# EDGAR Filing Document

**Accession Number:** 0000779227
**File Stem:** 0001437749-25-022963
**Filing Date:** 2025-7
**Character Count:** 22004
**Document Hash:** 3a7fdd6cb2ff67e6f0a2b7bbf283e6a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-022963.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001437749-25-022963

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250718

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIFFLINBURG BANCORP INC
- **CENTRAL INDEX KEY:** 0000779227
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 232362874
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-00841
- **FILM NUMBER:** 251132868

**BUSINESS ADDRESS:**
- **STREET 1:** 250 E. CHESTNUT STREET
- **CITY:** MIFFLINBURG
- **STATE:** PA
- **ZIP:** 17844
- **BUSINESS PHONE:** 5709661041

**MAIL ADDRESS:**
- **STREET 1:** 250 E. CHESTNUT STREET
- **CITY:** MIFFLINBURG
- **STATE:** PA
- **ZIP:** 17844

?xml version='1.0' encoding='ASCII'? miff20250715c_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**July 18, 2025**

Date of Report (Date of earliest event reported)

**Mifflinburg Bancorp, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **<u>Pennsylvania</u>** | **<u>333-284191</u>** | **<u>23-2362874</u>** |
| (State or other jurisdiction of<br> incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**250 East Chestnut Street**

**Mifflinburg, PA 17844**

(Address of principal executive offices)

**570-966-1041**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |

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Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☐

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Jeffrey J. Kapsar, President and Chief Executive Officer, announced unaudited consolidated financial results for Mifflinburg Bancorp, Inc. for the three and six months ended June 30, 2025. On July 18, 2025, Mifflinburg Bancorp, Inc. issued a press release titled "Mifflinburg Bancorp, Inc., Reports Second Quarter 2025 Earnings" attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

ITEM 9.01 <u>FINANCIAL STATEMENTS AND EXHIBITS</u>**.**

(a) Not applicable

(b) Not applicable

(c) Not applicable

**(**d) Exhibits.

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| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |

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| | |
|:---|:---|
| 99.1 | [Press Release issued by Mifflinburg Bancorp, Inc. on July 18, 2025 titled "Mifflinburg Bancorp, Inc., Reports Second Quarter 2025 Earnings"](ex_839078.htm) |

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| | |
|:---|:---|
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 18, 2025 | Mifflinburg Bancorp, Inc. | Mifflinburg Bancorp, Inc. |
|  | By:  | /s/ Thomas C. Graver Jr. |
|  | Name: | Thomas C. Graver Jr. |
|  | Title: | Senior Executive Vice President & Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

Exhibit 99.1

**Press Release** – **For Immediate Release**

**Friday, July 18, 2025**

**Mifflinburg Bancorp, Inc., Reports Second Quarter 2025 Earnings**

Mifflinburg, PA – Mifflinburg Bancorp, Inc. ("Company") (OTCID: MIFF), parent company of Mifflinburg Bank and Trust Company ("Bank"), has released its unaudited consolidated financial statements for the second quarter of 2025.

**Financial Results**

Net income, as reported under U.S. Generally Accepted Accounting Principles ("GAAP"), for the quarter-ended June 30, 2025 was $1,820,000 compared to $1,323,000 for the same period in 2024, a 37.6% increase. Net income year-to-date for 2025 was $3,626,000 compared to $2,679,000 for the same period in 2024, a 35.3% increase. Basic and diluted earnings per share for the quarters-ended June 30, 2025 and 2024 were $0.98 and $0.71, respectively. Return on average assets and return on average equity were 1.20% and 12.37% for the quarter ended June 30, 2025 compared to 0.93% and 9.68% for the same period of 2024.

Net interest income for the three months ended June 30, 2025 was $5.0 million compared to $4.0 million for the same period in 2024, a 24.0% increase. Net interest income for the six months ended June 30, 2025 was $9.7 million compared to $7.9 million for the same period in 2024, a 23.9% increase. The significant increase in net interest income is primarily driven by loan growth of 7.2% year-to-date for 2025, compared to loan growth of 4.2% year-to-date for the same period in 2024 and by market interest rates starting to decline thus slowing the increase in cost of funds. Yield on earning assets increased 54 basis points, to 5.22% for the quarter-ended June 30, 2025 compared to the quarter-ended June 30, 2024, while the cost of funds increased 13 basis points, to 2.36%, as compared to the same time period in 2024. The net interest margin increased from 2.96% for the quarter-ended June 30, 2024 to 3.41% for the quarter-ended June 30, 2025.

