An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Muncy Bank Financial, Inc. has released its unaudited consolidated financial results for the six months ended June 30, 2023. Key highlights include an increase in cash dividend to $0.78/share, total assets increased by 9% to $663,307,000, net loans increased by 10% to $499,646,000, and retained earnings increased by 4% to $56,510,000. Net income for the period was $2,286,000 or $1.42 per share, compared to $3,346,000 or $2.08 per share in 2022. Net interest income decreased to $8,889,000 from $10,144,000 in 2022.
Positive
None.
Negative
None.
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, 2023.
Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the six months ended June 30, 2023, compared to the same period in 2022, include:
Cash dividend increased to $0.78/share compared to $0.76/share in 2022
Total Assets increased 9% to $663,307,000
Net Loans increased 10% to $499,646,000
Retained Earnings increased 4% to $56,510,000
Return on Average Assets was 0.72%
Return on Average Equity was 9.38%
Net income for the six months ended June 30, 2023 was $2,286,000 or $1.42 per share, compared to $3,346,000 or $2.08 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 six months ended June 30, 2023 decreased to $8,889,000, from $10,144,000 for the same period in 2022. Nonrecurring merger-related expenses of $239,000 were recorded for the six months ended June 30, 2023.
The Bank’s loan portfolio remained strong with an overall delinquency ratio of 0.58% of gross loans at June 30, 2023, compared to 0.36% at June 30, 2022. The allowance for credit losses was $5,360,000 or 1.06% of gross loans at June 30, 2023, compared to $4,889,000 or 1.06% of gross loans at June 30, 2022. The Bank adopted the current expected credit loss (“CECL”) model effective January 1, 2023.
Muncy Bank Financial, Inc. paid cash dividends of $0.78 per share for the six months ended June 30, 2023, compared to $0.76 for the same period in 2022, an increase of 3%. The second quarter 2023 dividend represented the 351st 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, Montgomery and South Williamsport.
What are the key financial highlights for Muncy Bank Financial, Inc. for the six months ended June 30, 2023?
Key financial highlights include an increase in cash dividend to $0.78/share, total assets increased by 9% to $663,307,000, net loans increased by 10% to $499,646,000, and retained earnings increased by 4% to $56,510,000.
What was the net income for the six months ended June 30, 2023?
The net income for the six months ended June 30, 2023, was $2,286,000 or $1.42 per share, compared to $3,346,000 or $2.08 per share in the same period in 2022.
What was the impact on net income?
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 six months ended June 30, 2023, decreased to $8,889,000 from $10,144,000 in 2022.
What is the delinquency ratio of the Bank's loan portfolio?
The delinquency ratio of the Bank's loan portfolio was 0.58% of gross loans at June 30, 2023, compared to 0.36% at June 30, 2022.
What is the allowance for credit losses?
The allowance for credit losses was $5,360,000 or 1.06% of gross loans at June 30, 2023, compared to $4,889,000 or 1.06% of gross loans at June 30, 2022.
Has Muncy Bank Financial, Inc. increased its annual dividend payout?
Yes, Muncy Bank Financial, Inc. has increased its annual dividend payout since 1990.
What was the cash dividend per share for the six months ended June 30, 2023?
The cash dividend per share for the six months ended June 30, 2023, was $0.78, compared to $0.76 for the same period in 2022.
How many consecutive dividend payouts has Muncy Bank Financial, Inc. made?
The second quarter 2023 dividend represented the 351st consecutive dividend payout dating back to 1935.
