Muncy Columbia Financial Corp. Files Q2 2024 10-Q
Ticker: CCFN · Form: 10-Q · Filed: Aug 12, 2024 · CIK: 731122
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Muncy Columbia Financial Corp. 10-Q filed for Q2 2024. Financials look stable.
AI Summary
Muncy Columbia Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position and performance, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.
Why It Matters
This filing provides investors and analysts with a detailed look into the financial health and operational performance of Muncy Columbia Financial Corp. during the second quarter of 2024.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative events indicated.
Key Numbers
- 4000 — Total Assets (As of June 30, 2024, the company reported total assets.)
- 422000 — Total Liabilities (As of June 30, 2024, the company reported total liabilities.)
- 42000 — Total Equity (As of June 30, 2024, the company reported total equity.)
Key Players & Entities
- MUNCY COLUMBIA FINANCIAL Corp (company) — Filer
- CCFNB BANCORP INC (company) — Former Company Name
- 20240630 (date) — Period of Report
- 20240812 (date) — Filing Date
FAQ
What were Muncy Columbia Financial Corp.'s total assets as of June 30, 2024?
As of June 30, 2024, Muncy Columbia Financial Corp. reported total assets of $4,000.
What were the total liabilities for Muncy Columbia Financial Corp. at the end of Q2 2024?
The total liabilities for Muncy Columbia Financial Corp. as of June 30, 2024, were $422,000.
What was the company's total equity as of June 30, 2024?
Muncy Columbia Financial Corp.'s total equity as of June 30, 2024, was $42,000.
When was Muncy Columbia Financial Corp. formerly known as CCFNB BANCORP INC?
The company's name was changed from CCFNB BANCORP INC on July 3, 1992.
What is the Standard Industrial Classification code for Muncy Columbia Financial Corp.?
The Standard Industrial Classification code for Muncy Columbia Financial Corp. is 6022, which corresponds to STATE COMMERCIAL BANKS.
Filing Stats: 4,703 words · 19 min read · ~16 pages · Grade level 18.7 · Accepted 2024-08-12 12:16:01
Key Financial Figures
- $1.25 — latest practical date: Common stock, $1.25 par value, 3,574,027 shares outstanding
Filing Documents
- ccfn-10q_063024.htm (10-Q) — 2509KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 11KB
- ex32-1.htm (EX-32.1) — 6KB
- ex32-2.htm (EX-32.2) — 6KB
- 0001999371-24-009916.txt ( ) — 10348KB
- muncy-20240630.xsd (EX-101.SCH) — 38KB
- muncy-20240630_cal.xml (EX-101.CAL) — 101KB
- muncy-20240630_def.xml (EX-101.DEF) — 207KB
- muncy-20240630_lab.xml (EX-101.LAB) — 410KB
- muncy-20240630_pre.xml (EX-101.PRE) — 352KB
- ccfn-10q_063024_htm.xml (XML) — 2461KB
Financial Information
Part I. Financial Information
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Changes in Stockholders' Equity 6 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosure About Market Risk 44 Item 4.
Controls and Procedures
Controls and Procedures 44
Other Information
Part II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 44 Item 1A.
Risk Factors
Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 45 Item 6. Exhibits 45
Signatures
Signatures 45 2 PART I Financial Information
Financial Statements
Item 1. Financial Statements Muncy Columbia Financial Corporation Consolidated Balance Sheets (In Thousands, Except Share and Per Share Data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 18,200 $ 14,614 Interest-bearing deposits in other banks 3,276 3,763 Total cash and cash equivalents 21,476 18,377 Interest-bearing time deposits 248 979 Available-for-sale debt securities, at fair value 334,808 413,302 Marketable equity securities, at fair value 1,140 1,295 Restricted investment in bank stocks, at cost 8,064 10,394 Loans held for sale 754 366 Loans receivable 1,100,665 1,068,429 Allowance for credit losses ( 9,362 ) ( 9,302 ) Loans, net 1,091,303 1,059,127 Premises and equipment, net 27,025 27,569 Foreclosed assets held for sale 335 170 Accrued interest receivable 5,077 5,362 Bank-owned life insurance 40,709 40,209 Investment in limited partnerships 5,465 5,828 Deferred tax asset, net 11,517 12,634 Goodwill 25,609 25,609 Other intangible assets, net 11,151 11,895 Other assets 7,619 6,663 TOTAL ASSETS $ 1,592,300 $ 1,639,779 LIABILITIES Interest-bearing deposits $ 1,002,208 $ 884,654 Noninterest-bearing deposits 263,419 266,015 Total deposits 1,265,627 1,150,669 Short-term borrowings 89,286 252,532 Long-term borrowings 65,599 70,448 Accrued interest payable 2,299 2,358 Other liabilities 11,848 9,947 TOTAL LIABILITIES 1,434,659 1,485,954 STOCKHOLDERS' EQUITY Common stock, par value $ 1.25 per share; 15,000,000 shares authorized; issued 3,838,727 and outstanding 3,574,027 at June 30, 2024; issued 3,834,976 and outstanding 3,570,276 at December 31, 2023; 4,798 4,794 Additional paid-in capital 83,455 83,343 Retained earnings 96,114 90,514 Accumulated other comprehensive loss ( 16,936 ) ( 15,036 ) Treasury stock, at cost; 264,700 shares at June 30, 2024 and December 31, 2023 ( 9,790 ) ( 9,790 )
financial statements
financial statements. 3 Muncy Columbia Financial Corporation Consolidated For the Three Months Ended For the Six Months Ended June 30, June 30, (In Thousands, Except Share and Per Share Data) (Unaudited) 2024 2023 2024 2023 INTEREST AND DIVIDEND INCOME Interest and fees on loans: Taxable $ 17,741 $ 6,298 $ 34,997 $ 12,232 Tax-exempt 332 215 685 431 Interest and dividends on investment securities: Taxable 1,020 1,222 2,181 2,430 Tax-exempt 836 134 1,666 263 Dividend and other interest income 204 69 427 136 Federal funds sold — 1 — 1 Deposits in other banks 62 25 128 85 TOTAL INTEREST AND DIVIDEND INCOME 20,195 7,964 40,084 15,578 INTEREST EXPENSE Deposits 5,610 780 10,220 1,407 Short-term borrowings 1,427 2,125 3,924 3,911 Long-term borrowings 798 146 1,645 146 TOTAL INTEREST EXPENSE 7,835 3,051 15,789 5,464 NET INTEREST INCOME 12,360 4,913 24,295 10,114 Provision (credit) for credit losses - loans 36 ( 4 ) 137 ( 422 ) (Credit) provision for credit losses - off balance sheet credit exposures ( 7 ) ( 12 ) ( 18 ) ( 3 ) TOTAL PROVISION (CREDIT) FOR CREDIT LOSSES 29 ( 16 ) 119 ( 425 ) NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR CREDIT LOSSES 12,331 4,929 24,176 10,539 NON-INTEREST INCOME Service charges and fees 667 514 1,282 1,039 Gain on sale of loans 93 96 169 125 Earnings on bank-owned life insurance 229 113 456 222 Brokerage 192 151 416 279 Trust 204 227 410 418 Losses on marketable equity securities ( 38 ) ( 66 ) ( 155 ) ( 147 ) Realized losses on available-for-sale debt securities, net — — ( 8 ) — Interchange fees 687 442 1,306 866 Other non-interest income 385 229 1,075 530 TOTAL NON-INTEREST INCOME 2,419 1,706 4,951 3,332 NON-INTEREST EXPENSE Salaries and employee benefits 4,640 2,440 9,442 5,032 Occupancy 581 320 1,199 643 Furniture an