Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| December 31, | 2018 | 2017 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $10,715,304 | $8,997,601 |
| Federal Reserve Bank Balance | $19,222,222 | $19,704,779 |
| Securities | $70,454,565 | $80,676,706 |
| Loans, Net | $249,253,572 | $234,994,554 |
| Bank Premises & Equipment, Net | $6,842,374 | $7,020,579 |
| Other Assets | $15,128,550 | $14,381,711 |
| Total Assets | $371,616,587 | $365,775,930 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $320,865,634 | $321,337,163 |
| Securities Sold Under Repurchase Agreements | $11,970,884 | $7,745,079 |
| Other Borrowed Money | $1,640,928 | $958,259 |
| Other Liabilities | $2,905,569 | $3,258,159 |
| Total Liabilities | $337,383,015 | $333,298,660 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(962,485) | $(744,205) |
| Accumulated Other Comprehensive Income (Loss) | $(883,374) | $(451,527) |
| Retained Earnings | $34,679,431 | $32,273,002 |
| Total Shareholders' Equity | $34,233,572 | $32,477,270 |
| Total Liabilities & Shareholders' Equity | $371,616,587 | $365,775,930 |
| Per Share Book Value 879,002 & 885,422 shares outstanding | $38.95 | $36.68 |
Consolidated Statements of Income (unaudited)
| Twelve Months Ended December 31, | 2018 | 2017 |
|---|---|---|
| Total Interest Income | $12,639,020 | $11,585,669 |
| Total Interest Expense | $576,348 | $349,093 |
| Net Interest Income | $12,062,672 | $11,236,576 |
| Provision for Loan Losses | $123,000 | $40,000 |
| Net Interest Income After Provision for Loan Losses | $11,939,672 | $11,196,576 |
| Other Operating Income | $2,863,886 | $2,865,936 |
| Other Operating Expenses | $10,995,101 | $10,430,155 |
| Income Before Income Taxes | $3,808,457 | $3,632,357 |
| Income Tax Expense | $572,826 | $1,346,603 |
| Net Income | $3,235,631 | $2,285,754 |
| Earnings Per Share | $3.68 | $2.58 |
