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Muncy Bank Financial, Inc. (OTC-PINK:MYBF) reported its unaudited consolidated financial results for the year ended December 31, 2022. Key highlights include a 6% increase in total assets to $632.6 million and a 9% increase in net loans to $480.8 million. Cash dividends rose to $1.54/share, a 5.5% increase from 2021. However, net income declined to $6.3 million or $3.90/share, down from $7.6 million or $4.75/share in the previous year. The loan delinquency ratio worsened to 0.67% from 0.46%. The bank continues to maintain a strong asset base and has paid dividends for 349 consecutive quarters.
Positive
Total assets increased 6% to $632,605,000.
Total deposits grew 5% to $551,613,000.
Net loans rose 9% to $480,762,000.
Cash dividend increased to $1.54/share, marking a 5.5% rise.
Negative
Net income decreased by 17.7% to $6,279,000 from $7,635,000.
Delinquency ratio increased to 0.67% from 0.46%.
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 year ended December 31, 2022.
Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the year ended December 31, 2022, compared to the same period in 2021, include:
Cash dividend increased to $1.54/share compared to $1.46/share in 2021
Total Assets increased 6% to $632,605,000
Total Deposits increased 5% to $551,613,000
Net Loans increased 9% to $480,762,000
Retained Earnings increased 7% to $55,789,000
Return on Average Assets was 1.02%
Return on Average Equity was 12.40%
Net income for the year ended December 31, 2022 was $6,279,000 or $3.90 per share, compared to $7,635,000 or $4.75 per share for the same period in 2021. Net interest income for the year ended December 31, 2022 increased to $19,823,000, from $18,994,000 for the same period in 2021. Gains on sales of secondary market mortgages were $111,000 for the year ended December 31, 2022, compared to $1,258,000 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 0.67% of gross loans at December 31, 2022 compared to 0.46% at December 31, 2021. The allowance for loan losses was $4,952,000 or 1.02% of gross loans at December 31, 2022, compared to $4,738,000 or 1.06% of gross loans at December 31, 2021. Total deposits increased to $551,613,000 at December 31, 2022, compared to $527,512,000 at December 31, 2021.
Muncy Bank Financial, Inc. paid cash dividends of $1.54 per share for the year ended December 31, 2022, compared to $1.46 for the same period in 2021, an increase of 5.5%. The fourth quarter 2022 dividend represented the 349th 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 was opened in South Williamsport in the fourth quarter 2022.
