Net income for the quarter-ended March 31, 2020 was $1,289,000 compared to $1,260,000 for the same period in 2019.  Earnings per share for the quarter-ended March 31, 2020 and 2019 were $0.69 and $0.67, respectively. The return on average assets and return on average equity were 1.14% and 10.34% for the quarter-ended March 31, 2020 as compared to 1.17% and 11.18% for the same period of 2019.

Total assets amounted to $459.1 million at March 31, 2020 as compared to $444.4 at March 31, 2019.  For the quarter-ended March 31, 2020, net loans, not held for sale, increased by $11.9 million while investment securities decreased $3.4 million. Total deposits increased $5.0 million and long term borrowings increased $4.8 million since the quarter-ended March 31, 2019. 

When compared to March 31, 2019, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $2.9 million to $49.0 million as of March 31, 2020. The current level of stockholders’ equity equated to a book value per share of $26.94 at March 31, 2020 as compared with $24.75 as of March 31, 2019.  Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 10.98% as of March 31, 2020 and 10.42% at March 31, 2019.