Muncy Bank Financial, Inc. Announces Earnings

Rhea-AI Summary

Muncy Bank Financial, Inc. (OTC:MYBF) announced its unaudited financial results for Q1 2021. The company reported a net income of $1,915,000 ($1.19 per share), a notable increase from $1,230,000 ($0.76 per share) in the same period last year. Total assets rose 13% to $561.57 million, while total deposits surged 17% to $485.03 million. A 5% stock dividend was paid on March 15, 2021, alongside a cash dividend increase to $0.36/share. Return on average assets improved to 1.44%, and return on average equity rose to 14.19%, highlighting strong performance in a competitive market.

Positive

• Net income increased by 55.6% to $1,915,000 from $1,230,000 year-over-year.
• Total assets grew by 13% to $561,570,000.
• Total deposits increased by 17% to $485,031,000.
• Return on average assets improved to 1.44% from 1.01%.
• Return on average equity rose to 14.19% from 9.83%.
• Cash dividend increased to $0.36/share, an increase of 3%.

Negative

• None.

Muncy Bank Financial, Inc., (OTC: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, 2021.

Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the three months ended March 31, 2021, compared to the same period in 2020, include:

• Special 5% stock dividend in 2021
• Cash dividend increased to $0.36/share compared to $0.35/share in 2020
• Total Assets increased 13% to $561,570,000
• Shareholders’ Equity increased 8% to $54,986,000
• Total Deposits increased 17% to $485,031,000
• Net Loans increased 5% to $403,394,000
• Return on Average Assets was 1.44% compared to 1.01% in 2020
• Return on Average Equity was 14.19% compared to 9.83% in 2020

Net income for the three months ended March 31, 2021 was $1,915,000 or $1.19 per share, compared to $1,230,000 or $0.76 per share for the same period in 2020.

The Bank’s loan portfolio remained strong with an overall delinquency ratio of 0.73% of gross loans as of March 31, 2021, compared to 1.48% in 2020. The allowance for loan losses was $4,353,000 or 1.07% of gross loans at March 31, 2021, compared to $4,011,000 or 1.04% of gross loans in 2020. Total deposits increased to $485,031,000 as of March 31, 2021, compared to $414,267,000 in 2020.

Muncy Bank Financial, Inc. paid a special 5% stock dividend on March 15, 2021 to shareholders of record on March 5, 2021. The Company also paid its regular quarterly cash dividend of $0.36 per share for the first quarter 2021, compared to $0.35 for the same period in 2020, an increase of 3%. Factoring in the special 5% stock dividend, the cash dividend was effectively increased by 8%.

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/20210420006015/en/

FAQ

What were Muncy Bank Financial's earnings for Q1 2021?

Muncy Bank Financial reported a net income of $1,915,000 for Q1 2021, or $1.19 per share.

How much did total assets increase for Muncy Bank Financial?

Total assets increased by 13% to $561,570,000 as of March 31, 2021.

What is the dividend payout for Muncy Bank Financial in 2021?

Muncy Bank Financial paid a special 5% stock dividend and increased its cash dividend to $0.36/share.

What was the return on average equity for Muncy Bank Financial?

The return on average equity was 14.19% for the first quarter of 2021.