Mifflinburg Bancorp Inc.
MIFFLINBURG — Mifflinburg Bancorp Inc., parent company of Mifflinburg Bank and Trust Co., has released its unaudited financial results for the third quarter of 2020.
Net income, as reported under U.S. Generally Accepted Accounting Principles (GAAP), for the quarter ending Sept. 30, 2020 was $1.486 million, compared to $1.418 million for the same period in.
Net income, as reported under GAAP, for the nine months ending Sept. 30 was $4.183 million, compared to $3.989 million for the same period in 2019.
Earnings per share for the nine months ending Sept. 30, 2020 and 2019 were $2.24 and $2.13, respectively. The return on average assets and return on average equity were 1.16% and 10.87% for the nine months ending Sept. 30, as compared to 1.20% and 11.31% for the same period of 2019.
Total assets amounted to $509.8 million on Sept. 30, as compared to $454.8 million on Sept. 30, 2019, an increase of $55 million.
Net loans, not held for sale, increased by $14.6 million from Sept. 30, 2019 to Sept. 30, 2020. The increase in loans is primarily the result of Payment Protection Program (PPP). In addition, cash and due from banks increased $23.6 million from Sept. 30, 2019 to Sept. 30, due to an increase in customer deposits. Total deposits increased $50.3 million from Sept. 30, 2019, to Sept. 30, as result of PPP loans made to customers and government stimulus received by customers as result of the COVID-19 pandemic.
When compared to Sept. 30, 2019, stockholders’ equity, excluding accumulated other comprehensive income, increased $2.8 million to $50.8 million as of Sept. 30.
The current level of stockholders’ equity equated to a book value per share of $28.26 on Sept. 30, as compared with $26.18 as of Sept. 30, 2019.
As of Sept. 30, cash dividends of 62-cents per share were paid to stockholders, as compared to 50-cents for the same 2019 period. Mifflinburg Bancorp has an equity-to-assets ratio of 10.4% as of Sept. 30, and 10.8% at Sept. 30, 2019.