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Muncy Bank Financial, Inc. (MYBF) announced its financial results for the six months ending June 30, 2022. Key highlights include a 6% increase in cash dividends to $0.76 per share and 8% growth in total assets, reaching $606.56 million. Total deposits rose by 10% to $549.42 million, while net loans increased by 9% to $454.56 million. However, net income decreased to $3.35 million ($2.08 per share) from $4.25 million ($2.64 per share) year-over-year. The bank maintains a stable delinquency ratio of 0.36% and has paid consecutive dividends since 1935.
Positive
Cash dividend increased 6% to $0.76/share.
Total assets grew 8% to $606.56 million.
Total deposits increased 10% to $549.42 million.
Net loans rose 9% to $454.56 million.
Retained earnings up 9% to $54.11 million.
Return on average assets at 1.10%.
Negative
Net income decreased to $3.35 million, down from $4.25 million.
Net interest income increased but is lower than previous year's gains on mortgage sales, recording only $90,000.
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 six months ended June 30, 2022.
Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the six months ended June 30, 2022, compared to the same period in 2021, include:
Cash dividend increased to $0.76/share compared to $0.72/share in 2021
Total Assets increased 8% to $606,560,000
Total Deposits increased 10% to $549,424,000
Net Loans increased 9% to $454,559,000
Retained Earnings increased 9% to $54,111,000
Return on Average Assets was 1.10%
Return on Average Equity was 12.68%
Net income for the six months ended June 30, 2022 was $3,346,000 or $2.08 per share, compared to $4,253,000 or $2.64 per share for the same period in 2021. Net interest income for the six months ended June 30, 2022 increased to $10,144,000, from $9,155,000 for the same period in 2021. Gains on sales of secondary market mortgages were $90,000 for the six months ended June 30, 2022, compared to $731,000 for the same period of 2021. 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 both June 30, 2022 and June 30, 2021. The allowance for loan losses was $4,889,000 or 1.06% of gross loans at June 30, 2022, compared to $4,490,000 or 1.07% of gross loans at June 30, 2021. Total deposits increased to $549,424,000 at June 30, 2022, compared to $497,712,000 at June 30, 2021.
Muncy Bank Financial, Inc. paid cash dividends of $0.76 per share through June 30 2022, compared to $0.72 for the same period in 2021, an increase of 6%. The second quarter 2022 dividend represented the 347th 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 2022.
