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Muncy Bank Financial, Inc. (OTCQB:MYBF) reported strong financial results for Q1 2022, with a 10% increase in total assets to $617.7 million and a 15% rise in total deposits to $556.1 million. Net income was $1.73 million or $1.08 per share, down from $1.91 million or $1.19 per share in Q1 2021. The bank maintained a healthy loan delinquency ratio of 0.53%, improving from 0.73% a year earlier. The cash dividend increased to $0.38 per share, marking a 6% rise, representing the 346th consecutive payout since 1935.
Positive
Total assets increased 10% to $617.7 million.
Total deposits grew 15% to $556.1 million.
Net loans rose 11% to $445.9 million.
Retained earnings increased 11% to $53.1 million.
Healthy return on average assets at 1.14%.
Cash dividend raised to $0.38 per share, a 6% increase.
Negative
Net income decreased to $1.73 million from $1.91 million year-over-year.
Earnings per share declined to $1.08 from $1.19.
MUNCY, Pa.--(BUSINESS WIRE)--
Muncy Bank Financial, Inc., (OTCQB:MYBF), the parent company of The Muncy Bank and Trust Company (“Bank”), has released its unaudited consolidated financial results for the three months ended March 31, 2022.
Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the three months ended March 31, 2022, compared to the same period in 2021, include:
Cash dividend increased to $0.38/share compared to $0.36/share in 2021
Total Assets increased 10% to $617,710,000
Total Deposits increased 15% to $556,076,000
Net Loans increased 11% to $445,883,000
Retained Earnings increased 11% to $53,108,000
Return on Average Assets was 1.14%
Return on Average Equity was 12.57%
Net income for the three months ended March 31, 2022 was $1,732,000 or $1.08 per share, compared to $1,915,000 or $1.19 per share for the same period in 2021.
The Bank’s loan portfolio remained strong with an overall delinquency ratio of 0.53% of gross loans at March 31, 2022, compared to 0.73% at March 31, 2021. The allowance for loan losses was $4,792,000 or 1.06% of gross loans at March 31, 2022, compared to $4,353,000 or 1.07% of gross loans at March 31, 2021. Total deposits increased to $556,076,000 at March 31, 2022, compared to $485,031,000 at March 31, 2021.
Muncy Bank Financial, Inc. paid cash dividends of $0.38 per share for the first quarter 2022, compared to $0.36 for the same period in 2021, an increase of 6%. The first quarter 2022 dividend represented the 346th consecutive dividend payout dating back to 1935. Muncy Bank Financial Inc. has increased its annual dividend payout since 1990.
About Muncy Bank Financial, Inc.
Muncy Bank Financial, Inc. is the bank holding company for The Muncy Bank & Trust Company. The Muncy Bank & Trust Company serves customers through their retail banking, commercial banking, and financial services divisions. Muncy Bank offices are located in the communities of Muncy, Clarkstown, Hughesville, Montoursville, Dewart, Avis, Linden, and Montgomery. A new Muncy Bank office is scheduled to open in South Williamsport in 2022.
