Mifflinburg Bancorp, Inc. (OTC Pink: MIFF), parent company of Mifflinburg Bank & Trust Co., has released its unaudited financial results for the third quarter of 2022.

Net income, as reported under U.S. Generally Accepted Accounting Principles (GAAP), for the quarter-ended September 30, 2022 was $1,569,929 compared to $1,995,051 for the same period in 2021. Net income, as reported under GAAP, for the nine months-ended September 30, 2022 was $4,647,000 compared to $5,037,000 for the same period in 2021. The decrease in net income is directly related to a $409,000 decrease in loan fees earned on Paycheck Protection Program loans during 2022 as compared to 2021. Earnings per share for the nine months-ended September 30, 2022 and 2021 were $2.48 and $2.69, respectively. The return on average assets and return on average equity were 1.13% and 12.05% for the nine months-ended September 30, 2022 as compared to 1.27% and 12.34% for the same period of 2021.

Total assets amounted to $544.7 million at September 30, 2022 as compared to $549.9 million at September 30, 2021, a decrease of $5.2 million. Cash and cash equivalents decreased $50.8 million from September 30, 2021 to September 30, 2022 due to net loans, not held for sale, increasing by $27.6 million and securities available-for-sale increasing $14.3 million. Total deposits increased $28.9 million from September 30, 2021 to September 30, 2022 with securities sold under agreement to repurchase decreasing $15.9 million and Federal Home Loan advances decreasing $10.7 million.

When compared to September 30, 2021, stockholders’ equity, excluding accumulated other comprehensive (loss) income, increased $3.1 million to $57.6 million as of September 30, 2022. Accumulated other comprehensive loss increased to $8.5 million as of September 30, 2022 as a result of a decrease in the market value of securities available-for-sale resulting from increasing interest rates. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.0% as of September 30, 2022 and 10.2% at September 30, 2021.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal andregulatory risks; changing economic and competitive conditions and other risks and uncertainties.