MutualFirst Financial, Inc. (MFSF) has reported a 3.05 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $3.24 million, or $0.43 a share in the quarter, compared with $3.34 million, or $0.44 a share for the same period last year.
Revenue during the quarter went up marginally by 2.91 percent to $15.78 million from $15.34 million in the previous year period. Net interest income for the quarter rose 4.23 percent over the prior year period to $11.57 million. Non-interest income for the quarter rose 2.34 percent over the last year period to $4.47 million.
MutualFirst Financial, Inc. has made provision of $0.25 million for loan losses during the quarter, up 100 percent from $0.12 million in the same period last year.
Net interest margin contracted 6 basis points to 3.20 percent in the quarter from 3.26 percent in the last year period. Efficiency ratio for the quarter improved to 71.59 percent from 71.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"2016 produced continued momentum of improved earnings and strong loan growth," said David W. Heeter, president and chief executive officer. "Outstanding progress on our strategic goals has been made."
Liabilities outpace assets growth
Total assets stood at $1,551.27 million as on Dec. 31, 2016, up 4.94 percent compared with $1,478.26 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,411.22 million as on Dec. 31, 2016, up 5.22 percent from $1,341.24 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,157.12 million as on Dec. 31, 2016, up 8.32 percent compared with $1,068.20 million on Dec. 31, 2015. Deposits stood at $1,152.32 million as on Dec. 31, 2016, up 5.58 percent compared with $1,091.38 million on Dec. 31, 2015.
Investments stood at $249.91 million as on Dec. 31, 2016, down 4.30 percent or $11.22 million from year-ago. Shareholders equity stood at $140.04 million as on Dec. 31, 2016, up 2.20 percent or $3.02 million from year-ago.
Return on average assets moved down 8 basis points to 0.83 percent in the quarter from 0.91 percent in the last year period.
Nonperforming assets moved down 31.64 percent or $3.05 million to $6.58 million on Dec. 31, 2016 from $9.63 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.42 percent in the quarter, down from 0.65 percent in the last year period.
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