Keep up with the latest at Mutual Savings Bank!
October 7, 2024
Mutual Savings Bank Hires Local Face to Manage Trafalgar Branch
Mutual Savings Bank, Johnson County’s only locally-based financial institution, announces the hiring of a new Branch Manager for the Trafalgar location. Shannon Eads joins the Mutual Savings Bank team.
January 2, 2024
Mutual Savings Bank Announces New Chief Financial Officer
Mutual Savings Bank, Johnson County’s only locally-based financial institution, announces the addition of a new Chief Financial Officer (CFO). Paul Arab joins the leadership team and will oversee the financial operations of the bank.
August 24, 2023
Third Century Bancorp Announces Dividend
Franklin, Indiana, OTCPINK “TDCB”
Third Century Bancorp, an Indiana corporation and parent company of Mutual Savings Bank, announced today that on August 24, 2023, the Board of Directors declared a dividend of $0.10 per share for shareholders of record on September 15, 2023.
September 28, 2022
Mutual Savings Bank and Third Century Bancorp Announce New Director
Third Century Bancorp and Mutual Savings Bank announced the appointment of a new director, Philip L. Powell. Mr. Powell’s appointment fills an existing director seat that
was vacated early this year due to the death of a board member. Mr. Powell’s appointment is effective October 1, 2022.
Philip L. Powell founded and was President of Allied Technologies, Inc., a manufacturer representative and distribution company of HVAC and commercial kitchen equipment, for over 37 years.
“Today we are pleased to announce the appointment of our newest director, Philip L. Powell. Phil is a well-known member of the central Indiana community and Johnson County. As Phil joins us, he will bring business expertise and community connections that will provide an immediate positive impact,” said President and CEO David A. Coffey.
April 22, 2022
Third Century Bancorp 2021 Annual Report
Third Century Bancorp Releases Earnings For the Quarter Ended March 31, 2022
March 9, 2022
Third Century Bancorp Releases Earnings for the 4th Quarter 2021 and Record Earnings for the Year Ended December 31, 2021
Third Century Bancorp (“Company”), the holding company for Mutual Savings Bank (“Bank”), announced it recorded net income of $634,000 for the quarter ended December 31, 2021, or $0.54 per basic and diluted share, compared to net income of $311,000 for the quarter ended December 31, 2020, or $0.26 per basic and diluted share. For the year ended December 31, 2021, net income increased $570,000, or 32.17%, to a record $2.3 million, or $2.00 per basic share and $1.99 per diluted share, as compared to $1.7 million, or $1.49 per basic and diluted share, for the year ended December 31, 2020.
David A. Coffey, President and CEO, stated, “We have had another great year in the history of our bank. Our growth was the result of continued focus on quality relationships that has helped us remain a trusted member of the communities we serve.” Coffey further commented, “Our record earnings were accomplished by taking advantage of opportunities that were made available to us over the course of the year. There is no doubt that we can only accomplish such results with a dedicated staff and board of directors.” Coffey concluded, “While we anticipate a different economic environment over the next twelve months, we will look forward to continued success in 2022.”
For the quarter ended December 31, 2021, net income increased $323,000, or 103.86%, to $634,000 as compared to $311,000 for the same period in the prior year. The increase in net income for the three- month period ended December 31, 2021 was driven primarily as a result of the $219,000, or 13.83%, increase in net interest income and a $92,000, or 11.73%, increase in non-interest income as compared to the same period in the prior year. The increase in net interest income was due to a combination of an increase in interest income and a decrease in interest expense due to increases in average assets largely due to an increase in the average balance of investment securities and decreases in average rates paid on interest-bearing liabilities primarily as a result of a decrease in average rates paid on deposits in the current low interest rate environment. Non-interest income increased as a result of a $262,000, or 590.93%, increase in net gains on investment sales for the quarter ended December 31, 2021 as compared to the same period in the prior year. In addition, the increase in net income was supported by a decrease of $60,000, or 100.00%, in provision for loan losses as compared to the same period in the prior year. The increase in net income was partially offset by a $57,000, or 135.71%, increase in income tax expense as compared to the same period in the prior year as a result of the increase in income before income tax expense.
The $60,000 decrease in the provision for loan losses compared to the same period in 2020 was due to the improving economic conditions resulting from the current COVID-19 pandemic. The Company had $3,000 in net charge-offs during the quarter ended December 31, 2021 compared no net charge-offs for the same period in 2020.
