Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2022
(Based on Japanese GAAP)May 13, 2022
Company name:

The Musashino Bank, Ltd.

Stock exchange listing: Tokyo
Stock code:
8336

URL

http://www.musashinobank.co.jp

Representative:

President
Managing Executive Officer and General

Kazumasa Nagahori

Inquiries:

Manager of General Planning andManagement Division

Kazuhiro Wakabayashi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 28, 2022
June 28, 2022

Scheduled date to commence dividend payments:
Trading accounts:

June 29, 2022
No

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

TEL

048-641-6111(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results
Ordinary income
Year ended March 31, 2022
Year ended March 31, 2021

Ordinary profit

Millions of yen
71,186
71,418% Millions of yen(0.3)
13,492
5.2
12,807

Earnings per share

Diluted earnings per
share

Profit attributable toOrdinary profit/total
owners ofassetsparent/equity
Yen%%
268.673.6
0.2
239.463.3
0.2

Yen
268.78239.57

Year ended March 31, 2022
Year ended March 31, 2021

%
5.3
46.4

Percentages indicate year-on-year changes
Profit attributable toowners of parent
Millions of yen
%
9,001
12.2
8,022
(0.5)
Ordinary
profit/ordinary
income%18.9
17.9(2) Consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
5,486,283
5,319,971

Millions of yen
250,554249,179

Cash flows fromoperating activities
Millions of yen
124,330
425,702

Cash flows frominvesting activities
Millions of yen(70,810)(57,734)

Net assets per share
%
4.5
4.6

Yen
7,478.89
7,439.22(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(2,663)
790,130(2,685)739,274

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

40.00
40.00

–
–

40.00
50.00

80.00
90.00

2,682
3,018

33.3
33.4

1.1
1.2

–

40.00

–

40.00

80.00

1

25.0

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Profit attributable toOrdinary income
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
September 30, 2022
Full year

34,700

(1.0)

7,800

0.4

5,100

2.2

152.27

69,700(2.0)

15,90017.8

10,70018.8

319.48

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

33,805,456 shares As of March 31, 2021

33,805,456 shares

Number of treasury shares at the end of the period
As of March 31, 2022

313,070 shares As of March 31, 2021

320,038 shares

33,491,137 shares Year ended March 31, 2021

33,486,268 shares

Average number of shares during the period
Year ended March 31, 20222

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021
AssetsCash and due from banks
Monetary claims bought
Trading securities
Money held in trust
Securities
Loans and bills discounted
Foreign exchanges
Lease receivables and investments in leases
Other assets
Tangible fixed assets
Buildings, net
Land
Leased assets, net
Construction in progress
Other tangible fixed assets
Intangible fixed assets
SoftwareLeased assets
Other intangible fixed assets
Retirement benefit asset
Deferred tax assets
Customers' liabilities for acceptances andguarantees
Allowance for loan losses
Total assets
Liabilities
Deposits
Negotiable certificates of deposit
Call money and bills soldCash collateral received for securities lent
Borrowed money
Foreign exchanges
Borrowed money from trust account
Other liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Retirement benefit liability
Provision for retirement benefits for directors(and other officers)
Provision for loss on interest repayment
Provision for reimbursement of deposits
Provision for point card certificates
Provision for contingent loss
Provision for share-based compensation
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities

3

As of March 31, 2022

739,970
613
62
1,494
683,379
3,789,948
3,157
21,24533,796
48,0698,535
25,363
13
11,995
2,161
4,533
4,253
78
201
8,986
1,126

790,922
816
51
1,491
735,215
3,841,638
3,701
19,534
38,22656,163
27,61725,363
8
–
3,174
5,125
4,882
52
190
8,518
1,103

5,315

4,965

(21,730)(21,191)

5,319,971

5,486,283

4,586,566
71,39035,427
20,158311,228223
3,283
25,504
1,152

4,757,810
23,29033,657
17,476358,392
218
5,735
24,766
1,138

12

37

3,255

2,964

32

27

42
320
96
318
78
2,159
4,227
5,315

44
196
109
307
80
284
4,227
4,965

5,070,791

5,235,729

(Millions of yen)
As of March 31, 2021
Net assets
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4

As of March 31, 2022

45,74338,352
142,286(911)

45,74338,353
148,605(893)

225,471

231,809

15,09910,476

(311)
8,286
559

124
8,286
(210)

23,634

18,676

47
26

38
29

249,179

250,554

5,319,971

5,486,283

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2021
Ordinary income

Fiscal year ended
March 31, 2022

71,41871,18639,38032,47839,71433,232

6,615
(6)

5,591
0

0
293

0
889

Trust fees
Fees and commissions

55
14,80868
15,172Other ordinary income
Other income

2,167
15,0052,561
13,670579
14,426372
13,29758,611
1,274

57,693
1,053

Interest on deposits
Interest on negotiable certificates of deposit

538
12

433
5

Interest on call money and bills soldInterest expenses on cash collateral received for securities

188

140

100

53

39

41

Other interest expenses
Fees and commissions payments

395
4,016

378
4,032

Other ordinary expenses
General and administrative expenses

1,741
35,473

1,771
34,845

Other expenses
Provision of allowance for loan losses

16,105
4,283

15,9902,564

11,821

13,426

Interest income
Interest on loans and discounts
Interest and dividends on securities
Interest on call loans and bills boughtInterest on deposits with banks
Other interest income

