MUNCY COLUMBIA FINANCIAL Corp Files 2023 10-K

TL;DR

<b>MUNCY COLUMBIA FINANCIAL Corp filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

MUNCY COLUMBIA FINANCIAL Corp (CCFN) filed a Annual Report (10-K) with the SEC on March 12, 2024. Filed 130 documents for the 2023 fiscal year ending December 31, 2023. Company name changed from CCFNB BANCORP INC on July 3, 1992. Incorporated in Pennsylvania with fiscal year end on December 31. Business and mailing address at 232 East Street, Bloomsburg, PA 17815. Phone number is 570-784-4400.

Why It Matters

For investors and stakeholders tracking MUNCY COLUMBIA FINANCIAL Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational activities, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, compare it to previous years, and make informed investment decisions.

Risk Assessment

Risk Level: low — MUNCY COLUMBIA FINANCIAL Corp shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not indicate any unusual or immediate risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand MUNCY COLUMBIA FINANCIAL Corp's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240312 — Filing Date (FILED AS OF DATE)
• 130 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 6022 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)
• PA — State of Incorporation (STATE OF INCORPORATION)
• 000-19028 — SEC File Number (SEC FILE NUMBER)
• 24743443 — Film Number (FILM NUMBER)
• 19920703 — Date of Name Change (DATE OF NAME CHANGE)

Key Players & Entities

• MUNCY COLUMBIA FINANCIAL Corp (company) — FILER
• CCFNB BANCORP INC (company) — FORMER COMPANY
• PA (location) — STATE OF INCORPORATION
• Bloomsburg (location) — BUSINESS ADDRESS CITY
• PA (location) — BUSINESS ADDRESS STATE
• 17815 (location) — BUSINESS ADDRESS ZIP
• 5707844400 (phone) — BUSINESS PHONE
• 1934 Act (regulation) — SEC ACT

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K report was officially submitted to the SEC.
• 1992-07-03: Name Change — Date MUNCY COLUMBIA FINANCIAL Corp changed its name from CCFNB BANCORP INC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing is the primary source of detailed financial information for the fiscal year.)

Key Financial Figures

• $55.1 m — ank"). Total purchase consideration was $55.1 million, including 1,488,960 shares of th
• $55,092,000 — n's common stock issued with a value of $55,092,000 and cash of $9,000 paid for fractional
• $9,000 — with a value of $55,092,000 and cash of $9,000 paid for fractional shares. Holders of
• $1.6 billion — 3, the Corporation had approximately: $1.6 billion in total assets; $1.1 billion in gros
• $1.1 billion — tely: $1.6 billion in total assets; $1.1 billion in gross loans; $1.2 billion in depos
• $1.2 billion — ssets; $1.1 billion in gross loans; $1.2 billion in deposits; and $154 million in stoc
• $154 million — oans; $1.2 billion in deposits; and $154 million in stockholders' equity. The Bank is
• $1 billion — fying small bank holding companies from $1 billion to $3 billion of consolidated assets. C
• $3 billion — nk holding companies from $1 billion to $3 billion of consolidated assets. Consequently, q
• $10 b — quarterly. Banks with assets less than $10 billion, such as the Bank, are assigned a
• $250,000 — otection laws; 5 made permanent the $250,000 limit for federal deposit insurance at
• $10 billion — respect to depository institutions with $10 billion or more in assets. Smaller institutions

Filing Documents

• muncy_10k-123123.htm (10-K) — 4492KB
• ex19.htm (EX-19) — 122KB
• ex21-1.htm (EX-21.1) — 2KB
• ex23.htm (EX-23) — 4KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 11KB
• ex32-2.htm (EX-32.2) — 11KB
• ex99-1.htm (EX-99.1) — 24KB
• ex991001.jpg (GRAPHIC) — 125KB
• ex991002.jpg (GRAPHIC) — 843KB
• ex991003.jpg (GRAPHIC) — 851KB
• ex991004.jpg (GRAPHIC) — 774KB
• ex991005.jpg (GRAPHIC) — 547KB
• ex991006.jpg (GRAPHIC) — 925KB
• ex991007.jpg (GRAPHIC) — 553KB
• ex991008.jpg (GRAPHIC) — 608KB
• ex991009.jpg (GRAPHIC) — 456KB
• ex991010.jpg (GRAPHIC) — 75KB
• 0001999371-24-003417.txt (&nbsp;) — 27863KB
• muncy-20231231.xsd (EX-101.SCH) — 86KB
• muncy-20231231_cal.xml (EX-101.CAL) — 165KB
• muncy-20231231_def.xml (EX-101.DEF) — 372KB
• muncy-20231231_lab.xml (EX-101.LAB) — 670KB
• muncy-20231231_pre.xml (EX-101.PRE) — 577KB
• muncy_10k-123123_htm.xml (XML) — 4925KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. Reserved 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 Item 9A

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 78 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accounting Fees and Services 79 PART IV Item 15. Exhibits and Financial Statements Schedules 80

SIGNATURES

SIGNATURES 81 INDEX TO EXHIBITS 83 1 PART I

Business

Item 1. Business General On April 18, 2023, CCFNB Bancorp, Inc. ("CCFNB") and Muncy Bank Financial, Inc. ("MBF") jointly announced the signing of a definitive merger agreement to combine the two companies in a strategic merger of equals. Effective November 11, 2023, the merger was completed. Under the terms of the Merger Agreement, (i) MBF merged with and into CCFNB, with CCFNB being the surviving entity, and (ii) The Muncy Bank & Trust Company merged with and into CCFNB's wholly-owned banking subsidiary, First Columbia Bank & Trust Co. ("First Columbia Bank"), with First Columbia Bank being the surviving bank (the "Mergers"). In connection with the Mergers, CCFNB changed its name to Muncy Columbia Financial Corporation (the "Corporation") and First Columbia Bank changed its name to Journey Bank (the "Bank"). Total purchase consideration was $55.1 million, including 1,488,960 shares of the Corporation's common stock issued with a value of $55,092,000 and cash of $9,000 paid for fractional shares. Holders of MBF common stock prior to the consummation of the merger held approximately 41.7% of the Corporation's common stock outstanding immediately following the merger. The Corporation is a registered financial holding company, bank holding company, and Pennsylvania business corporation, headquartered in Bloomsburg, Pennsylvania. The Corporation has one wholly-owned bank subsidiary which is the Bank. A substantial part of the Corporation's business consists of the management and supervision of the Bank. The Corporation's principal source of income is dividends paid by the Bank. At December 31, 2023, the Corporation had approximately: $1.6 billion in total assets; $1.1 billion in gross loans; $1.2 billion in deposits; and $154 million in stockholders' equity. The Bank is a state-chartered, nonmember bank, whose deposits are insured by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation ("FDIC"). The Bank is a full-service commercial ba

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