MUNCIE, Ind., Jan. 30, 2015 /PRNewswire/ -- MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company of MutualBank (the "Bank"), announced today record net income to common shareholders for the fourth quarter ended December 31, 2014 of $3.6 million, or $.50 for basic earnings per common share and $.48 for diluted earnings per common share. This compared to net income available to common shareholders for the same period in 2013 of $2.3 million, or $.32 for basic earnings per common share and $.31 for diluted earnings per common share. Annualized return on average assets was 1.01% and return on average tangible common equity was 12.30% for the fourth quarter of 2014 compared to .75% and 8.48% respectively, for the same period of last year.
Net income available to common shareholders for the year ended 2014 increased by 36.7% to $10.8 million, or $1.51 for basic earnings per common share and $1.46 for diluted earnings per common share compared to net income available to common shareholders of $7.9 million, or $1.12 for basic earnings per common share and $1.09 for diluted earnings per common share for the year ended 2013. Return on average assets was .77% and return on average tangible common equity was 9.37% for the year ended 2014 compared to .66% and 7.42% respectively, for the year ended 2013.
Other financial highlights for the fourth quarter 2014 and the year ended 2014:
- The common stock dividend to shareholders increased 67% in 2014.
- Loan growth was led by non-real estate consumer lending growth of 14.6% and commercial loan growth of 10.4% as overall loan growth was 3.8% in 2014.
- Asset quality improved as foreclosed real estate and other repossessed assets declined 52% in the fourth quarter of 2014 and 61% for the year ended 2014.
- Non-performing assets decreased $4.5 million, or 30% in the fourth quarter of 2014 and $6.3 million, or 37% compared to December 31, 2013.
- Net charge offs on an annualized basis were 0.03% in the fourth quarter of 2014 compared to 0.04% in the same period of 2013. Net charge offs for the year ended 2014 were 0.11% compared to 0.40% for year ended 2013.
- Stockholder's equity increased $15.9 million in 2014. Tangible book value increased to $17.22 per share at the end of 2014 compared to $15.46 per share at the end of 2013. Tangible common equity increased to 8.77% of tangible assets in December of 2014 compared to 7.91% in December of 2013.
- Net interest margin increased to 3.23% for the fourth quarter of 2014 compared to 3.17% in the same period of 2013 and increased to 3.26% in 2014 compared to 3.13% in 2013.
- The effective tax rate declined as a $600,000 deferred tax allowance was recovered in the fourth quarter of 2014 due to the sale of five trust preferred securities.
- MutualBank completed an acquisition of approximately $40 million in trust assets and the acquisition of Summit Mortgage in 2014.
"2014 was a successful year for MutualFirst Financial, Inc.," said David W. Heeter, President and CEO. "The current growth in commercial and consumer lending, complimented by the acquisition of businesses that will provide ongoing non-interest income, continue to build earnings momentum for the company."
Balance Sheet
Assets increased $32.7 million, or 2.4% as of December 31, 2014 compared to December 31, 2013, primarily due to the $37.3 million, or 3.8% increase in the gross loan portfolio. Increases in the gross loan portfolio were the result of increased commercial lending of $30.1 million, or 10.4%, increased non-real estate consumer lending of $14.6 million, or 14.6% and increased junior lien and line of credit mortgages of $1.7 million, or 2.5%. These increases were partially offset by a decline in first lien mortgage loans of $9.1 million, or 1.8%. To help mitigate interest rate risk, the Bank sells a majority of its 15 and 30 year fixed rate mortgage loan production in the secondary market. In 2014, the Bank sold $62.8 million in fixed rate mortgage loans, which included $24.6 million from Summit Mortgage, compared to $70.5 million during 2013. Heeter commented, "We are pleased with the commercial and consumer loan growth in 2014. We believe this growth is sustainable and will allow us to continue to change the mix of our assets as part of our overall commercial banking strategy."
Deposits decreased by $33.8 million as of December 31, 2014 compared to December 31, 2013, although, the Bank continued to see growth in core transactional accounts. The increase in the core transactional accounts was $36.8 million, while certificates of deposit decreased $70.6 million in 2014. Core transactional deposits increased to 63% of the Bank's total deposits as of December 31, 2014 compared to 58% as of December 31, 2013. The Bank allowed higher costing certificates of deposit to run off as it was able to meet its funding needs through the increase in core transactional accounts and lower cost borrowings.
