CCFN 8-K

MUNCY COLUMBIA FINANCIAL Corp (CCFN)

8-K 2025-01-22 For: 2025-01-22

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Added on April 06, 2026

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

	Exhibit Number	Description

	99.1	Press Release issued by Muncy Columbia Financial Corporation on January 22, 2025 titled “Muncy Columbia Financial Corporation Reports Fourth Quarter 2024 Earnings”

	Muncy Columbia Financial Corporation

	By:	/s/ Joseph K. O’Neill, Jr.
		Name: Joseph K. O’Neill, Jr. Title: Executive Vice President and Chief Financial Officer

	December 31,
(In Thousands, Except Share and Per Share Data) (Unaudited)	2024			2023
ASSETS
Cash and due from banks	$	11,200		$	14,614
Interest-bearing deposits in other banks		6,180			3,763
Total cash and cash equivalents		17,380			18,377

Interest-bearing time deposits		—			979
Available-for-sale debt securities, at fair value		323,248			413,302
Marketable equity securities, at fair value		1,355			1,295
Restricted investment in bank stocks, at cost		7,095			10,394
Loans held for sale		1,691			366

Loans receivable		1,125,937			1,068,429
Allowance for credit losses		(9,858	)		(9,302	)
Loans, net		1,116,079			1,059,127

Premises and equipment, net		26,484			27,569
Foreclosed assets held for sale		70			170
Accrued interest receivable		4,850			5,362
Bank-owned life insurance		40,953			40,209
Investment in limited partnerships		5,092			5,828
Deferred tax asset, net		10,012			12,634
Goodwill		25,609			25,609
Other intangible assets, net		10,047			11,895
Other assets		5,993			6,663
TOTAL ASSETS	$	1,595,958		$	1,639,779

LIABILITIES
Interest-bearing deposits	$	1,032,729		$	884,654
Noninterest-bearing deposits		259,700			266,015
Total deposits		1,292,429			1,150,669

Short-term borrowings		68,388			252,532
Long-term borrowings		55,536			70,448
Accrued interest payable		1,857			2,358
Other liabilities		11,338			9,947
TOTAL LIABILITIES		1,429,548			1,485,954

STOCKHOLDERS' EQUITY
Common stock, par value $1.25 per share; 15,000,000 shares authorized;
issued 3,841,438 and outstanding 3,532,713 at December 31, 2024;
issued 3,834,976 and outstanding 3,570,276 at December 31, 2023;		4,802			4,794
Additional paid-in capital		83,543			83,343
Retained earnings		103,268			90,514
Accumulated other comprehensive loss		(13,896	)		(15,036	)
Treasury stock, at cost; 308,725 shares at December 31, 2024 and
264,700 shares at December 31, 2023		(11,307	)		(9,790	)
TOTAL STOCKHOLDERS' EQUITY		166,410			153,825
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,595,958		$	1,639,779

	For the Three Months Ended						For the Years Ended
	December 31,						December 31,
(In Thousands, Except Share and Per Share Data) (Unaudited)	2024			2023			2024			2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans:
Taxable	$	18,282		$	12,024		$	71,513		$	30,885
Tax-exempt		412			295			1,518			969
Interest and dividends on investment securities:
Taxable		1,081			1,389			4,256			5,030
Tax-exempt		853			519			3,361			917
Dividend and other interest income		190			96			807			318
Federal funds sold		—			—			—			1
Deposits in other banks		50			58			288			227
TOTAL INTEREST AND DIVIDEND INCOME		20,868			14,381			81,743			38,347

INTEREST EXPENSE
Deposits		6,049			2,665			22,402			4,964
Short-term borrowings		724			2,871			5,741			9,119
Long-term borrowings		699			588			3,135			1,002
TOTAL INTEREST EXPENSE		7,472			6,124			31,278			15,085

NET INTEREST INCOME		13,396			8,257			50,465			23,262

Provision for credit losses - loans		559			3,148			847			2,554
Provision (credit) for credit losses - off balance sheet credit exposures		8			(34	)		(10	)		(33	)
TOTAL PROVISION FOR CREDIT LOSSES		567			3,114			837			2,521

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		12,829			5,143			49,628			20,741

NON-INTEREST INCOME
Service charges and fees		723			578			2,732			2,094
Gain on sale of loans		169			83			413			276
Earnings on bank-owned life insurance		236			168			928			503
Brokerage		198			211			807			636
Trust		290			272			943			885
Gains (losses) on marketable equity securities		52			146			60			(119	)
Realized losses on available-for-sale debt securities, net		(77	)		—			(85	)		—
Interchange fees		670			545			2,640			1,839
Other non-interest income		448			264			1,937			1,007
TOTAL NON-INTEREST INCOME		2,709			2,267			10,375			7,121

