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Muncy Bank Financial, Inc. (OTC-PINK:MYBF) reported its unaudited financial results for Q1 2023, showing mixed performance compared to Q1 2022. Total assets increased by 5% to $650,870,000, while net loans rose by 10% to $491,804,000. The cash dividend was boosted to $0.39 per share, up from $0.38, marking the 350th consecutive dividend payout since 1935.
However, net income decreased to $1,160,000 or $0.72 per share, down from $1,732,000 or $1.08 per share, attributed primarily to a declining net interest margin amid rising interest rates. The bank's delinquency ratio slightly increased to 0.57%, and credit loss allowances grew to 1.08% of gross loans.
Positive
Cash dividend increased to $0.39/share, marking a 3% increase.
Total assets rose 5% to $650,870,000.
Net loans increased by 10% to $491,804,000.
Retained earnings grew 5% to $56,011,000.
Negative
Net income decreased to $1,160,000, down from $1,732,000.
Net interest income fell to $4,511,000 from $5,020,000.
Delinquency ratio increased to 0.57% of gross loans.
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, 2023.
Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the three months ended March 31, 2023, compared to the same period in 2022, include:
Cash dividend increased to $0.39/share compared to $0.38/share in 2022
Total Assets increased 5% to $650,870,000
Net Loans increased 10% to $491,804,000
Retained Earnings increased 5% to $56,011,000
Return on Average Assets was 0.73%
Return on Average Equity was 9.64%
Net income for the three months ended March 31, 2023 was $1,160,000 or $0.72 per share, compared to $1,732,000 or $1.08 per share for the same period in 2022. Net income was impacted primarily by changes in the Bank’s net interest margin due to the rising interest rate environment. Net interest income for the three months ended March 31, 2023 decreased to $4,511,000, from $5,020,000 for the same period in 2022.
The Bank’s loan portfolio remained strong with an overall delinquency ratio of 0.57% of gross loans at March 31, 2023, compared to 0.53% at March 31, 2022. The allowance for credit losses was $5,371,000 or 1.08% of gross loans at March 31, 2023, compared to $4,792,000 or 1.06% of gross loans at March 31, 2022. The Bank adopted the current expected credit loss (“CECL”) model effective January 1, 2023.
Muncy Bank Financial, Inc. paid cash dividends of $0.39 per share for the first quarter 2023, compared to $0.38 for the same period in 2022, an increase of 3%. The first quarter 2023 dividend represented the 350th consecutive dividend payout dating back to 1935. Muncy Bank Financial Inc. has increased its annual dividend payout since 1990.
Muncy Bank Financial, Inc. and CCFNB Bancorp, Inc. Merger - Additional Information and Where to Find It
On April 18, 2023Muncy Bank Financial, Inc. and CCFNB Bancorp, Inc. (OTCPK: CCFN) jointly announced the signing of a definitive merger agreement to combine the two companies in a strategic merger of equals. In connection with the proposed transaction, additional information has been filed today with the SEC on Form 425. This information is also available on our Investor Relations website at https://ir.muncybank.com. This additional information is being provided in response to questions from current and potential investors on the proposed transaction.
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, Montgomery and South Williamsport.
