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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-ended March 31, 2021.
Net income for the quarter-ended March 31, 2021 was $1,512,000 compared to $1,289,000 for the same period in 2020. Earnings per share for the quarter-ended March 31, 2021 and 2020 were $0.81 and $0.69, respectively. The return on average assets and return on average equity were 1.18% and 11.44% for the quarter-ended March 31, 2021 as compared to 1.14% and 10.34% for the same period of 2020.
Total assets amounted to $525.9 million at March 31, 2021 as compared to $459.1 million at March 31, 2020, an increase of $66.8 million. Net loans, not held for sale, increased by $11.7 million from March 31, 2020 to March 31, 2021. The increase in loans is primarily the result of Payment Protection Program (PPP) loans made in 2020 and 2021. In addition, interest-bearing deposits in banks increased $27.0 million from March 31, 2020 to March 31, 2021 due to a significant increase in customer’s deposits. Total deposits increased $79.4 million from March 31, 2020 to March 31, 2021 as result of PPP loans made to customers and Government stimulus received by customers as result of the COVID-19 pandemic.
When compared to March 31, 2020, stockholders’ equity, excluding accumulated other comprehensive income (loss), increased $3.2 million to $52.3 million as of March 31, 2021. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 10.2% as of March 31, 2021 and 11.0% at March 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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