For the year ended December 31, 2021, net income increased $570,000, or 32.17%, to a record $2.3 million, or $2.00 per basic share and $1.99 per diluted share, as compared to $1.7 million, or $1.49 per basic and diluted share, for the year ended December 31, 2020. The increase in net income for the year ended December 31, 2021 was driven primarily as a result of the $440,000, or 6.33%, increase in net interest income. The increase in net interest income was due to a combination of an increase in interest income and a decrease in interest expense due to increases in average assets largely due to an increase in the average balance of investment securities and decreases in average rates paid on interest-bearing liabilities primarily as a result of a decrease in average rates paid on deposits in the current low interest rate environment. The increase in net interest income for the year ended December 31, 2021 was partially offset by a decrease in non-interest income of $92,000, or 3.68% as compared to the prior year. This decrease was partially offset by a $454,000 or 370.18%, increase in gains on the sale of investment securities, available-for-sale, as compared to the prior year. In addition, the provision for loan losses decreased $245,000, or 73.13%, for the year ended December 31, 2021 as compared to the prior year.
The increase in net income for the year ended December 31, 2021 was offset by a $11,000 or 3.08% increase in income tax expense as compared to the prior year. The increase in income tax expense was due to an increase in pre-tax income for the year ended December 31, 2021 as compared to the prior year. The increase in pre-tax income was partially offset by a decrease in the effective income tax rate to 13.58% for the year ended December 31, 2021 from 20.88% for the prior year.
Total assets increased $31.9 million to $241.6 million at December 31, 2021 from $209.6 million at December 31, 2020, an increase of 15.23%. The increase was primarily due to a $25.4 million, or 42.79%, increase in investment securities, available-for-sale to $84.7 million at December 31, 2021, primarily funded by a $37.5 million, or 21.19%, increase in total deposits. Total deposits were $214.7 million at December 31, 2021, up from $177.1 million as of December 31, 2020. Federal Home Loan Bank advances were $5.0 million at December 31, 2021 as compared to $11.7 million at December 31, 2020. At December 31, 2021, the weighted average rate of all Federal Home Loan Bank advances was 1.45% compared to 1.21% at December 31, 2020, and the weighted average maturity was 4.3 years at December 31, 2021 compared to 3.5 years at December 31, 2020. Total loans held-for-investment grew to $143.9 million at December 31, 2021 from $138.8 million at December 31, 2020, an increase of 3.67%.
The increase in total loan balances was partially the result of loans originated through the Small Business Administration’s Paycheck Protection Program (“PPP”) in which the Company participated. The Company originated $8.6 million of PPP loans in the program in 2020, of which $224,000 remained on the Company’s balance sheet as of December 31, 2021. The Company originated $4.6 million of PPP loans in the program in 2021, of which $611,000 remained on the Company’s balance sheet as of December 31, 2021. As of December 31, 2021, a total of $835,000 of PPP loans remained on the Company’s balance sheet with the remaining amount expected to be forgiven by the Small Business Administration in the first quarter of 2022.
The allowance for loan losses increased by $90,000, or 5.03%, to $1.9 million at December 31, 2021 from $1.8 million at December 31, 2020. The increase was primarily due to the provision for loan losses of $90,000 during the year ended December 31, 2021 due to the economic conditions resulting from the COVID-19 pandemic. The allowance for loan losses totaled 1.30% of total loans as of December 31, 2021 as compared to 1.29% of total loans as of December 31, 2020. Nonperforming loans totaled $237,000 or 0.16%, of total loans as of December 31, 2021 as compared to $111,000 or 0.08%, of total loans as of December 31, 2020.
Stockholders’ equity was $21.5 million at December 31, 2021, up from $20.5 million at December 31, 2020. Stockholders’ equity increased by $1.0 million during the year ended December 31, 2021 as a result of net income of $2.3 million, offset by a decrease in net unrealized gain of $717,000 of available-for-sale securities due to the sale of investment securities, available-for-sale, as well as an increase in market interest rates. The increase in stockholders’ equity was also offset by dividends of $409,000, repurchased stock of $190,000 and stock awards of $32,000. Equity as a percentage of assets decreased to 8.91% at December 31, 2021 compared to 9.76% at December 31, 2020.
During the year ended December 31, 2021, the Company repurchased 12,200 shares of common stock at an average cost of $15.52 per share pursuant to the Company’ stock repurchase program. At December 31, 2021, 37,800 shares of common stock remain available for future repurchase by the Company through the stock repurchase program.
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the Bank operates branches in Franklin at 1124 North Main Street, Trafalgar and Greenwood, Indiana.
