Mid-Southern Bancorp, Inc. (the “Company”) (NASDAQ: MSVB), the
holding company for Mid-Southern Savings Bank, FSB (the “Bank”),
reported net income for the first quarter ended March 31, 2023
of $340,000 or $0.13 per diluted share compared to $467,000 or
$0.17 per diluted share for the same period in 2022.
Income Statement Review
Net interest income after provision for credit
losses increased $75,000, or 4.3%, for the quarter ended
March 31, 2023 to $1.8 million as compared to the quarter
ended March 31, 2022. Total interest income increased
$600,000, or 31.9%, when comparing the two periods, due to
increases in the average balances and yields of interest-earning
assets. The average balance of interest-earning assets increased to
$269.5 million for the quarter ended March 31, 2023 from
$250.9 million for the quarter ended March 31, 2022, due
primarily to increases in loans receivable and investment
securities, partially offset by lower interest-bearing deposits
with banks. The average yield on interest-earning assets and
tax-equivalent yield on interest-earning assets(1) increased to
3.69% and 3.85%, respectively, for the quarter ended March 31,
2023 from 3.00% and 3.17%, respectively, for the quarter ended
March 31, 2022, due primarily to higher yields from loans and
investment securities. Total interest expense increased $473,000,
or 315.3%, when comparing the two periods due to an increase in the
average balance of interest-bearing liabilities and in the average
cost of interest-bearing liabilities. The average balance of
interest-bearing liabilities increased to $205.2 million for
the quarter ended March 31, 2023 from $184.8 million for
the same period in 2022, due primarily to increases in deposit
accounts and borrowings. The average cost of interest-bearing
liabilities increased to 1.21% for the quarter ended March 31,
2023 from 0.32% for the same period in 2022. As a result of the
changes in interest-earning assets and interest-bearing
liabilities, the net interest rate spread and net interest rate
spread on a tax-equivalent basis(1) decreased to 2.48% and 2.64%,
respectively for the quarter ended March 31, 2023 from 2.68% and
2.85%, respectively, for the quarter ended March 31, 2022. The net
interest margin and net interest margin on a tax-equivalent
basis(1) remained at 2.76% and 2.93%, respectively, for the
quarters ended March 31, 2023 and March 31, 2022.
Noninterest income decreased $41,000, or 14.4%,
for the quarter ended March 31, 2023 as compared to the same period
in 2022, due primarily to a reduction in brokered loan fees of
$28,000 and a $27,000 net loss on the sale of available for sale
investment securities, partially offset by increases of $10,000 in
deposit account service charges and $3,000 in ATM and debit card
fee income.
Noninterest expense increased $232,000, or
15.3%, for the quarter ended March 31, 2023 as compared to the
same period in 2022. The increase was due primarily to increases in
data processing expenses of $93,000, compensation and benefits
expenses of $58,000, professional fees of $25,000, occupancy and
equipment expenses of $23,000 and other expenses of $20,000.
The Company recorded an income tax benefit of
$37,000 for the quarter ended March 31, 2023, compared to an income
tax expense of $34,000 for the same period in 2022. The income tax
benefit for the quarter ended March 31, 2023 is primarily due to an
increase in tax-exempt income in proportion to income before income
taxes.
______________________(1) Refer to “Non-GAAP
Financial Measures” below and to “Reconciliation of Non-GAAP
Financial Measures” at the end of this Earnings Release for more
information and for a reconciliation of this non-GAAP financial
measure to the nearest GAAP financial measure.
Balance Sheet Review
Total assets as of March 31, 2023 were
$266.4 million compared to $269.2 million at
December 31, 2022. The decrease in total assets was primarily
due to decreases in investment securities of $3.8 million and
cash and cash equivalents of $1.2 million, partially offset by
an increase in net loans of $2.8 million. Investment
securities decreased due primarily to the sale of $4.1 million
of available for sale investment securities, $2.0 million in
scheduled principal payments, call and maturities of available for
sale investment securities, partially offset by a $2.4 million
unrealized gain on available for sale investment securities. The
increase in net loans was due primarily to increases of
$5.8 million in commercial real estate loans and
$1.4 million in one-to-four family residential loans,
partially offset by a $2.6 million decrease in commercial real
estate construction loans, a $654,000 decrease in residential
construction loans and a $532,000 decrease in commercial business
loans. Total liabilities, comprised mostly of deposits, decreased
$4.5 million to $231.4 million as of March 31, 2023. The
decrease was due primarily to a $4.0 million decrease in
borrowings, a $296,000 decrease in noninterest-bearing deposits and
a $131,000 decrease in interest-bearing deposits.
