Mifflinburg, PA – Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the quarter-ended March 31, 2024. 

Net income, as reported for the three months ended March 31, 2024 was $1,356,000 compared to $1,360,000 for the same period in 2023, a 0.3% decrease. Earnings per share were $0.73 compared to $0.73 during the same period in 2023. Return on average assets and return on average equity were 0.97% and 10.08% for the three months ended March 31, 2024 compared to 1.01% and 10.63% for the corresponding period of 2023. 

Total assets increased to $560 million as of March 31, 2024 from $545 million as of March 31, 2023, an increase of 2.8%. Net loans increased by $29.6 million, offset by securities available-for-sale decreasing $12.3 million from March 31, 2023 to March 31, 2024. Total deposits increased $11.1 million and Federal Reserve Bank borrowings increased $9.5 million from March 31, 2023 to March 31, 2024, offset by a $8.9 million decrease in Federal Home Loan Bank advances from March 31, 2023 to March 31, 2024. 

When compared to March 31, 2023, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $1.7 million to $59.9 million as of March 31, 2024. Accumulated other comprehensive loss decreased to $4.4 million as of March 31, 2024. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.9% as of March 31, 2024 and 9.7% at March 31, 2023. 

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.