MUNCIE, Ind., April 23, 2019 /PRNewswire/ -- MutualFirst
Financial, Inc. (NASDAQ: MFSF), the holding company of MutualBank
(the "Bank"), announced today net income available to common
shareholders for the first quarter ended March 31, 2019 was $5.2
million, or $0.60 diluted
earnings per common share. This compares to net income
available to common shareholders for the same period in 2018 of
$4.0 million, or $0.50 diluted earnings per common share.
The net income for the first quarter ended March 31, 2019 represents an annualized return on
average assets of 1.02% and return on average tangible common
equity of 11.73% compared to 0.93% and 10.53%, respectively, for
the same period of last year.
Other financial highlights for the first quarter of 2019
include:
- Organic net loan growth in non-residential consumer loans of
$10.1 million, or 15.2% on an
annualized basis and in commercial loans of $6.3 million, or 3.7% on an annualized
basis.
- Deposit growth of $40.5 million,
or 10.7% on an annualized basis.
- Tangible book value per share increased $1.00 to $21.51 and
tangible common equity to total assets increased to 9.10% compared
to 8.72% at December 31, 2018.
- Net interest income increased $2.5
million over the same period in 2018, while margin remained
constant, primarily due to the Universal Bancorp acquisition (the
"Acquisition").
- Non-interest income increased $650,000 over the same period in 2018 primarily
due to an increase in net gain on sale of mortgages and the
Acquisition.
- Non-interest expense increased $1.6
million over the same period in 2018 primarily due to the
Acquisition.
"We are pleased with the start of 2019 and believe the results
are indicative of our successful acquisition of Universal in 2018,"
said David W. Heeter, President and
CEO.
Balance Sheet
Assets increased $14.8 million as
of March 31, 2019 compared to
December 31, 2018. The gross
loan portfolio increased by $8.2
million, or 2.2% annualized, primarily due to organic loan
growth of $10.1 million, or 15.2% of
annualized growth in non-residential consumer loans and
$6.3 million, or 3.7% of annualized
growth in commercial loans. These increases were partially
offset by a reduction in residential loan balances of $8.3 million. The mix of loans in our
portfolio as of March 31, 2019
compared to December 31, 2018
continued to shift toward our desired strategic objective of
increasing commercial and consumer loans. Commercial loans
increased to 46.2% of total loans compared to 46.0%, residential
loans decreased to 35.4% compared to 36.2% and non-residential
consumer loans increased to 18.4% compared to 17.8%. Loans held for
sale increased $4.7 million as
activity in our mortgage banking division increased in the first
quarter of 2019. Investment securities also increased by
$3.1 million primarily as a result of
increasing market value due to declining longer-term interest
rates.
Deposits increased by $40.5
million, or 10.7% on an annualized basis as of March 31, 2019 compared to December 31, 2018. The increase was a
result of certificates of deposit increasing $24.5 million and core deposits increasing
$16.4 million. As of
March 31, 2019, core deposits totaled
$1.0 billion, or 67.1% of total
deposits and certificates of deposit totaled $513 million, or 32.9% of total deposits.
This is compared to a mix of core deposits of 67.8% and
certificates of deposit of 32.2% as of December 31, 2018. The increase in deposits
helped reduce FHLB advances by $36.3
million.
Mr. Heeter commented, "Our loan mix continues to shift toward
our strategic objectives. We believe our new markets provide
us opportunities to organically grow our loan portfolio within our
strategic plan. Deposit growth in the first quarter was
seasonally strong. Our core deposit mix should continue to
remain fairly constant as we fund our loan growth."
Allowance for loan losses increased to $13.4 million as of March
31, 2019 compared to $13.3
million as of December 31,
2018. The allowance for loan losses to non-performing loans
as of March 31, 2019 was 206%
compared to 146% as of December 31,
2018. The allowance for loan losses to total loans as
of March 31, 2019 remained the same
at 0.89% compared to December 31,
2018. Non-performing loans to total loans at March 31, 2019 were 0.43% compared to 0.61% at
December 31, 2018.
Non-performing assets to total assets were 0.40% at March 31, 2019 compared to 0.54% at December 31, 2018.
