Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| December 31, | 2019 | 2018 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $8,266,044 | $10,715,304 |
| Federal Reserve Bank Balance | $16,801,832 | $19,222,222 |
| Securities | $76,575,419 | $70,454,565 |
| Loans, Net | $262,126,150 | $249,253,572 |
| Bank Premises & Equipment, Net | $10,461,856 | $6,842,374 |
| Other Assets | $16,864,566 | $15,128,550 |
| Total Assets | $391,095,867 | $371,616,587 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $334,520,637 | $320,865,634 |
| Securities Sold Under Repurchase Agreements | $10,637,411 | $11,970,884 |
| Other Borrowed Money | $1,602,494 | $1,640,928 |
| Other Liabilities | $6,558,995 | $2,905,569 |
| Total Liabilities | $353,319,537 | $337,383,015 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(1,470,989) | $(962,485) |
| Accumulated Other Comprehensive Income (Loss) | $303,894 | $(883,374) |
| Retained Earnings | $37,543,425 | $34,679,431 |
| Total Shareholders' Equity | $37,776,330 | $34,233,572 |
| Total Liabilities & Shareholders' Equity | $391,095,867 | $371,616,587 |
| Per Share Book Value 864,046 & 879,002 shares outstanding | $43.72 | $38.95 |
Consolidated Statements of Income (unaudited)
| Twelve Months Ended December 31, | 2019 | 2018 |
|---|---|---|
| Total Interest Income | $14,078,603 | $12,639,020 |
| Total Interest Expense | $1,017,772 | $576,348 |
| Net Interest Income | $13,060,831 | $12,062,672 |
| Provision for Loan Losses | $363,000 | $123,000 |
| Net Interest Income After Provision for Loan Losses | $12,697,831 | $11,939,672 |
| Other Operating Income | $3,081,935 | $2,863,886 |
| Other Operating Expenses | $11,357,479 | $10,995,101 |
| Income Before Income Taxes | $4,422,287 | $3,808,457 |
| Income Tax Expense | $697,218 | $572,826 |
| Net Income | $3,725,069 | $3,235,631 |
| Earnings Per Share | $4.31 | $3.68 |