On March 12, 2023, the Federal Reserve created
the Bank Term Funding Program (“BTFP”) to provide additional
funding available to eligible depository institutions. The BTFP
offers loans of up to one year in length to banks, savings
associations, credit unions and other depository institutions which
pledge collateral, such as U.S. Treasuries, U.S. agency securities
and U.S. agency mortgage-backed securities. The collateral is
valued at par, and advances under this program do not include any
fees or prepayment penalties. With the introduction of the BTFP,
the Company pledged as collateral U.S. agency mortgage-backed
securities with a par value of $28.6 million and borrowed $26.0
million from the BTFP at a fixed rate of 4.69% for a one-year
period on March 17, 2023. Upon receipt of this funding from the
BTFP, the Company immediately repaid its advance from the Federal
Home Loan Bank of Indianapolis. On March 20, 2023, the Company
repaid its initial borrowing with the BTFP in exchange for an
advance of $25.0 million at a fixed rate of 4.37% for a one-year
period.
Credit Quality
Non-performing loans decreased to $612,000 at
March 31, 2023 compared to $732,000 at December 31, 2022, or
0.4% and 0.5% of total loans at March 31, 2023 and
December 31, 2022, respectively. At March 31, 2023,
$399,000 or 65.1% of non-performing loans were current on their
loan payments. Foreclosed real estate owned at March 31, 2023
totaled $16,000. There was no foreclosed real estate owned at
December 31, 2022.
On January 1, 2023, the Company implemented
Accounting Standards Update (“ASU”) No. 2016-13, Financial
Instruments – Credit Losses (Topic 326) as amended by ASU 2018-19,
ASU 2019-04, ASU 2019-05 and ASU 2022-02 (collectively “ASC 326”),
commonly referred to as the current expected credit loss
methodology (“CECL”). As a result, the opening balances for the
allowance for credit losses on loans (“ACL”) and reserve for
unfunded loan commitments increased by $557,000 and $73,000,
respectively, as of January 1, 2023. The adoption entries reduced
the Company’s retained earnings on a tax-effected basis of
$481,000, with no impact on earnings.
Based on management’s analysis of the allowance
for credit losses, the Company recorded a net provision for credit
losses of $52,000 for the quarter ended March 31, 2023
compared to no provision recorded for the same period in 2022. The
Company recognized net charge-offs of $3,000 for the quarter ended
March 31, 2023 compared to net charge-offs of $1,000 for the same
period in 2022. The allowance for credit losses on loans totaled
$2.3 million at March 31, 2023 and $1.7 million at
December 31, 2022, representing 1.6% and 1.2% of total loans
at March 31, 2023 and December 31, 2022, respectively. The
allowance for credit losses on loans represented 379.7% of
non-performing loans at March 31, 2023, compared to 231.1% at
December 31, 2022.
Capital
The Bank elected to use the Community Bank
Leverage Ratio (“CBLR”) effective January 1, 2020. Effective
January 1, 2022, a bank or savings institution electing to use
the CBLR is generally considered to be well-capitalized and to have
met the risk-based and leverage capital requirements of the capital
regulations if it has a leverage ratio greater than 9.0%. To be
eligible to elect to use the CBLR, the bank or savings institution
also must have total consolidated assets of less than
$10 billion, off-balance sheet exposures of 25.0% or less of
its total consolidated assets, and trading assets and trading
liabilities of 5.0% or less of its total consolidated assets, all
as of the end of the most recent quarter.