Stockholders' equity was $211.2
million at March 31, 2019, an
increase of $8.8 million from
December 31, 2018. This increase
included net income available to common shareholders of
$5.2 million and an increase in
accumulated other comprehensive income of $5.1 million, due to the market value changes in
the investment portfolio discussed above. These increases
were partially offset by common stock cash dividends paid of
$1.7 million during the first quarter
of 2019. The Company's tangible book value per common share
as of March 31, 2019 increased to
$21.51 compared to $20.51 as of December 31,
2018 and the tangible common equity ratio increased to 9.10%
as of March 31, 2019 compared to
8.72% as of December 31, 2018.
Income Statement
Net interest income before the provision for loan losses
increased $2.5 million for the
quarter ended March 31, 2019 compared
to the same period in 2018. The increase in net interest
income was a result of an increase of $292.1
million in average interest earning assets, due to the
Acquisition in the first quarter 2018 and organic loan
growth. Net interest margin was 3.35%, which was the same in
the first quarter of 2019 as in the first quarter of 2018.
The tax equivalent net interest margin increased one basis point to
3.43% as of the first quarter of 2019 compared to the first quarter
of 2018. The net interest margin in the first quarter of 2019
was aided by approximately three basis points of accretion from
purchase accounting related to the acquisition. On a linked-quarter
basis, net interest income decreased $452,000 primarily due to a decline in accretion
from purchase accounting and a reduction in days in the quarter
compared to the fourth quarter of 2018. Net interest margin
declined twelve basis points on a linked-quarter due to a six basis
point decline in accretion from purchase accounting and
approximately six basis point decline due to two less days in the
first quarter of 2019 compared to the fourth quarter of
2018.
Provision for loan losses in the first quarter of 2019 was
$475,000, a $25,000 increase from last year's comparable
period. Provision for loan losses was calculated based on
management's ongoing evaluation of the adequacy of the allowance
for loan losses, which is partially attributable to an increasing
loan portfolio and net charge offs of $392,000, or 0.10% of total average loans on an
annualized basis in the first quarter of 2019 compared to net
charge offs of $300,000, or 0.09% of
total average loans on an annualized basis, in the first quarter of
2018.
Non-interest income for the first quarter of 2019 was
$5.1 million, an increase of
$650,000 compared to the first
quarter of 2018. Increases in non-interest income included an
increase of $395,000 on gain on sale
of loans due to a 31% increase in the dollar amount of sold
mortgages and a $244,000 increase in
service fee income on deposit accounts aided by increases in
interchange fee income along with increases due to the Acquisition.
An increase on net gain on sale of investments of $290,000 was primarily due to an opportunistic
restructure of a portion of the investment portfolio. These
increases were partially offset by a decrease in other income due
to $325,000 of death benefits
received on bank-owned life insurance policies in the first quarter
of 2018 which was not repeated in the first quarter of 2019.
On a linked-quarter basis, non-interest income decreased
$211,000 primarily due to a decline
of $582,000 in service charges on
deposit accounts due to seasonality of interchange income.
This decline was partially offset by an increase of $306,000 in net gain on sale of investments and
an increase of $128,000 in net gain
on sale of loans.
Non-interest expense increased $1.6
million when comparing the first quarter of 2019 with the
same period in 2018. The increase was primarily due to the
Acquisition, which closed on February
28, 2018. On a linked-quarter basis, non-interest
expense decreased $460,000 primarily
due to a decrease in salaries and employee benefits of $335,000 primarily as a result of a reduction in
health insurance expense.
The effective tax rate for the first quarter of 2019 was 14.0%
compared to 12.7% in the same quarter of 2018. The increase was due
to an increase in taxable income compared to tax free income.
"2019 has started off well and we are pleased with the results
from our acquisition of Universal in 2018. We believe that the
enhancements made in 2018 will continue our performance momentum
with our larger footprint," Mr. Heeter concluded.
