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MutualFirst Financial

Nasdaq:MFSF
Snowflake Description

Flawless balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MFSF
Nasdaq
$276M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

MutualFirst Financial, Inc. operates as the bank holding company for MutualBank that provides various financial services in the United States. The last earnings update was 68 days ago. More info.


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MFSF Share Price and Events
7 Day Returns
-0.1%
NasdaqGM:MFSF
-0.2%
US Banks
1.1%
US Market
1 Year Returns
-15.9%
NasdaqGM:MFSF
-5.9%
US Banks
4.7%
US Market
MFSF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
MutualFirst Financial (MFSF) -0.1% 5.2% 9% -15.9% 12.2% 65.8%
US Banks -0.2% 2.8% -0.2% -5.9% 45.5% 46.9%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • MFSF underperformed the Banks industry which returned -5.9% over the past year.
  • MFSF underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
MFSF
Industry
5yr Volatility vs Market

MFSF Value

 Is MutualFirst Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of MutualFirst Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for MutualFirst Financial.

NasdaqGM:MFSF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $26.80 * 8.9%
$2.39
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $26.80
Discount Rate (Cost of Equity) See below 9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:MFSF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 21%) (100.86%))
1.044
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.044 * 5.96%)
8.95%

Discounted Cash Flow Calculation for NasdaqGM:MFSF using Excess Returns Model Model

The calculations below outline how an intrinsic value for MutualFirst Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGM:MFSF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.9% – 8.95%) * $26.80)
$-0.01
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.01 / (8.95% - 2.73%)
$-0.18
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $26.80 + $-0.18
$26.62
NasdaqGM:MFSF Discount to Share Price
Calculation Result
Value per share (USD) From above. $26.62
Current discount Discount to share price of $32.00
= -1 x ($32.00 - $26.62) / $26.62
-20.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of MutualFirst Financial is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for MutualFirst Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are MutualFirst Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:MFSF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.34
NasdaqGM:MFSF Share Price ** NasdaqGM (2019-07-16) in USD $32
United States of America Banks Industry PE Ratio Median Figure of 592 Publicly-Listed Banks Companies 12.77x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of MutualFirst Financial.

NasdaqGM:MFSF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:MFSF Share Price ÷ EPS (both in USD)

= 32 ÷ 2.34

13.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MutualFirst Financial is overvalued based on earnings compared to the US Banks industry average.
  • MutualFirst Financial is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does MutualFirst Financial's expected growth come at a high price?
Raw Data
NasdaqGM:MFSF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
7.8%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.26x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

NasdaqGM:MFSF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.69x ÷ 7.8%

1.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MutualFirst Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on MutualFirst Financial's assets?
Raw Data
NasdaqGM:MFSF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $24.49
NasdaqGM:MFSF Share Price * NasdaqGM (2019-07-16) in USD $32
United States of America Banks Industry PB Ratio Median Figure of 592 Publicly-Listed Banks Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NasdaqGM:MFSF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:MFSF Share Price ÷ Book Value per Share (both in USD)

= 32 ÷ 24.49

1.31x

* Primary Listing of MutualFirst Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MutualFirst Financial is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess MutualFirst Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. MutualFirst Financial has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MFSF Future Performance

 How is MutualFirst Financial expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is MutualFirst Financial expected to grow at an attractive rate?
  • MutualFirst Financial's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • MutualFirst Financial's earnings growth is positive but not above the United States of America market average.
  • MutualFirst Financial's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:MFSF Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:MFSF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 7.8%
NasdaqGM:MFSF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4.8%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.7%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:MFSF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:MFSF Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 92 23 2
2019-12-31 88 22 2
NasdaqGM:MFSF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 84 22 20
2018-12-31 81 27 19
2018-09-30 76 22 15
2018-06-30 71 28 13
2018-03-31 67 23 13
2017-12-31 65 20 12
2017-09-30 64 22 14
2017-06-30 64 18 14
2017-03-31 64 16 14
2016-12-31 63 19 13
2016-09-30 63 14 13
2016-06-30 61 20 13

