Middleburg Financial Corp. (NASDAQ:MBRG) is a $136 million bank holding company that operates in Virginia and had $1.2 billion in assets at the end of its most recent quarter. I chose to review Middleburg because I like to look for banks with a high asset/equity ratio and at 10.3Xs, Middleburg fits the bill. Unfortunately, as you can see below, the A/E levels and returns have all been moving in negative directions over the past 5-quarters. For the rest of this article, I have presented a trend analysis of Middleburg's financials to help determine what is causing these downward movements, which I hope to use to help decide whether or not there is any value and opportunities left hidden...
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