MutualFirst Financial, Inc. is the parent company of MutualBank,
an Indiana-based financial
institution since 1889. MutualBank has thirty-nine full-service
retail financial centers throughout Indiana. MutualBank has two offices located in
Fishers and Crawfordsville, Indiana specializing in wealth
management and trust services and a loan origination office in
New Buffalo, Michigan. MutualBank
also operates a wholly owned subsidiary named Summit Mortgage which
operates out of Fort Wayne,
Indiana. MutualBank provides a full range of financial
services including commercial and business banking, personal
banking, wealth management, trust services, investments and
internet banking services. The Company's stock is traded on the
NASDAQ Global Market under the symbol "MFSF". Additional
information can be found online at www.bankwithmutual.com.
Statements contained in this release, which are not historical
facts, are forward-looking statements, as that term is defined in
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ from those currently
anticipated due to a number of factors, which include, but are not
limited to, factors discussed in documents filed by the Company
with the Securities and Exchange Commission from time to time.
MutualFirst
Financial, Inc. Selected Financials
|
|
|
|
|
|
|
|
|
|
(Audited)
|
|
|
March 31,
|
December
31,
|
March 31,
|
Balance Sheet
(Unaudited):
|
2019
|
2018
|
2018
|
|
(000)
|
(000)
|
(000)
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
31,350
|
$
33,414
|
$
41,069
|
Interest-bearing time
deposits
|
4,311
|
4,239
|
4,627
|
Investment securities
- AFS
|
373,937
|
370,875
|
354,145
|
Loans held for
sale
|
8,702
|
3,987
|
3,686
|
Loans,
gross
|
1,504,093
|
1,495,943
|
1,449,426
|
Allowance for loan
losses
|
(13,364)
|
(13,281)
|
(12,537)
|
Net loans
|
1,490,729
|
1,482,662
|
1,436,889
|
Premises and
equipment, net
|
28,580
|
25,641
|
26,208
|
FHLB of Indianapolis
stock
|
13,115
|
13,034
|
12,820
|
Deferred tax asset,
net
|
6,674
|
7,744
|
10,665
|
Cash value of life
insurance
|
60,462
|
60,160
|
59,209
|
Other real estate
owned and repossessed assets
|
1,752
|
2,013
|
1,753
|
Goodwill
|
22,310
|
22,310
|
23,869
|
Core deposit and
other intangibles
|
3,356
|
3,569
|
4,509
|
Other
assets
|
18,863
|
19,665
|
16,656
|
Total
assets
|
$
2,064,141
|
$
2,049,313
|
$
1,996,105
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Deposits
|
$
1,559,771
|
$
1,519,225
|
$
1,540,452
|
FHLB
advances
|
256,236
|
292,497
|
230,546
|
Other
borrowings
|
21,223
|
17,988
|
18,110
|
Other
liabilities
|
15,747
|
17,240
|
15,935
|
Stockholders'
equity
|
211,164
|
202,363
|
191,062
|
Total liabilities and
stockholders' equity
|
$
2,064,141
|
$
2,049,313
|
$
1,996,105
|
|
|
|
|
|
Three
Months
|
Three
Months
|
Three
Months
|
|
Ended
|
Ended
|
Ended
|
|
March 31,
|
December
31,
|
March 31,
|
Income Statement
(Unaudited):
|
2019
|
2018
|
2018
|
|
(000)
|
(000)
|
(000)
|
|
|
|
|
Total interest and
dividend income
|
$
21,302
|
$
21,489
|
$
16,748
|
Total interest
expense
|
5,260
|
4,995
|
3,164
|
|
|
|
|
Net
interest income
|
16,042
|
16,494
|
13,584
|
Provision for loan
losses
|
475