Allowance for loan losses decreased by $244,000, to $13.2 million as of December 31, 2014 compared to December 31, 2013 as the Bank's specific allocation on impaired loans declined by $335,000 primarily through payoffs on those loans. Net charge offs in the fourth quarter of 2014 were $81,000, or 0.03% of total loans on an annualized basis. Net charge offs for 2014 were $1.1 million, or .11% of total loans. The allowance for loan losses to non-performing loans as of December 31, 2014 increased to 177.04% compared to 156.15% as of December 31, 2013. The allowance for loan losses to total loans as of December 31, 2014 was 1.30%, a decrease from 1.37% as of December 31, 2013. Non-performing loans to total loans at December 31, 2014 declined to 0.73% compared to 0.88% at December 31, 2013. Non-performing assets to total assets declined to 0.75% at December 31, 2014 compared to 1.22% at December 31, 2013.
Stockholders' equity was $127.5 million at December 31, 2014, an increase of $15.9 million from December 31, 2013. This increase was due primarily to net income of $10.8 million, increases in other comprehensive income of $6.0 million and the exercise of stock options of $1.3 million. These increases were partially offset by common stock dividend payments of $2.3 million. The Company's tangible book value per share as of December 31, 2014 increased to $17.22 per share compared to $15.46 per share as of December 31, 2013 and the tangible common equity ratio was 8.77% as of December 31, 2014 compared to 7.91% as of December 31, 2013. The Company's and the Bank's risk-based capital ratios were in excess of "well-capitalized" levels as defined by all applicable regulatory standards as of December 31, 2014.
Income Statement
Net interest income before the provision for loan losses increased $435,000 for the quarter ended December 31, 2014 compared to the same period in 2013. The increase was a result of an improvement in net interest margin of 6 basis points and an increase in average earning assets of $27.7 million, due to average loan growth of $40.2 million. On a linked quarter basis, net interest income before the provision for loan losses decreased $1,000, primarily due to a decrease in net interest margin of 3 basis points.
Net interest income before the provision for loan losses increased $1.8 million for 2014 compared to 2013. The increase was a result of net interest margin improving by 13 basis points and an increase in average earning assets of $4.8 million, due to average loan growth of $18.6 million offset by a decline in average investments of $13.1 million.
There was no provision for loan losses for the fourth quarter of 2014 compared to a recovery of $950,000 during last year's comparable period. This was due to management's ongoing evaluation of the adequacy of the allowance for loan losses, minimal net charge offs and improving credit quality, despite the increase in the total loan portfolio.
The provision for loan losses for 2014 decreased to $850,000 compared to $1.3 million during 2013. The decrease was primarily due to a reduction in net charge offs to $1.1 million in 2014 compared to net charge offs of $3.9 million in 2013. Non-performing loans decreased $1.2 million, or 13% as of December 31, 2014 compared to December 31, 2013.
Non-interest income for the fourth quarter of 2014 was $4.5 million, an increase of $1.3 million compared to the fourth quarter of 2013. This increase was due to an increase in gain on sale of REOs of $535,000. Other increases included gain on sale of loans of $643,000 aided by the sale of loans obtained as part of the acquisition of Summit Mortgage in the third quarter of 2014 and an increase in commission income of $223,000 aided by increased activity in our trust and wealth management areas. These increases were offset by a smaller increase of $161,000 in cash value of life insurance as a policy bonus was paid in the fourth quarter of 2013 that was not repeated in 2014 and a decline of $123,000 in gain on sale of securities, as five trust preferred securities were liquidated in the fourth quarter of 2014. On a linked quarter basis, non-interest income increased $940,000 primarily due to the reasons above.
Non-interest income for 2014 was $14.4 million, an increase of $822,000 compared to 2013. Acquisitions of Summit Mortgage and a trust portfolio in 2014 helped increase gain on sale of loans by $997,000 and increased commission income by $514,000. These gains were partially offset by a decline in gain on sale of investments of $522,000 and a decline in servicing fees of $442,000 primarily due to valuation recoveries in 2013 that were not duplicated in 2014.
