MUNCIE, Ind., April 25, 2017 /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, 2017 was $3.2 million, or $0.43 diluted earnings per common share. This compared to net income available to common shareholders for the same period in 2016 of $2.4 million, or $0.31 diluted earnings per common share. Annualized return on average assets was 0.82% and return on average tangible common equity was 9.23% for the first quarter of 2017 compared to 0.63% and 6.92%, respectively, for the same period of last year.
Other financial highlights for the first quarter of 2017 included:
- Deposits increased $17.5 million, or 6.1% on an annualized basis in the first quarter of 2017.
- Tangible book value per common share was $19.13 as of March 31, 2017 compared to $18.82 as of December 31, 2016.
- Net interest income for the first quarter of 2017 increased by $144,000 on a linked quarter basis and increased by $951,000 compared to the first quarter of 2016.
- Net interest margin was 3.21% for the first quarter of 2017 compared to 3.20% in the fourth quarter of 2016 and 3.13% in the first quarter of 2016. Tax equivalent net interest margin was 3.32% for the first quarter of 2017 compared to 3.30% in the fourth quarter of 2017 and 3.22% in the first quarter of 2016.
- Provision for loan losses decreased in the first quarter of 2017 by $50,000 compared to the linked quarter and was the same as the first quarter of 2016.
- Non-interest income in the first quarter of 2017 decreased by $342,000 on a linked quarter basis and increased by $127,000 when compared to the first quarter of 2016.
- Non-interest expense decreased in the first quarter of 2017 by $74,000 on a linked quarter basis and decreased by $10,000 when compared to the first quarter of 2016.
- Efficiency ratio was 72.0% in the first quarter of 2017 compared to 77.4% in the first quarter of 2016.
- Four financial centers were closed during the first quarter of 2017.
"The increase in earnings for the first quarter of 2017 compared to the same period in 2016 continues our momentum," said David W. Heeter, President and CEO.
Balance Sheet
Assets remained relatively flat as of March 31, 2017 compared to December 31, 2016. The gross loan portfolio declined by $2.2 million, or 0.2% primarily due to seasonality and a couple of expected large payoffs in the commercial loan portfolio. Despite loan balances remaining relatively flat, primarily due to of the large payoffs, production was stronger in the first quarter of 2017 compared to the first quarter of 2016. The current commercial loan pipeline is approximately 50% greater as of March 31, 2017 than December 31, 2016. Heeter continued, "First quarter is typically the slowest quarter for our loan production and growth. We are pleased with the seasonally strong production and believe that the current loan pipelines should continue our loan growth."
Deposits increased by $17.5 million as of March 31, 2017 compared to December 31, 2016. The increase in deposits was a result of an increase in core deposits of $16.5 million and an increase of $1.0 million in certificates of deposit.
Allowance for loan losses remained constant at $12.4 million as of March 31, 2017 compared to December 31, 2016. The allowance for loan losses to non-performing loans as of March 31, 2017 was 259.5% compared to 230.1% as of December 31, 2016. The allowance for loan losses to total loans as of March 31, 2017 was 1.06%, the same as of December 31, 2016. Non-performing loans to total loans at March 31, 2017 were 0.41% compared to 0.46% at December 31, 2016. Non-performing assets to total assets were 0.37% at March 31, 2017 compared to 0.42% at December 31, 2016.
Stockholders' equity was $142.6 million at March 31, 2017, an increase of $2.6 million from December 31, 2016. The increase was primarily due to net income available to common shareholders of $3.2 million, an increase in accumulated other comprehensive income of $391,000 and an increase of $139,000 due to exercises of stock options. These increases were partially offset by common stock cash dividends paid of $1.2 million during the first quarter of 2017. The Company's tangible book value per common share as of March 31, 2017 increased to $19.13 compared to $18.82 as of December 31, 2016 and the tangible common equity ratio increased to 9.07% as of March 31, 2017 compared to 8.89% as of December 31, 2016. MFSF's and the Bank's risk-based capital ratios were well in excess of "well-capitalized" levels as defined by all regulatory standards as of March 31, 2017.
