Mifflinburg, PA – Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the quarter-ended September 30, 2023. Net income, as reported for quarter-ended September 30, 2023 was $1,121,000 compared to $1,570,000 for the same period in 2022, a 28.6% decrease. Net income, as reported under GAAP, for the nine months- ended September 30, 2023 was $3,564,000 compared to $4,647,000 for the same period in 2022, a 23.3% decrease.

Earnings per share were $1.92 compared to $2.48 during the same period in 2022. Return on average assets and return on average equity were 0.87% and 9.16% for the nine months ended September 30, 2023 compared to 1.13% and 12.05% for the corresponding period of 2022.

Total assets increased to $560.9 million as of September 30, 2023 from $544.7 million as of September 30, 2022, an increase of 3.0%. Net loans increased by $14.3 million, offset by securities available for sale decreasing $5.6 million and cash and cash equivalent increasing by $8.5 million from September 30, 2022 to September 30, 2023. Total deposits decreased $1.5 million and securities sold under agreement to repurchase decreased $4.3 million from September 30, 2022 to September 30, 2023, offset by an $8.8 million increase in Federal Home Loan Bank advances and a $9.5 million increase in Fed Discount Window borrowings from September 30, 2022 to September 30, 2023.

When compared to September 30, 2022, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $1.5 million to $59.1 million as of September 30, 2023. Accumulated other comprehensive loss decreased to $7.6 million as of September 30, 2023 as a result of an increase in the market value of securities available-for-sale resulting from changing interest rates.

Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.2% as of September 30, 2023 and 9.0% at September 30, 2022.

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.