MutualFirst Financial Inc. (MFSF, Financial) filed Quarterly Report for the period ended 2010-06-30.
Mutualfirst Financial Inc. has a market cap of $50.5 million; its shares were traded at around $7.23 with a P/E ratio of 36.2 and P/S ratio of 0.6. The dividend yield of Mutualfirst Financial Inc. stocks is 3.3%.MFSF is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Allowance for loan losses was $16.2 million at June 30, 2010, a decrease of $166,000 from December 31, 2009. Net charge offs for the quarter ended June 30, 2010 were $1.9 million, or .74% of average loans on an annualized basis compared to $992,000, or .36% of average loans for the comparable period in 2009. Net charge offs for the six months ended June 30, 2010, $3.2 million, or .61% of average loans on an annualized basis compared to $2.0 million, or .35% of average loans for the comparable period in 2009. Net charge offs increased as a larger amount of previously identified problem loans were settled in the quarter than in the same period in 2009. On a linked quarter basis net charge offs increased from an annualized .49% of average loans for the quarter ended March 31, 2010 to .74% for the current quarter. The allowance for loan losses as a percentage of non-performing loans and total loans was 63.30% and 1.58%, respectively at June 30, 2010 compared to 50.38% and 1.53%, respectively at December 31, 2009.
Total deposits were $1.1 billion at June 30, 2010 an increase of $64.0 million, or 6.1% from December 31, 2009. This increase was due to increases in certificates of deposit and savings deposits of $35.4 million and increases in demand and money market deposits of $28.6 million. Total borrowings decreased $25.2 million to $186.8 million at June 30, 2010 from $212.1 million at December 31, 2009 as the Bank utilized excess liquidity to pay down maturing FHLB advances.
Stockholders equity was $134.4 million at June 30, 2010, an increase of $4.6 million, or 3.6% from December 31, 2009. The increase was due primarily to net income of $3.1 million and unrealized gains on securities of $3.3 million. This increase was partially offset by dividend payments of $838,000 to common shareholders and $810,000 to preferred shareholders and net unrealized losses on derivatives of $241,000. The Bank s risk-based capital ratio was well in excess of “well-capitalized” levels as defined by all regulatory standards as of June 30, 2010.
Net interest income before the provision for loan losses increased $566,000 from $10.3 million for the three months ended June 30, 2009 to $10.9 million for the three months ended June 30, 2010. The primary reason for the increase was an increase in average earning assets of $61.2 million as a result of increased liquidity and an increase in net interest margin of 2 basis points to 3.23% in the second quarter of 2010 compared to 3.21% for the second quarter 2009. On a linked quarter basis, net interest income before the provision for loan losses increased $390,000 primarily due to an increase in average earning assets of $28.5 million and an increase of 5 basis points in net interest margin.
Non-interest income decreased $752,000 to $3.4 million for the three months ended June 30, 2010 compared to the same period in 2009. The decrease was primarily due to a reduction in gain on sale of loans as mortgage loan sales slowed as did production in comparison to the second quarter of 2009. Another reason for the decline was a decrease in gains on sale of securities and an increase in other-than-temporary impairment in the second quarter of 2010 compared to the second quarter of 2009. Other-than-temporary impairment in the second quarter of 2010 primarily included several private labeled mortgage backed securities that have seen charge offs in the last quarter in the individual mortgage back pools. These decreases were partially offset by increases in service fees on transaction accounts and increases in commission income. The increase in commission income was due primarily to commissions received from the trust and brokerage businesses for the quarter. On a linked quarter basis, non-interest income increased by $252,000.