As permitted by the interim final rule issued on
March 27, 2020 by the federal banking regulatory agencies, the
Company elected the option to delay the impact on regulatory
capital related to the adoption of ASC 326, which was implemented
by the Company on January 1, 2023. The initial impact of
adoption of ASC 326 will be phased out of the regulatory capital
calculations over a three-year period, with 75% recognized in year
one, 50% recognized in year two and 25% recognized in year
three.
At March 31, 2023, the Bank was considered
well-capitalized under applicable federal regulatory capital
guidelines with a CBLR of 15.3%.
The Company’s stockholders’ equity increased to
$34.9 million at March 31, 2023, from $33.3 million at
December 31, 2022. The increase was due primarily to an
increase in the accumulated other comprehensive income of
$1.8 million related to unrealized losses on
available-for-sale securities and net income of $340,000, partially
offset by a $481,000 reduction related to the implementation of ASC
326 and $164,000 in dividends. There were no share repurchases
during the quarter ended March 31, 2023, and a total of
173,097 shares remain authorized for future purchases under
the current stock repurchase plan.
Non-GAAP Financial Measures
The Company’s accounting and reporting policies
conform to generally accepted accounting principles (“GAAP”) in the
United States and prevailing practices in the banking industry.
However, certain non-GAAP measures are used by management to
supplement the evaluation of the Company’s performance. Whenever a
non-GAAP financial measure is presented, the differences between
the non-GAAP financial measure and the most directly comparable
financial measure in accordance with GAAP are presented and
reconciled. The following non-GAAP financial measures presented are
defined below.
Net interest income (tax-equivalent basis),
yield on interest-earning assets (tax-equivalent basis), net
interest rate spread (tax-equivalent basis) and net interest margin
(tax-equivalent basis). These measures include the effects of
taxable-equivalent adjustments using a federal income tax rate
effective during the relevant year to increase tax-exempt interest
income to a tax-equivalent basis. Interest income earned on certain
assets is completely or partially exempt from federal income tax.
As such, these tax-exempt instruments typically yield lower returns
than taxable investments. Net interest income (tax-equivalent
basis) is a non-GAAP measure that adjusts for the tax-favored
status of net interest income from certain loans and investments
and is not permitted under GAAP in the consolidated statements of
income. We believe this measure to be the preferred industry
measurement of net interest income, and that it enhances
comparability of net interest income arising from taxable and
tax-exempt sources. The most directly comparable financial measure
calculated in accordance with GAAP is net interest income. Yield on
interest-earning assets (tax-equivalent basis) is the ratio of
interest income earned from interest-earning assets, adjusted on a
tax-equivalent basis, and average interest-earning assets. The
yield for investment securities is based on amortized cost and does
not give effect to changes in fair value that are reflected in
Accumulated Other Comprehensive Income / Loss (“AOCI”). The most
directly comparable financial measure in accordance with GAAP is
yield on interest-earning assets. Net interest rate spread
(tax-equivalent basis) is the difference in the average yield on
average earning assets on a tax-equivalent basis and the average
rate paid on average interest-bearing liabilities. The most
directly comparable financial measure calculated in accordance with
GAAP is net interest rate spread. Net interest margin
(tax-equivalent basis) is the ratio of net interest income
(tax-equivalent basis) to average earning assets. The most directly
comparable financial measure in accordance with GAAP is net
interest margin.
Book value per share excluding Accumulated Other
Comprehensive Income / Loss. We calculate book value per share
excluding AOCI as total stockholders’ equity at the end of the
relevant period, less AOCI, divided by the outstanding number of
our common shares at the end of each period. The most directly
comparable GAAP financial measure is book value per share. We
provide the book value per share excluding AOCI in addition to
those defined by banking regulators because we believe it is
important to evaluate the balance sheet both before and after the
effects of unrealized amounts associated with mark-to-market
adjustments on available-for-sale investment securities.
Tangible book value per share. Tangible book
value per share is a non-GAAP financial measure. We calculate
tangible book value per share as total stockholders’ equity at the
end of the relevant period, less goodwill and other intangible
assets, divided by the outstanding number of our common shares at
the end of each period. The most directly comparable GAAP financial
measure is book value per share. We had no goodwill or other
intangible assets as of any of the dates indicated. As a result,
tangible book value per share is the same as book value per share
as of each of the dates indicated. We provide the tangible book
value per share in addition to those defined by banking regulators
because of its widespread use by investors as a means to evaluate
capital adequacy.
