8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURENT REPORT



Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)                     April 21, 2003
MUTUALFIRST FINANCIAL, INC. (Exact name of registrant as specified in its chapter)
Maryland (State or other jurisdiction of incorporation	000-27905 (Commission File Number)	35-2085640 (IRS Employer Identification No.)

110 E. Charles Street, Muncie, Indiana (Address of principal executive offices) 47305-2419 (Zip Code)

Registrant's telephone number, including area code                      (765) 747-2800              

Not Applicable(Former name or former address, if changed since last report)

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ITEM 7.   EXHIBITS

              (c) Exhibits

                   Exhibit 99.1 - Press Release, dated April 21, 2003

ITEM 9.  REGULATION FD DISCLOSURE (information furnished in this Item 9 is furnished under Item 12)

              On April 21, 2003, the Registrant issued its earnings release for the quarterly period ended March 31, 2003. The earnings release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.

              The information furnished under this "Item 9. Regulation FD Disclosure" is intended to be furnished under "Item 12. Disclosure of Results of Operations and Financial Condition."

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SIGNATURES

       Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	MUTUALFIRST FINANCIAL, INC.
Date: April 21, 2003	By:   /s/ R. Donn Roberts        R. Donn Roberts        President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated April 21, 2003

End.

EX-99

EXHIBIT 99.1

PRESS RELEASE

Date:	April 21, 2003
From:	MutualFirst Financial, Inc.
For Publication:	Immediately
Contact:	Tim McArdle, Senior Vice President and Treasurer of MutualFirst Financial, Inc. (765) 747-2818

MutualFirst Announces First Quarter 2003 Earnings

MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company of Mutual Federal Savings Bank (the "Bank"), announced today that net income for the first quarter ended March 31, 2003 was $2.1 million, or $.42 for basic and $.40 for diluted earnings per share. This compared to net income for the comparable period in 2002 of $1.9 million or $.32 for both basic and diluted earnings per share. The 25% increase in diluted earnings per share was a result of increased earnings and share repurchases during the quarter. Annualized return on assets was 1.07% and return on equity was 8.68% for the first quarter of 2003 compared to .98% and 7.04% respectively, for the same period of last year.

Assets totaled $776.5 million at March 31, 2003, an increase from December 31, 2002 of $675,000. Loans, excluding loans held for sale, increased $13.4 million. Consumer loans were little changed, and commercial business loans increased $1.9 million, or 5.4%, while residential mortgage loans held in portfolio increased $10.5 million. Mortgage loans held for sale decreased $4.0 million and mortgage loans sold during the quarter totaled $10.4 million.

Allowance for loan losses increased $153,000 from $6.3 million at December 31, 2002 to $6.4 million at March 31, 2003. Net charge offs for the quarter ended March 31, 2003 were $220,000 or .13% of average loans on an annualized basis compared to $193,000, or .12% of average loans for the comparable period in 2002.

Total deposits were $555.9 million at March 31, 2003 an increase of $5.5 million, or 1.0% from December 31, 2002. Of this growth, $2.6 million was in non-interest bearing deposits. Total borrowings decreased $3.0 million to $115.3 million at March 31, 2003 from $118.3 million at December 31, 2002.

Stockholders' equity decreased $3.6 million, or 3.7%, from $96.7 million at December 31, 2002, to $93.1 million at March 31, 2003. The decrease was due primarily to the repurchase of 255,000 shares of common stock for $5.4 million and dividend payments of $521,000. These decreases were partially offset by net income of $2.1 million, Employee Stock Ownership Plan (ESOP) shares earned of $168,000, and RRP shares earned of $113,000. Also, unrealized gain on securities available for sale decreased $70,000.
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Net interest income increased $197,000 or 3.0%, from $6.6 million for the three months ended March 31, 2002, to $6.8 million for the three months ended March 31, 2003. The average interest rate spread increased from 3.47% for the three-month period ended March 31, 2002, to 3.67% for the comparable period in 2003 as yields on interest- earning assets decreased at a slower rate than the decrease in the cost of interest-bearing liabilities.

The provision for loan losses for the first quarter of 2003 was $375,000 compared to $587,000 for the same period in 2002. Non-performing loans to total loans at March 31, 2003 were .71%, compared to .78% at December 31, 2002. Non-performing assets to total assets were .81% at March 31, 2003 compared to .89% at December 31, 2002. The Bank believes that it has adequate collateral and reserves to absorb potential losses.

Non-interest income increased $234,000, or 19.9%, to $1.4 million for the three months ended March 31, 2003 compared to $1.2 million for the same period in 2002. The increase was primarily due to a gain on sale of loans of $350,000 in the first quarter of 2003 compared to no gain in the comparable 2002 quarter. This was partially offset by increased losses of $109,000 in the limited partnerships in the first quarter of 2003 compared to the comparable 2002 period.

Non-interest expense increased $295,000 or 6.3% to $5.0 million for the three months ended March 31, 2003 compared to $4.7 million for the same period in 2002. Salaries and employee benefits were $3.3 million for the three months ended March 31, 2003 compared to $3.0 million for the 2002 period, an increase of $247,000 or 8.2%. The change in salaries and benefits included a $208,000 increase in health insurance premium costs due to increased health care costs and an increased level of claims experience. Also included was a $41,000 increase in our ESOP expense due to the increase in the market value of our stock. All other expenses increased $48,000 or 2.9% for the three-month period ended March 31, 2003 compared to the same period in 2002.

