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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, 2023.
Net income, as reported for the three months ended March 31, 2023 was $1,360,000 compared to $1,569,000 for the same period in 2022, a 13.3% decrease. Earnings per share were $0.73 compared to $0.84 during the same period in 2022. Return on average assets and return on average equity were 1.01% and 10.63% for the three months ended March 31, 2023 compared to 1.15% and 11.81% for the corresponding period of 2022.
Total assets decreased to $545 million as of March 31, 2023 from $546 million as of March 31, 2022, a decrease of 0.3%. Net loans increased by $19.7 and securities available for sale increased $3.0 million from March 31, 2022 to March 31, 2023, offset by a $21.7 million decrease in interest-bearing deposits in banks. Total deposits decreased $4.0 million and securities sold under agreement to repurchase decreased $17.9 million from March 31, 2022 to March 31, 2023, offset by a $20.7 million increase in Federal Home Loan Bank advances from March 31, 2022 to March 31, 2023.
When compared to March 31, 2022, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $2.4 million to $58.2 million as of March 31, 2023. Accumulated other comprehensive loss increased to $5.6 million as of March 31, 2023 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 9.7% as of March 31, 2023 and 9.6% at March 31, 2022.
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