Muncy Bank Financial, Inc. Announces Earnings

Rhea-AI Summary

Muncy Bank Financial, Inc. (OTCQB:MYBF) announced its unaudited consolidated financial results for the six months ending June 30, 2021. Key highlights include a 10% rise in total assets to $562.7 million and an 11% increase in shareholders’ equity to $57.4 million. Net income surged to $4.3 million, or $2.64 per share, compared to $2.4 million, or $1.48 per share, in 2020. The bank also increased its cash dividend to $0.72/share and issued a special 5% stock dividend. The overall delinquency ratio improved to 0.36%, reflecting a robust loan portfolio.

Positive

• Net income increased by 78% to $4,253,000 or $2.64 per share.
• Total assets rose 10% to $562,706,000.
• Shareholders' equity increased by 11% to $57,435,000.
• Cash dividend rose to $0.72/share, up from $0.70/share.
• Special 5% stock dividend issued, effectively increasing total dividends by 8%.
• Overall delinquency ratio improved to 0.36% of gross loans.

Negative

• None.

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 six months ended June 30, 2021.

Financial Highlights

Financial highlights for Muncy Bank Financial, Inc. as of and for the six months ended June 30, 2021, compared to the same period in 2020, include:

• Special 5% stock dividend in 2021
• Cash dividend increased to $0.72/share compared to $0.70/share in 2020
• Total Assets increased 10% to $562,706,000
• Shareholders’ Equity increased 11% to $57,435,000
• Total Deposits increased 13% to $497,712,000
• Net Loans increased 4% to $416,117,000
• Return on Average Assets was 1.55% compared to 0.96% in 2020
• Return on Average Equity was 15.42% compared to 9.50% in 2020

Net income for the six months ended June 30, 2021 was $4,253,000 or $2.64 per share, compared to $2,386,000 or $1.48 per share for the same period in 2020. In the second quarter 2021, the Bank recorded a gain 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 0.36% of gross loans at June 30, 2021, compared to 0.64% at June 30, 2020. The allowance for loan losses was $4,490,000 or 1.07% of gross loans at June 30, 2021, compared to $4,246,000 or 1.05% of gross loans at June 30, 2020. Total deposits increased to $497,712,000 at June 30, 2021, compared to $440,102,000 at June 30, 2020.

Muncy Bank Financial, Inc. paid cash dividends of $0.72 per share through June 30, 2021, compared to $0.70 for the same period in 2020, an increase of 3%. Shareholders also received a special 5% stock dividend on March 15, 2021, effectively increasing the total dividend by 8% for 2021.

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 during 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210713005843/en/

FAQ

What are the financial results for Muncy Bank Financial, Inc. for the first half of 2021?

For the six months ended June 30, 2021, Muncy Bank Financial reported a net income of $4,253,000, or $2.64 per share, an increase from $2,386,000, or $1.48 per share, in 2020.

How much did Muncy Bank Financial increase its cash dividend in 2021?

Muncy Bank Financial increased its cash dividend to $0.72 per share in 2021, up from $0.70 per share in 2020.

What was the overall delinquency ratio for Muncy Bank Financial as of June 30, 2021?

The overall delinquency ratio for Muncy Bank Financial was 0.36% of gross loans at June 30, 2021, an improvement from 0.64% at the same time in 2020.

Did Muncy Bank Financial issue any stock dividends in 2021?

Yes, Muncy Bank Financial issued a special 5% stock dividend on March 15, 2021.