Indiana
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001-38491
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82-4821705
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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300 North Water Street
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47167
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(Address of principal executive offices)
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(Zip Code)
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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.
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $.01 per share
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MSVB
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The NASDAQ Stock Market LLC
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MID-SOUTHERN BANCORP, INC. |
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Date: October 22, 2019
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/s/ Alexander G. Babey
Alexander G. Babey
President and Chief Executive Officer
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MID-SOUTHERN BANCORP, INC.
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Consolidated Financial Highlights (Unaudited)
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(Dollars in thousands, except per share data)
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Three Months End
September 30
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Nine Months Ended
September 30
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OPERATING DATA
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2019
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2018
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2019
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2018
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||||||||||||
Total interest income
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$
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2,027
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$
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1,898
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$
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5,978
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$
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5,314
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||||||||
Total interest expense
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267
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186
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658
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542
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Net interest income
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1,760
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1,712
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5,320
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4,772
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Provision for loan losses
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6
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-
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6
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-
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Net interest income after provision for loan losses
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1,754
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1,712
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5,314
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4,772
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Total non-interest income
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215
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210
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631
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624
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Total non-interest expense
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1,888
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1,589
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5,097
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4,307
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Income before income taxes
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81
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333
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848
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1,089
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Income tax expense (benefit)
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(24
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)
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57
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84
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196
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Net income
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$
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105
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$
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276
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$
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764
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$
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893
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Net income per common share(1):
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Basic
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$
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0.03
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$
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0.08
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$
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0.23
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$
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0.26
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Diluted
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$
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0.03
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$
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0.08
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$
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0.23
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$
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0.26
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Weighted average common shares outstanding (1):
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Basic
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3,364,526
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3,376,589
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3,366,472
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3,426,736
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Diluted
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3,365,925
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3,378,348
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3,367,881
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3,428,445
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September 30
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December 31,
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BALANCE SHEET INFORMATION
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2019
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2018
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Cash and cash equivalents
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$
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19,878
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$
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12,700
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Investment securities
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57,475
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53,240
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Loans, net
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124,205
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126,293
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Interest-earning assets
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202,566
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193,631
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Total assets
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209,124
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200,662
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Deposits
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147,656
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151,108
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Borrowings
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10,000
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-
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Stockholders' equity
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50,889
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48,843
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Book value per share (2)
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14.37
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13.70
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Tangible book value per share (3)
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14.37
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13.70
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Non-performing assets:
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Nonaccrual loans
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1,107
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1,297
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Accruing loans past due 90 days or more
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-
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-
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Foreclosed real estate
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-
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-
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Troubled debt restructurings on accrual status
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1,391
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1,831
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OTHER FINANCIAL DATA
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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Performance ratios:
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2019
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2018
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2019
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2018
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Cash dividends per share (1)
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$
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0.02
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$
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-
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$
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0.06
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$
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-
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Return on average assets (annualized)
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0.20
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%
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0.54
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%
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0.51
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%
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0.63
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%
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Return on average stockholders' equity (annualized)
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0.83
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%
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2.34
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%
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2.05
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%
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3.81
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%
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Net interest margin
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3.64
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%
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3.53
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%
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3.77
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%
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3.54
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%
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Interest rate spread
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3.41
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%
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3.38
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%
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3.56
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%
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3.42
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%
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Efficiency ratio
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95.6
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%
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82.7
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%
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85.6
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%
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79.8
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%
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Average interest-earning assets to average
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interest-bearing liabilities
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141.9
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%
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140.5
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%
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144.8
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%
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130.1
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%
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Average stockholders' equity to average assets
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24.1
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%
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23.0
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%
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24.8
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%
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16.5
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%
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Stockholders' equity to total assets at end of period
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24.3
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%
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24.3
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%
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24.3
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%
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24.3
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%
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September 30
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December 31,
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Capital ratios:
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2019
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2018
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Total risk-based capital (to risk-weighted assets)
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33.4
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%
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31.9
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%
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Tier 1 core capital (to risk-weighted assets)
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32.2
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%
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30.7
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%
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Common equity Tier 1 (to risk-weighted assets)
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32.2
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%
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30.7
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%
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Tier 1 leverage (to average adjusted total assets)
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17.7
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%
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18.0
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%
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September 30
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December 31,
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Asset quality ratios:
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2019
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2018
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Allowance for loan losses as a percent of total loans
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1.2
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%
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1.2
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%
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Allowance for loan losses as percent of non-performing loans
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134.4
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%
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116.0
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%
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Net charge-offs to average outstanding loans during the period
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0.0
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%
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0.0
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%
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Non-performing loans as a percent of total loans
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0.9
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%
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1.0
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%
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Non-performing assets as a percent of total assets
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0.5
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%
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0.6
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%
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(1) - Share and per share amounts for periods prior to the date of completion of the second-step conversion (July 11, 2018) have been restated to give retroactive recognition to the exchange ratio applied
in the second-step conversion (2.3462 to one).
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(2) -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.
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(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.
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