Income Statement
Net interest income before the provision for loan losses increased $951,000 for the quarter ended March 31, 2017 compared to the same period in 2016. The increase in net interest income was a result of an increase of $82.0 million in average interest earning assets, due to an increase of $88.3 million in average loans, and an increase of eight basis points in net interest margin to 3.21%. On a linked quarter basis, net interest income before the provision for loan losses increased $144,000 as net interest margin increased by one basis point and average interest earning assets increased by $12.5 million, primarily due to increases in the average loan portfolio.
Provision for loan losses in the first quarter of 2017 was $200,000, the same as 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 net charge offs of $200,000, or 0.07% of total average loans on an annualized basis, in the first quarter of 2017 compared to net charge offs of $171,000, or 0.06% of total average loans on an annualized basis, in the first quarter of 2016.
Non-interest income for the first quarter of 2017 was $4.1 million, an increase of $127,000 compared to the first quarter of 2016. Increases in non-interest income included an increase of $96,000 in commission income due to increases in our trust and wealth management business, an increase of $83,000 in gains on sale of other real estate and repossessed assets, and an increase of $26,000 in service fee income. These increases were partially offset by a decrease of $170,000 in gain on sale of loans due to fewer loan sales compared to the first quarter of 2016. On a linked quarter basis, non-interest income decreased $342,000 primarily due to a decrease of $307,000 in service fee income generated from deposit accounts due to fourth quarter seasonality, which is typically the highest of the year
Non-interest expense decreased $10,000 when comparing the first quarter of 2017 with the same period in 2016. The decrease was primarily due to a decrease of $305,000 in other expenses and a decrease of $74,000 in professional fees primarily due to one-time expenses setting up our captive insurance company in the first quarter of 2016 that were not repeated in the first quarter of 2017. These decreases were offset by an increase of $235,000 in salaries and benefits primarily due to general compensation increases and an increase of $163,000 in occupancy expense due to a loss of rental income from an office building sold in the fourth quarter of 2016. On a linked quarter basis, non-interest expense decreased $74,000 partially due to a decrease in salaries and benefits primarily due to reduced health insurance expenses.
The effective tax rate for the first quarter of 2017 was 24.2% compared to 24.8% in the same quarter of 2016. The reason for the decline was an increase in tax free income partially due to an increase in holdings of tax free municipal securities.
Heeter concluded, "This is a good start to 2017 and we believe we will continue the momentum to enhance shareholder value."
MutualFirst Financial, Inc. is the parent company of MutualBank, an Indiana-based financial institution since 1889. MutualBank has twenty-seven full-service retail financial centers in Allen, Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in 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 National 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 |
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| (Audited) |
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| March 31, | December 31, | March 31, |
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Balance Sheet (Unaudited): | 2017 | 2016 | 2016 |
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Assets |
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Cash and cash equivalents | $ 22,304 | $ 26,860 | $ 30,712 |
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Interest-bearing time deposits | 1,905 | 993 | 980 |
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Investment securities - AFS | 254,966 | 249,913 | 266,171 |
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Loans held for sale | 5,077 | 4,063 | 5,886 |
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Loans, gross | 1,167,325 | 1,169,502 | 1,086,891 |
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Allowance for loan losses | (12,382) | (12,382) | (12,670) |
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Net loans | 1,154,943 | 1,157,120 | 1,074,221 |
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Premises and equipment, net | 21,041 | 21,200 | 31,786 |
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FHLB of Indianapolis stock | 11,183 | 10,925 | 10,482 |
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Deferred tax asset, net | 11,769 | 12,037 | 10,326 |
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Cash value of life insurance | 51,866 | 51,594 | 51,493 |
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Other real estate owned and repossessed assets | 1,035 | 1,199 | 2,352 |
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Goodwill | 1,800 | 1,800 | 1,800 |
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Core deposit and other intangibles | 307 | 391 | 691 |
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Other assets | 13,225 | 15,038 | 12,332 |
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Total assets | $ 1,551,421 | $ 1,553,133 | $ 1,499,232 |
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Liabilities and Stockholders' Equity |
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Deposits | $ 1,170,923 | $ 1,153,382 | $ 1,113,923 |
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FHLB advances | 218,191 | 240,591 | 218,617 |