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • MutualFirst Financial's earnings are expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
  • MutualFirst Financial's revenue is expected to grow by 4.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:MFSF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from MutualFirst Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:MFSF Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.66 2.80 2.50 4.00
2019-12-31 2.55 2.63 2.42 4.00
NasdaqGM:MFSF Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.34
2018-12-31 2.25
2018-09-30 1.86
2018-06-30 1.72
2018-03-31 1.75
2017-12-31 1.67
2017-09-30 1.92
2017-06-30 1.89
2017-03-31 1.91
2016-12-31 1.79
2016-09-30 1.80
2016-06-30 1.76

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if MutualFirst Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess MutualFirst Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
MutualFirst Financial has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MFSF Past Performance

  How has MutualFirst Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare MutualFirst Financial's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • MutualFirst Financial's year on year earnings growth rate has been positive over the past 5 years.
  • MutualFirst Financial's 1-year earnings growth exceeds its 5-year average (53.2% vs 11.6%)
  • MutualFirst Financial's earnings growth has exceeded the US Banks industry average in the past year (53.2% vs 40.7%).
Earnings and Revenue History
MutualFirst Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from MutualFirst Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:MFSF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 83.97 20.10 49.91
2018-12-31 80.56 18.86 48.57
2018-09-30 75.73 15.03 46.35
2018-06-30 71.17 13.38 44.12
2018-03-31 66.72 13.12 41.01
2017-12-31 65.11 12.32 39.74
2017-09-30 63.69 14.09 39.21
2017-06-30 63.76 13.82 39.09
2017-03-31 63.69 14.08 38.98
2016-12-31 62.61 13.24 38.67
2016-09-30 62.68 13.34 37.83
2016-06-30 61.49 13.09 36.97
2016-03-31 60.01 12.15 36.17
2015-12-31 59.99 12.26 36.00
2015-09-30 59.93 12.58 35.69
2015-06-30 59.06 12.11 35.35
2015-03-31 57.76 11.51 34.78
2014-12-31 56.29 11.05 34.03
2014-09-30 54.68 9.68 33.94
2014-06-30 53.10 9.13 32.75
2014-03-31 52.43 8.35 32.65
2013-12-31 52.54 8.13 32.16
2013-09-30 51.82 7.29 31.46
2013-06-30 52.28 6.90 32.08
2013-03-31 51.55 6.35 32.01
2012-12-31 50.33 5.80 31.75
2012-09-30 48.47 4.85 31.77

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • MutualFirst Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • MutualFirst Financial used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if MutualFirst Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess MutualFirst Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
MutualFirst Financial has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MFSF Health

 How is MutualFirst Financial's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of MutualFirst Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from MutualFirst Financial Company Filings, last reported 3 months ago.

NasdaqGM:MFSF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 211.18 274.71 36.33
2018-12-31 202.36 311.08 35.25
2018-09-30 193.71 280.20 37.19
2018-06-30 192.69 282.28 38.36
2018-03-31 191.06 249.52 46.56
2017-12-31 150.28 221.92 29.72
2017-09-30 150.23 217.41 28.31
2017-06-30 146.33 240.66 27.68
2017-03-31 142.60 222.68 24.77
2016-12-31 140.04 245.33 28.41
2016-09-30 143.21 248.01 26.12
2016-06-30 141.59 252.92 34.50
2016-03-31 140.80 227.90 31.69
2015-12-31 137.03 235.08 20.92
2015-09-30 135.10 225.85 18.64
2015-06-30 130.95 221.86 24.27
2015-03-31 130.48 197.54 18.67
2014-12-31 126.75 202.62 29.58
2014-09-30 122.14 178.88 20.50
2014-06-30 119.79 197.58 28.73
2014-03-31 115.31 154.84 22.12
2013-12-31 111.64 153.82 25.29
2013-09-30 132.57 107.80 31.94
2013-06-30 131.20 108.00 32.88
2013-03-31 140.18 92.95 34.40
2012-12-31 139.49 86.28 32.78
2012-09-30 139.28 125.01 44.32
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • MutualFirst Financial has an acceptable proportion of non-loan assets held.
  • MutualFirst Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at MutualFirst Financial are broadly funded by customer deposits.
  • MutualFirst Financial's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • MutualFirst Financial has a sufficient allowance for bad loans.
  • MutualFirst Financial has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess MutualFirst Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. MutualFirst Financial has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MFSF Dividends