The Bank recorded a provision for credit losses of $192,000 for the three months ended June 30, 2025, offset by a $36,000 reduction in the unfunded commitment reserve. The Bank recorded a provision for credit losses of $262,000 for the six months ended June 30, 2025, offset by a $100,000 reduction in the unfunded commitment reserve. The Bank recorded a provision for credit losses of $30,000 for the three and six months ended June 30, 2024.

Non-interest income for the three months ended June 30, 2025 was $527,000 compared to $415,000 for the same period in 2024, a 27.0% increase. The increase in non-interest income is primarily the result of a $73,000 decrease in net marketable equity security losses. Non-interest income for the six months ended June 30, 2025 was $1.1 million compared to $1 million for the same period in 2024, a 12.6% increase. The increase in non-interest income year-to-date is primarily the result of a $52,000 gain on sale of premises and a $44,000 increase on service charges.

Non-interest expense for the three months ended June 30, 2025 was $3.1 million compared to $2.8 million for the same period in 2024, a 10.1% increase. The increase in non-interest expense is primarily the result of an increase of $118,000 in salaries and employee benefits and merger expenses totaling $85,000 that were recorded in the second quarter of 2025. Non-interest expense for the six months ended June 30, 2025 was $6.2 million compared to $5.7 million for the same period in 2024, a 10.0% increase. The increase in non-interest expense year-to-date is primarily the result of merger expenses totaling $248,000 that were recorded in the first half of 2025 and an increase of $162,000 in salaries and employee benefits.

An income tax provision of $407,000 was recorded for the three months ended June 30, 2025, compared to an income tax provision of $238,000 for the three months ended June 30, 2024, a 71.0% increase. An income tax provision of $827,000 was recorded for the six months ended June 30, 2025, compared to an income tax provision of $469,000 for the same period in 2024, a 76.3% increase. The increase in the tax provision is primarily the result of non-deductible merger expenses and by tax-exempt interest income representing a smaller percentage of total interest income and increased pre-tax income compared to the same time periods in the prior year.

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**Financial Condition**

Total assets increased to $629.2 million as of June 30, 2025 from $596.7 million as of December 31, 2024, an increase of 5.5%. Cash and cash equivalents increased $11.8 million from December 31, 2024 to June 30, 2025. Net loans increased by $31.0 million, or 7.2%, offset by securities available for sale decreasing $8.9 million and by interest-bearing time deposits decreasing $1.7 million from December 31, 2024 to June 30, 2025. Total deposits increased $25.1 million from December 31, 2024 to June 30, 2025, and Federal Home Loan Bank advances increased $4.0 million from December 31, 2024 to June 30, 2025.

When compared to December 31, 2024, stockholders' equity, excluding accumulated other comprehensive loss, increased $2.3 million to $62.6 million as of June 30, 2025. For the quarter-ended June 30, 2025 cash dividends of $0.74 per share were paid to stockholders, as compared to $0.72 for the same period in 2024. Mifflinburg Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.4% as of June 30, 2025 and December 31, 2024.

The Bank maintained a strong liquidity position as of June 30, 2025, with additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $155.3 million and $1.3 million in additional borrowing capacity from the Federal Reserve's Discount Window.

**About Mifflinburg Bancorp, Inc.**

Mifflinburg Bancorp, Inc. is a bank holding company organized under the Pennsylvania Business Corporation Law on February 3, 1986. The assets are primarily those of its wholly owned subsidiary, Mifflinburg Bank and Trust Company, established in 1872. Mifflinburg Bank and Trust Company is a full-service commercial bank servicing customers from seven locations in Union, Snyder, Northumberland and Centre counties. The Company has 80 employees as of June 30, 2025, and total assets of $629 million.

**Cautionary Note Regarding Forward Looking Statements**

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about Mifflinburg Bancorp, Inc. ("MIFF") and Northumberland Bancorp ("NUBC"), together with their respective banking subsidiaries, Mifflinburg Bank and Trust Company and The Northumberland National Bank, may include beliefs, goals, intentions and expectations and involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to MIFF or NUBC are forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (1) costs or difficulties related to integration of the two companies following the merger; (2) the risk that the anticipated benefits, cost savings and any other savings from the merger may not be fully realized or may take longer than expected to realize; (3) changes to interest rates; (4) the ability to control costs and expenses; (5) general economic conditions; (6) adverse developments in borrower industries and, in particular, declines in real estate values; (7) MIFF's ability to maintain compliance with federal and state laws that regulate its business and capital levels; (8) MIFF's ability to reais capital as needed by its business; and (9) the other factors discussed in other reports MIFF may file with the Securities and Exchange Commission ("SEC"). Neither MIFF nor NUBC undertake and each specifically disclaims any obligation to publicly release any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

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**Mifflinburg Bancorp, Inc.**<br> **Consolidated Balance Sheets**<br>