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Other borrowings | 4,490 | 4,189 | 9,279 |
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Other liabilities | 15,219 | 14,933 | 16,615 |
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Stockholders' equity | 142,598 | 140,038 | 140,798 |
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Total liabilities and stockholders' equity | $ 1,551,421 | $ 1,553,133 | $ 1,499,232 |
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| Three Months | Three Months | Three Months |
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| Ended | Ended | Ended |
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| March 31, | December 31, | March 31, |
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Income Statement (Unaudited): | 2017 | 2016 | 2016 |
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Total interest and dividend income | $ 14,109 | $ 13,943 | $ 13,034 |
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Total interest expense | 2,396 | 2,374 | 2,272 |
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Net interest income | 11,713 | 11,569 | 10,762 |
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Provision for loan losses | 200 | 250 | 200 |
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Net interest income after provision |
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for loan losses | 11,513 | 11,319 | 10,562 |
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Non-interest income |
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Service fee income | 1,400 | 1,707 | 1,374 |
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Net realized gain on sales of AFS securities | 129 | 162 | 118 |
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Commissions | 1,196 | 1,287 | 1,100 |
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Net gain on sale of loans | 770 | 866 | 940 |
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Net servicing fees | 101 | 93 | 70 |
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Increase in cash value of life insurance | 272 | 285 | 284 |
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Net gain (loss) on sale of other real estate and repossessed assets | 54 | (65) | (29) |
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Other income | 202 | 131 | 140 |
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Total non-interest income | 4,124 | 4,466 | 3,997 |
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Non-interest expense |
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Salaries and employee benefits | 6,726 | 7,335 | 6,491 |
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Net occupancy expenses | 809 | 469 | 646 |
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Equipment expenses | 427 | 399 | 487 |
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Data processing fees | 554 | 525 | 489 |
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Advertising and promotion | 312 | 158 | 427 |
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ATM and debit card expense | 418 | 408 | 380 |
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Deposit insurance | 213 | 164 | 234 |
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Professional fees | 396 | 538 | 470 |
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Software subscriptions and maintenance | 569 | 548 | 480 |
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Other real estate and repossessed assets | 47 | 26 | 72 |
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Other expenses | 935 | 910 | 1,240 |
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Total non-interest expense | 11,406 | 11,480 | 11,416 |
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Income before income taxes | 4,231 | 4,305 | 3,143 |
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Income tax provision | 1,025 | 1,068 | 778 |
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Net income available to common shareholders | $ 3,206 | $ 3,237 | $ 2,365 |
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Pre-tax pre-provision earnings (1) | $ 4,431 | $ 4,555 | $ 3,343 |
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Average Balances, Net Interest Income, Yield Earned and Rates Paid |
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| months ended |
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| 3/31/2017 |
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| 3/31/2016 |
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| 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: |
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Interest -bearing deposits | $ 21,425 | $ 25 | 0.47% | $ 24,212 | $ 20 | 0.33% |
Mortgage-backed securities: |
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Available-for-sale | 161,169 | 998 | 2.48 | 187,688 | 1,137 | 2.42 |
Investment securities: |
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Available-for-sale | 91,578 | 722 | 3.15 | 69,202 | 552 | 3.19 |
Loans receivable | 1,172,551 | 12,249 | 4.18 | 1,084,263 | 11,220 | 4.14 |
Stock in FHLB of Indianapolis | 11,117 | 115 | 4.14 | 10,482 | 105 | 4.01 |
Total interest-earning assets (2) | 1,457,840 | 14,109 | 3.87 | 1,375,847 | 13,034 | 3.79 |
Non-interest earning assets, net of allowance |
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for loan losses and unrealized gain/loss | 97,384 |
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Total assets | $ 1,555,224 |
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| $ 1,491,807 |
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Interest-Bearing Liabilities: |
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Demand and NOW accounts | $ 292,641 | 200 | 0.27 | $ 264,322 | 150 | 0.23 |
