Bank posts figures
Muncy Bank Financial Inc., the parent company of The Muncy Bank & Trust Co., recently released the financial results for the three months ending March 31.
Financial highlights for Muncy Bank Financial Inc. for the three months ending March 31 compared to 2016 include: Dividend paid increased to $0.30/share compared to $0.27/share in 2016, shareholders’ Equity increased 1.13 percent to $42,700,882, total deposits increased 4.39 percent to $340,349,588, net loans increased 1.88 percent to $306,262,290 and total assets increased 5.48 percent to $396,227,833, according to a news release.
Net income through March 31 was $863,945 or $0.59 per share, compared to $946,935 or $0.63 per share for the same period in 2016. Return on average assets was 0.89 percent and Return on average equity was 8.21 percent for the first quarter 2017. As a result of growth initiatives, net income was impacted by two new branches, addition of several senior level employees, technology, health care expenses and an increase in the loan loss provision.
With the bank’s first quarter loan growth of 1.88 percent, the bank’s asset quality continues to remain strong, the news release said, with an overall delinquency ratio of .77 percent of gross loans outstanding.
Through March 31 loan loss allowance totals were $3,623,484 or 1.17 percent of loans outstanding. Total deposits increased to $340,349,588 compared to $326,040,948 for the same period in 2016.
Muncy Bank Financial Inc. increased dividends 11 percent for the first quarter 2017 to $0.30 per share compared to $0.27 per share for 2016.
Muncy Bank Financial Inc. is the bank holding company for The Muncy Bank & Trust Co. The Muncy Bank & Trust Co. serves customers through their retail banking, commercial banking, and financial services divisions. Muncy Bank offices are located in the communities of Muncy, Clarkstown, Hughesville, Montoursville, Dewart and Avis. Plans are in place to open an office in Linden during the summer of 2017.