Mutual bank conversion activity remained tepid in 2019.

Nine mutual bank conversions were completed in 2019, up from five in 2018 but well off the decade-high of 24 in 2010. The 2019 total includes two standard, five mutual holding company and two second-stage conversions. The five MHC deals tied for the most since 2008.

Gross proceeds increased for the third consecutive year, totaling $778.0 million in 2019. The decade-high occurred in 2014 with more than $3 billion raised.

HarborOne Bancorp Inc.'s second-stage deal accounted for about 40% of the total gross proceeds in 2019. Brockton, Mass.-based HarborOne was also the most expensive deal in terms of price-to-pro forma book value at 92.5%. In contrast, Metairie, La.-based Eureka Homestead Bancorp Inc. had the lowest valuation at 60.6% of pro forma book value.

Albany, N.Y.-based Pioneer Bancorp Inc. (MHC) and Richmond, Ind.-based Richmond Mutual BanCorp. Inc. had the most favorable investor reception, appreciating more than 50% relative to their IPO price by the end of 2019. Pioneer Bancorp's IPO pop of 47.5% accounted for the vast majority of its cumulative price change. Richmond Mutual was up 36.5% its first day of trading and then went up another 16.9% over the remainder of 2019.

Three of the five MHC conversions experienced price declines on their first day of trading: Dover, N.H.-based First Seacoast Bancorp (MHC), Wauwatosa, Wis.-based TEB Bancorp Inc. (MHC); and Greenfield, Wis.-based 1895 Bancorp Of Wisconsin Inc. (MHC). First Seacoast and TEB Bancorp continued trading negatively following their debuts, while 1895 Bancorp appreciated 12.3% the rest of the year.