Fri, Nov 8, 7:08 PM (253 days ago)
Muncy Columbia Financial Corporation (ticker: MCF) reported a significant improvement in its financial performance for the third quarter ended September 30, 2024, driven largely by its recent merger with Muncy Bank Financial, Inc. Net income surged to $5,056,000, or $1.42 per share, compared to $1,171,000, or $0.56 per share, in the prior year. Net interest income rose 161.2% to $12.8 million, while non-interest income increased by 78.4% to $2.7 million, reflecting enhanced service charges and gains on marketable equity securities. Total assets decreased 2.0% to $1.607 billion, primarily due to a reduction in available-for-sale debt securities. Conversely, gross loans increased by 4.1% to $1.113 billion, indicating robust loan demand. The allowance for credit losses rose slightly to $9.4 million, with non-performing assets increasing to $8.6 million, reflecting a rise in non-accrual loans. The loan-to-deposit ratio decreased from 92.0% to 85.5%. The bank's capital position remains strong, with total equity increasing by 10.1% to $169.3 million. The annualized return on average assets improved to 1.26%. Overall, MCF's financial health shows positive trends, although challenges remain regarding asset quality and market conditions.