Savings deposits | 139,435 | 4 | 0.01 | 134,050 | 3 | 0.01 |
Money market accounts | 175,048 | 125 | 0.29 | 164,116 | 108 | 0.26 |
Certificate accounts | 385,155 | 1,137 | 1.18 | 355,222 | 1,024 | 1.15 |
Total deposits | 992,279 | 1,466 | 0.59 | 917,710 | 1,285 | 0.56 |
Borrowings | 229,919 | 930 | 1.62 | 237,921 | 987 | 1.66 |
Total interest-bearing liabilities | 1,222,198 | 2,396 | 0.78 | 1,155,631 | 2,272 | 0.79 |
Non-interest bearing deposit accounts | 176,455 |
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Other liabilities | 15,489 |
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Total liabilities | 1,414,142 |
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Stockholders' equity | 141,082 |
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Total liabilities and stockholders' equity | $ 1,555,224 |
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| $ 1,491,807 |
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Net interest earning assets | $ 235,642 |
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| $ 220,216 |
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Net interest income |
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| $ 10,762 |
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Net interest rate spread (4) |
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| 3.09% |
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| 3.00% |
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Net yield on average interest-earning assets (4) |
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| 3.21% |
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| 3.13% |
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Net yield on average interest-earning assets, tax equivalent (3)(4) |
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| 3.32% |
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| 3.22% |
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Average interest-earning assets to |
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average interest-bearing liabilities |
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| 119.28% |
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| 119.06% |
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| Three Months | Three Months | Three Months |
| Ended | Ended | Ended |
| March 31, | December 31, | March 31, |
Selected Financial Ratios and Other Financial Data (Unaudited): | 2017 | 2016 | 2016 |
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Share and per share data: |
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Average common shares outstanding: |
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Basic | 7,332,455 | 7,324,233 | 7,466,409 |
Diluted | 7,480,481 | 7,474,090 | 7,615,880 |
Per common share: |
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Basic earnings | $ 0.44 | $ 0.44 | $ 0.32 |
Diluted earnings | $ 0.43 | $ 0.43 | $ 0.31 |
Dividends | $ 0.16 | $ 0.16 | $ 0.14 |
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Dividend payout ratio | 37.21% | 37.21% | 45.16% |
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Performance Ratios: |
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Return on average assets (ratio of net |
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income to average total assets)(4) | 0.82% | 0.83% | 0.63% |
Return on average tangible common equity (ratio of net |
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income to average tangible common equity)(4) | 9.23% | 9.31% | 6.92% |
Interest rate spread information: |
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Average during the period(4) | 3.09% | 3.08% | 3.00% |
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Net interest margin(4)(5) | 3.21% | 3.20% | 3.13% |
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Efficiency Ratio | 72.02% | 71.59% | 77.35% |
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Ratio of average interest-earning |
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assets to average interest-bearing |
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liabilities | 119.28% | 118.24% | 119.06% |
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Allowance for loan losses: |
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Balance beginning of period | $ 12,382 | $ 12,587 | $ 12,641 |
Net charge-offs (recoveries): |
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Real Estate: |
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Commercial | 0 | 0 | 2 |
Commercial construction and development | 0 | 0 | 0 |
Consumer closed end first mortgage | 41 | 93 | 116 |
Consumer open end and junior liens | 0 | 4 | (1) |
Total real estate loans | 41 | 97 | 117 |
Other loans: |
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Auto | 7 | 8 | (22) |
Boat/RV | 143 | 99 | 31 |
Other | 16 | 71 | 45 |
Commercial and industrial | (7) | 180 | 0 |
Total other | 159 | 358 | 54 |
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Net charge offs (recoveries) | 200 | 455 | 171 |
Provision for loan losses | 200 | 250 | 200 |
Balance end of period | $ 12,382 | $ 12,382 | $ 12,670 |
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Net loan charge-offs to average loans (4) | 0.07% | 0.16% | 0.06% |
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| March 31, | December 31, | March 31, |
| 2017 | 2016 | 2016 |
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Total shares outstanding | 7,344,233 | 7,324,233 | 7,459,543 |
Tangible book value per common share | $ 19.13 | $ 18.82 | $ 18.54 |
Tangible common equity to tangible assets | 9.07% | 8.89% | 9.24% |
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Nonperforming assets (000's) |
