UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 2, 2012 |
MUTUALFIRST FINANCIAL, INC. |
(Exact name of registrant as specified in its chapter) |
Maryland |
000-27905 |
35-2085640 | ||
(State or other jurisdiction |
(Commission |
(IRS Employer |
110 E. Charles Street, Muncie, Indiana |
47305-2419 | |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code (765) 747-2800 |
Not Applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure
David Heeter, CEO and Christopher Cook, CFO presented the following
presentation at the KBW Annual Community Bank Investor Conference. Set forth below is investor presentation material of MutualFirst
Financial, Inc.
Item 9.01. Financial Statements and Exhibits
(d) | Exhibits | ||
99 | Investor Presentation dated July 31, 2012. |
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: August 2, 2012 | By: | /s/ David W. Heeter | |
David W. Heeter President and Chief Executive Officer |
MutualFirst Financial, Inc. KBW 2012 Community Bank Investor Conference July 31, 2012 Symbol: MFSF
MutualFirst Financial, Inc. David Heeter President and CEO Chris Cook Chief Financial Officer
MutualFirst Financial, Inc. Forward Looking Statement This presentation contains statements which constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may appear in a number of places in this presentation and include statements regarding the intent, belief, outlook, estimate or expectations of the company, its directors or its officers primarily with respect to future events and the future financial performance of the company, including but not limited to preliminary estimated ProForma combined financial information. Readers of this presentation are cautioned that any such forward looking statements are not guarantees of future events or performance and involve risk and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. These factors include, but are not limited to, the loss of deposits and loan demand to competitors; substantial changes in financial markets; changes in real estate values and the real estate market; regulatory changes; or other risk factors discussed in the latest SEC form 10 - k. The Company does not undertake – and specifically disclaims any obligation – to publicly release the result of any revisions which may be made to any forward - looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
MutualFirst Financial, Inc. David Heeter President and CEO
MutualFirst Financial, Inc. MutualBank Today • Headquartered in Muncie, Indiana • 123 years of continuous operations • $1.5 billion in total assets • $963 million in gross loans • $1.2 billion in deposits • 426 staff members • 130,000 total accounts
MutualFirst Financial, Inc. MutualBank Markets Muncie, Indiana – Ball State University Warsaw, Indiana – Orthopedic manufacturing capital of the world* South Bend, Indiana – Notre Dame University * http://warsaw.in.gov/ Full Service Financial Center MutualWealth Office Lending Office
MutualFirst Financial, Inc. MutualBank Markets Unemployment Statistics ( nsa ) National – 8.4% State – 8.3% Footprint – Above Average Footprint – At or Below Average Contiguous County – Above Average Contiguous County – At or Below Average 2009 Average – 11.9% 2010 Average – 10.6% 2011 Average – 9.9% 2012 (June) – 9.1%
MutualFirst Financial, Inc. Charter Change Thrift Holding Company Bank Holding Company Washington Centric Attitude Examiners living in communities we serve $200,000+ of Savings Federal Savings Bank State Commercial Bank
MutualFirst Financial, Inc. Redeemed TARP Small Business Lending Fund
MutualFirst Financial, Inc. Vision & Values
MutualFirst Financial, Inc. Vision We help people live better lives. Values Character Compassion Class Competition
MutualFirst Financial, Inc. Strategic Plan To enhance Shareholder Value through: Credit Quality Earnings Capital Market Management
MutualFirst Financial, Inc. Chris Cook Chief Financial Officer
MutualFirst Financial, Inc. Total Assets $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 2009 2010 2011 2nd Qtr 2012 $1,400,885 $1,406,902 $1,427,193 $1,471,448 *In Thousands
MutualFirst Financial, Inc. Net Loan Balances $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2009 2010 2011 2nd Qtr 2012 $1,062,215 $989,384 $901,900 $947,019 *In Thousands
MutualFirst Financial, Inc. Loan Mix 50% 21% 29% 2010 Mortgage Consumer Commercial June 2012
MutualFirst Financial, Inc. Credit Quality 3.03% 5.54% 6.39% 6.02% 4.81% 2.79% 3.29% 3.02% 2.86% 1.90% 1.90% 2.88% 3.19% 3.47% 2.61% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% Improving Credit Quality Classified Loans 30-89 Day Delinquency Non-Performing Loans * As Percent of Total Loans