NON-INTEREST EXPENSE
Salaries and employee benefits		4,881			4,311			19,027			11,618
Occupancy		616			422			2,459			1,391
Furniture and equipment		427			320			1,665			1,192
Pennsylvania shares tax		250			131			941			365
Professional fees		387			442			1,522			1,280
Director's fees		176			99			618			326
Federal deposit insurance		225			151			820			478
Data processing and telecommunications		923			495			3,595			1,559
Automated teller machine and interchange		196			119			671			340
Merger-related expenses		(99	)		1,822			241			3,028
Amortization of intangibles		546			183			2,202			183
Other non-interest expense		927			668			3,901			2,350
TOTAL NON-INTEREST EXPENSE		9,455			9,163			37,662			24,110

INCOME (LOSS) BEFORE INCOME TAX PROVISION (BENEFIT)		6,083			(1,753	)		22,341			3,752
INCOME TAX PROVISION (BENEFIT)		859			(567	)		3,318			365
NET INCOME (LOSS)	$	5,224		$	(1,186	)	$	19,023		$	3,387

EARNINGS PER SHARE - BASIC AND DILUTED	$	1.47		$	(0.41	)	$	5.33		$	1.49
WEIGHTED AVERAGE SHARES OUTSTANDING		3,555,920			2,873,775			3,568,145			2,279,808

	At or 3 Months Ended (Unaudited)

(Dollars in Thousands, Except Per Share Data)	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023

Operating Highlights

Net income (loss)	$	5,224		$	5,056		$	4,707		$	4,036		$	(1,186	)
Net interest income		13,396			12,774			12,360			11,935			8,257
Provision for credit losses		567			151			29			90			3,114
Non-interest income		2,709			2,715			2,419			2,532			2,267
Non-interest expense		9,455			9,367			9,194			9,646			9,163

Balance Sheet Highlights

Total assets	$	1,595,958		$	1,607,322		$	1,592,300		$	1,573,271		$	1,639,779
Loans, net and loans held for sale		1,117,770			1,105,421			1,092,057			1,072,010			1,059,493
Goodwill and other intangibles, net		35,656			36,202			36,760			36,955			37,504
Total deposits
Noninterest-bearing	$	259,700		$	269,515		$	263,419		$	263,954		$	266,015
Savings		194,958			192,644			199,626			203,002			204,968
NOW		380,801			364,459			346,000			298,122			251,953
Money Market		108,263			112,319			117,770			112,190			103,602
Time Deposits		348,707			351,532			338,812			336,232			324,131
Total interest-bearing deposits		1,032,729			1,020,954			1,002,208			949,546			884,654
Core deposits*		943,722			938,937			926,815			877,268			826,538

Selected Ratios

Fully tax-equivalent net interest margin (YTD)		3.46	%		3.40	%		3.36	%		3.32	%		2.34	%
Annualized return on average assets		1.30	%		1.26	%		1.20	%		1.02	%		-0.35	%
Annualized return on average equity		12.30	%		12.34	%		12.28	%		10.52	%		-3.95	%

Capital Ratios - Journey Bank**

Common equity tier I capital ratio		15.13	%		14.59	%		14.06	%		13.95	%		13.52	%
Tier 1 capital ratio		15.13	%		14.59	%		14.06	%		13.95	%		13.52	%
Total risk-based capital ratio		16.11	%		15.54	%		14.99	%		14.94	%		14.49	%
Leverage ratio		9.09	%		8.82	%		8.68	%		8.40	%		8.03	%

Asset Quality Ratios

Non-performing assets	$	10,117		$	8,575		$	7,736		$	7,328		$	4,475
Allowance for credit losses - loans		9,858			9,415			9,362			9,351			9,302
Allowance for credit losses to total loans		0.88	%		0.85	%		0.85	%		0.87	%		0.87	%
Allowance for credit losses to
non-performing assets		97.44	%		109.80	%		121.02	%		127.61	%		207.87	%
Non-performing assets to total assets		0.63	%		0.53	%		0.49	%		0.47	%		0.27	%

Per Share Data

Earnings (loss) per share	$	1.47		$	1.42		$	1.32		$	1.13		$	(0.41	)
Dividend declared per share		0.44			0.44			0.44			0.44			0.43
Book value		47.11			47.35			44.11			43.35			43.08
Common stock price:
Bid	$	41.88		$	33.35		$	32.10		$	30.50		$	34.50
Ask		42.88			34.25			34.75			32.00			37.17
Weighted average common shares		3,555,920			3,574,043			3,572,345			3,570,342			2,873,775