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Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the quarter-ended March 31, 2022.
Net income for the quarter-ended March 31, 2022 was $1,569,000 compared to $1,512,000 for the same period in 2021. Earnings per share for the quarter-ended March 31, 2022 and 2021 were $0.84 and $0.81, respectively. The return on average assets and return on average equity were 1.15% and 11.81% for the quarter-ended March 31, 2022 as compared to 1.18% and 11.44% for the same period of 2021.
Total assets amounted to $546.1 million at March 31, 2022 as compared to $525.9 million at March 31, 2021, an increase of $20.2 million. Net loans, not held for sale, increased by $16.2 million from March 31, 2021 to March 31, 2022. In addition, securities available for sale increased $18.1 million from March 31, 2021 to March 31, 2022 due to a significant increase in customer’s deposits. Total deposits increased $32.6 million from March 31, 2021 to March 31, 2022 as result of an increase in the customer’s savings rate and Government stimulus received by customers.
When compared to March 31, 2021, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $3.6 million to $55.8 million as of March 31, 2022. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.6% as of March 31, 2022 and 10.2% at March 31, 2021.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.
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