MutualFirst Financial, Inc. Non - Performing Assets/ Total Assets 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2009 2010 2011 2nd Qtr 2012 2.86% 2.69% 2.75% 2.23%
MutualFirst Financial, Inc. Allowance for Loan Loss / Non - Performing Loans 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 2009 2010 2011 2nd Qtr 2012 50.38% 51.60% 52.81% 64.36%
MutualFirst Financial, Inc. Investments $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 2009 2010 2011 2nd Qtr 2012 $130,914 $245,165 $330,878 $365,396 *In Thousands
MutualFirst Financial, Inc. Total Deposits $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 2009 2010 2011 2nd Qtr 2012 $1,045,196 $1,121,569 $1,166,636 $1,171,501 *In Thousands
MutualFirst Financial, Inc. Deposit Mix 0% 10% 20% 30% 40% 50% 60% 70% Certificates Transactional 62% 38% 60% 40% 55% 45% 51% 49% 2009 2010 2011 2nd Qtr 2012
MutualFirst Financial, Inc. Total Stockholder’s Equity $100,000 $105,000 $110,000 $115,000 $120,000 $125,000 $130,000 $135,000 $140,000 2009 2010 2011 2nd Qtr 2012 $129,727 $131,140 $132,627 $136,641 *In Thousands
MutualFirst Financial, Inc. Tangible Book Value $100,000 $105,000 $110,000 $115,000 $120,000 $125,000 $130,000 $135,000 $140,000 2009 2010 2011 2nd Qtr 2012 $129,727 $131,140 $132,627 $136,641 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 2009 2010 2011 2nd Qtr 2012 $13.09 $13.49 $14.38 $15.00
MutualFirst Financial, Inc. Total Risk Based Capital 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 2009 2010 2011 2nd Qtr 2012 12.75% 13.79% 14.31% 14.72%
MutualFirst Financial, Inc. Financial Performance
MutualFirst Financial, Inc. Earnings Per Share $(0.20) $(0.15) $(0.10) $(0.05) $- $0.05 $0.10 $0.15 $0.20 1st Qtr 2011 2nd Qtr 2011 3rd Qtr 2011 4th Qtr 2011 1st Qtr 2012 2nd Qtr 2012 $(0.17) $0.18 $0.09 $0.10 $0.15 $0.18
MutualFirst Financial, Inc. Net Interest Income $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 1st Qtr 2011 2nd Qtr 2011 3rd Qtr 2011 4th Qtr 2011 1st Qtr 2012 2nd Qtr 2012 $10,315 $10,554 $10,395 $10,055 $9,869 $10,350 *In Thousands
MutualFirst Financial, Inc. Net Interest Margin 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 3.20% 1st Qtr 2011 2nd Qtr 2011 3rd Qtr 2011 4th Qtr 2011 1st Qtr 2012 2nd Qtr 2012 3.14% 3.19% 3.19% 3.09% 3.03% 3.10% *In Thousands
MutualFirst Financial, Inc. $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 1st Qtr 2011 2nd Qtr 2011 3rd Qtr 2011 4th Qtr 2011 1st Qtr 2012 2nd Qtr 2012 $2,648 $3,312 $4,664 $5,387 $2,928 $3,705 Income Non - Interest Income *In Thousands
MutualFirst Financial, Inc. Non - Interest Expense $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 1st Qtr 2011 2nd Qtr 2011 3rd Qtr 2011 4th Qtr 2011 1st Qtr 2012 2nd Qtr 2012 $10,201 $10,001 $10,036 $10,178 $9,594 $9,933 *In Thousands
MutualFirst Financial, Inc. Non - Interest Expense $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 2009 2010 2011 2012 $43,326 $40,005 $40,416 $39,052 *In Thousands Expense Annualized
MutualFirst Financial, Inc. Trust Investment Retirement Plan Services
MutualFirst Financial, Inc. Assets Under Management $340,000 $360,000 $380,000 $400,000 $420,000 $440,000 $460,000 2009 2010 2011 2nd Qtr 2012 $379,050 $453,754 $437,969 $443,981 *In Thousands
MutualFirst Financial, Inc. MutualWealth Fee Income Generation $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2009 2010 2011 YTD $2,237 $2,556 $ 2,886 $1,443 $2,736 *In Thousands Income Annualized
MutualFirst Financial, Inc. Retirement Plans Mutual Funds Annuities 529 Plans Stocks & Bonds 401k Rollovers
MutualFirst Financial, Inc. MutualFinancial Gross Commission $0 $200 $400 $600 $800 $1,000 $1,200 2009 2010 2011 YTD $665 $1,115 $819 $543 $1,086 *In Thousands Income Annualized
MutualFirst Financial, Inc. Market Comparisons
MutualFirst Financial, Inc. YTD Stock Performance 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% MFSF S&P KBW Bank Index
MutualFirst Financial, Inc. Price to Tangible Book 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% MFSF Indiana Banks National Banks 71.5% 93.8% 95.5% *KBW Price Performance Review – June 2012
MutualFirst Financial, Inc. Key Takeaways • Four consecutive quarters of EPS growth • Steady decline in expenses • Delinquency and problem loan trends improving • Value – 70% of Tangible Book Value
MutualFirst Financial, Inc. Thank You
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