Muncy Bank Financial, Inc., 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.
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Financial Highlights
Financial highlights for Muncy Bank Financial, Inc. as of and for the year ended December 31, 2021, compared to the same period in 2020, include:
- Special 5% stock dividend in 2021
- Cash dividend increased to $1.46/share compared to $1.41/share in 2020
- Total Assets increased 12% to $594,334,000
- Shareholders’ Equity increased 9% to $59,107,000
- Total Deposits increased 16% to $527,512,000
- Net Loans increased 10% to $441,912,000
- Return on Average Assets was 1.33% compared to 1.13% in 2020
- Return on Average Equity was 13.44% compared to 11.05% in 2020
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Net income for the year ended December 31, 2021 was $7,635,000 or $4.75 per share, compared to $5,748,000 or $3.57 per share for the same period in 2020. In the second and third quarters of 2021, the Bank recorded total gains 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. Net income for the year ended December 31, 2021 was also positively impacted by recognition of PPP fees and gains of sales of secondary market mortgages 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 ratio of 0.46% of gross loans at December 31, 2021, compared to 1.21% at December 31, 2020. The allowance for loan losses was $4,738,000 or 1.06% of gross loans at December 31, 2021, compared to $4,268,000 or 1.05% of gross loans at December 31, 2020. Total deposits increased to $527,512,000 at December 31, 2021, compared to $454,106,000 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 5% stock dividend on March 15, 2021, effectively increasing the total dividend by 9% for 2021.
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