 What is MutualFirst Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.5%
Current annual income from MutualFirst Financial dividends. Estimated to be 2.64% next year.
If you bought $2,000 of MutualFirst Financial shares you are expected to receive $50 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • MutualFirst Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • MutualFirst Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:MFSF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:MFSF Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.88 3.00
2019-12-31 0.81 3.00
NasdaqGM:MFSF Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-02 0.800 2.581
2019-02-21 0.800 2.667
2018-11-15 0.800 2.679
2018-08-16 0.720 1.959
2018-05-04 0.720 1.895
2018-02-22 0.720 1.972
2017-11-16 0.720 1.916
2017-08-17 0.640 1.712
2017-05-05 0.640 1.862
2017-02-16 0.640 2.012
2016-11-18 0.640 2.061
2016-08-23 0.560 2.027
2016-05-06 0.560 2.057
2016-02-19 0.560 2.190
2015-11-20 0.480 1.987
2015-08-21 0.480 2.060
2015-05-22 0.480 2.076
2015-02-20 0.480 2.149
2014-11-24 0.400 1.820
2014-08-21 0.320 1.503
2014-05-08 0.320 1.674
2014-02-20 0.240 1.265
2013-11-22 0.240 1.335
2013-08-21 0.240 1.517
2013-05-10 0.240 1.608
2013-02-21 0.240 1.642
2012-11-15 0.240 1.989
2012-08-16 0.240 2.078
2012-05-22 0.240 2.247
2012-02-16 0.240 2.437
2011-11-17 0.240 3.129
2011-08-19 0.240 3.258
2011-06-07 0.240 2.836
2011-02-22 0.240 2.737
2010-11-26 0.240 2.554
2010-08-19 0.240 3.123
2010-05-20 0.240 3.417
2010-02-18 0.240 3.502
2009-11-20 0.240 3.844
2009-08-20 0.480 6.781
2009-05-21 0.480 5.800
2009-02-19 0.480 9.127
2008-11-21 0.640 9.807
2008-08-13 0.640 6.759

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of MutualFirst Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess MutualFirst Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can MutualFirst Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. MutualFirst Financial has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MFSF Management

 What is the CEO of MutualFirst Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dave Heeter
COMPENSATION $673,887
AGE 57
TENURE AS CEO 15.8 years
CEO Bio

Mr. David W. Heeter, also known as Dave, serves as Chief Executive Officer and Director of Mutual Bank. He has been the President and Chief Executive Officer of Mutualfirst Financial Inc. (“Mutualfirst”) since October, 2003 and also serves as its Director. He has been the Chief Executive Officer of Mutual Federal of Mutualfirst Financial Inc. since October, 2003. He serves as the Vice President of the MutualBank Charitable Foundation Inc. He has been First Vice Chairman at Indiana Bankers Association since February 2012. He served as an Executive Vice President at Mutualfirst since April 2002. Prior to 2002, he served as the Executive Vice President and Chief Operating Officer of Mutual Federal. Prior to 2001, he served as Vice President of Human Resources, Marketing and Administration at Mutual Federal. He served as northeast region Director of the Indiana Bankers Association. He has past leadership experience with Ball State University College of Business Alumni Board, Muncie Delaware County Chamber of Commerce, United Way and Muncie Family YMCA. He started with Mutual Federal in 1986. He serves as Member of the Cardinal Health Alliance Board of Directors and Member of the Community Foundation of Muncie and Delaware County finance Advisory Board. He has been a Director of Mutualfirst since November, 2003. He has been a Director at Mutual Federal of Mutualfirst Financial Inc since October, 2003. He is a graduate of Ball State University and of the Graduate School of Banking at the University of Wisconsin.