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| | | |
|:---|:---|:---|
| *(Dollars in thousands, except per share data)*  | **June 30, 2025**<br> **(Unaudited)** | **\*December 31, 2024**  |
| **Assets** |  |  |
| Cash and due from banks | $**7224** | $4580 |
| Interest-bearing demand deposits | **4681** | 3213 |
| Federal funds sold | **9111** | 1386 |
| Total cash and cash equivalents | **21016** | 9179 |
| Interest-bearing time deposits | **8646** | 10369 |
| Debt securities available-for-sale, at fair value | **107137** | 116053 |
| Marketable equity securities, at fair value | **265** | 268 |
| Restricted investments in bank stock, at cost | **2533** | 2300 |
| Loans | **467613** | 436339 |
| Allowance for credit losses | **(4636)** | (4379) |
| Net loans | **462977** | 431960 |
| Premises and equipment, net | **7989** | 8251 |
| Accrued interest receivable | **1903** | 1804 |
| Other real estate owned | **78** |  |
| Bank owned life insurance | **13092** | 12966 |
| Net deferred tax asset | **2068** | 2247 |
| Other assets | **1535** | 1305 |
| **Total Assets** | $**629239** | $596702 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Liabilities** |  |  |
| Deposits: |  |  |
| Noninterest-bearing | $**81741** | $69746 |
| Interest-bearing | **432867** | 419783 |
| Total deposits | **514608** | 489529 |
| Repurchase agreements | **1242** | 1143 |
| Federal Home Loan Bank advances | **47085** | 43050 |
| Accrued interest payable | **1951** | 1736 |
| Other liabilities | **5287** | 5327 |
| **Total Liabilities** | **570173** | 540785 |
| Commitments and Contingencies |  |  |
| Redeemable Common Stock Held By Employee Stock Ownership Plan | **1950** | 1877 |
| **Stockholders' Equity** |  |  |
| Common stock, par value $1.00 per share; authorized 5,000,000 shares; issued 2,160,000 shares; outstanding 1,858,536 and 1,858,536 shares at June 30, 2025 and December 31, 2024, respectively | **2160** | 2160 |
| Capital surplus | **1899** | 1899 |
| Retained earnings | **66264** | 64013 |
| Accumulated other comprehensive loss | **(3526)** | (4424) |
| Treasury stock, at cost: 2025: 301,464 shares; 2024: 301,464 shares | **(7731)** | (7731) |
| **Total Stockholders' Equity** | **59066** | 55917 |
| Less maximum cash obligation to ESOP shares | **1950** | 1877 |
| **Total Stockholders**' **Equity Less Maximum Cash Obligations Related to ESOP Shares** | **57116** | 54040 |
| **Total Liabilities and Stockholders' Equity** | $**629239** | $596702 |

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\* Derived from audited consolidated financial statements.<br>

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**Mifflinburg Bancorp, Inc.**<br> **Consolidated Statements of Income**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Three Months Ended<br> June 30, | For the Three Months Ended<br> June 30, | For the Six Months Ended<br> June 30, | For the Six Months Ended<br> June 30, |
| *(Dollars In Thousands, Except Per Share Data) (unaudited)* | **2025** | 2024 | 2025 | 2024 |
| **Interest and Dividend Income** |  |  |  |  |
| Interest and fees on loans | $**6735** | $5416 | $**13142** | $10583 |
| Interest-bearing deposits in banks | **121** | 140 | **237** | 286 |
| Federal funds sold | **4** | 16 | **10** | 24 |
| Securities: |  |  |  |  |
| Taxable | **486** | 470 | **1017** | 943 |
| Tax-exempt | **292** | 309 | **587** | 616 |
| Dividends | **69** | 52 | **117** | 98 |
| **Total Interest and Dividend Income** | **7707** | 6403 | **15110** | 12550 |
| **Interest Expense** |  |  |  |  |
| Deposits | **2341** | 2082 | **4559** | 4112 |
| Federal Home Loan Bank advances | **378** | 185 | **820** | 356 |
| Other borrowings | **-** | 115 | **1** | 231 |
| **Total Interest Expense** | **2719** | 2382 | **5380** | 4699 |
| **Net Interest Income** | **4988** | 4021 | **9730** | 7851 |
| **Provision for credit losses** | **156** | 30 | **162** | 30 |
| **Net Interest Income after provision for credit losses** | **4832** | 3991 | **9568** | 7821 |
| **Noninterest Income** |  |  |  |  |
| Service charges on deposit accounts | **130** | 112 | **261** | 217 |
| ATM fees and debit card income | **187** | 196 | **370** | 378 |
| Mortgage banking revenue | **66** | 59 | **108** | 136 |
| Commissions from investment product sales | **29** | 14 | **78** | 44 |
| Gain from sale of premises | **-** |  | **52** |  |
| Net marketable equity security losses | **(10)** | (83) | **(3)** | (32) |
| Earnings on bank owned life insurance | **63** | 63 | **126** | 127 |
| Other | **62** | 54 | **120** | 118 |
| **Total Noninterest Income** | **527** | 415 | **1112** | 988 |
| **Noninterest Expense** |  |  |  |  |
| Salaries and employee benefits | **1892** | 1774 | **3687** | 3525 |
| Net occupancy and equipment expense | **296** | 301 | **598** | 600 |
| Loss on sale of OREO | **-** |  | **-** | 6 |
| Data processing fees | **169** | 172 | **346** | 344 |
| Pennsylvania shares tax | **109** | 114 | **223** | 221 |
| Professional fees | **33** | 29 | **79** | 79 |
| Advertising expense | **44** | 31 | **75** | 65 |
| FDIC deposit insurance | **68** | 64 | **136** | 126 |
| Merger expenses | **85** |  | **248** |  |
| Other | **436** | 360 | **835** | 695 |
| **Total Noninterest Expense** | **3132** | 2845 | **6227** | 5661 |
| **Income Before Income Taxes** | **2227** | 1561 | **4453** | 3148 |
| **Income Taxes** | **407** | 238 | **827** | 469 |
| **Net Income** | $**1820** | $1323 | $**3626** | $2679 |
| **Earnings Per Share** – **Basic and diluted** | $**0.98** | $0.71 | $**1.95** | $1.44 |
| **Weighted Average Shares Outstanding** | **1858536** | 1858536 | **1858536** | 1858536 |