|
600
|
450
|
Net interest income
after provision
|
|
|
|
for loan
losses
|
15,567
|
15,894
|
13,134
|
|
|
|
|
Non-interest
income
|
|
|
|
Service fee
income
|
1,808
|
2,390
|
1,564
|
Net realized gain on
sales of AFS securities
|
444
|
138
|
154
|
Commissions
|
1,196
|
1,114
|
1,262
|
Net gain on sale of
loans
|
1,030
|
902
|
635
|
Net servicing
fees
|
149
|
158
|
150
|
Increase in cash
value of life insurance
|
302
|
315
|
289
|
Net gain (loss) on
sale of other real estate and repossessed assets
|
(29)
|
(9)
|
(68)
|
Other
income
|
185
|
288
|
449
|
Total non-interest
income
|
5,085
|
5,296
|
4,435
|
|
|
|
|
Non-interest
expense
|
|
|
|
Salaries and employee
benefits
|
8,560
|
8,895
|
7,289
|
Net occupancy
expenses
|
1,044
|
986
|
897
|
Equipment
expenses
|
647
|
625
|
556
|
Data processing
fees
|
651
|
686
|
593
|
Advertising and
promotion
|
329
|
331
|
360
|
ATM and debit card
expense
|
562
|
582
|
471
|
Deposit
insurance
|
207
|
207
|
257
|
Professional
fees
|
408
|
463
|
782
|
Software
subscriptions and maintenance
|
769
|
732
|
594
|
Other real estate and
repossessed assets
|
53
|
49
|
45
|
Intangible
amortization
|
214
|
249
|
163
|
Other
expenses
|
1,115
|
1,214
|
970
|
Total non-interest
expense
|
14,559
|
15,019
|
12,977
|
|
|
|
|
Income before income
taxes
|
6,093
|
6,171
|
4,592
|
Income tax
provision
|
855
|
881
|
585
|
Net income available
to common shareholders
|
$
5,238
|
$
5,290
|
$
4,007
|
|
|
|
|
Pre-tax pre-provision
earnings (1)
|
$
6,568
|
$
6,771
|
$
5,042
|
Average
Balances, Net Interest Income, Yield Earned and Rates
Paid
|
|
|
|
|
Three
|
|
|
Three
|
|
|
|
months
ended
|
|
|
months
ended
|
|
|
|
3/31/2019
|
|
|
3/31/2018
|
|
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|
Outstanding
|
Earned/
|
Yield/
|
Outstanding
|
Earned/
|
Yield/
|
|
Balance
|
Paid
|
Rate
|
Balance
|
Paid
|
Rate
|
|
(000)
|
(000)
|
(annualized)
|
(000)
|
(000)
|
(annualized)
|
Interest-earning
Assets:
|
|
|
|
|
|
|
Interest-bearing deposits
|
$
24,688
|
$
88
|
1.43%
|
$
21,686
|
$
67
|
1.24%
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
Available-for-sale
|
218,076
|
1,523
|
2.79
|
175,951
|
1,127
|
2.56
|
Investment
securities:
|
|
|
|
|
|
|
Available-for-sale
|
152,592
|
1,243
|
3.26
|
130,858
|
1,039
|
3.18
|
Loans
receivable
|
1,504,429
|
18,270
|
4.86
|
1,280,521
|
14,325
|
4.47
|
Stock in FHLB of
Indianapolis
|
13,088
|
178
|
5.44
|
11,765
|
190
|
6.46
|
Total
interest-earning assets (2)
|
1,912,873
|
21,302
|
4.45
|
1,620,781
|
16,748
|
4.13
|
Non-interest earning
assets, net of allowance
|
|
|
|
|
|
|
for loan
losses and unrealized gain/loss
|
140,226
|
|
|
108,909
|
|
|
Total assets
|
$
2,053,099
|
|
|
$
1,729,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities:
|
|
|
|
|
|
|
Demand and NOW
accounts
|
$
399,719
|
784
|
0.78
|
$
344,426
|
437
|
0.51
|
Savings
deposits
|
184,481
|
5
|
0.01
|
157,519
|
5
|
0.01
|
Money market
accounts
|
181,866
|
330
|
0.73
|
183,643
|
220
|
0.48
|
Certificate
accounts
|
508,575
|
2,454
|
1.93
|
405,893
|
1,445
|
1.42
|
Total
deposits
|
1,274,641
|
3,573
|
1.12
|
1,091,481
|
2,107
|
0.77
|
Borrowings
|
287,265
|
1,687
|
2.35
