Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| September 30, | 2019 | 2018 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $10,490,120 | $8,570,646 |
| Federal Reserve Bank Balance | $4,135,071 | $6,954,198 |
| Securities | $76,077,169 | $72,852,401 |
| Loans, Net | $266,876,427 | $247,469,511 |
| Bank Premises & Equipment, Net | $10,534,798 | $6,897,440 |
| Other Assets | $15,812,359 | $14,985,316 |
| Total Assets | $383,925,944 | $357,729,512 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $331,098,435 | $308,360,536 |
| Securities Sold Under Repurchase Agreements | $7,558,296 | $7,896,041 |
| Other Borrowed Money | $1,611,928 | $5,650,246 |
| Other Liabilities | $6,175,531 | $2,712,754 |
| Total Liabilities | $346,444,190 | $324,619,577 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(1,319,009) | $(905,365) |
| Accumulated Other Comprehensive Income (Loss) | $500,336 | $(1,495,663) |
| Retained Earnings | $36,900,427 | $34,110,963 |
| Total Shareholders' Equity | $37,481,754 | $33,109,935 |
| Total Liabilities & Shareholders' Equity | $383,925,944 | $357,729,512 |
| Per Share Book Value 868,546 & 880,682 shares outstanding | $43.15 | $37.60 |
Consolidated Statements of Income (unaudited)
| Nine Months Ended September 30, | 2019 | 2018 |
|---|---|---|
| Total Interest Income | $10,545,716 | $9,330,688 |
| Total Interest Expense | $729,696 | $415,873 |
| Net Interest Income | $9,816,020 | $8,914,815 |
| Provision for Loan Losses | $263,000 | $100,000 |
| Net Interest Income After Provision for Loan Losses | $9,553,020 | $8,814,815 |
| Other Operating Income | $2,249,971 | $2,158,690 |
| Other Operating Expenses | $8,383,273 | $8,056,486 |
| Income Before Income Taxes | $3,419,718 | $2,917,019 |
| Income Tax Expense | $553,659 | $460,980 |
| Net Income | $2,866,059 | $2,456,039 |
| Earnings Per Share | $3.30 | $2.79 |
