Muncy Bank Financial, Inc. Announces Results
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, 2021.
Financial highlights of Muncy Bank Financial, Inc. as of and for the year ended December 31, 2021, compared to the same period in 2020, include:
Special stock dividend of 5% in 2021
Cash dividend increased to $1.46/share from $1.41/share in 2020
Total assets increased by 12% to $594,334,000
Shareholders’ equity increased by 9% to reach $59,107,000
Total deposits increased by 16% to $527,512,000
Net loans increased by 10% to $441,912,000
Return on average assets was 1.33% vs. 1.13% in 2020
Return on average equity was 13.44% compared to 11.05% in 2020
Net earnings for the year ended December 31, 2021 were $7,635,000 or $4.75 per share, compared to $5,748,000 or $3.57 per share for the same period in 2020. second and third quarters of 2021, the Bank recorded total gains of $1.1 million related to proceeds received on bank-owned life insurance policies as well as a pre-tax loss of $364,000 on the early repayment of long-term loans. Net income for the year ended December 31, 2021 was also positively impacted by the recognition of PPP fees and gains on secondary market mortgage sales of $823,000 and $1,258,000, respectively, compared to $401 $000 and $509,000, respectively, for the same period in 2020.
The Bank’s loan portfolio remained strong with an overall delinquency rate of 0.46% of gross loans as of December 31, 2021, compared to 1.21% as of December 31, 2020. The provision for loan losses was 4,738 2021, compared to $4,268,000 or 1.05% of gross loans as of December 31, 2020. Total deposits increased to $527,512,000 as of December 31, 2021. 2021, compared to $454,106,000 as at December 31, 2020.
Muncy Bank Financial, Inc. paid cash dividends of $1.46 per share for the year ended December 31, 2021, compared to $1.41 for the year ended December 31, 2020, an increase of 4% . Shareholders also received a special stock dividend of 5% on March 15, 2021, increasing the total dividend by 9% for 2021.
About Muncy Bank Financial, Inc.
Muncy Bank Financial, Inc. is the bank holding company of The Muncy Bank & Trust Company. The Muncy Bank & Trust Company serves its customers through its 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 set to open in South Williamsport in 2022.