Bank’s CEO addresses annual meeting, election
Daniel C. Berninger, president and CEO of Muncy Bank Financial Inc. reported that the company continued to achieve exceptional balance sheet and earnings growth for 2013 at the bank’s annual meeting and election of board members, according to a news release.
The following directors were elected for a three-year term: J. Howard Langdon, Richard H. Lloyd and Robert M. Rabb.
Deposits, the news release said, increased 11.10 percent, or $30,575,404 ending the year at $305,977,373. Assets increased $30,386,957, or 9.41 percent and total $353,362,054; loans increased $20,114,236 or 8.27 percent and total $263,225,589 and shareholders’ equity increased $2,718,916 or 7.96 percent to $36,872,229 as of Dec. 31, 2013.
Net income was $4,601,118 or $2.96 per share as of December 31, 2013. For comparison, net income was $4,841,682 or $3.15 per share as of December 31, 2012, which was inflated in part due to a one-time non-recurring income opportunity which generated $240,000 additional income.
The return on average assets, the news release said, was 1.34 percent, and the return on average equity was 13.87 percent. With the increase in equity, Muncy Bank Financial, Inc. increased dividends 5.26 percent from $.76 per share in 2012 to $.80 per share in 2013.
During 2013, Muncy Bank Financial, Inc. received two national recognitions as published by American Banker Magazine. In the May 2013 issue, Muncy Bank Financial Inc. was ranked 12th on the “Top 200 Community Bank List” in the United States. This is the fifth consecutive year that the bank has been recognized and this year’s ranking improved from last years ranking of 30th. This list includes all banks and thrifts with less than $2 billion in assets as of December 31, 2012. In addition, the “Top 200 Community Bank List” ranks institutions based on a three-year average return on equity for three years ending Dec. 31, 2010, 2011 and 2012. It is estimated that 96 percent of the nations 8,000 banks have assets less than $2 billion today.
In November 2013, the Muncy Bank and Trust Co. was named as one of the “Best Banks to Work For” in the nation. The list includes all banks in the country with assets less than $3 billion. Muncy Bank was ranked No. 11 in the country and just one of two banks represented from Pennsylvania, according to the news release.
Muncy Bank Financial Inc, is the holding company for The Muncy Bank and Trust Co., which was established in 1893. The Muncy Bank and Trust Company operates six offices with two located in Muncy and one in Hughesville, Clarkstown, Montoursville and Dewart.