Non-interest expense increased $199,000 when comparing the fourth quarter of 2014 with the same period of 2013. The increase was primarily due to the acquisition of Summit Mortgage in the third quarter. Other reasons for the increase were increases in advertising and promotion of $136,000, as MutualBank celebrated its 125th anniversary and an increase in other expenses of $169,000 primarily due to a $166,000 FHLB prepayment penalty, which was offset by a loan prepayment penalty reflected in net interest income. On a linked quarter, non-interest expense increased $464,000 primarily due to the expenses previously discussed.
Non-interest expense increased $1.7 million when comparing 2014 with 2013. These increases were related to salaries and benefits increasing by $1.1 million primarily due to the acquisition of Summit Mortgage and normal salary increases and increases in occupancy and equipment of $206,000 primarily due to the harsh winter at the beginning of 2014. Increases in professional fees of $234,000 were related to increased legal fees associated with certain REOs and investment management services.
The effective tax rate for the fourth quarter of 2014 was 15.8% compared to 27.9% in 2013. The decrease was related to a recovery of a valuation allowance of $600,000 that was established at the time certain trust preferred securities were other than temporarily impaired. Five trust preferred securities were sold in the fourth quarter of 2014 and the valuation allowance was no longer warranted.
"2014 continued the earnings momentum that has been built over the last few years," Heeter added. "We believe 2014 was another building block in enhancing shareholder value and expect to continue the momentum into 2015."
MutualFirst Financial, Inc. is the parent company of MutualBank, an Indiana-based financial institution. MutualBank has thirty full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank has two offices located in Carmel 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 of Summit Mortgage which operates out of Fort Wayne, Indiana. MutualBank is a leading mortgage lender in each of the market areas it serves, and provides a full range of financial services including business 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" and can be found on the internet 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. |
||
December 31, |
September 30, |
December 31, |
|
Balance Sheet (Unaudited): |
2014 |
2014 |
2013 |
(000) |
(000) |
(000) |
|
Assets |
|||
Cash and cash equivalents |
$29,575 |
$20,499 |
$25,285 |
Investment securities - AFS |
260,806 |
264,056 |
264,348 |
Loans held for sale |
6,140 |
6,440 |
1,888 |
Loans, gross |
1,016,686 |
1,008,717 |
979,378 |
Allowance for loan loss |
(13,168) |
(13,249) |
(13,412) |
Net loans |
1,003,518 |
995,468 |
965,966 |
Premise and equipment, net |
30,939 |
30,765 |
31,471 |
FHLB of Indianapolis stock |
11,964 |
14,391 |
14,391 |
Investment in limited partnerships |
1,582 |
1,709 |
2,092 |
Deferred tax asset |
12,969 |
14,114 |
17,002 |
Cash value of life insurance |
51,002 |
50,709 |
49,843 |
Goodwill |
1,800 |
1,800 |
0 |
Core deposit and other intangibles |
1,105 |
1,250 |
1,629 |
Other assets |
12,707 |
8,601 |
9,057 |
Total assets |
$1,424,107 |
$1,409,802 |
$1,391,405 |
