% to $551.4 million at December 31, 2005 from $424.9 million at December 31, 2004. Total retail deposits, which excludes brokered deposits, increased 26.5% from $424.9 million at December 31, 2004 to $537.6 million at December 31, 2005. At December 31, 2005, Purcellville, Reston and Warrenton financial service centers, had experienced year over year deposit growth of $17.6 million, $5.3 million and $10.9 million, respectively. Additionally, three new deposit products were developed and marketed during the second, third and fourth quarters of 2005. The products are high yielding NOW, savings and money market accounts and were designed both to meet the consumer’s demand for higher interest rates and to allow the Company to remain competitive with other financial institutions operating within the Company’s market area. The Company considers the products to be successful in meeting their 2005 growth goals and positively contributing to the year’s needed deposit growth and reduction in funding costs. At December 31, 2005, the new products had a collective balance of $93.0 million and had a weighted average cost of 3.06%.




During the second quarter of 2005, the Company issued $39.0 million in brokered certificates of deposit. At December 31, 2005, $13.9 million of the brokered certificates remained outstanding. These brokered certificates of deposits contributed 11.0% to the 29.8% increase in total deposits at December 31, 2005. The Company had no brokered deposits at December 31, 2004.


Securities sold under agreements to repurchase with commercial checking account clients increased by $4.4 million or 15.4% from December 31, 2004 to $32.7 million at December 31, 2005. Federal Home Loan Bank advances and overnight borrowings increased $12.1 million or 17.4% to $81.6 million at December 31, 2005 from $69.5 million at December 31, 2004. The increased FHLB borrowings were utilized to subsidize the nearly $175.1 million in net loan growth experienced during the year.


This excerpt taken from the MBRG 8-K filed Oct 28, 2005.

Deposits and Other Borrowings


Total deposits, which includes brokered deposits, increased 27.7% to $521.1 million at September 30, 2005 from $408.2 million at September 30, 2004.  Total retail deposits, which excludes brokered deposits, increased 24.3% from $408.2 million at September 30, 2004 to $507.2 million at September 30, 2005. Three new deposit products were developed and marketed during the second and third quarters of 2005.  The products are high yielding NOW, savings and money market accounts and were designed both to meet the consumer’s demand for higher interest rates and to allow the Company to remain competitive with other financial institutions operating within the Company’s market area. Currently, the Company deems the products to be successful in their goals and positively contributing to needed deposit growth.  At September 30, 2005, the new products had a collective balance of $66.8 million and had a weighted average cost of 3.25%.


During the second quarter of 2005, the Company issued $39.0 million in brokered certificates of deposit.  At September 30, 2005, $13.9 million of the brokered certificates remained outstanding.  These brokered certificates of deposits contributed 12.3% to the 27.7% increase in total deposits at September 30, 2005.  The Company had no brokered deposits at September 30, 2004.  Approximately $14.0 million were issued in April 2005 with maturities ranging from three to five years while the $9.7 million issued during May 2005 and the $15.2 million during June 2005 had three month maturities.  


Securities sold under agreements to repurchase with commercial checking account clients totaled $40.2 million at September 30, 2005. Federal Home Loan Bank advances and overnight borrowings increased $36.0 million or 69.1% to $88.1 million at September 30, 2005 from $52.1 million at September 30, 2004.  The increased FHLB borrowings were utilized to subsidize the nearly $184.0 million in net loan growth experienced during the period from September 30, 2004 to September 30, 2005.  


This excerpt taken from the MBRG 8-K filed Jul 22, 2005.

Deposits and Other Borrowings


Total deposits, which includes brokered deposits, increased 25.4% to $523.9 million at June 30, 2005 from $417.9 million at June 30, 2004. Total retail deposits, which excludes brokered deposits, increased 16.1% from $417.9 million at June 30, 2004 to $484.9 million at June 30, 2005. Two new deposit products were developed and marketed during the second quarter of 2005. The products were designed both to meet consumer interest and to allow the Company to remain competitive with other financial institutions operating within the Company’s market area. Currently, the Company deems the products to be successful in their goals and positively contributing to needed deposit growth. During the second quarter of 2005, the Company issued $39.0 million in brokered certificates of deposit. These brokered certificates of deposits contributed 9.3% to the 25.4% increase in total deposits at June 30, 2005. The Company had no brokered deposits at June 30, 2004. Approximately $14.0 million were issued in April with maturities ranging from three to five years while the amounts of $9.7 million issued during May and the $15.2 million during June had three month maturities.


Securities sold under agreements to repurchase with commercial checking account clients totaled $20.8 million at June 30, 2005. Federal Home Loan Bank advances increased $28.8 million or 74.7% to $67.3 million at June 30, 2005 from $38.5 million at June 30, 2004. The increased FHLB borrowings were utilized to subsidize the nearly $177.0 million in net loan growth experienced during the period from June 30, 2004 to June 30, 2005.


This excerpt taken from the MBRG 8-K filed May 3, 2005.

Deposits and Other Borrowings


Deposits increased 15.8% to $450.2 million at March 31, 2005 from $388.7 million at March 31, 2004. The Bank has focused some of its media advertising on campaigns specifically targeted to grow checking accounts.  


Securities sold under agreements to repurchase with commercial checking account clients totaled $23.8 million at March 31, 2005. Federal Home Loan Bank advances increased $44.9 million or 91.35% to $94.1 million at March 31, 2005 from $49.2 million at March 31, 2004.  The increased FHLB borrowings were utilized to subsidize the nearly $125.0 million in net loan growth experienced during the period from March 31, 2004 to March 31, 2005.  


This excerpt taken from the MBRG 8-K filed Feb 7, 2005.

Deposits and Other Borrowings


Deposits increased 15.1% to $424.9 million at December 31, 2004 from $369.1 million at December 31, 2003. The Bank has focused some of its media advertising on campaigns specifically targeted to grow checking accounts.  


Securities sold under agreements to repurchase with commercial checking account clients totaled $28.7 million at December 31, 2004. Federal Home Loan Bank advances were $69.5 million at December 31, 2004.


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