These non-GAAP financial measures should not be
considered alternatives to GAAP-basis financial statements, and
other bank holding companies may define these non-GAAP measures or
similar measures differently.
Refer to “Reconciliation of Non-GAAP Financial
Measures” below.
About Mid-Southern Bancorp, Inc.
Mid-Southern Savings Bank, FSB is a federally
chartered savings bank headquartered in Salem, Indiana,
approximately 40 miles northwest of Louisville, Kentucky. The
Bank conducts business from its main office in Salem and through
its branch offices located in Mitchell and Orleans, Indiana and
loan production offices located in New Albany, Indiana and
Louisville, Kentucky.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements
may be identified by reference to a future period or periods, or by
the use of forward-looking terminology, such as “estimate,”
“project,” “believe,” “intend,” “anticipate,” “plan,” “seek,”
“expect,” “will,” “may,” “continue,” or similar terms or variations
on those terms, or the negative of those terms. Forward-looking
statements, by their nature, are subject to risks and
uncertainties. Certain factors that could cause actual results to
differ materially from expected results include the effect of the
COVID-19 pandemic; changes to the real estate and economic
environment, particularly in the market areas in which the Bank
operates; increased competitive pressures; changes in the interest
rate environment; general economic conditions or conditions within
the securities markets; and legislative and regulatory changes
affecting financial institutions, including regulatory compliance
costs and capital requirements that could adversely affect the
business in which the Company and the Bank are engaged; and other
factors described in the Company’s latest Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and other
filings with the Securities and Exchange Commission that are
available on our website at mid-southern.com and on the SEC’s
website at www.sec.gov.
The factors listed above could materially affect
the Company’s financial performance and could cause the Company’s
actual results for future periods to differ materially from any
opinions or statements expressed with respect to future periods in
any current statements.
Except as required by applicable law, the
Company does not undertake and specifically declines any obligation
to publicly release the result of any revisions which may be made
to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events. When considering
forward-looking statements, you should keep in mind these risks and
uncertainties. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date
made.
|
MID-SOUTHERN BANCORP, INC.CONSOLIDATED
FINANCIAL HIGHLIGHTS (Unaudited)(Dollars in thousands,
except per share information) |
|
|
|
Three Months Ended |
|
|
March 31, |
OPERATING
DATA |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Total interest income |
|
$ |
2,483 |
|
|
$ |
1,883 |
Total interest expense |
|
|
623 |
|
|
|
150 |
Net interest income |
|
|
1,860 |
|
|
|
1,733 |
Provision for credit losses |
|
|
52 |
|
|
|
— |
Net interest income after provision for credit losses |
|
|
1,808 |
|
|
|
1,733 |
Total non-interest income |
|
|
244 |
|
|
|
285 |
Total non-interest expense |
|
|
1,749 |
|
|
|
1,517 |
Income before income taxes |
|
|
303 |
|
|
|
501 |
Income tax (benefit) expense |
|
|
(37 |
) |
|
|
34 |
Net income |
|
$ |
340 |
|
|
$ |
467 |
|
|
|
|
|
|
|
Net income per share attributable to common shareholders: |
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
|
$ |
0.17 |
Diluted |
|
$ |
0.13 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
2,700,728 |
|
|
|
2,811,781 |
Diluted |
|
|
2,700,829 |
|
|
|
2,816,467 |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
BALANCE SHEET
INFORMATION |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,471 |
|
$ |
5,684 |
Investment securities |
|
|
101,572 |
|
|
105,368 |
Loans, net |
|
|
147,198 |
|
|
144,379 |