Liabilities and Stockholders' Equity |
|||
Deposits |
$1,079,320 |
$1,098,849 |
$1,113,084 |
FHLB advances |
192,442 |
168,523 |
142,928 |
Other borrowings |
10,174 |
10,353 |
10,890 |
Other liabilities |
14,634 |
16,773 |
12,861 |
Stockholders' equity |
127,537 |
122,142 |
111,642 |
Total liabilities and stockholders' equity |
$1,424,107 |
$1,416,640 |
$1,391,405 |
Three Months |
Three Months |
Three Months |
Twelve Months |
Twelve Months |
||
Ended |
Ended |
Ended |
Ended |
Ended |
||
December 31, |
September 30, |
December 31, |
December 31 |
December 31, |
||
Income Statement (Unaudited): |
2014 |
2014 |
2013 |
2014 |
2013 |
|
(000) |
(000) |
(000) |
(000) |
(000) |
||
Total interest income |
$12,893 |
$12,803 |
$12,847 |
$51,178 |
$51,667 |
|
Total interest expense |
2,254 |
2,163 |
2,643 |
8,923 |
11,224 |
|
Net interest income |
10,639 |
10,640 |
10,204 |
42,255 |
40,443 |
|
Provision (credit) for loan losses |
0 |
0 |
(950) |
850 |
1,300 |
|
Net interest income after provision (credit) |
||||||
for loan losses |
10,639 |
10,640 |
11,154 |
41,405 |
39,143 |
|
Non-interest income |
||||||
Service fee income |
1,597 |
1,518 |
1,607 |
5,995 |
5,989 |
|
Net realized gain (loss) on sales of AFS securities |
(123) |
75 |
0 |
313 |
835 |
|
Commissions |
1,380 |
1,228 |
1,157 |
4,868 |
4,354 |
|
Equity in losses of limited partnerships |
(76) |
(124) |
(116) |
(385) |
(453) |
|
Net gain on sale of loans |
841 |
444 |
198 |
1,849 |
852 |
|
Net servicing fees |
69 |
66 |
86 |
114 |
556 |
|
Increase in cash value of life insurance |
293 |
295 |
454 |
1,158 |
1,396 |
|
Net gain (loss) on sale of other real estate and repossessed assets |
268 |
(81) |
(267) |
(53) |
(320) |
|
Other income |
265 |
153 |
61 |
515 |
343 |
|
Total non-interest income |
4,514 |
3,574 |
3,180 |
14,374 |
13,552 |
|
Non-interest expense |
||||||
Salaries and employee benefits |
6,099 |
6,088 |
6,128 |
23,560 |
22,492 |
|
Net occupancy expenses |
495 |
494 |
615 |
2,258 |
2,087 |
|
Equipment expenses |
528 |
450 |
461 |
1,872 |
1,837 |
|
Data processing fees |
378 |
373 |
349 |
1,558 |
1,431 |
|
Advertising and promotion |
504 |
387 |
368 |
1,497 |
1,464 |
|
ATM and debit card expense |
344 |
370 |
325 |
1,320 |
1,132 |
|
Deposit insurance |
240 |
239 |
254 |
1,019 |
1,145 |
|
Professional fees |
374 |
376 |
421 |
1,628 |
1,394 |
|
Software subscriptions and maintenance |
432 |
418 |
382 |
1,652 |
1,452 |
|
Other real estate and repossessed assets |
184 |
161 |
244 |
631 |
773 |
|
Other expenses |
1,294 |
1,052 |
1,125 |
4,383 |
4,480 |
|
Total non-interest expense |
10,872 |
10,408 |
10,672 |
41,378 |
39,687 |
|
Income before taxes |
4,281 |
3,806 |
3,662 |
14,401 |
13,008 |
|
Income tax provision |
677 |
1,112 |
1,023 |
3,583 |
3,808 |
|
Net income |
3,604 |
2,694 |
2,639 |
10,818 |
9,200 |
|
Preferred stock dividends and amortization |
- |
- |
346 |
- |
1,257 |
|
Net income available to common shareholders |
$3,604 |
$2,694 |
$2,293 |
$10,818 |
$7,943 |
|
Pre-tax pre-provision earnings (1) |
$4,281 |
$3,806 |
$2,366 |
$15,251 |
$13,051 |
Average Balances, Net Interest Income, Yield Earned and Rates Paid |
||||||
Three |
Three |
|||||
months ended |
months ended |
|||||
12/31/2014 |
12/31/2013 |
|||||
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Outstanding |