CEO Compensation
  • Dave's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dave's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the MutualFirst Financial management team in years:

11
Average Tenure
56
Average Age
  • The average tenure for the MutualFirst Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dave Heeter

TITLE
President
COMPENSATION
$674K
AGE
57
TENURE
15.8 yrs

Chris Cook

TITLE
Senior VP
COMPENSATION
$352K
AGE
46
TENURE
9.2 yrs

Pat Botts

TITLE
Executive VP & Director
COMPENSATION
$520K
AGE
55
TENURE
17.3 yrs

Chuck Viater

TITLE
Senior VP & Director
COMPENSATION
$447K
AGE
64
TENURE
11 yrs

Dorothy Douglass

TITLE
Vice President of Human Resources

Dianne Harris

TITLE
Vice President and Audit Manager
TENURE
9.5 yrs
Board of Directors Tenure

Average tenure and age of the MutualFirst Financial board of directors in years:

13.3
Average Tenure
63.5
Average Age
  • The average tenure for the MutualFirst Financial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Wil Davis

TITLE
Chairman of the Board
COMPENSATION
$102K
AGE
64
TENURE
20.5 yrs

Dave Heeter

TITLE
President
COMPENSATION
$674K
AGE
57
TENURE
15.7 yrs

Pat Botts

TITLE
Executive VP & Director
COMPENSATION
$520K
AGE
55
TENURE
15.7 yrs

Chuck Viater

TITLE
Senior VP & Director
COMPENSATION
$447K
AGE
64
TENURE
11 yrs

Linn Crull

TITLE
Director
COMPENSATION
$76K
AGE
63
TENURE
20.5 yrs

Rich Lashley

TITLE
Director
COMPENSATION
$38K
AGE
60
TENURE
2.2 yrs

William Hughes

TITLE
Director
COMPENSATION
$38K
AGE
71
TENURE
20.5 yrs

Mike Marien

TITLE
Director
COMPENSATION
$36K
AGE
71
TENURE
11 yrs

Ed Levy

TITLE
Director
COMPENSATION
$36K
AGE
70
TENURE
11 yrs

Mark Barkley

TITLE
Director
COMPENSATION
$29K
AGE
55
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • MutualFirst Financial individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
24. Jun 19 Sell Michael Marien Individual 21. Jun 19 21. Jun 19 -2,580 $31.64 $-80,897
21. Jun 19 Sell Michael Marien Individual 20. Jun 19 20. Jun 19 -325 $31.25 $-10,156
30. May 19 Sell Michael Marien Individual 29. May 19 29. May 19 -3,800 $30.90 $-117,427
08. Feb 19 Buy James Bernard Individual 24. Dec 18 24. Dec 18 1,000 $25.25 $25,250
07. Feb 19 Buy William Hughes Individual 23. Mar 18 17. Dec 18 49 $38.65 $1,844
06. Dec 18 Sell Charles Viater Individual 03. Dec 18 03. Dec 18 -2,636 $36.01 $-94,705
19. Nov 18 Sell Charles Viater Individual 16. Nov 18 16. Nov 18 -370 $35.90 $-13,283
16. Nov 18 Sell Charles Viater Individual 15. Nov 18 15. Nov 18 -2,000 $35.92 $-71,655
X
Management checks
We assess MutualFirst Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. MutualFirst Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MFSF News

Simply Wall St News

Update: MutualFirst Financial (NASDAQ:MFSF) Stock Gained 70% In The Last Five Years

See our latest analysis for MutualFirst Financial To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. … Over half a decade, MutualFirst Financial managed to grow its earnings per share at 15% a year. … We note that for MutualFirst Financial the TSR over the last 5 years was 89%, which is better than the share price return mentioned above.

Simply Wall St -

What To Know Before Buying MutualFirst Financial, Inc. (NASDAQ:MFSF) For Its Dividend

(NASDAQ:MFSF) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. A slim 2.6% yield is hard to get excited about, but the long payment history is respectable. At the right price, or with strong growth opportunities, MutualFirst Financial could have potential. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future. It's good to see MutualFirst Financial has been growing its earnings per share at 15% a year over the past 5 years. A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. At the right price, we might be interested. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Companies that are growing earnings tend to be the best dividend stocks over the long term.

Simply Wall St -

Do MutualFirst Financial's (NASDAQ:MFSF) Earnings Warrant Your Attention?

