Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| March 31, | 2019 | 2018 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $8,429,970 | $8,592,748 |
| Federal Reserve Bank Balance | $9,310,933 | $8,671,840 |
| Securities | $76,417,506 | $80,419,260 |
| Loans, Net | $251,043,366 | $240,097,130 |
| Bank Premises & Equipment, Net | $6,963,269 | $6,993,297 |
| Other Assets | $15,780,894 | $14,578,518 |
| Total Assets | $367,945,938 | $359,352,793 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $321,216,451 | $312,388,035 |
| Securities Sold Under Repurchase Agreements | $6,917,883 | $10,976,217 |
| Other Borrowed Money | $1,631,010 | $953,802 |
| Other Liabilities | $2,889,586 | $2,732,302 |
| Total Liabilities | $332,654,930 | $327,050,356 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(1,180,595) | $(784,665) |
| Accumulated Other Comprehensive Income (Loss) | $(250,697) | $(1,084,542) |
| Retained Earnings | $35,322,300 | $32,771,644 |
| Total Shareholders' Equity | $35,291,008 | $32,302,437 |
| Total Liabilities & Shareholders' Equity | $367,945,938 | $359,352,793 |
| Per Share Book Value 872,587 & 884,232 shares outstanding | $40.44 | $36.53 |
Consolidated Statements of Income (unaudited)
| Three Months Ended March 31, | 2019 | 2018 |
|---|---|---|
| Total Interest Income | $3,383,994 | $3,003,850 |
| Total Interest Expense | $190,466 | $96,194 |
| Net Interest Income | $3,193,528 | $2,907,656 |
| Provision for Loan Losses | $50,000 | $25,000 |
| Net Interest Income After Provision for Loan Losses | $3,143,528 | $2,882,656 |
| Other Operating Income | $671,068 | $679,657 |
| Other Operating Expenses | $2,800,007 | $2,736,738 |
| Income Before Income Taxes | $1,014,589 | $825,575 |
| Income Tax Expense | $161,327 | $123,286 |
| Net Income | $853,262 | $702,289 |
| Earnings Per Share | $0.98 | $0.79 |
