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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 quarter and year-ended December 31, 2021.
Net income for the quarter-ended December 31, 2021 was $913,000 compared to $1,168,000 for the same period in 2020. Net income for the year-ended December 31, 2021 was $5,950,000 compared to $5,352,000 for the same period in 2020. Earnings per share for the year-ended December 31, 2021 and 2020 were $3.18 and $2.86, respectively. The return on average assets and return on average equity were 1.11% and 10.84% for the year-ended December 31, 2021 as compared to 1.09% and 10.33% for the same period of 2020.
Total assets amounted to $555.0 million at December 31, 2021 as compared to $510.9 million at December 31, 2020, an increase of $44.1 million. Net loans, not held for sale, increased by $16.7 million from December 31, 2020 to December 31, 2021. In addition, cash and due from banks increased $17.7 million from December 31, 2020 to December 31, 2021 due to a significant increase in customers’ deposits. Total deposits increased $55.6 million from December 31, 2020 to December 31, 2021 as result of continued Government stimulus received by customers and by an increase in the savings rate by customers as result of the uncertainty with the COVID-19 pandemic.
When compared to December 31, 2020, stockholders’ equity, excluding accumulated other comprehensive income, increased $3.5 million to $54.3 million as of December 31, 2021. For the year-ended December 31, 2021 cash dividends of $1.31 per share were paid to stockholders as compared to $1.25 for the same 2020 period. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.9% as of December 31, 2021 and 10.4% at December 31, 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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