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include the COVID-19 pandemic, changes in the interest rate environment, changes in general economic conditions, inflation, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
February 4, 2022
Third Century Bancorp Announces Completion of Subordinated Note Offering
Third Century Bancorp, Inc. (the “Company”), the parent holding company of Mutual Savings Bank (the “Bank”), today announced the completion of a private placement of $10.0 million in aggregate principal amount of its 3.75% Fixed-to-Floating Rate Subordinated Notes due February 15, 2032 (the “Notes”) to various qualified institutional buyers and institutional accredited investors (the “Offering”). The price for the Notes was 100% of the principal amount of the Notes. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds from the Offering for general corporate purposes, including but not limited to, contribution of funds to the Bank, potential future strategic opportunities and the purchase of shares of its common stock from stockholders.
Interest on the Notes will accrue at a rate equal to (i) 3.75% per annum from the original issue date to, but excluding, February 15, 2027, payable semi-annually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the Notes), plus a spread of 224 basis points from and including February 15, 2027 until maturity, payable quarterly in arrears. Beginning on February 15, 2027 through maturity, the Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption will be at a redemption price equal to 100% of the principal amount of Notes being redeemed, plus accrued and unpaid interest.
David A. Coffey, President and CEO of Third Century Bancorp stated, “We are excited to announce the completion of our recent subordinated debt offering. This offering was completed in a very timely fashion on favorable terms. A portion of the capital will downstream to the Bank and will support our continued growth. In addition, this will support our efforts of continuing our repurchase of common stock that will further enhance shareholder value.”
Boenning & Scattergood, Inc. served as financial advisor to the Company and acted as the sole placement agent for the Offering and was represented by SmithAdmundsen LLC as legal counsel. Luse Gorman, PC served as the Company’s legal counsel in the Offering.
Third Century Bancorp operates as the bank holding company for Mutual Savings Bank. Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the Bank operates branches in Franklin at 1124 North Main Street, Trafalgar and Greenwood, Indiana.
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include the COVID-19 pandemic, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
October 23, 2021
Women from Mutual Savings Bank Participate in Habitat for Humanity’s Women’s Build
The whine of a circular saw cut through the still morning air at Habitat for Humanity of Johnson County’s latest build site in New Whiteland. Employees of Ladies of Change, a group of Mutual Savings Bank volunteers, yelled out measurements and sawed pieces of siding for the new five-bedroom room. Some picked up those pieces, carried them to the side of the house where other workers secured them in place with a nail gun. Inside, a separate group painted drywall.
“We’re a community bank, and the thing that is most important to us is our community and the people who reside within it,” said Sabrina Straessle, team lead for the Mutual Savings Bank team. “Our bank has done the Women’s Build for years now, and we want to keep giving back.”
July 6, 2021
Jeff Goben Presented with the Johnson County Community Foundation’s Community Spirit Award
Jeff joined the Board of Mutual Savings Bank in 2017. He retired in 2014 after 41 years of banking in Johnson County. As a co-founder of Heartland Community Bank, he served as Executive Vice President and Chief Operating Officer. Jeff is active in the community and received the honor of Distinguished Hoosier by the Governor of Indiana in 2016.
President and CEO, David A. Coffey stated, “We congratulate Jeff on this recognition from the Johnson County Community Foundation’s Community Spirit Award. Jeff is a valued member of our Board as well as a role-model within our community. The award at hand was well deserved and all of us are very proud him.”
December 10, 2020
Kellie Gordon Graduates from the Bank Technology Security School
The GSB Bank Technology Security School brings some of the financial industry’s best instructors together to present timely issues relating to IT security and provides practical applications that can be implemented immediately at Mutual Savings Bank.
President and CEO, David A. Coffey stated, “We are proud of Kellie’s accomplishments as well as her contributions she brings to our team. Her continued pursuit of professional education is a great example for us all.”
October 19, 2020
Anne McGuinness Joins MSB as Vice President of Human Resources and Trust Services
We are proud to announce Anne McGuinness has joined the bank as Vice President of Human Resources and Trust Services. Anne joins Mutual Savings Bank after serving recently as the Chief Litigator for the Indiana State Department of Health. Prior to that, Anne worked as an attorney in private practice and for several local municipalities.
“We are pleased Anne has joined our team,” said David A. Coffey, President and CEO of Mutual Savings Bank. “Anne brings a great depth of knowledge and experience that will help us in our Trust and Human Resources areas now and into the future.”
