Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| March 31 | 2016 | 2015 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $7,799,145 | $9,079,449 |
| Federal Reserve Bank Balance | $8,936,260 | $8,134,184 |
| Securities | $80,453,682 | $84,540,041 |
| Loans, Net | $209,028,387 | $194,176,052 |
| Bank Premises & Equipment, Net | $7,434,001 | $7,789,614 |
| Other Assets | $13,165,020 | $12,503,236 |
| Total Assets | $326,816,495 | $316,222,576 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $281,119,360 | $271,047,624 |
| Securities Sold Under Repurchase Agreements | $7,522,050 | $8,681,337 |
| Other Borrowed Money | $3,499,052 | $3,516,642 |
| Other Liabilities | $3,513,823 | $2,954,409 |
| Total Liabilities | $295,654,285 | $286,200,012 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(750,950) | $(761,834) |
| Accumulated Other Comprehensive Income (Loss) | $866,473 | $826,070 |
| Retained Earnings | $29,646,687 | $28,558,328 |
| Total Shareholders' Equity | $31,162,210 | $30,022,564 |
| Total Liabilities & Shareholders' Equity | $326,816,495 | $316,222,576 |
| Per Share Book Value 885,232 and 884,902 shares outstanding | $35.20 | $33.93 |
Consolidated Statements of Income (unaudited)
| Three Months Ended March 31 | 2016 | 2015 |
|---|---|---|
| Total Interest Income | $2,613,955 | $2,492,181 |
| Total Interest Expense | $113,001 | $141,468 |
| Net Interest Income | $2,500,954 | $2,350,713 |
| Provision for Loan Losses | $0 | $100,000 |
| Net Interest Income After Provision for Loan Losses | $2,500,954 | $2,250,713 |
| Other Operating Income | $618,626 | $594,900 |
| Other Operating Expenses | $2,446,303 | $2,479,962 |
| Income Before Income Taxes | $673,277 | $365,651 |
| Income Tax Expense | $173,652 | $47,587 |
| Net Income | $499,625 | $318,064 |
| Earnings Per Share | $0.56 | $0.36 |
