In This Story
Muncy Columbia Financial Corp. (CCFN-1.84%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $1.596 billion, a decrease from $1.640 billion at the end of the previous year. This change was primarily due to decreases in available-for-sale debt securities and restricted investment in bank stocks.
Gross loans receivable increased to $1.126 billion from $1.068 billion, reflecting strong loan demand. The allowance for credit losses was $9.9 million, representing 0.88% of total loans.
Total deposits increased to $1.292 billion, with interest-bearing deposits rising significantly due to a strategic initiative to reposition customer repurchase agreements into core deposit accounts.
Short-term borrowings decreased to $68.4 million from $252.5 million, primarily due to the migration of customer repurchase agreements.
Net income for the year was $19.0 million, or $5.33 per share, up from $3.4 million, or $1.49 per share, in the previous year. The increase was attributed to higher net interest income and reduced merger-related expenses.
Net interest income increased by $27.2 million, or 116.9%, to $50.5 million, driven by higher earning asset volumes and yields.
Non-interest income rose to $10.4 million, reflecting increases in service charges, interchange fees, and earnings on bank-owned life insurance.
Non-interest expense increased to $37.7 million, primarily due to expenses related to the merger with Muncy Bank Financial, Inc., which was completed in November 2023.
The filing also details various regulatory matters, including capital adequacy requirements. Journey Bank remains well-capitalized under regulatory standards.
Muncy Columbia Financial Corp. continues to focus on maintaining a strong financial condition and managing interest rate risk, with liquidity and capital resources deemed sufficient to meet future obligations.
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. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.