September 15, 2020
Closure of Nineveh and Otterbein Branch
As of December 31st, 2020, our offices located in Otterbein SeniorLife Community and Nineveh will be closing. Our Otterbein Office with be consolidated to our Main Office and our Nineveh Office will be consolidated with our Trafalgar Office. For those customers that bank at these locations, your account numbers will not change. For those customers who have a safe deposit box, we will be more than willing to work with you to transfer the location of your box to another one of our locations. Our staff will be contacting you to discuss this with you in the coming months. If you choose to close your box at that time, we will refund any rental fee that is unused. Thank you to all of our loyal customers at Mutual Savings Bank. We look forward to continuing to meet your needs into the future. If you have any questions or concerns, please call us at 317-736-7151.
July 1, 2020
Lindsey Turner Joins MSB as Treasury Management Officer
We are proud to announce Lindsey Turner as Treasury Management Officer. Her role will be to work with the Bank’s commercial lenders and branch managers to assess the specific disbursement and collection needs of business customers and to implement the Bank’s products and services to efficiently address those needs.
“We are pleased to announce the addition of Lindsey to our team. She has many years of experience in banking will be a great addition as we grow this area of our business.” said David A. Coffey, President and CEO.
June 2, 2020
Kelley Jundt Promoted to Branch Manager of Main Street Location
We are proud to announce the promotion of Kelley Jundt to Branch Manager of the Main Street Branch in Franklin, Indiana.
“Kelley Jundt is an example of the true meaning of being an ‘every day’ person. Every day she has worked hard, has grown as a banker and now has the opportunity to move to the next level in her career.” said David A. Coffey, President and CEO. Coffey also indicated, “Kelley has been with us for 21 years and has made significant contributions in her previous position as Assistant Branch Manager at the Main Street branch, our largest and busiest branch. All of us are proud of Kelley and will be supporting her in the next chapter of her career as Branch Manager.”
May 15, 2020
Robert Henderson Promoted to Executive Vice President
We are proud to announce the promotion of Robert D. Henderson to Executive Vice President. Rob will also continue his role as Chief Lending Officer, a position he has held since 2018.
“Rob joined our bank in 2015 and has made meaningful contributions from day one. He has a tremendous drive and work ethic that is a wonderful example to others,” said David A. Coffey, President and CEO. Coffey also indicated, “Rob is dedicated to family, committed to his community and embodies what being a community banker is all about. This promotion is well deserved.”
February 10, 2020
Third Century Bancorp and Mutual Savings Bank Announced Two New Board of Directors
The board of directors of Third Century Bancorp and Mutual Savings Bank welcomed Angela Coy and Lynnette Gray. They both were appointed to the board of directors effective September 1, 2019.
Angela Coy is a Certified Public Accountant and Partner at Compass Pointe CPA’s in Greenwood, Indiana. She is a graduate of the 2009 class of Leadership Johnson County where she later served on the Board of Directors for 6 years of which 2 of those years were in the role as President. She currently serves on the Franklin College Alumni Council. Previously she has served as a board member for the Franklin Development Corporation, Johnson County Community Organizations Active in Disaster, and the Johnson County Autism Support Group. Angela lives in Franklin with her husband Brad and their son Nicholas.
Lynnette Gray is a partner in the law firm of Johnson Gray & Johnson, a trial counsel practicing in Franklin, Indiana. The bulk of her practice is made up of Plaintiff’s personal injury, mediation, real estate litigation and representing governmental entities on a local level. She is a member of the National Order of Barristers, 1985-87; Board of Directors, Indiana Trial Lawyers Association; Indianapolis Bar Association; Vice-President of the Johnson County Bar Association; American Bar Association; Board of Directors Indiana Trial Lawyers Association; and the Association of Trial Lawyers America. Lynnette resides in Greenwood, Indiana and is active in the community serving with Leadership Johnson County, United Way of Johnson County, 100 Women Who Care, Johnson Memorial Hospital Foundation and JCCOAD.
July 1, 2019
Mutual Savings Bank Announces Core Conversion, How This Will Effect You
Mutual Savings Bank will be converting its main banking systems the weekend beginning Friday,
August 16th. We are undergoing this conversion to better serve our customers with improved
banking experiences, including online and mobile banking improvements being made during the conversion, as well as to make you aware of the specific
times which services will be down to complete our conversion. We are excited to be able to
offer an improved banking experience, which will include improved online banking, a new
mobile banking app, improved statements, as well as instant-issue debit cards at our locations.
Most of the products and services you rely on to meet your financial goals will not be impacted
by this conversion. However, there are a few changes that are necessary during our conversion
that may impact some customers. Along with summarizing these changes, we have provided
easy to follow instructions to guide you through accessing online banking for the first time
following our conversion.
Read more about these changes at the link below!
