Middlebury National Corporation
Middlebury National Corporation is the holding company of National Bank of Middlebury.
Consolidated Balance Sheet (unaudited)
September 30, | 2020 | 2019 |
---|---|---|
Assets | ||
Cash & Due from Bank | $8,814,644 | $10,490,120 |
Federal Reserve Bank Balance | $64,502,550 | $4,135,071 |
Securities | $95,908,791 | $76,077,169 |
Loans, Net | $277,873,913 | $266,876,427 |
Bank Premises & Equipment, Net | $10,522,160 | $10,534,798 |
Other Assets | $17,805,356 | $15,812,359 |
Total Assets | $475,427,414 | $383,925,944 |
Liabilities & Shareholders' Equity | ||
Deposits | $409,434,074 | $331,098,435 |
Securities Sold Under Repurchase Agreements | $17,553,517 | $7,558,296 |
Other Borrowed Money | $1,083,230 | $1,611,928 |
Other Liabilities | $6,083,368 | $6,175,531 |
Total Liabilities | $434,154,189 | $346,444,190 |
Shareholders' Equity | ||
Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
Treasury Stock | $(1,508,506) | $(1,319,009) |
Accumulated Other Comprehensive Income (Loss) | $1,563,409 | $500,336 |
Retained Earnings | $39,818,322 | $36,900,427 |
Total Shareholders' Equity | $41,273,225 | $37,481,754 |
Total Liabilities & Shareholders' Equity | $475,427,414 | $383,925,944 |
Per Share Book Value 862,950 & 868,546 shares outstanding | $47.83 | $43.15 |
Consolidated Statements of Income (unaudited)
Nine Months Ended September 30, | 2020 | 2019 |
---|---|---|
Total Interest Income | $10,325,880 | $10,545,716 |
Total Interest Expense | $601,282 | $729,696 |
Net Interest Income | $9,724,598 | $9,816,020 |
Provision for Loan Losses | $395,500 | $263,000 |
Net Interest Income After Provision for Loan Losses | $9,329,098 | $9,553,020 |
Other Operating Income | $3,207,527 | $2,249,971 |
Other Operating Expenses | $8,926,716 | $8,383,273 |
Income Before Income Taxes | $3,609,909 | $3,419,718 |
Income Tax Expense | $503,482 | $553,659 |
Net Income | $3,106,427 | $2,866,059 |
Earnings Per Share | $3.60 | $3.30 |