Mu­tu­al­first an­nounces Third Quar­ter re­sults

The Pak Banker - - Front Page -

MUN­CIE, IND

Mu­tu­al­First Fi­nan­cial, the hold­ing com­pany of Mu­tu­alBank, an­nounced to­day net in­come to com­mon share­hold­ers for the third quar­ter ended Septem­ber 30, 2012 of $1.8 mil­lion, or $.26 for ba­sic and di­luted earn­ings per com­mon share.

This com­pared to net in­come avail­able to com­mon share­hold­ers for the same pe­riod in 2011 of $596,000, or $.09 for ba­sic and di­luted earn­ings per com­mon share. An­nu­al­ized re­turn on as­sets was .59% and re­turn on av­er­age tan­gi­ble com­mon eq­uity was 6.83% for the third quar­ter of 2012 com­pared to .41% and 2.37% re­spec­tively, for the same pe­riod of last year. Net in­come avail­able to com­mon share­hold­ers for the nine months ended Septem­ber 30, 2012 was $4.2 mil­lion, or $.60 for ba­sic earn­ings per com­mon share and $.59 for di­luted earn­ings per com­mon share com­pared to net in­come avail­able to com­mon share­hold­ers of $682,000, or $.10 for ba­sic and di­luted earn­ings per com­mon share for the nine months ended Septem­ber 30, 2011. An­nu­al­ized re­turn on as­sets was .48% and re­turn on av­er­age tan­gi­ble com­mon eq­uity was 5.31% for the nine months ended in 2012 com­pared to .23% and .93% re­spec­tively, for the same pe­riod of last year.

Other fi­nan­cial high­lights for the third quar­ter ended Septem­ber 30, 2012 in­cluded gross loans in­creased $8.5 mil­lion in the third quar­ter of 2012.

De­posits in­creased $21.5 mil­lion in the third quar­ter of 2012. Tan­gi­ble com­mon eq­uity in­creased to 7.33% in the third quar­ter of 2012 and tan­gi­ble book value in­creased to $15.40.

Non-per­form­ing as­sets de­clined $2.2 mil­lion, or 6.7% in the third quar­ter of 2012 and de­clined $8.6 mil­lion, or 21.9% com­pared to De­cem­ber 31, 2011. Clas­si­fied as­sets de­clined $5.8 mil­lion, or 9.5% in the third quar­ter of 2012. Net charge offs on an an­nu­al­ized ba­sis were .81% in the third quar­ter of 2012 com­pared to 1.11% in the same pe­riod of 2011. Net charge offs on a linked quar­ter de­creased from 1.04%.

Net in­ter­est mar­gin was 3.05% for the third quar­ter of 2012 com­pared to 3.19% in the same pe­riod of 2011. On a linked quar­ter ba­sis, net in­ter­est mar­gin de­clined from 3.10%. Non-in­ter­est in­come for the quar­ter ended Septem­ber 30, 2012 de­creased $283,000 com­pared to the same pe­riod in 2011. On a linked quar­ter ba­sis, non­in­ter­est in­come in­creased $676,000.

Non-in­ter­est ex­pense for the third quar­ter of 2012 in­creased $97,000 over the same pe­riod in 2011. Non-in­ter­est ex­pense in­creased $200,000 over the linked quar­ter.

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