May 30, 2019
Mike Lenahan Joins Greenwood Branch as Loan Officer, Vice President
We are proud to announce that Mike Lenahan has joined the bank as Vice President and Commercial Loan Officer. Mike will be working from the Greenwood Branch location at 2020 South State Road 135 in Greenwood.
Mike joins Mutual Savings Bank after having over 20 years of experience in banking. Most recently, he served as Vice President, Business Banker and Relationship Manager at First Merchants Bank in Greenwood.
“We are pleased Mike has joined our team at Mutual Savings Bank,” said David A. Coffey, President and CEO of Mutual Savings Bank. “Mike brings a great deal of banking knowledge and experience that will help us make a positive impact in the Greenwood market.”
May 16, 2019
Jerry Petro Elected Chairman of the Board
Jerry D. Petro has been elected, by the Board of Directors, as Chairman of the Board for both Third Century Bancorp and Mutual Savings Bank.
President and Chief Executive Officer, David Coffey stated, “We congratulate Jerry on being elected to the position of Chairman of the Board. Jerry has served as a member of our board for many years with distinction. We look forward to future working with Jerry in this capacity.” Coffey also stated, “We also want to congratulate and thank our recent Chairman, Robert D. Schafstall, for his leadership. With Rob remaining on our board until his retirement in May 2020, the transition will be seamless.”
Petro has served as a director of Mutual Savings Bank since 1997 and Third Century Bancorp since 2004. The previous Chairman of the Board, Robert Schafstall, who has served as member of the board for Mutual Savings Bank since 1999, will continue to serve as a member of the Board of Directors for both entities.
Petro is a retired entrepreneur. Prior to his retirement, Mr. Petro owned commercial real estate for light industrial use, bottle water distribution businesses and commercial coatings businesses. Mr. Petro is a graduate of Franklin College and Indiana University (M.S.).
May 14, 2019
Mutual Savings Bank Named a Five Star Member of the IBA
Mutual Savings Bank has been honored as a Five Star Member of the Indiana Bankers Association (IBA). The award was presented on May 2 at the IBA Mega Conference in downtown Indianapolis, in recognition of Mutual Savings Bank’s involvement in the Association throughout 2018.
The Five Star Member designation recognizes those IBA-member banks which demonstrate outstanding commitment to the Association in five areas: political awareness, issues advocacy, life-long learning, IBA volunteerism, and Preferred Service Provider utilization.
The Indiana Bankers Association supports Indiana banking through issues analysis, professional education, and products and services that enhance member banks’ ability to serve their communities.
March 27, 2019
Amber Pittman Announced As New Greenwood Branch Manager
Mutual Savings Bank is proud to announce the hiring of the new Greenwood Branch Manager, Amber Pittman. Pittman, an Air Force veteran, comes to the bank with over 19 years of professional banking experience in Greenwood, Indiana.
Pittman will be the manager of new Greenwood Branch of Mutual Savings Bank. This new branch will be a full-service location. It is anticipated to open during the middle of April.
“Amber joins us with a solid banking background and is committed to helping us bring community banking to the Greenwood area.” said David Coffey, President and CEO of Mutual Savings Bank. “We continue to build a solid team and are very excited to have Amber with us at the bank”
March 27, 2019
Mutual Savings Bank Adds New Branch in Greenwood
The Johnson County-based bank has announced a new branch will open in mid-April. This will be Mutual Savings’ sixth branch, joining three existing locations in Franklin as well as branches in Nineveh and Trafalgar.
The move is an opportunity for Mutual Savings Bank to spread its vision of local, community-focused banking to an area where its customers already are, said David Coffey, president and CEO of the bank.
February 28, 2019
Jennifer Price-Tennell Joins Mutual’s Commercial Loan Team
Mutual Savings Bank is proud to announced the addition of a new Vice President and Commercial Loan Officer. Jennifer Tennell, of Franklin, IN, has joined the bank to round out our commercial loan officers.
Tennell, has worked in the banking industry for over 12 years. She joins Mutual Savings Bank after serving over 12 years with Heartland Community Bank and over 3 years as the Executive Director for the Johnson County Memorial Hospital Foundation. In 2016, Jennifer was awarded the Distinguished Hoosier Award by then-Governor Mike Pence.
“Jennifer is a great addition to our management and commercial loan team. She had a desire to return to community banking after a few year hiatus. She is active in the community of Franklin and is a respected individual for her time in banking as well as her nonprofit work.” said David Coffey, President and CEO of Mutual Savings Bank. “Now more than ever, the public has a desire to have quality community bankers help them achieve their financial goals. Jennifer is a quality loan officer and leader. We are pleased she has joined our team to help us meet the needs of our customers.”
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