Muncy Columbia Financial Corporation announced its third quarter 2024 net income reached $5,056,000, or $1.42 per share. This represents a substantial increase compared to $1,171,000, or $0.56 per share, reported for the same period in 2023. For the nine months ended September 30, 2024, net income was $13,799,000, or $3.86 per share, up from $4,573,000, or $2.20 per share, in the prior year.
The company's profitability metrics also showed improvement, with return on average assets at 1.26% and return on average equity at 12.34% for the quarter, compared to 0.63% and 6.78% respectively in Q3 2023. The fully-tax equivalent net interest margin expanded to 3.40% for the nine-month period ended September 30, 2024, from 2.29% in the prior year. Total deposits increased by $24,842,000, while short-term borrowings decreased by $16,261,000, driven by a strategic initiative to reposition customer repurchase agreements into core deposit accounts.
Total non-performing assets increased to $8,575,000, or 0.53% of total assets, at September 30, 2024, up from $7,736,000, or 0.49% of total assets, at June 30, 2024. Despite this, the Corporation maintained a strong equity to assets ratio of 10.53% and remained well capitalized. Book value per share increased to $47.35 at September 30, 2024, from $43.08 at December 31, 2023.
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