Earned/ |
Yield/ |
Outstanding |
Earned/ |
Yield/ |
|
Balance |
Paid |
Rate |
Balance |
Paid |
Rate |
|
(000) |
(000) |
(000) |
(000) |
|||
Interest-Earning Assets: |
||||||
Interest -bearing deposits |
$25,465 |
$5 |
0.08% |
$23,264 |
$10 |
0.17% |
Mortgage-backed securities: |
||||||
Available-for-sale |
208,417 |
1,380 |
2.65 |
216,651 |
1,459 |
2.69 |
Investment securities: |
||||||
Available-for-sale |
50,995 |
336 |
2.64 |
57,023 |
366 |
2.57 |
Loans receivable |
1,018,415 |
11,034 |
4.33 |
978,201 |
10,886 |
4.45 |
Stock in FHLB of Indianapolis |
13,969 |
138 |
3.95 |
14,391 |
126 |
3.50 |
Total interest-earning assets (2) |
1,317,261 |
12,893 |
3.92 |
1,289,530 |
12,847 |
3.99 |
Non-interest earning assets, net of allowance |
||||||
for loan losses and unrealized gain/loss |
108,639 |
111,206 |
||||
Total assets |
$1,425,900 |
$1,400,736 |
||||
Interest-Bearing Liabilities: |
||||||
Demand and NOW accounts |
$260,638 |
153 |
0.23 |
$268,827 |
163 |
0.24 |
Savings deposits |
123,892 |
3 |
0.01 |
118,618 |
3 |
0.01 |
Money market accounts |
148,630 |
96 |
0.26 |
118,958 |
78 |
0.26 |
Certificate accounts |
409,387 |
1,199 |
1.17 |
486,050 |
1,840 |
1.51 |
Total deposits |
942,547 |
1,451 |
0.62 |
992,453 |
2,084 |
0.84 |
Borrowings |
184,605 |
803 |
1.74 |
121,099 |
559 |
1.85 |
Total interest-bearing accounts |
1,127,152 |
2,254 |
0.80 |
1,113,552 |
2,643 |
0.95 |
Non-interest bearing deposit accounts |
157,965 |
143,639 |
||||
Other liabilities |
16,325 |
14,135 |
||||
Total liabilities |
1,301,442 |
1,271,326 |
||||
Stockholders' equity |
124,458 |
129,410 |
||||
Total liabilities and stockholders' equity |
$1,425,900 |
$1,400,736 |
||||
Net earning assets |
$190,109 |
$175,978 |
||||
Net interest income |
$10,639 |
$10,204 |
||||
Net interest rate spread |
3.12% |
3.04% |
||||
Net yield on average interest-earning assets |
3.23% |
3.17% |
||||
Average interest-earning assets to |
||||||
average interest-bearing liabilities |
116.87% |
115.80% |
||||
Three Months |
Three Months |
Three Months |
Twelve Months |
Twelve Months |
||
Ended |
Ended |
Ended |
Ended |
Ended |
||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
||
Selected Financial Ratios and Other Financial Data (Unaudited): |
2014 |
2014 |
2013 |
2014 |
2013 |
|
Share and per share data: |
||||||
Average common shares outstanding |
||||||
Basic |
7,211,450 |
7,178,055 |
7,107,294 |
7,160,700 |
7,076,877 |
|
Diluted |
7,445,530 |
7,407,144 |
7,314,436 |
7,391,831 |
7,257,818 |
|
Per common share: |
||||||
Basic earnings |
$0.50 |
$0.38 |
$0.32 |
$1.51 |
$1.12 |
|
Diluted earnings |
$0.48 |
$0.36 |
$0.31 |
$1.46 |
$1.09 |
|
Dividends |
$0.10 |
$0.08 |
$0.06 |
$0.32 |
$0.24 |
|
Dividend payout ratio |
20.83% |
22.22% |
19.35% |
21.92% |
22.02% |
|
Performance Ratios: |
||||||
Return on average assets (ratio of net |
||||||
income to average total assets)(3) |
1.01% |
0.76% |
0.75% |
0.77% |
0.66% |
|
Return on average tangible common equity (ratio of net |
||||||
income to average tangible common equity)(3) |
12.30% |
9.07% |
8.48% |
9.37% |
7.42% |
|
Interest rate spread information: |
||||||
Average during the period(3) |
3.12% |
3.16% |
3.04% |
3.15% |
2.99% |
|
Net interest margin(3)(4) |
3.23% |
3.26% |
3.17% |
3.26% |
3.13% |
|
Efficiency Ratio |
71.75% |
