Middlebury National Corporation
Consolidated Balance Sheet (unaudited)
| June 30, | 2019 | 2018 |
|---|---|---|
| Assets | ||
| Cash & Due from Bank | $9,197,808 | $9,240,795 |
| Federal Reserve Bank Balance | $838,812 | $3,552,762 |
| Securities | $75,586,954 | $76,103,986 |
| Loans, Net | $258,530,257 | $245,863,394 |
| Bank Premises & Equipment, Net | $10,630,228 | $6,975,346 |
| Other Assets | $15,700,367 | $14,695,222 |
| Total Assets | $370,484,426 | $356,431,505 |
| Liabilities & Shareholders' Equity | ||
| Deposits | $314,834,272 | $303,406,235 |
| Securities Sold Under Repurchase Agreements | $6,978,345 | $6,182,645 |
| Other Borrowed Money | $5,621,467 | $11,659,903 |
| Other Liabilities | $6,409,854 | $2,579,650 |
| Total Liabilities | $333,843,938 | $323,828,433 |
| Shareholders' Equity | ||
| Common Stock & Related Surplus | $1,400,000 | $1,400,000 |
| Treasury Stock | $(1,292,795) | $(850,964) |
| Accumulated Other Comprehensive Income (Loss) | $428,453 | $(1,307,929) |
| Retained Earnings | $36,104,830 | $33,361,965 |
| Total Shareholders' Equity | $36,640,488 | $32,603,072 |
| Total Liabilities & Shareholders' Equity | $370,484,426 | $356,431,505 |
| Per Share Book Value 869,287 & 882,282 shares outstanding | $42.15 | $36.95 |
Consolidated Statements of Income (unaudited)
| Six Months Ended June 30, | 2019 | 2018 |
|---|---|---|
| Total Interest Income | $6,967,529 | $6,110,436 |
| Total Interest Expense | $430,819 | $217,762 |
| Net Interest Income | $6,536,710 | $5,892,674 |
| Provision for Loan Losses | $50,000 | $100,000 |
| Net Interest Income After Provision for Loan Losses | $6,486,710 | $5,792,674 |
| Other Operating Income | $1,368,468 | $ 1,409,224 |
| Other Operating Expenses | $5,635,984 | $5,435,812 |
| Income Before Income Taxes | $2,219,194 | $1,766,086 |
| Income Tax Expense | $366,006 | $270,528 |
| Net Income | $1,853,188 | $1,495,558 |
| Earnings Per Share | $2.13 | $1.70 |
