Muncy Columbia Financial Corp reported significant financial growth for the quarter and nine months ended September 30, 2024. The company achieved a net income of $5,056,000, or $1.42 per share, marking a substantial increase from $1,171,000, or $0.56 per share, in the same quarter of 2023. For the nine-month period, net income rose to $13,799,000, or $3.86 per share, compared to $4,573,000, or $2.20 per share, in the prior year.

A key driver of this performance was the increase in net interest income, which surged by $7.9 million, or 161.2%, to $12.8 million for the three months ended September 30, 2024, up from $4.9 million in the same period of 2023. Additionally, non-interest income also saw a notable rise, reaching $2.7 million, an increase of $1.2 million, or 78.4%, from $1.5 million in the previous year.

The company’s total deposits grew to $1,290,469,000 as of September 30, 2024, up from $1,150,669,000 as of December 31, 2023. Gross loans receivable increased by 4.1%, reaching $1,112,644,000 at September 30, 2024, compared to $1,068,429,000 at the end of 2023. The allowance for credit losses remained relatively stable at $9.4 million, slightly up from $9.3 million at the end of the previous year.

Total stockholders' equity also experienced a positive shift, increasing by $15.5 million, or 10.1%, to $169.3 million at September 30, 2024, compared to $153.8 million at December 31, 2023. However, the company reported an increase in non-performing assets, which amounted to $8,575,000, or 0.53% of total assets, up from $4,476,000, or 0.27% of total assets at the end of 2023.

These results reflect Muncy Columbia Financial Corp's strong performance and strategic positioning in the market, contributing to its overall growth and stability in a competitive financial landscape.