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Mutualfirst Financial Inc. has a market cap of $50.5 million; its shares were traded at around $7.23 with a P/E ratio of 36.2 and P/S ratio of 0.6. The dividend yield of Mutualfirst Financial Inc. stocks is 3.3%.MFSF is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Assets totaled $1.4 billion at June 30, 2010, an increase from December 31, 2009 of $42.9 million, or 3.1%. Gross loans, excluding loans held for sale, decreased $45.7 million, or 4.2%. Consumer loans decreased $18.0 million, or 6.9%, commercial loans decreased $18.4 million, or 5.5%, and residential mortgage loans held in the portfolio decreased $9.3 million, or 1.9%. Residential mortgage loans held for sale decreased $208,000 and mortgage loans sold during the first half of 2010 totaled $23.0 million compared to $94.9 million sold in the first half of last year. The decrease in consumer lending was a result of the Bank suspending origination of indirect boat and recreational vehicle lending at the beginning of 2010, which accounted for approximately 49% of the consumer outstanding balances at the beginning of 2010. The decrease in commercial loans was a result of several commercial loans paying down, some of which were loans of concern for the Bank. Mortgage loan balances continue to decline as the Bank has sold a majority of its fixed rate production. Investment securities available for sale increased $77.5 million, or 59.2%, primarily due to the current liquidity available to the Bank.Allowance for loan losses was $16.2 million at June 30, 2010, a decrease of $166,000 from December 31, 2009. Net charge offs for the quarter ended June 30, 2010 were $1.9 million, or .74% of average loans on an annualized basis compared to $992,000, or .36% of average loans for the comparable period in 2009. Net charge offs for the six months ended June 30, 2010, $3.2 million, or .61% of average loans on an annualized basis compared to $2.0 million, or .35% of average loans for the comparable period in 2009. Net charge offs increased as a larger amount of previously identified problem loans were settled in the quarter than in the same period in 2009. On a linked quarter basis net charge offs increased from an annualized .49% of average loans for the quarter ended March 31, 2010 to .74% for the current quarter. The allowance for loan losses as a percentage of non-performing loans and total loans was 63.30% and 1.58%, respectively at June 30, 2010 compared to 50.38% and 1.53%, respectively at December 31, 2009.
Total deposits were $1.1 billion at June 30, 2010 an increase of $64.0 million, or 6.1% from December 31, 2009. This increase was due to increases in certificates of deposit and savings deposits of $35.4 million and increases in demand and money market deposits of $28.6 million. Total borrowings decreased $25.2 million to $186.8 million at June 30, 2010 from $212.1 million at December 31, 2009 as the Bank utilized excess liquidity to pay down maturing FHLB advances.
Stockholders equity was $134.4 million at June 30, 2010, an increase of $4.6 million, or 3.6% from December 31, 2009. The increase was due primarily to net income of $3.1 million and unrealized gains on securities of $3.3 million. This increase was partially offset by dividend payments of $838,000 to common shareholders and $810,000 to preferred shareholders and net unrealized losses on derivatives of $241,000. The Bank s risk-based capital ratio was well in excess of “well-capitalized” levels as defined by all regulatory standards as of June 30, 2010.
Net interest income before the provision for loan losses increased $566,000 from $10.3 million for the three months ended June 30, 2009 to $10.9 million for the three months ended June 30, 2010. The primary reason for the increase was an increase in average earning assets of $61.2 million as a result of increased liquidity and an increase in net interest margin of 2 basis points to 3.23% in the second quarter of 2010 compared to 3.21% for the second quarter 2009. On a linked quarter basis, net interest income before the provision for loan losses increased $390,000 primarily due to an increase in average earning assets of $28.5 million and an increase of 5 basis points in net interest margin.
Non-interest income decreased $752,000 to $3.4 million for the three months ended June 30, 2010 compared to the same period in 2009. The decrease was primarily due to a reduction in gain on sale of loans as mortgage loan sales slowed as did production in comparison to the second quarter of 2009. Another reason for the decline was a decrease in gains on sale of securities and an increase in other-than-temporary impairment in the second quarter of 2010 compared to the second quarter of 2009. Other-than-temporary impairment in the second quarter of 2010 primarily included several private labeled mortgage backed securities that have seen charge offs in the last quarter in the individual mortgage back pools. These decreases were partially offset by increases in service fees on transaction accounts and increases in commission income. The increase in commission income was due primarily to commissions received from the trust and brokerage businesses for the quarter. On a linked quarter basis, non-interest income increased by $252,000.
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