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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 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/