Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| June 30, | 2020 | 2019 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $8,619,204 | $9,197,808 |
| Federal Reserve Bank Balance | $44,403,529 | $838,812 |
| Securities | $89,579,421 | $75,586,954 |
| Loans, Net | $271,963,991 | $258,530,257 |
| Bank Premises & Equipment, Net | $10,561,147 | $10,630,228 |
| Other Assets | $17,618,709 | $15,700,367 |
| Total Assets | $442,746,001 | $370,484,426 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $378,953,791 | $314,834,272 |
| Securities Sold Under Repurchase Agreements | $15,672,434 | $6,978,345 |
| Other Borrowed Money | $1,582,940 | $5,621,467 |
| Other Liabilities | $6,396,689 | $6,409,854 |
| Total Liabilities | $402,605,854 | $333,843,938 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(1,500,599) | $(1,292,795) |
| Accumulated Other Comprehensive Income (Loss) | $1,670,301 | $428,453 |
| Retained Earnings | $38,570,446 | $36,104,830 |
| Total Shareholders' Equity | $40,140,148 | $36,640,488 |
| Total Liabilities & Shareholders' Equity | $442,746,002 | $370,484,426 |
| Per Share Book Value 863,200 & 869,287 shares outstanding | $46.50 | $42.15 |
Consolidated Statements of Income (unaudited)
| Six Months Ended June 30, | 2020 | 2019 |
|---|---|---|
| Total Interest Income | $6,937,218 | $6,967,529 |
| Total Interest Expense | $491,623 | $430,819 |
| Net Interest Income | $6,445,595 | $6,536,710 |
| Provision for Loan Losses | $395,500 | $50,000 |
| Net Interest Income After Provision for Loan Losses | $6,050,095 | $6,486,710 |
| Other Operating Income | $1,693,218 | $1,368,468 |
| Other Operating Expenses | $5,891,266 | $5,635,984 |
| Income Before Income Taxes | $1,852,047 | $2,219,194 |
| Income Tax Expense | $217,942 | $366,006 |
| Net Income | $1,634,105 | $1,853,188 |
| Earnings Per Share | $1.89 | $2.13 |
