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, 2023. 

Net income for the quarter-ended December 31, 2023 was $590,000 compared to $1,335,00 for the same period in 2022. Net income for the year-ended December 31, 2023 was $4,153,000 compared to $5,983,000 for the same period in 2022. Earnings per share for the year-ended December 31, 2023 and 2022 were $2.24 and $3.20, respectively. The return on average assets and return on average equity were 0.76% and 7.95% for the year-ended December 31, 2023 as compared to 1.09% and 11.72% for the same period of 2022. 

Total assets amounted to $560.6 million at December 31, 2023 as compared to $548.8 million at December 31, 2022, an increase of $11.8 million. Net loans, not held for sale, increased by $19.3 million from December 31, 2022 to December 31, 2023. In addition, cash and cash equivalents increased $1.7 million from December 31, 2022 to December 31, 2023, while available-for-securities decreased $8.3 million year-to-year. Total deposits increased $11.9 million from December 31, 2022 to December 31, 2023. Federal Home Loan Bank advances decreased $15.9 million and borrowings from the Federal Reserve Bank increased $9.5 million from December 31, 2022 to December 31, 2023. 

When compared to December 31, 2022, stockholders’ equity, excluding accumulated other comprehensive loss, increased $1.4 million to $58.6 million as of December 31, 2023. Accumulated other comprehensive loss decreased to $3.4 million as of December 31, 2023 because of an increase in the market value of securities available-for-sale resulting from decreasing interest rates. For the year-ended December 31, 2023 cash dividends of $1.41 per share were paid to stockholders as compared to $1.37 for the same 2022 period. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.8% as of December 31, 2023 and 9.1% at December 31, 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. 

 FOR IMMEDIATE RELEASE 

Friday, January 19, 2024 

Mifflinburg Bancorp, Inc., Reports Fourth Quarter 2023 Earnings 

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, 2023. 

Net income for the quarter-ended December 31, 2023 was $590,000 compared to $1,335,00 for the same period in 2022. Net income for the year-ended December 31, 2023 was $4,153,000 compared to $5,983,000 for the same period in 2022. Earnings per share for the year-ended December 31, 2023 and 2022 were $2.24 and $3.20, respectively. The return on average assets and return on average equity were 0.76% and 7.95% for the year-ended December 31, 2023 as compared to 1.09% and 11.72% for the same period of 2022. 

Total assets amounted to $560.6 million at December 31, 2023 as compared to $548.8 million at December 31, 2022, an increase of $11.8 million. Net loans, not held for sale, increased by $19.3 million from December 31, 2022 to December 31, 2023. In addition, cash and cash equivalents increased $1.7 million from December 31, 2022 to December 31, 2023, while available-for-securities decreased $8.3 million year-to-year. Total deposits increased $11.9 million from December 31, 2022 to December 31, 2023. Federal Home Loan Bank advances decreased $15.9 million and borrowings from the Federal Reserve Bank increased $9.5 million from December 31, 2022 to December 31, 2023. 

When compared to December 31, 2022, stockholders’ equity, excluding accumulated other comprehensive loss, increased $1.4 million to $58.6 million as of December 31, 2023. Accumulated other comprehensive loss decreased to $3.4 million as of December 31, 2023 because of an increase in the market value of securities available-for-sale resulting from decreasing interest rates. For the year-ended December 31, 2023 cash dividends of $1.41 per share were paid to stockholders as compared to $1.37 for the same 2022 period. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.8% as of December 31, 2023 and 9.1% at December 31, 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.