MutualFirst Financial Q2 Profit Tops View - Quick Facts

(RTTNews) - MutualFirst Financial Inc. (MFSF), the holding company of MutualBank, reported second quarter net income available to common shareholders of $1.8 million, or $0.25 per share, compared to $1.3 million, or $0.18 per share in the year ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to earn $0.22 per share. Analysts' estimates typically exclude special items.

Net interest income for the latest second quarter declined to $10.0 million from $10.4 million in the prior year quarter. The decrease was a result of a $44.5 million decline in average earning assets, while the net interest margin remained at 3.10%.

The provision for loan losses for the second quarter of 2013 decreased to $550,000 compared to $1.9 million during last year's comparable period. The decrease was due to management's ongoing evaluation of the adequacy of the allowance for loan losses, which was partially attributable to decreased net charge offs of $840,000, or .34% of loans on an annualized basis in the second quarter of 2013 compared to charge offs of $2.5 million, or 1.04% of loans on an annualized basis in the second quarter of 2012.

Total non-interest income for the second quarter of 2013 was $3.5 million, down from $3.7 million in the comparable quarter last year.