Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2018

MutualFirst Financial, Inc.

Condensed Financial Information (Parent Company Only)

Note 26: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

Condensed Balance Sheets

	2018		2017
Assets
Cash on deposit with Bank	$	3,590	$	12,006
Cash on deposit with others		95		24
Total cash		3,685		12,030
Investment in common stock of subsidiaries		214,195		142,208
Other assets		2,838		425
Total assets	$	220,718	$	154,663
Liabilities
Other borrowings	$	17,988	$	4,232
Other liabilities		367		149
Total liabilities		18,355		4,381
Stockholders’ Equity		202,363		150,282
Total liabilities and stockholders’ equity	$	220,718	$	154,663

Condensed Statements of Income

	2018		2017		2016
Income
Dividends from subsidiaries	$	6,695	$	15,100	$	12,000
Other income		9		-		-
Total income		6,704		15,100		12,000
Expenses		1,922		1,041		976
Income before income tax and equity in undistributed income of subsidiaries		4,782		14,059		11,024
Income tax benefit		(412)		(495)		(399)
Income before equity in undistributed income (distributions in excess of income) of subsidiaries		5,194		14,554		11,423
Equity in undistributed income (distributions in excess of income) of subsidiaries		13,670		(2,239)		1,818
Net Income Available to Common Shareholders	$	18,864	$	12,315	$	13,241

Condensed Statements of Comprehensive Income

	2018		2017		2016
Net income	$	18,864	$	12,315	$	13,241
Other comprehensive income:
Net unrealized holding gain (loss) on securities available for sale		(2,912)		3,112		(3,258)
Less: Reclassification adjustment for realized gains included in net income		(804)		(708)		(1,023)
Net unrealized gain on derivative used for cash flow hedges		-		-		1
Net unrealized gain (loss) relating to defined benefit plan		(109)		(20)		62
		(3,825)		2,384		(4,218)
Income tax (expense) benefit related to other comprehensive income		820		(749)		1,474
Other comprehensive income (loss)		(3,005)		1,635		(2,744)
Comprehensive income	$	15,859	$	13,950	$	10,497

Condensed Statements of Cash Flows

	2018		2017		2016
Operating Activities
Net income	$	18,864	$	12,315	$	13,241
Item not requiring cash
Deferred income tax benefit		20		(14)		200
(Equity in undistributed income) distributions in excess of income of subsidiaries		(13,670)		2,239		(1,818)
Other		(660)		74		(183)
Net cash provided by operating activities		4,554		14,614		11,440
Investing Activity
Investment in subsidiary		-		-		(100)
Net cash received (paid) in acquisition		(16,463)		-		-
Net cash used in investing activity		(16,463)		-		(100)
Financing Activities
Repayment of other borrowings	$	(335)	$	-	$	(5,312)
Proceeds from other borrowings		10,000
Stock repurchased		-		-		(4,354)
Cash dividends		(6,354)		(4,862)		(4,284)
Proceeds from stock options exercised		253		1,156		976
Net cash provided by (used in) financing activities		3,564		(3,706)		(12,974)
Net Change in Cash		(8,345)		10,908		(1,634)
Cash, Beginning of Year		12,030		1,122		2,756
Cash, End of Year	$	3,685	$	12,030	$	1,122