MUNCY COLUMBIA FINANCIAL Corp
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
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Consolidated Statements of Income
| For the Three Months Ended · For the Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In Thousands, Except Share and Per Share Data) (Unaudited) | 2024 | 2023 | 2024 | 2023 |
| INTEREST AND DIVIDEND INCOME | ||||
| Interest and fees on loans: | ||||
| Taxable | $18,234 | $6,629 | $53,231 | $18,861 |
| Tax-exempt | 421 | 243 | 1,106 | 674 |
| Interest and dividends on investment securities: | ||||
| Taxable | 994 | 1,211 | 3,175 | 3,641 |
| Tax-exempt | 842 | 135 | 2,508 | 398 |
| Dividend and other interest income | 190 | 86 | 617 | 222 |
| Federal funds sold | — | — | — | 1 |
| Deposits in other banks | 110 | 84 | 238 | 169 |
| TOTAL INTEREST AND DIVIDEND INCOME | 20,791 | 8,388 | 60,875 | 23,966 |
| INTEREST EXPENSE | ||||
| Deposits | 6,133 | 892 | 16,353 | 2,299 |
| Short-term borrowings | 1,093 | 2,337 | 5,017 | 6,248 |
| Long-term borrowings | 791 | 268 | 2,436 | 414 |
| TOTAL INTEREST EXPENSE | 8,017 | 3,497 | 23,806 | 8,961 |
| NET INTEREST INCOME | 12,774 | 4,891 | 37,069 | 15,005 |
| Provision (credit) for credit losses - loans | 151 | (172) | 288 | (594) |
| Provision (credit) for credit losses - off balance sheet credit exposures | — | 4 | (18) | 1 |
| TOTAL PROVISION (CREDIT) FOR CREDIT LOSSES | 151 | (168) | 270 | (593) |
| NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR CREDIT LOSSES | 12,623 | 5,059 | 36,799 | 15,598 |
| NON-INTEREST INCOME | ||||
| Service charges and fees | 727 | 477 | 2,009 | 1,516 |
| Gain on sale of loans | 75 | 68 | 244 | 193 |
| Earnings on bank-owned life insurance | 236 | 113 | 692 | 335 |
| Brokerage | 193 | 146 | 609 | 425 |
| Trust | 243 | 195 | 653 | 613 |
| Gains (losses) on marketable equity securities | 163 | (118) | 8 | (265) |
| Realized losses on available-for-sale debt securities, net | — | — | (8) | — |
| Interchange fees | 664 | 428 | 1,970 | 1,294 |
| Other non-interest income | 414 | 213 | 1,489 | 743 |
| TOTAL NON-INTEREST INCOME | 2,715 | 1,522 | 7,666 | 4,854 |
| NON-INTEREST EXPENSE | ||||
| Salaries and employee benefits | 4,704 | 2,275 | 14,146 | 7,307 |
| Occupancy | 644 | 326 | 1,843 | 969 |
| Furniture and equipment | 448 | 305 | 1,238 | 872 |
| Pennsylvania shares tax | 251 | (58) | 691 | 234 |
| Professional fees | 359 | 316 | 1,135 | 838 |
| Director’s fees | 103 | 72 | 342 | 227 |
| Federal deposit insurance | 187 | 110 | 595 | 327 |
| Data processing and telecommunications | 848 | 361 | 2,672 | 1,064 |
| Automated teller machine and interchange | 107 | 111 | 475 | 221 |
| Merger-related expenses | 43 | 757 | 340 | 1,206 |
| Amortization of intangibles | 558 | — | 1,656 | — |
| Other non-interest expense | 1,115 | 698 | 3,074 | 1,682 |
| TOTAL NON-INTEREST EXPENSE | 9,367 | 5,273 | 28,207 | 14,947 |
| INCOME BEFORE INCOME TAX PROVISION | 5,971 | 1,308 | 16,258 | 5,505 |
| INCOME TAX PROVISION | 915 | 137 | 2,459 | 932 |
| NET INCOME | $5,056 | $1,171 | $13,799 | $4,573 |
| EARNINGS PER SHARE - BASIC AND DILUTED | $1.42 | $0.56 | $3.86 | $2.20 |
| WEIGHTED AVERAGE SHARES OUTSTANDING | 3,574,043 | 2,080,109 | 3,572,250 | 2,079,635 |
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