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Non-accrual loans |
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Real Estate: |
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Commercial | $ 1,054 | $ 912 | $ 2,109 |
Commercial construction and development | - | - | 22 |
Consumer closed end first mortgage | 3,179 | 3,626 | 3,180 |
Consumer open end and junior liens | 286 | 335 | 635 |
Total real estate loans | 4,519 | 4,873 | 5,946 |
Other loans: |
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Auto | 5 | 5 | 15 |
Boat/RV | 128 | 224 | 90 |
Other | 34 | 24 | 20 |
Commercial and industrial | 86 | 18 | 2 |
Total other | 253 | 271 | 127 |
Total non-accrual loans | 4,772 | 5,144 | 6,073 |
Accruing loans past due 90 days or more | 0 | 237 | 385 |
Total nonperforming loans | 4,772 | 5,381 | 6,458 |
Real estate owned | 403 | 718 | 1,788 |
Other repossessed assets | 631 | 481 | 564 |
Total nonperforming assets | $ 5,806 | $ 6,580 | $ 8,810 |
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Performing restructured loans (6) | $ 1,816 | $ 3,031 | $ 4,047 |
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Asset Quality Ratios: |
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Non-performing assets to total assets | 0.37% | 0.42% | 0.59% |
Non-performing loans to total loans | 0.41% | 0.46% | 0.59% |
Allowance for loan losses to non-performing loans | 259.5% | 230.1% | 196.2% |
Allowance for loan losses to loans receivable | 1.06% | 1.06% | 1.17% |
| Three Months | Three Months | Three Months |
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| Ended | Ended | Ended |
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| March 31, | December 31, | March 31, |
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Non-GAAP Measurements (7) | 2017 | 2016 | 2016 |
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Total stockholders' equity (GAAP) | $ 142,598 | $ 140,038 | $ 140,798 |
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Less: Intangible assets | 2,107 | 2,191 | 2,491 |
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Tangible common equity (non-GAAP) | $ 140,491 | $ 137,847 | $ 138,307 |
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Total assets (GAAP) | $ 1,551,421 | $ 1,553,133 | $ 1,499,232 |
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Less: Intangible assets | 2,107 | 2,191 | 2,491 |
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Tangible assets (non-GAAP) | $ 1,549,314 | $ 1,550,942 | $ 1,496,741 |
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Tangible common equity to tangible assets (non-GAAP) | 9.07% | 8.89% | 9.24% |
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Book value per common share (GAAP) | $ 19.42 | $ 19.12 | $ 18.87 |
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Less: Effect of intangible assets | 0.29 | 0.30 | 0.33 |
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Tangible book value per common share | $ 19.13 | $ 18.82 | $ 18.54 |
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Return on average stockholders' equity (GAAP) | 9.09% | 9.17% | 6.80% |
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Add: Effect of intangible assets | 0.14% | 0.14% | 0.12% |
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Return on average tangible common equity (non-GAAP) | 9.23% | 9.31% | 6.92% |
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Total tax free interest income (GAAP) |
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Loans receivable | $ 107 | $ 110 | $ 77 |
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Investment securities | 647 | 614 | 460 |
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Total tax free interest income | $ 754 | $ 724 | $ 537 |
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Total tax free interest income, gross (at 34%) | $ 1,142 | $ 1,097 | $ 814 |
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Net interest margin, tax equivalent (non-GAAP) |
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Net interest income (GAAP) | $ 11,713 | $ 11,569 | $ 10,762 |
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Add: Tax effect tax free interest income at 34% | 388 | 373 | 313 |
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Net interest income (non-GAAP) | 12,101 | 11,942 | 11,075 |
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Divided by: Average interest-earning assets | 1,457,840 | 1,445,375 | 1,375,847 |
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Net interest margin, tax equivalent | 3.32% | 3.30% | 3.22% |
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Ratio Summary: |
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Return on average equity | 9.09% | 9.17% | 6.80% |
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Return on average tangible common equity | 9.23% | 9.31% | 6.92% |
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Return on average assets | 0.82% | 0.83% | 0.63% |
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Tangible common equity to tangible assets | 9.07% | 8.89% | 9.24% |
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Net interest margin, tax equivalent | 3.32% | 3.30% | 3.22% |
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(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. |
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(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 34% 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. |
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(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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CONTACT: Chris Cook, Senior Vice President, Treasurer and CFO of MutualFirst Financial, Inc. (765) 747-2945