Interest-earning assets |
|
|
256,094 |
|
|
257,922 |
Total assets |
|
|
266,368 |
|
|
269,218 |
Deposits |
|
|
205,637 |
|
|
206,064 |
Borrowings |
|
|
25,000 |
|
|
29,000 |
Stockholders' equity |
|
|
34,943 |
|
|
33,322 |
|
|
|
|
|
|
|
Common stock shares outstanding |
|
|
2,885,039 |
|
|
2,885,039 |
|
|
|
|
|
|
|
Book value per share (1) |
|
|
12.11 |
|
|
11.55 |
Book value per share excluding AOCI (2) |
|
|
15.23 |
|
|
15.30 |
Tangible book value per share (3) |
|
|
12.11 |
|
|
11.55 |
Non-performing assets: |
|
|
|
|
|
|
Nonaccrual loans |
|
|
612 |
|
|
732 |
Accruing loans past due 90 days or more |
|
|
— |
|
|
— |
Foreclosed real estate |
|
|
16 |
|
|
— |
|
|
|
|
|
|
|
|
OTHER
FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
Performance
ratios: |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Cash dividends per share |
|
$ |
0.06 |
|
$ |
0.04 |
|
Return on average assets (annualized) |
|
|
0.51 |
% |
|
0.72 |
% |
Return on average stockholders' equity (annualized) |
|
|
4.03 |
% |
|
4.13 |
% |
Net interest margin (tax-equivalent basis) (4) |
|
|
2.93 |
% |
|
2.93 |
% |
Net interest rate spread (tax-equivalent basis) (4) |
|
|
2.64 |
% |
|
2.85 |
% |
Efficiency ratio |
|
|
83.3 |
% |
|
75.2 |
% |
Average interest-earning assets to average interest-bearing
liabilities |
|
|
131.3 |
% |
|
135.8 |
% |
Average stockholders' equity to average assets |
|
|
12.6 |
% |
|
17.5 |
% |
Stockholders' equity to total assets at end of period |
|
|
13.1 |
% |
|
15.7 |
% |
|
|
March 31, |
|
December 31, |
|
Capital
ratios: (5) |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Community Bank Leverage Ratio |
|
15.3 |
% |
15.4 |
% |
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
Asset quality
ratios: |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Allowance for credit losses on loans as a percent of total
loans |
|
1.6 |
% |
1.2 |
% |
Allowance for credit losses on loans as percent of non-performing
loans |
|
379.7 |
% |
231.1 |
% |
Net charge-offs (recoveries) to average outstanding loans during
the period (annualized) |
|
0.0 |
% |
0.0 |
% |
Non-performing loans as a percent of total loans |
|
0.4 |
% |
0.5 |
% |
Non-performing assets as a percent of total assets |
|
0.2 |
% |
0.3 |
% |
______________________(1) - We calculate book value per share as
total stockholders’ equity at the end of the relevant period
divided by the outstanding number of our common shares at the end
of each period.
(2) - Book value per share excluding Accumulated
Other Comprehensive Income / Loss (“AOCI”) is a non-GAAP financial
measure. We calculate book value per share excluding AOCI as total
stockholders’ equity at the end of the relevant period, less AOCI,
divided by the outstanding number of our common shares at the end
of each period. The most directly comparable GAAP financial measure
is book value per share. We provide the book value per share
excluding AOCI in addition to those defined by banking regulators
because we believe it is important to evaluate the balance sheet
both before and after the effects of unrealized amounts associated
with mark-to-market adjustments on available-for-sale investment
securities. Refer to “Reconciliation of Non-GAAP Financial
Measures” below.
(3) - Tangible book value per share is a
non-GAAP financial measure. We calculate tangible book value per
share as total stockholders’ equity at the end of the relevant
period, less goodwill and other intangible assets, divided by the
outstanding number of our common shares at the end of each period.
The most directly comparable GAAP financial measure is book value
per share. We had no goodwill or other intangible assets as of any
of the dates indicated. As a result, tangible book value per share
is the same as book value per share as of each of the dates
indicated. We provide the tangible book value per share in addition
to those defined by banking regulators because of its widespread
use by investors as a means to evaluate capital adequacy.
