Mifflinburg, PA – Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the quarter and year-ended December 31, 2022. 

Net income for the quarter-ended December 31, 2022 was $1,335,000 compared to $913,000 for the same period in 2021. Net income for the year-ended December 31, 2022 was $5,983,000 compared to $5,950,000 for the same period in 2021. Earnings per share for the year-ended December 31, 2022 and 2021 were $3.20 and $3.18, respectively. The return on average assets and return on average equity were 1.09% and 11.72% for the year-ended December 31, 2022 as compared to 1.11% and 10.84% for the same period of 2021.

Total assets amounted to $548.8 million at December 31, 2022 as compared to $555.1 million at December 31, 2021, a decrease of $6.3 million. Net loans, not held for sale, increased by $29.8 million from December 31, 2021 to December 31, 2022. In addition, cash and cash equivalents decreased $49.0 million from December 31, 2021 to December 31, 2022 due to a reallocation of assets to investment securities and loans. Total deposits decreased $5.0 million from December 31, 2021 to December 31, 2022. Federal Home Loan Bank advances increased $22.7 million in order to fund loan growth.

When compared to December 31, 2021, stockholders’ equity, excluding accumulated other comprehensive income, increased $2.9 million to $57.2 million as of December 31, 2022. Accumulated other comprehensive loss increased to $7.2 million as of December 31, 2022 as a result of a decrease in the market value of securities available-for-sale resulting from increasing interest rates. For the year-ended December 31, 2022 cash dividends of $1.37 per share were paid to stockholders as compared to $1.31 for the same 2021 period.  Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.1% as of December 31, 2022 and 9.9% at December 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.