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Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the third quarter of 2021.
Net income, as reported under U.S. Generally Accepted Accounting Principles (GAAP), for the quarter-ended September 30, 2021 was $1,995,051 compared to $1,486,000 for the same period in 2020. Net income, as reported under GAAP, for the nine months-ended September 30, 2021 was $5,037,000 compared to $4,183,000 for the same period in 2020. Earnings per share for the nine months-ended September 30, 2021 and 2020 were $2.69 and $2.24, respectively. The return on average assets and return on average equity were 1.27% and 12.34% for the nine months-ended September 30, 2021 as compared to 1.16% and 10.87% for the same period of 2020.
Total assets amounted to $549.9 million at September 30, 2021 as compared to $509.8 million at September 30, 2020, an increase of $40.1 million. Net loans, not held for sale, increased by $11.8 million from September 30, 2020 to September 30, 2021. In addition, cash and cash equivalents increased $23.7 million from September 30, 2020 to September 30, 2021 due to a significant increase in customer’s deposits. Total deposits increased $47.2 million from September 30, 2020 to September 30, 2021 as result of PPP loans made to customers and continued Government stimulus received by customers.
When compared to September 30, 2020, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $3.8 million to $54.6 million as of September 30, 2021. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 10.2% as of September 30, 2021 and 10.4% at September 30, 2020.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.
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