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Mifflinburg, PA – Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the second quarter of 2022.
Net income, as reported under U.S. Generally Accepted Accounting Principles (GAAP), for the quarter-ended June 30, 2022 was $1,508,000 compared to $1,531,000 for the same period in 2021. Net income, as reported under GAAP, for the six months-ended June 30, 2022 was $3,078,000 compared to $3,042,000 for the same period in 2021. Earnings per share for the six months-ended June 30, 2022 and 2021 were $1.64 and $1.63, respectively. The return on average assets and return on average equity were 1.13% and 11.89% for the six months-ended June 30, 2022 as compared to 1.16% and 11.35% for the same period of 2021.
Total assets amounted to $552.1 million at June 30, 2022 as compared to $541.3 million at June 30, 2021, an increase of $10.8 million. Cash and cash equivalents decreased $53.8 million from June 30, 2021 to June 30, 2022 due to a $41.1 million increase in securities available for sale and net loans, not held for sale, increasing by $20.0 million from June 30, 2021 to June 30, 2022. Total deposits increased $35.1 million from June 30, 2021 to June 30, 2022 as result of an increase in the customer’s savings rate and continued Government stimulus received by customers.
When compared to June 30, 2021, stockholders’ equity, excluding accumulated other comprehensive (loss) income, increased $3.5 million to $56.1 million as of June 30, 2022. Accumulated other comprehensive loss increased $7.7 million from June 30, 2021 to June 30, 2022 as a result of a decrease in the market value of securities available-for-sale resulting from increasing interest rates. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.1% as of June 30, 2022 and 10.0% at June 30, 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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