|
234,946
|
1,057
|
1.80
|
Total
interest-bearing liabilities
|
1,561,906
|
5,260
|
1.35
|
1,326,427
|
3,164
|
0.95
|
Non-interest bearing
deposit accounts
|
267,668
|
|
|
223,763
|
|
|
Other
liabilities
|
19,080
|
|
|
16,047
|
|
|
Total
liabilities
|
1,848,654
|
|
|
1,566,237
|
|
|
Stockholders'
equity
|
204,445
|
|
|
163,453
|
|
|
Total liabilities and stockholders' equity
|
$
2,053,099
|
|
|
$
1,729,690
|
|
|
|
|
|
|
|
|
|
Net interest earning
assets
|
$
350,967
|
|
|
$
294,354
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
16,042
|
|
|
$
13,584
|
|
|
|
|
|
|
|
|
Net interest rate
spread (4)
|
|
|
3.11%
|
|
|
3.18%
|
|
|
|
|
|
|
|
Net interest margin
(4)
|
|
|
3.35%
|
|
|
3.35%
|
|
|
|
|
|
|
|
Net interest margin,
tax equivalent (3)(4)
|
|
|
3.43%
|
|
|
3.42%
|
|
|
|
|
|
|
|
Average
interest-earning assets to
|
|
|
|
|
|
|
average
interest-bearing liabilities
|
|
|
122.47%
|
|
|
122.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
Three
Months
|
Three
Months
|
|
Ended
|
Ended
|
Ended
|
|
March 31,
|
December
31,
|
March 31,
|
Selected
Financial Ratios and Other Financial Data (Unaudited):
|
2019
|
2018
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and per share
data:
|
|
|
|
Average common
shares outstanding:
|
|
|
|
Basic
|
8,621,406
|
8,590,729
|
7,810,916
|
Diluted
|
8,745,821
|
8,732,290
|
7,965,893
|
Per common
share:
|
|
|
|
Basic
earnings
|
$
0.61
|
$
0.62
|
$
0.51
|
Diluted
earnings
|
$
0.60
|
$
0.61
|
$
0.50
|
Dividends
|
$
0.20
|
$
0.20
|
$
0.18
|
|
|
|
|
Dividend payout
ratio
|
33.33%
|
32.79%
|
36.00%
|
|
|
|
|
Performance
Ratios:
|
|
|
|
Return
on average assets (ratio of net
|
|
|
|
income to average
total assets)(4)
|
1.02%
|
1.04%
|
0.93%
|
Return
on average tangible common equity (ratio of net
|
|
|
|
income to average
tangible common equity)(4)
|
11.73%
|
12.56%
|
10.53%
|
Interest
rate spread information:
|
|
|
|
Average during the period(4)
|
3.11%
|
3.22%
|
3.18%
|
|
|
|
|
Net interest margin(4)(5)
|
3.35%
|
3.47%
|
3.35%
|
|
|
|
|
Efficiency
Ratio
|
68.91%
|
68.93%
|
72.02%
|
|
|
|
|
Ratio of average interest-earning
|
|
|
|
assets to average
interest-bearing
|
|
|
|
liabilities
|
122.47%
|
124.01%
|
122.19%
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
Balance
beginning of period
|
$
13,281
|
$
13,009
|
$
12,387
|
Net
charge-offs (recoveries):
|
|
|
|
Real
Estate:
|
|
|
|
Commercial
|
51
|
40
|
53
|
Commercial
construction and development
|
0
|
0
|
0
|
Consumer closed end
first mortgage
|
40
|
23
|
12
|
Consumer open end and
junior liens
|
0
|
0
|
0
|
Total real estate
loans
|
91
|
63
|
65
|
Other
loans:
|
|
|
|
Auto
|
88
|
5
|
(10)
|
Boat/RV
|
171
|
212
|
131
|
Other
|
42
|
48
|
30
|
Commercial and
industrial
|
0
|
0
|
84
|
Total
other
|
301
|
265
|
235
|
|
|
|
|
Net charge-offs
(recoveries)
|
392
|
328
|
300
|
Provision for loan
losses
|
475
|
600
|
450
|
Balance end of
period
|
$
13,364
|
$
13,281
|
$
12,537
|
|
|
|
|
Net loan charge-offs to average loans (4)
|
0.10%
|
0.09%
|
0.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
December
31,
|
March 31,
|
|
2019
|
2018
|
2018
|
|
|
|
|
Total shares
outstanding
|
8,624,462
|