73.22% |
79.74% |
73.07% |
73.50% |
|
Ratio of average interest-earning |
||||||
assets to average interest-bearing |
||||||
liabilities |
116.87% |
116.09% |
115.80% |
115.76% |
115.79% |
|
Allowance for loan losses: |
||||||
Balance beginning of period |
$13,249 |
$13,243 |
$14,454 |
$13,412 |
$16,038 |
|
Charge offs: |
||||||
Mortgage first lien |
182 |
141 |
170 |
572 |
888 |
|
Mortgage - lines of credit and junior liens |
49 |
29 |
65 |
371 |
498 |
|
Commercial real estate |
44 |
0 |
28 |
44 |
341 |
|
Construction and development |
0 |
0 |
0 |
244 |
1,371 |
|
Consumer loans |
205 |
20 |
111 |
651 |
563 |
|
Commercial business loans |
0 |
0 |
4 |
0 |
878 |
|
Sub-total |
480 |
190 |
378 |
1,882 |
4,539 |
|
Recoveries: |
||||||
Mortgage first lien |
3 |
23 |
217 |
31 |
273 |
|
Mortgage - lines of credit and junior liens |
1 |
0 |
1 |
4 |
16 |
|
Commercial real estate |
17 |
0 |
0 |
24 |
14 |
|
Construction and development |
249 |
41 |
0 |
297 |
2 |
|
Consumer loans |
47 |
68 |
31 |
255 |
256 |
|
Commercial business loans |
82 |
64 |
37 |
177 |
52 |
|
Sub-total |
399 |
196 |
286 |
788 |
613 |
|
Net charge offs (recoveries) |
81 |
(6) |
92 |
1,094 |
3,926 |
|
Additions charged to operations |
0 |
0 |
(950) |
850 |
1,300 |
|
Balance end of period |
$13,168 |
$13,249 |
$13,412 |
$13,168 |
$13,412 |
|
Net loan charge-offs to average loans (3) |
0.03% |
0.00% |
0.04% |
0.11% |
0.40% |
|
December 31, |
September 30, |
December 31, |
|||||
2014 |
2014 |
2013 |
|||||
Total shares outstanding |
7,236,002 |
7,197,891 |
7,117,179 |
||||
Tangible book value per share |
$17.22 |
$16.55 |
$15.46 |
||||
Tangible common equity to tangible assets |
8.77% |
8.42% |
7.91% |
||||
Nonperforming assets (000's) |
|||||||
Non-accrual loans |
|||||||
Mortgage first lien |
$3,499 |
$4,334 |
$4,057 |
||||
Mortgage - lines of credit and junior liens |
658 |
199 |
421 |
||||
Commercial real estate |
2,023 |
2,073 |
1,349 |
||||
Construction and development |
209 |
613 |
1,103 |
||||
Consumer loans |
218 |
341 |
361 |
||||
Commercial business loans |
605 |
637 |
1,109 |
||||
Total non-accrual loans |
7,212 |
8,197 |
8,400 |
||||
Accruing loans past due 90 days or more |
226 |
217 |
188 |
||||
Total nonperforming loans |
7,438 |
8,414 |
8,588 |
||||
Real estate owned |
2,829 |
6,334 |
8,150 |
||||
Other repossessed assets |
476 |
504 |
283 |
||||
Total nonperforming assets |
$10,743 |
$15,252 |
$17,021 |
||||
Performing restructured loans (5) |
$4,618 |
$4,432 |
$10,016 |
||||
Asset Quality Ratios: |
|||||||
Non-performing assets to total assets |
0.75% |
1.08% |
1.22% |
||||
Non-performing loans to total loans |
0.73% |
0.83% |
0.88% |
||||
Allowance for loan losses to non-performing loans |
177.04% |
157.46% |
156.15% |
||||
Allowance for loan losses to loans receivable |
1.30% |
1.31% |
1.37% |
||||
(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. |
|||||||
(3) Ratios for the three month periods have been annualized. |
|||||||
(4) Net interest income divided by average interest earning assets. |
|||||||
(5) Performing restructured loans are excluded from non-performing ratios. Restructured loans that are on non-accrual are in the non-accrual loan categories. |
|||||||
SOURCE MutualFirst Financial, Inc.
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