MutualFirst Financial Inc. (MFSF, Financial) filed Quarterly Report for the period ended 2010-03-31.
Mutualfirst Financial Inc. has a market cap of $55.18 million; its shares were traded at around $7.9 with a P/E ratio of 56.43 and P/S ratio of 0.65. The dividend yield of Mutualfirst Financial Inc. stocks is 3.04%.MFSF is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Allowance for loan losses was $16.6 million at March 31, 2010, an increase of $221,000 from December 31, 2009. Net charge offs for the quarter ended March 31, 2010 were $1.3 million, or .49% of average loans on an annualized basis compared to $967,000, or .34% of average loans for the comparable period in 2009. On a linked quarter basis net charge offs decreased from an annualized .69% of average loans for the quarter ended December 31, 2009 to .49% for the current quarter. The allowance for loan losses as a percentage of non-performing loans and total loans was 60.77% and 1.59%, respectively, at March 31, 2010 compared to 50.38% and 1.53%, respectively, at December 31, 2009 due to an increase in allowance and decrease in non-performing loans and total loans.
Total deposits were $1.1 billion at March 31, 2010 an increase of $77.2 million, or 7.4% from December 31, 2009. This increase was due to increases in certificates of deposit and savings deposits of $40.3 million and increases in demand and money market deposits of $36.9 million. Total borrowings increased $8.7 million to $220.8 million at March 31, 2010 from $212.1 million at December 31, 2009 as the Bank has utilized longer term FHLB advances to help mitigate interest rate risk.
Stockholders equity was $130.3 million at March 31, 2010, an increase of $598,000, or 0.5% from December 31, 2009. The increase was due primarily to net income of $1.3 million and unrealized gains on securities of $112,000. This increase was partially offset by dividend payments of $419,000 to common shareholders and $405,000 to preferred shareholders and net unrealized losses on derivatives of $88,000. The Bank s risk-based capital ratio was well in excess of “well-capitalized” levels as defined by all regulatory standards as of March 31, 2010.
Net interest income before the provision for loan losses increased $96,000 from $10.4 million for the three months ended March 31, 2009 to $10.5 million for the three months ended March 31, 2010. The primary reason for the increase was an increase in average earning assets of $30.6 million as a result of increased liquidity due to deposit growth. The increase in earning assets was partially offset by a decrease in net interest margin of 5 basis points to 3.18% in the first quarter 2010 compared to 3.23% for the first quarter 2009. The decrease in net interest margin was primarily due to the low rate of return on the increased liquidity the Bank held in the first quarter of 2010. On a linked quarter basis, net interest income before the provision for loan losses increased $207,000 primarily due to an increase in average earning assets of $50.8 million, partially offset by a 6 basis point reduction in net interest margin.
Non-interest income decreased $440,000 to $3.1 million for the three months ended March 31, 2010, compared to the same period in 2009. This was primarily due to a decrease in gain on sale and servicing of loans as total fixed rate loans sold during the first quarter of 2010 were $14.3 million compared to $42.3 million in the same period of 2009. Impairment of securities also increased due to a $184,000, pretax, loss on seven private labeled mortgage backed securities and a $393,000 loss, with no tax benefit recorded, on two trust preferred securities. This was offset by an increase in commission income due to an increase in trust and fiduciary accounts of $69 million, up from $309 million at March 31, 2009. Gain on sale of securities increased as the Bank liquidated several municipal securities in the first quarter 2010.
Read the The complete Report
Mutualfirst Financial Inc. has a market cap of $55.18 million; its shares were traded at around $7.9 with a P/E ratio of 56.43 and P/S ratio of 0.65. The dividend yield of Mutualfirst Financial Inc. stocks is 3.04%.MFSF is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Assets totaled $1.5 billion at March 31, 2010, an increase from December 31, 2009 of $88.1 million, or 6.3%. Gross loans, excluding loans held for sale, decreased $30.5 million, or 2.9%. Consumer loans decreased $11.1 million, or 4.3%, commercial loans decreased $11.2 million, or 3.3%, and residential mortgage loans held in the portfolio decreased $8.2 million, or 1.7%. Residential mortgage loans held for sale increased $1.2 million and mortgage loans sold during the quarter totaled $14.3 million compared to $42.3 million sold in the first quarter 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. These types of loans 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 $41.9 million, or 32.0%, primarily due to the current liquidity available to the Bank due to loan pay-downs and increases in deposits. The investments purchased were all agency issues primarily in mortgage-backed securities and collateralized mortgage obligations.Allowance for loan losses was $16.6 million at March 31, 2010, an increase of $221,000 from December 31, 2009. Net charge offs for the quarter ended March 31, 2010 were $1.3 million, or .49% of average loans on an annualized basis compared to $967,000, or .34% of average loans for the comparable period in 2009. On a linked quarter basis net charge offs decreased from an annualized .69% of average loans for the quarter ended December 31, 2009 to .49% for the current quarter. The allowance for loan losses as a percentage of non-performing loans and total loans was 60.77% and 1.59%, respectively, at March 31, 2010 compared to 50.38% and 1.53%, respectively, at December 31, 2009 due to an increase in allowance and decrease in non-performing loans and total loans.
Total deposits were $1.1 billion at March 31, 2010 an increase of $77.2 million, or 7.4% from December 31, 2009. This increase was due to increases in certificates of deposit and savings deposits of $40.3 million and increases in demand and money market deposits of $36.9 million. Total borrowings increased $8.7 million to $220.8 million at March 31, 2010 from $212.1 million at December 31, 2009 as the Bank has utilized longer term FHLB advances to help mitigate interest rate risk.
Stockholders equity was $130.3 million at March 31, 2010, an increase of $598,000, or 0.5% from December 31, 2009. The increase was due primarily to net income of $1.3 million and unrealized gains on securities of $112,000. This increase was partially offset by dividend payments of $419,000 to common shareholders and $405,000 to preferred shareholders and net unrealized losses on derivatives of $88,000. The Bank s risk-based capital ratio was well in excess of “well-capitalized” levels as defined by all regulatory standards as of March 31, 2010.
Net interest income before the provision for loan losses increased $96,000 from $10.4 million for the three months ended March 31, 2009 to $10.5 million for the three months ended March 31, 2010. The primary reason for the increase was an increase in average earning assets of $30.6 million as a result of increased liquidity due to deposit growth. The increase in earning assets was partially offset by a decrease in net interest margin of 5 basis points to 3.18% in the first quarter 2010 compared to 3.23% for the first quarter 2009. The decrease in net interest margin was primarily due to the low rate of return on the increased liquidity the Bank held in the first quarter of 2010. On a linked quarter basis, net interest income before the provision for loan losses increased $207,000 primarily due to an increase in average earning assets of $50.8 million, partially offset by a 6 basis point reduction in net interest margin.
Non-interest income decreased $440,000 to $3.1 million for the three months ended March 31, 2010, compared to the same period in 2009. This was primarily due to a decrease in gain on sale and servicing of loans as total fixed rate loans sold during the first quarter of 2010 were $14.3 million compared to $42.3 million in the same period of 2009. Impairment of securities also increased due to a $184,000, pretax, loss on seven private labeled mortgage backed securities and a $393,000 loss, with no tax benefit recorded, on two trust preferred securities. This was offset by an increase in commission income due to an increase in trust and fiduciary accounts of $69 million, up from $309 million at March 31, 2009. Gain on sale of securities increased as the Bank liquidated several municipal securities in the first quarter 2010.
Read the The complete Report
