MutualFirst Financial Announces First Quarter Earnings
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. |
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(3) Tax equivalent margin is calculated by taking non-taxable interest and grossing up by 21% applicable tax rate. |
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(4) Ratios for the three month periods have been annualized. |
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(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. |
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(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. |
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SOURCE MutualFirst Financial, Inc.
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