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**Mifflinburg Bancorp, Inc.**<br> **Key Ratios and Other Data**<br> **(Unaudited)**<br>

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| | | | |
|:---|:---|:---|:---|
|  | At and for the Period Ended | At and for the Period Ended | At and for the Period Ended |
| *($ in thousands)* | **June 30, 2025** | December 31, 2024 | June 30, 2024 |
| **Average Balances** |  |  |  |
| Cash and due from banks | $**5882** | $5537 | $5564 |
| Interest-bearing deposits | **11604** | 18438 | 15122 |
| Securities available for sale, at fair value | **117336** | 128500 | 121928 |
| Mortgage loans held for sale | **57** | 3 | 43 |
| Loans, gross | **456699** | 385723 | 404280 |
| Loans, net of allowance for credit losses | **452263** | 381888 | 395067 |
| Total assets | **609378** | 573353 | 568633 |
| Noninterest bearing deposits | **84058** | 79632 | 79091 |
| Interest-bearing and savings deposits | **289453** | 281232 | 278875 |
| Time deposits | **135044** | 108075 | 117884 |
| Total deposits | **508555** | 468939 | 475850 |
| Stockholders' equity | **59130** | 52106 | 54840 |
| **Financial Ratios** |  |  |  |
| Return on average assets (Annualized) | **1.20%** | 0.28% | 0.93% |
| Return on average equity (Annualized) | **12.37%** | 2.93% | 9.68% |
| Efficiency ratio (1) | **58.44%** | 78.87% | 64.57% |
| **Allowance for Loan Credit Losses** |  |  |  |
| Beginning balance | $**4379** | $3861 | $3861 |
| Provision for credit losses | **262** | 569 | 30 |
| Charge-offs | **(16)** | (62) | (8) |
| Recoveries | **11** | 11 | 3 |
| Ending balance | $**4636** | $4379 | $3886 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The efficiency ratio is calculated as noninterest expense divided by the sum of noninterest income and net interest income.

**Mifflinburg Bancorp, Inc.**<br> **Asset Quality Data**<br> **(Unaudited)**<br>

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| | | | |
|:---|:---|:---|:---|
|  | At and for the Period Ended | At and for the Period Ended | At and for the Period Ended |
| *($ in thousands)* | **June 30, 2025** | December 31, 2024 | June 30, 2024 |
| **Nonperforming Assets** |  |  |  |
| Nonaccrual loans | $**179** | $438 | $510 |
| Other real estate owned | **78** |  |  |
| Total nonperforming assets | $**257** | $438 | $510 |
| Loans 90 days or more past due and accruing | **-** |  |  |
| **Asset Quality Ratios** |  |  |  |
| Nonperforming assets to loans plus other real estate | **0.05%** | 0.10% | 0.13% |
| Allowance for credit losses on loans to total loans | **0.99%** | 1.00% | 0.96% |
| Allowance for credit losses on loans to nonperforming loans | **2589.94%** | 999.77% | 761.96% |

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