(4) - Net interest margin on a tax-equivalent
basis and net interest rate spread on a tax-equivalent basis are
non-GAAP financial measures. We calculate these measures on a
tax-equivalent basis to adjust for the tax-favored status of
interest income from loans and investments and believe these
measures are the preferred industry measurement and enhance
comparability of interest income arising from taxable and
tax-exempt sources. Net interest margin on a tax-equivalent basis
is net interest income on a tax-equivalent basis divided by average
interest-earning assets. The most directly comparable financial
measure calculated in accordance with GAAP is net interest margin.
Net interest rate spread on a tax-equivalent basis is the
difference in the yield on average interest-earning assets on a
tax-equivalent basis and the average rate paid on average
interest-bearing liabilities. The yield for investment securities
is based on amortized cost and does not give effect to changes in
fair value that are reflected in AOCI. The most directly comparable
financial measure calculated in accordance with GAAP is net
interest rate spread. The most directly comparable financial
measures calculated in accordance with GAAP is net interest margin
and net interest rate spread. Refer to “Reconciliation of Non-GAAP
Financial Measures” below.
(5) - Effective January 1, 2020, the Bank
elected to use the CBLR, as provided by the Economic Growth,
Regulatory Relief, and Consumer Protection Act (the “Act”). The Act
contains a number of provisions extending regulatory relief to
banks and savings institutions and their holding companies. A bank
or savings institution that elects to use the CBLR will generally
be considered well-capitalized and to have met the risk-based and
leverage capital requirements of the capital regulations if it has
a leverage ratio greater than 9.0%.
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
Book value per share
excluding AOCI: |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Stockholders' equity |
|
$ |
34,943 |
|
|
$ |
33,322 |
|
Adjustments: |
|
|
|
|
|
|
Accumulated other comprehensive income (loss) |
|
|
(9,006 |
) |
|
|
(10,831 |
) |
Stockholders' equity excluding AOCI |
|
$ |
43,949 |
|
|
$ |
44,153 |
|
|
|
|
|
|
|
|
Common stock shares outstanding |
|
|
2,885,039 |
|
|
|
2,885,039 |
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
12.11 |
|
|
$ |
11.55 |
|
Less: effect of accumulated other comprehensive income (loss) |
|
|
(3.12 |
) |
|
|
(3.75 |
) |
Book value per share excluding AOCI |
|
$ |
15.23 |
|
|
$ |
15.30 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
Net interest income,
yield on interest-earning assets, net interest rate spread, net
interest margin (tax-equivalent basis): |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
1,860 |
|
$ |
1,733 |
|
Tax-equivalent adjustments: (1) |
|
|
|
|
|
|
|
Loans |
|
|
2 |
|
|
1 |
|
Tax-exempt investment securities |
|
|
110 |
|
|
102 |
|
Net interest income (tax-equivalent basis) |
|
$ |
1,972 |
|
$ |
1,836 |
|
|
|
|
|
|
|
|
|
Average interest-earning assets (2) |
|
$ |
269,485 |
|
$ |
250,933 |
|
|
|
|
|
|
|
|
|
Yield on interest-earning assets (2) |
|
|
3.69 |
% |
|
3.00 |
% |
Yield on interest-earning assets (tax-equivalent basis) (2) |
|
|
3.85 |
% |
|
3.17 |
% |
|
|
|
|
|
|
|
|
Net interest rate spread (2) |
|
|
2.48 |
% |
|
2.68 |
% |
Net interest rate spread (tax-equivalent basis) (2) |
|
|
2.64 |
% |
|
2.85 |
% |
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
2.76 |
% |
|
2.76 |
% |
Net interest margin (tax-equivalent basis) (2) |
|
|
2.93 |
% |
|
2.93 |
% |
______________________(1) - Tax-exempt income has been adjusted
to a tax-equivalent basis using the federal marginal tax rate of
21% for 2023 and 2022.
(2) - Investment securities are based on
amortized cost and do not give effect to changes in fair value that
are reflected in AOCI.
Contact:Alexander G. Babey, President
and Chief Executive OfficerRobert W. DeRossett,
Chief Financial OfficerMid-Southern
Bancorp, Inc.812-883-2639
Grafico Azioni Mid Southern Bancorp (NASDAQ:MSVB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Mid Southern Bancorp (NASDAQ:MSVB)
Storico
Da Giu 2023 a Giu 2024