8,603,462
|
8,574,924
|
Tangible book value
per common share
|
$
21.51
|
$
20.51
|
$
18.97
|
Tangible common
equity to tangible assets
|
9.10%
|
8.72%
|
8.27%
|
|
|
|
|
Nonperforming
assets (000's)
|
|
|
|
Non-accrual
loans
|
|
|
|
Real
Estate:
|
|
|
|
Commercial
|
$
1,281
|
$
4,782
|
$
1,415
|
Commercial
construction and development
|
-
|
62
|
17
|
Consumer closed end
first mortgage
|
3,759
|
2,777
|
3,633
|
Consumer open end and
junior liens
|
212
|
273
|
223
|
Total real estate
loans
|
5,252
|
7,894
|
5,288
|
Other
loans:
|
|
|
|
Auto
|
64
|
88
|
11
|
Boat/RV
|
646
|
470
|
367
|
Other
|
44
|
46
|
21
|
Commercial and
industrial
|
267
|
91
|
208
|
Total
other
|
1,021
|
695
|
607
|
Total non-accrual
loans
|
6,273
|
8,589
|
5,895
|
Accruing loans past
due 90 days or more
|
206
|
517
|
38
|
Total nonperforming
loans
|
6,479
|
9,106
|
5,933
|
Real estate owned
|
1,141
|
1,223
|
1,390
|
Other repossessed assets
|
611
|
790
|
363
|
Total
nonperforming assets
|
$
8,231
|
$
11,119
|
$
7,686
|
|
|
|
|
Performing
restructured loans (6)
|
$
1,087
|
$
2,571
|
$
913
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
Non-performing assets
to total assets
|
0.40%
|
0.54%
|
0.39%
|
Non-performing loans
to total loans
|
0.43%
|
0.61%
|
0.41%
|
Allowance for loan
losses to non-performing loans
|
206%
|
146%
|
211%
|
Allowance for loan
losses to loans receivable
|
0.89%
|
0.89%
|
0.86%
|
|
|
|
|
|
Three
Months
|
Three
Months
|
Three
Months
|
|
|
|
Ended
|
Ended
|
Ended
|
|
|
|
March 31,
|
December
31,
|
March 31,
|
|
|
Non-GAAP Measurements
(7)
|
2019
|
2018
|
2018
|
|
|
|
|
|
|
|
|
Total stockholders'
equity (GAAP)
|
$
211,164
|
$
202,363
|
$
191,062
|
|
|
Less: Intangible
assets
|
25,667
|
25,879
|
28,378
|
|
|
Tangible common
equity (non-GAAP)
|
$
185,497
|
$
176,484
|
$
162,684
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
2,064,141
|
$
2,049,313
|
$
1,996,105
|
|
|
Less: Intangible
assets
|
25,667
|
25,879
|
28,378
|
|
|
Tangible assets
(non-GAAP)
|
$
2,038,474
|
$
2,023,434
|
$
1,967,727
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets (non-GAAP)
|
9.10%
|
8.72%
|
8.27%
|
|
|
|
|
|
|
|
|
Book value per common
share (GAAP)
|
$
24.48
|
$
23.52
|
$
22.28
|
|
|
Less: Effect of
intangible assets
|
2.98
|
3.01
|
3.31
|
|
|
Tangible book value
per common share
|
$
21.51
|
$
20.51
|
$
18.97
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity (GAAP)
|
10.25%
|
10.87%
|
9.81%
|
|
|
Add: Effect of
intangible assets
|
1.48%
|
1.69%
|
0.72%
|
|
|
Return on average
tangible common equity (non-GAAP)
|
11.73%
|
12.56%
|
10.53%
|
|
|
|
|
|
|
|
|
Total tax free
interest income (GAAP)
|
|
|
|
|
|
Loans
receivable
|
$
102
|
$
106
|
$
100
|
|
|
Investment
securities
|
1,209
|
1,226
|
944
|
|
|
Total tax free
interest income
|
$
1,311
|
$
1,332
|
$
1,044
|
|
|
Total tax free
interest income, gross (at 21%)
|
$
1,659
|
$
1,686
|
$
1,322
|
|
|
|
|
|
|
|
|
Net interest margin,
tax equivalent (non-GAAP)
|
|
|
|
|
|
Net interest income
(GAAP)
|
$
16,042
|
$
16,494
|
$
13,584
|
|
|
Add: Tax effect tax
free interest income (3)
|
348
|
354
|
278
|
|
|
Net interest income
(non-GAAP)
|
16,390
|
16,848
|
13,862