Income tax expense increased $166,000 for the three months ended March 31, 2003 compared to the same period in 2002. The increase resulted from increased taxable income and an increase in the effective tax rate from 26.2% to 28.8% due to less non- taxable income.

MutualFirst Financial, Inc. and Mutual Federal Savings Bank are headquartered in Muncie, Indiana with seventeen full service offices in Delaware, Randolph, Kosciusko and Grant counties.

Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities 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.





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MUTUALFIRST  FINANCIAL INC.

Selected Financial Condition Data (Unaudited):	31-Mar 2003 (000)	31-Dec 2002 (000)
Total Assets	$776,473	$775,798
Cash and cash equivalents	19,098	23,620
Loans held for sale	3,879	7,851
Loans receivable, net	654,402	641,113
Investment securities available for sale, at market value	37,698	42,362
Total  deposits	555,911	550,364
Total borrowings	115,289	118,287
Total stockholders' equity	93,150	96,717

Selected Operations Data (Unaudited):		Three Months Ended 31-Mar 2003	Three Months Ended 31-Dec 2002	Three Months Ended 31-Mar 2002
		(000)	(000)	(000)
Total interest income		$11,791	$12,418	$12,755
Total interest expense		4,964	5,396	6,125
	Net interest income	6,827	7,022	6,630
Provision for loan losses		375	375	587
Net interest income after provision
	for loan losses	6,452	6,647	6,043
	Non-interest income
Fees and service charges		699	775	607
Equity in losses of limited partnerships		(147)	(248)	(37)
Commissions		175	201	189
Net gain on loan sales		350	592	0
Increase in cash surrender value of life insurance		294	306	300
Other income		34	13	113
	Total non-interest income	1,405	1,639	1,172
	Non-interest expense
Salaries and benefits		3,256	3,198	3,009
Occupancy and equipment		643	698	525
Data processing fees		159	181	194
Deposit insurance expense		23	23	24
Marketing		95	99	93
Other expenses		779	838	816
	Total non-interest expense	4,955	5,037	4,661
Income before taxes		2,902	3,249	2,554
Income tax provision		835	992	670
	Net income	$2,067	$2,257	$1,884

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Selected Financial Ratios and Other Financial Data (Unaudited):				Three Months Ended 31-Mar 2003	Three Months Ended 31-Dec 2002	Three Months Ended 31-Mar 2002
Share and per share data:
	Average common shares outstanding
		Basic		4,969,482	5,089,704	5,848,967
		Diluted		5,123,491	5,224,655	5,915,690
	Per share:
		Basic earnings		$0.42	$0.44	$0.32
		Diluted earnings		$0.40	$0.43	$0.32
		Dividends		$0.10	$0.10	$0.09
Dividend payout ratio				25.00%	23.26%	28.13%
Performance Ratios:
	Return on average assets (ratio of net
		income to average total assets)(1)		1.07%	1.15%	0.98%
	Return on average equity (ratio of net
		income to average equity)(1)		8.68%	9.67%	7.04%
	Interest rate spread information:
		Average during the period(1)		3.67%	3.73%	3.47%
			Net interest margin(1)(2)	3.85%	3.92%	3.77%
			Efficiency ratio	60.19%	58.15%	59.74%
	Ratio of average interest-earning
		assets to average interest-bearing
		liabilities		106.79%	106.77%	108.70%
Allowance for loan losses:
	Balance beginning of period			$6,286	$6,601	$5,449
	Charge offs:
		One- to four- family		55	147	40
		Multi-family		0	0	0
		Commercial real estate		0	220	0
		Construction or development		0	0	0
		Consumer loans		171	272	168
		Commercial business loans		19	88	10
			Sub-total	245	727	218
	Recoveries:
		One- to four- family		3	22	8
		Multi-family		0	0	0
		Commercial real estate		0	0	0
		Construction or development		0	0	0
		Consumer loans		22	15	17
		Commercial business loans		0	0	0
			Sub-total	25	37	25
	Net charge offs			220	690	193
	Additions charged to operations			375	375	588
	Balance end of period			$6,441	$6,286	$5,844
		Net loan charge-offs to average loans (1)		0.13%	0.42%	0.12%

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					March 31, 2003	December 31, 2002	March 31, 2002
Total shares outstanding					5,275,774	5,523,052	6,325,078
	Tangible book value per share				$17.48	$16.95	$16.55
	Nonperforming assets (000's)
		Loans:  Non-accrual			$4,607	$5,032	$6,189
			Past due 90 days or more		81	64	456
			Restructured		0	0	0
				Total nonperforming loans	4,688	5,096	6,645
			Real estate owned		1,160	1,473	1,075
			Other repossessed assets		448	335	501
				Total nonperforming assets	$6,296	$6,904	$8,221
Asset Quality Ratios:
	Non-performing assets to total assets				0.81%	0.89%	1.07%
	Non-performing loans to total loans				0.71%	0.78%	1.03%
	Allowance for loan losses to non-performing loans				137.39%	123.35%	87.95%
	Allowance for loan losses to loans receivable				0.97%	0.97%	0.88%

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(1)    Ratios have been annualized.
(2)    Net interest income divided by average interest earning assets.