SUBSIDIARIES OF THE REGISTRANT State of Percentage Incorporation of or Parent Subsidiary Ownership Organization - ---------------------------------------- --------------------------------------- -------------- --------------- MUTUALFIRST Financial, Inc. Mutual Federal Savings Bank 100% United States - --------------------------- --------------------------- ---- ------------- Mutual Federal Savings Bank First M.F.S.B. Corporation 100% Indiana - --------------------------- -------------------------- ---- ------- Mutual Federal Savings Bank Third M.F.S.B. Corporation 100% Indiana - --------------------------- -------------------------- ---- -------