CCFN (Muncy Columbia Financial) Beneish M-Score : -1.86 (As of Nov. 14, 2024)

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What is Muncy Columbia Financial Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -1.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Muncy Columbia Financial's Beneish M-Score or its related term are showing as below:

CCFN' s Beneish M-Score Range Over the Past 10 Years
Min: -562.9 Med: -2.33 Max: -1.66
Current: -1.86

During the past 13 years, the highest Beneish M-Score of Muncy Columbia Financial was -1.66. The lowest was -562.90. And the median was -2.33.

Muncy Columbia Financial Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Muncy Columbia Financial for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8982

0.528 * 1

0.404 * 0.9966

0.892 * 2.0227

0.115 * 0.3505

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9222

4.679 * -0.000552

0.327 * 1.4239

-1.87

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $4.84 Mil.
Revenue was 15.489 + 14.779 + 14.467 + 10.524 = $55.26 Mil.
Gross Profit was 15.489 + 14.779 + 14.467 + 10.524 = $55.26 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,607.32 Mil.
Property, Plant and Equipment(Net PPE) was $26.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.26 Mil.
Selling, General, & Admin. Expense(SGA) was $19.64 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $60.47 Mil.
Net Income was 5.056 + 4.707 + 4.036 + -1.186 = $12.61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 4.108 + 4.408 + 3.878 + 1.106 = $13.50 Mil.

Total Receivables was $2.66 Mil.
Revenue was 6.413 + 6.619 + 6.827 + 7.461 = $27.32 Mil.
Gross Profit was 6.413 + 6.619 + 6.827 + 7.461 = $27.32 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $957.58 Mil.
Property, Plant and Equipment(Net PPE) was $12.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.51 Mil.
Selling, General, & Admin. Expense(SGA) was $10.53 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $25.30 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(4.84 / 55.259)	/	(2.664 / 27.32)
	=	0.087588	/	0.097511
	=	0.8982

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(27.32 / 27.32)	/	(55.259 / 55.259)
	=	1	/	1
	=	1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (0 + 26.735) / 1607.322)	/	(1 - (0 + 12.744) / 957.58)
	=	0.983367	/	0.986691
	=	0.9966

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	55.259	/	27.32
	=	2.0227

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.505 / (0.505 + 12.744))	/	(3.262 / (3.262 + 26.735))
	=	0.038116	/	0.108744
	=	0.3505

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(19.644 / 55.259)	/	(10.531 / 27.32)
	=	0.35549	/	0.385469
	=	0.9222

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((60.465 + 0) / 1607.322)	/	((25.298 + 0) / 957.58)
	=	0.037618	/	0.026419
	=	1.4239

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(12.613 - 0	-	13.5)	/	1607.322
	=	-0.000552

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Muncy Columbia Financial has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.

Muncy Columbia Financial Beneish M-Score Related Terms

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Muncy Columbia Financial Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Muncy Columbia Financial Corp (OTCPK:CCFN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

232 East Street, Bloomsburg, PA, USA, 17815

Website

https://www.journeybank.com

Muncy Columbia Financial Corp is a registered financial holding company. It has one subsidiary bank, Journey Bank, which is a full-service commercial bank providing a range of services and products, including time and demand deposit accounts, consumer, commercial and mortgage loans to individuals and small to medium-sized businesses in its Northcentral Pennsylvania market area. The Bank also operates a full-service trust department and offers brokerage services through a third-party networking agreement. It serves individuals, families, nonprofits and business clients throughout Clinton, Columbia, Lycoming, Montour, and Northumberland counties through its branch banking offices.

Executives

Steven H Shannon	director	PO BOX 803, BLOOMSBURG PA 17815
Jeffrey Thomas Arnold	officer: Treasurer, CFO	1414 BRUSHY RIDGE ROAD, MONTOURSVILLE PA 17754
Paul K Page	officer: Senior Vice President	11 WEST MAIN STREET, BLOOMSBURG PA 17815
Robert W Dillon	director	PO BOX 180, BLOOMSBURG PA 17815
Kile Willard H Jr	director
Charles B Pursel	director	120 WEST MAIN STREET, BLOOMSBURG PA 17815
P Jeffrey Hill	director	2204 SHASTA DRIVE, BLOOMSBURG PA 17815
Gittler William F Jr	director	PMB 288, SUITE 1, 150 EAST NINTH ST., BLOOMSBURG PA 17815
Shirley K Alters	officer: Senior Vice President & CFO	19 APPLE LANE, BLOOMSBURG PA 17815
Glenn E Halterman	director	1417 TREELINE DRIVE, BLOOMSBURG PA 17815
Naugle Mary Ann B	director	68 VISTA ROAD, BERWICK PA 18603
Joanne I Keenan	director	2 BITTERSWEET DRIVE, BLOOMSBURG PA 17815
Andrew B Pruden	director	THE INN AT TURKEY HILL, 991 CENTRAL ROAD, BLOOMSBURG PA 17815
Harding Elwood R Jr	director
Mcmichael W Bruce Jr	director	83 DEER PATH DR, BERWICK PA 18603