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Muncy Columbia Financial Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $1.607 billion, a decrease from $1.640 billion at the end of 2023. This change was primarily due to decreases in available-for-sale debt securities, restricted investment in bank stocks, and deferred tax assets, partially offset by increases in cash and cash equivalents and loans receivable.
Total liabilities decreased to $1.438 billion from $1.486 billion at the end of 2023. Deposit balances increased by $139.8 million, while short-term borrowings decreased by $179.5 million.
Net income for the quarter was $5,056,000, or $1.42 per share, compared to $1,171,000, or $0.56 per share, in the same period of the previous year. The increase is attributed to the merger with Muncy Bank Financial, Inc.
Net interest income increased to $12.8 million for the quarter, up from $4.9 million in the same quarter of 2023. The tax-equivalent net interest margin rose to 3.48% from 2.21% in the previous year.
Non-interest income rose to $2.7 million, driven by increases in service charges and fees, earnings on bank-owned life insurance, and gains on marketable equity securities.
Non-interest expenses increased to $9.4 million, primarily due to the merger-related expenses and increased salaries and employee benefits.
The allowance for credit losses was $9.4 million, covering 0.85% of total loans, slightly down from 0.87% at the end of 2023. The provision for credit losses was $151,000 for the quarter.
Total non-performing assets were $8.575 million, up from $4.476 million at the end of 2023, primarily due to one real estate loan relationship placed on nonaccrual status.
Total stockholders’ equity increased to $169.3 million, driven by earnings and a decrease in accumulated other comprehensive loss.
The filing also details the merger with Muncy Bank Financial, Inc., completed on November 11, 2023, which significantly contributed to the growth in the balance sheet and net interest income.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Muncy Columbia Financial Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.