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Muncy Columbia Financial Corporation Declares Special One-Time Cash Dividend and Announces First Quarter 2025 Earnings

BLOOMSBURG, Pa.--(BUSINESS WIRE)-- Muncy Columbia Financial Corporation (鈥淐orporation鈥�) (OTCQX: CCFN), parent company of Journey Bank (鈥滲ank鈥�), announced a special one-time cash dividend and its unaudited consolidated financial results for the first quarter of 2025.

Special One-Time Cash Dividend

On April 22, 2025, the Corporation鈥檚 Board of Directors declared a special one-time cash dividend of $0.50 per share on its common stock, payable May 22, 2025, to shareholders of record as of May 6, 2025.

"We are pleased to recognize and reward our shareholders with this special one-time cash dividend. We reported record earnings in 2024 and remain committed to creating shareholder value," stated Lance O. Diehl, President and CEO. "As a result of the success of our recent strategic merger with Muncy Bank Financial, Inc., we have both the ability and unique opportunity to return more through this special dividend while maintaining capital above well-capitalized levels,鈥� Diehl explained.

Unaudited Financial Information

Net income, as reported under accounting principles generally accepted in the United States of America (鈥淕AAP鈥�), for the first quarter 2025 was $4,345,000, or $1.23 per share, compared to $4,036,000, or $1.13 per share, for the first quarter 2024. Return on average assets and return on average equity were 1.10% and 10.33%, respectively, for the first quarter 2025 as compared to 1.02% and 10.52%, respectively, for the first quarter 2024.

Net interest income of $13,868,000 for the first quarter 2025 was up $1,933,000 from the first quarter 2024 reflecting an increase in total interest and dividend income of $952,000 and a decrease of $981,000 in total interest expense. The fully-tax equivalent net interest margin was 3.83% for the first quarter 2025 as compared to 3.32% for the first quarter 2024.

For the first quarter 2025, a $110,000 provision for credit losses was recorded compared to $90,000 for the first quarter 2024. As of March 31, 2025, the allowance for credit losses to total loans was 0.87% as compared to 0.88% as of December 31, 2024.

Total non-interest income decreased $87,000 to $2,445,000 for the first quarter 2025, compared to the first quarter 2024 amount of $2,532,000. Service charges and fees increased $107,000 due primarily to higher overdraft fee income, and losses on marketable equity securities decreased $83,000 due to market value changes comparing the first quarter 2025 to the first quarter 2024. Other non-interest income decreased $341,000 due to one-time events in the first quarter 2024 including incentives received in conjunction with the launch of a debit card reissuance project as well as a governmental grant recorded in conjunction with the completion of a solar energy project.

Total non-interest expense increased $1,445,000 from $9,646,000 for the first quarter 2024, to $11,091,000 for the first quarter 2025. Salaries and employee benefits expense of $6,320,000 for the first quarter 2025 increased $1,518,000 from $4,802,000 for the first quarter 2024. The Corporation recorded one-time pretax expenses totaling $1,295,000 in conjunction with the retirement of its Executive Chairman during the first quarter 2025. Additionally, health insurance expenses associated with the Corporation鈥檚 partially self-funded health insurance plan were $151,000 higher in the first quarter 2025 than the first quarter 2024.

Total consolidated assets amounted to $1,602,336,000 at March 31, 2025, as compared to $1,595,958,000 at December 31, 2024. For the quarter ended March 31, 2025, available-for-sale debt securities decreased $15,789,000 and loans receivable, not held for sale, increased by $18,247,000. Total deposits increased $46,206,000 while short-term borrowings decreased $40,706,000 and long-term borrowings decreased $5,152,000 during the quarter ended March 31, 2025.

The increase in total deposits during the quarter ended March 31, 2025 was as a result of strong organic deposit growth in combination with the continued execution of a strategic initiative to reposition customer repurchase agreements, which are classified as short-term borrowings, into core deposit accounts. The Bank anticipates the completion of this project in 2025 which will assist in optimizing the Bank鈥檚 long-term liquidity needs and balance sheet management strategies.

Total non-performing assets amounted to $12,300,000 or 0.77% of total assets at March 31, 2025, as compared to $10,117,000 or 0.63% of total assets at December 31, 2024. The increase in non-performing assets was primarily attributable to an increase in non-accrual loans from $10,047,000 at December 31, 2024 to $12,230,000 at March 31, 2025.

Total stockholders鈥� equity equated to a book value per share of $48.50 at March 31, 2025 as compared with $47.11 at December 31, 2024. For the first quarter 2025 cash dividends of $0.45 per share were paid to stockholders as compared to $0.44 for the same period of 2024. The Corporation remains well capitalized, with an equity to assets ratio of 10.70% at March 31, 2025 as compared to 10.43% at December 31, 2024.

About Muncy Columbia Financial Corporation

Muncy Columbia Financial Corporation ("MCFC") is a registered financial holding company headquartered in Bloomsburg, Pennsylvania. MCFC has one subsidiary bank, Journey Bank, serving individuals, families, nonprofits and business clients throughout Clinton, Columbia, Lycoming, Montour, Northumberland and Sullivan Counties through 22 banking offices.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: changes in general economic trends, including inflation and changes in interest rates; our ability to manage credit risk; our ability to maintain an adequate level of allowance for credit loss on loans; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; fluctuations in the values of securities held in our securities portfolio, including as a result of changes in interest rates; our ability to successfully manage liquidity risk; adverse developments in borrower industries and, in particular, declines in real estate values; the concentration of large deposits from certain customers who have balances above current FDIC insurance limits; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and any other risks described in the 鈥淩isk Factors鈥� sections of reports filed by the Corporation with the Securities and Exchange Commission. We do not undertake, and specifically disclaim, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.

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Source: Muncy Columbia Financial Corporation