Mid-Southern Bancorp, Inc.
mid-southern.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 11, 2023. Its latest SEC filing is a 15-12G from Aug 24, 2023.
10-Q for Q2 FY2023, filed Aug 11, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Makes residential and commercial real estate and business loans, and offers deposit accounts to individuals and businesses in southern Indiana and the Louisville area.
10-K for FY2022, filed Mar 24, 2023
How Did They Make Money?
Borrowers generate interest on loans, the bank’s main revenue source; it also earns interest on investment securities and mortgage-backed securities, and fees from deposit-account activity, brokered loans, and ATM transactions.
10-K for FY2022, filed Mar 24, 2023Mid-Southern Savings Bank’s principal business consists of originating one-to-four family residential real estate mortgage loans, including…View ↗
2022 2021 (In thousands) Service charges on deposit accounts $ 377 $ 295 Brokered loan fees …View ↗
Deposit Account Service Charges: The Company earns fees from its deposit customers for transaction-based, account maintenance, and…View ↗
$1.1M
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10-K for FY2022, filed Mar 24, 2023
$1.1M ↗
Who Were Their Customers?
The bank serves individuals and small and medium-sized businesses in its market area with loans and deposit accounts; customers place deposits through its branches.
10-K for FY2022, filed Mar 24, 2023
Did Revenues Turn Into Profits?
Yes. Its net income in FY2022 was larger than its revenue and turned 188 cents into free cash flow.
How Were They Changing?
-
Aug 2, 2023
Announces plans to delist from Nasdaq and deregister its shares
The company expected its shares to move to OTCQX and planned to stop filing periodic reports with the SEC.
Sources
8-K, filed Aug 2, 2023
On August 2, 2023, Mid-Southern Bancorp, Inc. (the “Company”) notified the Nasdaq Stock Market, LLC (“Nasdaq”) of its intent to file a Form…View ↗
Grew. Revenue grew 47% in 4 years, from $761K in FY2018 to $1.1M in FY2022, about 10% a year.
Commercial lending emphasis
The earlier report described commercial and multifamily real estate, construction, and commercial business lending as a lesser part of the business; the latest report describes increased emphasis on these lending areas.
10-K for FY2019, filed Mar 26, 2020 10-K for FY2022, filed Mar 24, 2023Mid-Southern Savings Bank’s principal business consists of originating one-to-four family residential real estate mortgage loans, including…View ↗
General. Our historical principal lending activity has been originating one-to-four family residential real estate loans, commercial real…View ↗
Broader market area
The earlier report described a market centered on southern Indiana counties; the latest report includes the Louisville-Jefferson County area, nearby Indiana counties, and a Louisville loan production office.
10-K for FY2019, filed Mar 26, 2020 10-K for FY2022, filed Mar 24, 2023Our business activities are primarily conducted through Mid-Southern Savings Bank, a federally chartered savings bank headquartered in…View ↗
Our business activities are primarily conducted through Mid-Southern Savings Bank, a federally chartered savings bank headquartered in…View ↗
Who Did They Compete With?
Competes with PNC Bank, JP Morgan Chase Bank, Fifth Third Bank, Truist Bank, and U.S. Bank
10-K for FY2022, filed Mar 24, 2023Our market area has a high concentration of financial institutions, many of which are branches of large money center and regional banks…View ↗
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