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Muncy Bank Financial, Inc. (OTCQB:MYBF) reported its unaudited financial results for the nine months ended September 30, 2022. Highlights include:
Net income decreased to $4.83 million from $6.03 million year-over-year.
Cash dividends rose to $1.15 per share, a 6% increase.
Total assets rose 1% to $612.57 million.
Net loans increased 10% to $465.20 million.
Overall, the bank maintains a solid financial position despite reduced net income.
Positive
Cash dividend increased 6% to $1.15/share.
Total assets increased 1% to $612.57 million.
Total deposits grew 4% to $560.28 million.
Net loans rose 10% to $465.20 million.
Retained earnings increased 8% to $54.97 million.
Return on Average Equity was strong at 12.27%.
Negative
Net income decreased to $4.83 million from $6.03 million year-over-year.
Gains on sales of secondary market mortgages dropped to $101,000 from $1,002,000.
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 nine months ended September 30, 2022.
Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the nine months ended September 30, 2022, compared to the same period in 2021, include:
Cash dividend increased to $1.15/share compared to $1.09/share in 2021
Total Assets increased 1% to $612,571,000
Total Deposits increased 4% to $560,280,000
Net Loans increased 10% to $465,202,000
Retained Earnings increased 8% to $54,968,000
Return on Average Assets was 1.05%
Return on Average Equity was 12.27%
Net income for the nine months ended September 30, 2022 was $4,830,000 or $3.00 per share, compared to $6,029,000 or $3.75 per share for the same period in 2021. Net interest income for the nine months ended September 30, 2022 increased to $14,968,000, from $14,037,000 for the same period in 2021. Gains on sales of secondary market mortgages were $101,000 for the nine months ended September 30, 2022, compared to $1,002,000 for the same period in 2021. In the second and third quarter of 2021, the Bank recorded total gains of $1.1 million in connection with proceeds received on bank-owned life insurance policies as well as a pre-tax loss of $364,000 on prepayment of long-term borrowings.
The Bank’s loan portfolio remained strong with an overall delinquency ratio of 0.44% of gross loans at September 30, 2022 compared to 0.22% at September 30, 2021. The allowance for loan losses was $4,960,000 or 1.05% of gross loans at September 30, 2022, compared to $4,538,000 or 1.06% of gross loans at September 30, 2021. Total deposits increased to $560,280,000 at September 30, 2022, compared to $536,249,000 at September 30, 2021.
Muncy Bank Financial, Inc. paid cash dividends of $1.15 per share for the nine months ended September 30, 2022, compared to $1.09 for the same period in 2021, an increase of 6%. The third quarter 2022 dividend represented the 348th 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 the fourth quarter 2022.
What are the latest earnings results for Muncy Bank Financial (MYBF)?
For the nine months ended September 30, 2022, Muncy Bank Financial reported a net income of $4.83 million, or $3.00 per share, compared to $6.03 million, or $3.75 per share for the same period in 2021.
What is the cash dividend for MYBF in 2022?
Muncy Bank Financial increased its cash dividend to $1.15 per share for the nine months ended September 30, 2022, up from $1.09 in 2021.
How did total assets change for MYBF?
Total assets for Muncy Bank Financial increased by 1% to $612.57 million as of September 30, 2022.
What is the return on average equity for MYBF?
The return on average equity for Muncy Bank Financial was 12.27% as of September 30, 2022.
What are the loan performance metrics for MYBF?
The overall delinquency ratio for Muncy Bank Financial was 0.44% of gross loans at September 30, 2022, up from 0.22% at the same time last year.
