MutualFirst Financial Inc. (MFSF, Financial) filed Quarterly Report for the period ended 2010-09-30.
Mutualfirst Financial Inc. has a market cap of $59.16 million; its shares were traded at around $8.47 with a P/E ratio of 33.88 and P/S ratio of 0.7. The dividend yield of Mutualfirst Financial Inc. stocks is 2.83%.MFSF is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Allowance for loan losses was $16.5 million at September 30, 2010, an increase of $66,000 from December 31, 2009. Net charge offs for the quarter ended September 30, 2010 were $2.0 million, or .78% of average loans on an annualized basis compared to $1.4 million, or .50% of average loans for the comparable period in 2009. Net charge offs for the nine months ended September 30, 2010 were $5.2 million, or .67% of average loans on an annualized basis compared to $3.3 million, or .40% 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 .74% of average loans for the quarter ended June 30, 2010 to .78% for the current quarter. The allowance for loan losses as a percentage of non-performing loans and total loans was 52.18% and 1.62%, respectively at September 30, 2010 compared to 50.38% and 1.53%, respectively at December 31, 2009. The increased allowance ratios from December 31, 2009 to September 30, 2010, were primarily a result of increased allowance for loan loss, decreased loan balances, and decreased non-performing loans.
Total deposits were $1.1 billion at September 30, 2010 an increase of $81.7 million, or 7.8% from December 31, 2009. This increase was due to increases in certificates of deposit and savings deposits of $33.4 million and increases in demand and money market deposits of $48.3 million. The increase in deposits is a result of customers seeking safety and stability and the Bank s ability to meet customers needs. Total borrowings decreased $46.1 million to $166.0 million at September 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 $133.6 million at September 30, 2010, an increase of $3.9 million, or 3.0% from December 31, 2009. The increase was due primarily to net income of $4.7 million and unrealized gains on securities of $1.8 million. This increase was partially offset by dividend payments of $1.3 million to common shareholders and $1.2 million to preferred shareholders and net unrealized losses on derivatives of $354,000. The Bank s capital ratios were all well in excess of “well-capitalized” levels as defined by all regulatory standards as of September 30, 2010. Mutual s current total regulatory capital ratios as of September 30, 2010 are core capital, 8.94%; Tier I risk-based capital, 12.29%; and total risk-based capital, 13.54%.
Net interest income before the provision for loan losses increased $372,000 from $10.2 million for the three months ended September 30, 2009 to $10.6 million for the three months ended September 30, 2010. The primary reason for the increase was an increase in average earning assets of $35.8 million as a result of increased investments and an increase in net interest margin of 2 basis points to 3.23% in the third quarter 2010 compared to 3.21% for the third quarter 2009.
The provision for loan losses for the third quarter of 2010 was $2.2 million compared to $1.7 million in the third quarter of 2009. Non-performing loans to total loans at September 30, 2010 were 3.11% compared to 3.02% at September 30, 2009. Non-performing loans increased from 2.49% at June 30, 2010 to 3.11% at September 30, 2010, or $5.9, million primarily due to three loans totaling $7.7 million becoming non-performing during the third quarter of 2010. These loans include two commercial real estate loans and a large one-to four-family residential loan and are not related loans. Non-performing assets to total assets were 2.67% at September 30, 2010 compared to 2.74% as of September 30, 2009.
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Mutualfirst Financial Inc. has a market cap of $59.16 million; its shares were traded at around $8.47 with a P/E ratio of 33.88 and P/S ratio of 0.7. The dividend yield of Mutualfirst Financial Inc. stocks is 2.83%.MFSF is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Assets totaled $1.4 billion at September 30, 2010, an increase from December 31, 2009 of $41.4 million, or 3.0%. Gross loans, excluding loans held for sale, decreased $61.0 million, or 5.7%. Consumer loans decreased $23.8 million, or 9.2%, commercial loans decreased $18.3 million, or 5.4%, and residential mortgage loans held in the portfolio decreased $18.9 million, or 4.0%. Residential mortgage loans held for sale increased $7.4 million and mortgage loans sold during the first nine months of 2010 totaled $42.7 million compared to $142.9 million sold during the first nine months 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, and charge-offs of $1.5 million in the first nine months of 2010. Mortgage loan balances continue to decline as the Bank has sold a majority of its fixed rate production. Cash and cash equivalents increased $37.2 million primarily due to the current liquidity made available to the Bank with increased deposits. Investment securities available for sale increased $68.1 million, or 52.1%. Investment securities increased despite the sale of $71 million in investments during the third quarter to dispose of all of the private labeled mortgage-backed securities and CMOs. The proceeds from this sale, plus additional funds from cash generated from the paydown of the loan portfolio, were reinvested in primarily agency-related mortgage-backed securities and CMOs.Allowance for loan losses was $16.5 million at September 30, 2010, an increase of $66,000 from December 31, 2009. Net charge offs for the quarter ended September 30, 2010 were $2.0 million, or .78% of average loans on an annualized basis compared to $1.4 million, or .50% of average loans for the comparable period in 2009. Net charge offs for the nine months ended September 30, 2010 were $5.2 million, or .67% of average loans on an annualized basis compared to $3.3 million, or .40% 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 .74% of average loans for the quarter ended June 30, 2010 to .78% for the current quarter. The allowance for loan losses as a percentage of non-performing loans and total loans was 52.18% and 1.62%, respectively at September 30, 2010 compared to 50.38% and 1.53%, respectively at December 31, 2009. The increased allowance ratios from December 31, 2009 to September 30, 2010, were primarily a result of increased allowance for loan loss, decreased loan balances, and decreased non-performing loans.
Total deposits were $1.1 billion at September 30, 2010 an increase of $81.7 million, or 7.8% from December 31, 2009. This increase was due to increases in certificates of deposit and savings deposits of $33.4 million and increases in demand and money market deposits of $48.3 million. The increase in deposits is a result of customers seeking safety and stability and the Bank s ability to meet customers needs. Total borrowings decreased $46.1 million to $166.0 million at September 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 $133.6 million at September 30, 2010, an increase of $3.9 million, or 3.0% from December 31, 2009. The increase was due primarily to net income of $4.7 million and unrealized gains on securities of $1.8 million. This increase was partially offset by dividend payments of $1.3 million to common shareholders and $1.2 million to preferred shareholders and net unrealized losses on derivatives of $354,000. The Bank s capital ratios were all well in excess of “well-capitalized” levels as defined by all regulatory standards as of September 30, 2010. Mutual s current total regulatory capital ratios as of September 30, 2010 are core capital, 8.94%; Tier I risk-based capital, 12.29%; and total risk-based capital, 13.54%.
Net interest income before the provision for loan losses increased $372,000 from $10.2 million for the three months ended September 30, 2009 to $10.6 million for the three months ended September 30, 2010. The primary reason for the increase was an increase in average earning assets of $35.8 million as a result of increased investments and an increase in net interest margin of 2 basis points to 3.23% in the third quarter 2010 compared to 3.21% for the third quarter 2009.
The provision for loan losses for the third quarter of 2010 was $2.2 million compared to $1.7 million in the third quarter of 2009. Non-performing loans to total loans at September 30, 2010 were 3.11% compared to 3.02% at September 30, 2009. Non-performing loans increased from 2.49% at June 30, 2010 to 3.11% at September 30, 2010, or $5.9, million primarily due to three loans totaling $7.7 million becoming non-performing during the third quarter of 2010. These loans include two commercial real estate loans and a large one-to four-family residential loan and are not related loans. Non-performing assets to total assets were 2.67% at September 30, 2010 compared to 2.74% as of September 30, 2009.
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