|
|
|
Divided by: Average
interest-earning assets
|
1,912,873
|
1,898,949
|
1,620,871
|
|
|
Net interest margin,
tax equivalent
|
3.43%
|
3.55%
|
3.42%
|
|
|
|
|
|
|
|
|
One-time merger
related expenses
|
|
|
|
|
|
Non-tax
deductible
|
$
-
|
$
-
|
$
220
|
|
|
Tax
deductible
|
-
|
79
|
385
|
|
|
Total one-time merger
related expenses
|
$
-
|
$
79
|
$
605
|
|
|
Subtract tax
benefit
|
-
|
17
|
81
|
|
|
Net one-time merger
related expenses
|
$
-
|
$
62
|
$
524
|
|
|
Net income
(GAAP)
|
-
|
5,290
|
4,007
|
|
|
Net income with out
one-time merger expenses (non-GAAP)
|
$
-
|
$
5,352
|
$
4,531
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
|
|
|
|
|
Net income without
one-time merger expenses (non-GAAP)
|
$
-
|
$
5,352
|
$
4,531
|
|
|
Average diluted
shares
|
-
|
8,732,290
|
7,965,893
|
|
|
Adjusted diluted
earnings per share (non-GAAP)
|
$
-
|
$
0.61
|
$
0.57
|
|
|
|
|
|
|
|
|
Adjusted return on
assets
|
|
|
|
|
|
Net income with out
one-time merger expenses (non-GAAP)
|
$
-
|
$
5,352
|
$
4,531
|
|
|
Average
assets
|
-
|
2,028,923
|
1,729,690
|
|
|
Adjusted return on
average assets (non-GAAP)
|
-
|
1.06%
|
1.05%
|
|
|
|
|
|
|
|
|
Adjusted return on
tangible common equity
|
|
|
|
|
|
Net income with out
one-time merger expenses (non-GAAP)
|
$
-
|
$
5,352
|
$
4,531
|
|
|
Average tangible
common equity
|
-
|
168,443
|
152,276
|
|
|
Adjusted return on
average tangible common equity (non-GAAP)
|
-
|
12.71%
|
11.90%
|
|
|
|
|
|
|
|
|
Ratio
Summary:
|
|
|
|
|
|
Return on average
equity
|
10.25%
|
10.87%
|
9.81%
|
|
|
Return on average
tangible common equity
|
11.73%
|
12.56%
|
10.53%
|
|
|
Return on average
assets
|
1.02%
|
1.04%
|
0.93%
|
|
|
Tangible common
equity to tangible assets
|
9.10%
|
8.72%
|
8.27%
|
|
|
Net interest margin,
tax equivalent
|
3.43%
|
3.55%
|
3.42%
|
|
|
|
|
|
|
|
|
(1)
Pre-tax pre-provision income is calculated by taking net income
available to common shareholders and adding income tax provision
and provision for loan losses.
|
|
|
|
|
|
|
(2)
Calculated net of deferred loan fees, loan discounts, loans in
process and loss reserves.
|
|
|
|
|
|
|
|
|
|
(3) Tax
equivalent margin is calculated by taking non-taxable interest and
grossing up by 21% applicable tax rate.
|
|
|
|
|
|
|
|
|
(4)
Ratios for the three month periods have been annualized.
|
|
|
|
|
|
|
|
|
|
|
|
(5) Net
interest income divided by average interest earning
assets.
|
|
|
|
|
|
|
|
|
|
|
|
(6)
Performing restructured loans are excluded from non-performing
ratios. Restructured loans that are on non-accrual are in the
non-accrual loan categories.
|
|
|
|
|
|
|
(7) This
earnings release and selected financials contain GAAP financial
measures and non-GAAP financial measures where management believes
it to be helpful in understanding MutualFirst's results of
operations or financial position. This table shows non-GAAP
financial measures and the comparable GAAP financial measure,
as well as the reconciliation to the comparable GAAP financial
measure.
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mutualfirst-financial-announces-first-quarter-earnings-300835991.html
SOURCE MutualFirst Financial, Inc.