Middlebury National Corporation
Middlebury National Corporation is the holding company of National Bank of Middlebury.
Consolidated Balance Sheet (unaudited)
December 31, | 2022 | 2021 |
---|---|---|
Assets | ||
Cash & Due from Bank | $7,593,795 | $8,103,407 |
Federal Reserve Bank Balance | $5,913,423 | $55,291,329 |
Securities | $180,889,628 | $179,899,163 |
Loans, Net | $305,749,712 | $278,892,395 |
Bank Premises & Equipment, Net | $11,058,381 | $10,121,888 |
Other Assets | $18,926,090 | $17,429,059 |
Total Assets | $530,131,029 | $549,737,241 |
Liabilities & Shareholders' Equity | ||
Deposits | $499,817,466 | $475,090,765 |
Securities Sold Under Repurchase Agreements | $2,489,490 | $25,331,211 |
Other Borrowed Money | $995,297 | $1,034,734 |
Other Liabilities | $1,233,237 | $6,096,175 |
Total Liabilities | $504,535,490 | $507,552,885 |
Shareholders' Equity | ||
Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
Treasury Stock | $(1,586,625) | $(1,586,887) |
Accumulated Other Comprehensive Income (Unrealized Gain or Loss) | $(19,434,679) | $(662,587) |
Retained Earnings | $45,216,840 | $43,033,830 |
Total Shareholders' Equity | $25,595,536 | $42,184,356 |
Total Liabilities & Shareholders' Equity | $530,131,026 | $549,737,241 |
Per Share Book Value 860,839 & 860,829 shares outstanding | $29.73 | $49.00 |
Consolidated Statements of Income (unaudited)
Twelve Months Ended December 31, | 2022 | 2021 |
---|---|---|
Total Interest Income | $14,668,309 | $13,591,481 |
Total Interest Expense | $315,191 | $216,955 |
Net Interest Income | $14,353,118 | $13,374,526 |
Provision for Loan Losses | $(348,000) | $37,500 |
Net Interest Income After Provision for Loan Losses | $14,701,118 | $13,337,026 |
Other Operating Income | $3,281,499 | $4,078,411 |
Other Operating Expenses | $14,575,293 | $13,440,503 |
Income Before Income Taxes | $3,407,324 | $3,974,934 |
Income Tax Expense | $260,182 | $465,142 |
Net Income | $3,147,142 | $3,509,792 |
Earnings Per Share | $3.66 | $4.08 |