Recoveries of written off receivables
Other
Ordinary expenses
Interest expenses

lentInterest on borrowings and rediscounts

Other
Ordinary profit

12,807

13,492Extraordinary income

0–Gain on disposal of non-current assets
Extraordinary losses

0
11

–
70

Loss on disposal of non-current assets
Impairment losses

11
–

25
45

Profit before income taxes

12,796

13,421

Income taxes - current
Income taxes - deferred

4,148
622

4,147
269

Total income taxes

4,771

4,417

Profit

8,025

9,004

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5

3

2

8,022

9,001

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
8,025
8,381

9,004
(4,957)

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

4,555
1,142

(4,623)435

Remeasurements of defined benefit plans, net of tax

2,682

(769)

16,406

4,046

16,403

4,043

3

2

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginning of
period45,74338,352Retainedearnings

Total
shareholders'equityTreasuryshares136,947(909)

220,133

Changes during period
Dividends of surplus(2,682)(2,682)

Profit attributable toowners of parent

8,022

8,022

Purchase of treasury
shares
Disposal of treasury
shares

(2)

(2)

–

–

–

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

–

–

5,339

(2)

5,337

45,74338,352

142,286(911)

225,471

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginning of
period10,543(1,454)

Revaluation
reserve forland

Remeasurements

8,286(2,122)of defined
benefit plans

Total
accumulated
othercomprehensive
income15,253

Shareacquisitionrights

Noncontrollinginterests

47

23

Total net
assets235,458

Changes during period
Dividends of surplus(2,682)

Profit attributable toowners of parent

8,022

Purchase of treasury
shares(2)

Disposal of treasury
shares–Net changes in items
other than shareholders'equity

4,555

1,142

–

2,682

8,381

–

3

8,384

Total changes during
period

4,555

1,142

–

2,682

8,381

–

3

13,721

Balance at end of period

15,099

(311)

8,286

559

23,63447

26

249,179

7

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginning of
period45,74338,352Retainedearnings

Total
shareholders'equityTreasuryshares142,286(911)

225,471

Changes during period
Dividends of surplus(2,682)(2,682)

Profit attributable toowners of parent

9,001

9,001

Purchase of treasury
shares
Disposal of treasury
shares

1

(4)

(4)

22

24

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

–

1

6,318

18

6,338

45,74338,353

148,605(893)

231,809

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginning of
period15,099(311)

Revaluation
reserve forland

Remeasurements

8,286

559

of defined
benefit plans

Total
accumulated
othercomprehensive
income23,634

Shareacquisitionrights

Noncontrollinginterests

47

26

Total net
assets249,179

Changes during period
Dividends of surplus(2,682)

Profit attributable toowners of parent

9,001

Purchase of treasury
shares(4)

Disposal of treasury
shares24

Net changes in items
other than shareholders'equity(4,623)

435

–

(769)

(4,957)(8)

2(4,964)

Total changes during
period(4,623)

435

–

(769)

(4,957)

(8)

2

1,374

Balance at end of period

10,476

124

8,286

(210)

18,67638

29

250,5548

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Share of loss (profit) of entities accounted for using equity
methodIncrease (decrease) in allowance for loan losses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors (andother officers)
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in provision for loss on interest repayment
Increase (decrease) in provision for reimbursement of deposits
Increase (decrease) in provision for point card certificates
Increase (decrease) in provision for contingent loss
Increase (decrease) in provision for share-based compensation
Increase (decrease) in allowance for demolition of non-current
assetsInterest income
Interest expenses
Loss (gain) related to securities
Loss (gain) on money held in trust
Foreign exchange losses (gains)
Loss (gain) on disposal of non-current assets
Net decrease (increase) in trading securities
Net decrease (increase) in loans and bills discounted
Net increase (decrease) in deposits
Net increase (decrease) in negotiable certificates of deposit
Net increase (decrease) in borrowed money (excluding
subordinated borrowings)
Net decrease (increase) in due from banks (excluding duefrom Bank of Japan)
Net decrease (increase) in call loans
Net increase (decrease) in call money
Net increase (decrease) in cash collateral received for
securities lent
Net decrease (increase) in foreign exchanges - assets
Net increase (decrease) in foreign exchanges - liabilities
Net increase (decrease) in borrowed money from trust accountInterest received
Interest paid
Other, net

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
12,796
2,711–

13,421
3,087
45

(2)

(5)

1,898
18

(538)
(13)

0

25

(450)
(191)

(552)
(208)

(7)

(4)

(9)
(46)
7
61
17

1
(124)
12
(10)
2

(329)

–

(39,380)
1,274(1,694)2(2,029)10(13)(218,233)
376,517(62,440)(39,714)
1,053
(89)
4
(3,377)25
10(51,689)
171,244(48,100)

299,337

47,164

0

(95)

(102)
5,005

(202)
(1,769)4,020(2,682)

2,033
(134)
2,239
39,896(1,406)
3,557

(543)
(5)
2,452
40,087(1,124)
1,836

Subtotal

424,934

129,621

Income taxes refund
Income taxes paid

2,160
(1,392)23(5,314)

Net cash provided by (used in) operating activities

425,702124,330

9

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

Cash flows from investing activities
Purchase of securities
Proceeds from sale of securities
Proceeds from redemption of securities
Increase in money held in trust
Purchase of tangible fixed assets
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement obligations(309,024)
81,587
178,329(5)(7,110)7(1,518)(1)(222,577)
84,26381,021(5)(11,570)–(1,932)(11)

Net cash provided by (used in) investing activities(57,734)(70,810)(2,682)(2)–(2,682)(4)
24

Cash flows from financing activities
Dividends paid
Purchase of treasury shares
Proceeds from sale of treasury shares(2,685)(2,663)

Net increase (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities

365,282

50,856

Cash and cash equivalents at beginning of period

373,991739,274

Cash and cash equivalents at end of period

739,274

790,13010