This represents the Corporations 66th consecutive quarterly profit over its 68 quarter history. Consistent with managements stated objective of a 40%-50% dividend payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.15 per share for common shareholders of record as of February 3, 2017 and payable on February 24, 2017. This quarterly dividend continues to affirm managements favorable outlook on forward earnings and capital adequacy even after consideration of its upcoming merger with Middleburg Financial Corporation (Middleburg). Highlights Strategic merger with Middleburg announced October 24, 2016, on track to close during second quarter 2017; Reported earnings reflect $864 thousand in merger related costs; Book value per common share grew 9.5% to $11.33 at December 31, 2016 when compared to $10.35 at December 31, 2015; Loans held for investment grew $83.2 million or 34.4% on an annualized basis, surpassing the $1 billion dollar threshold; and Demand deposits account for 34.3% of total deposits at December 31, 2016, while wholesale funding was reduced by $19.0 million from third quarter 2016. Due mainly to merger related costs of $864 thousand, fourth quarter 2016 pretax earnings declined $1.0 million or 17.3% when compared to fourth quarter 2015 pretax earnings. An increase of $459 thousand in the commercial banking segments salaries and employee benefits due to expansion was offset by reductions in other expenses not related to the provision that had been elevated the prior year due to enhancements in the Banks online banking platform.
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