How Quickly Is MutualFirst Financial Increasing Earnings Per Share. … I note that MutualFirst Financial's revenue from operations was lower than its revenue in the last twelve months, so that could distort my analysis of its margins. … While we note MutualFirst Financial's EBIT margins were flat over the last year, revenue grew by a solid 26% to US$84m.

Simply Wall St -

MutualFirst Financial, Inc. (NASDAQ:MFSF) Insiders Have Been Selling

But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In the last twelve months, the biggest single sale by an insider was when the Senior VP & Director, Charles Viater, sold US$166k worth of shares at a price of US$38.80 per share. … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price.

Simply Wall St -

Is MutualFirst Financial, Inc. (NASDAQ:MFSF) Excessively Paying Its CEO?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Dave Heeter's Compensation Compare With Similar Sized Companies. … has a market capitalization of US$259m, and pays its CEO total annual compensation worth US$674k.

Simply Wall St -

Real Risks To Know Before Investing In MutualFirst Financial, Inc. (NASDAQ:MFSF)

As a small-cap bank with a market capitalisation of US$250m, MutualFirst Financial, Inc.’s (NASDAQ:MFSF) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting MutualFirst Financial’s bottom line. … View our latest analysis for MutualFirst Financial

Simply Wall St -

Did MutualFirst Financial's (NASDAQ:MFSF) Share Price Deserve to Gain 61%?

For example, long term MutualFirst Financial, Inc. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, MutualFirst Financial achieved compound earnings per share (EPS) growth of 14% per year.

Simply Wall St -

Should You Be Concerned About MutualFirst Financial, Inc.’s (NASDAQ:MFSF) Liquidity?

MutualFirst Financial, Inc.’s (NASDAQ:MFSF) profitability and risk are largely affected by the underlying economic growth for the region it operates in US given it is a small-cap stock with a market capitalisation of US$267m. … Post-GFC recovery brought about a new set of reforms, Basel III, which was created to improve regulation, supervision and risk management in the financial services industry. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like MutualFirst Financial to vulnerabilities.

Simply Wall St -

Is MutualFirst Financial, Inc. (NASDAQ:MFSF) A Smart Pick For Income Investors?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Historically, MutualFirst Financial, Inc. … Let's take a look at MutualFirst Financial in more detail.

Simply Wall St -

Should We Worry About MutualFirst Financial, Inc.'s (NASDAQ:MFSF) P/E Ratio?

We'll show how you can use MutualFirst Financial, Inc.'s (NASDAQ:MFSF) P/E ratio to inform your assessment of the investment opportunity. … MutualFirst Financial has a price to earnings ratio of 15.07, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

MFSF Company Info

Description

MutualFirst Financial, Inc. operates as the bank holding company for MutualBank that provides various financial services in the United States. It accepts savings deposit, NOW, and demand accounts, as well as certificates of deposit. The company offers one-to-four family residential property, commercial real estate, construction and development, and commercial business loans; consumer loans, such as auto loans, boat and recreational vehicle loans, loans secured by savings deposits, and credit card and unsecured consumer loans; and adjustable rate loans. In addition, it operates as an insurance agent; and sells life and other insurance products. Further, the company provides trust, investment, broker advisory, retirement plan, and private banking products and services. It has 39 full service retail financial centers in Allen, Delaware, Elkhart, Grant, Greene, Hamilton, Jackson, Johnson, Knox, Kosciusko, Lawrence, Monroe, Randolph, St. Joseph, and Wabash counties in Indiana; wealth management offices in Fishers and Crawfordsville, Indiana; and 1 loan origination office in New Buffalo, Michigan. MutualFirst Financial, Inc. was founded in 1889 and is headquartered in Muncie, Indiana.

Details
Name: MutualFirst Financial, Inc.
MFSF
Exchange: NasdaqGM
Founded: 1889
$275,755,584
8,617,362
Website: http://www.bankwithmutual.com
Address: MutualFirst Financial, Inc.
110 East Charles Street,
Muncie,
Indiana, 47305,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM MFSF Common Stock Nasdaq Global Market US USD 30. Dec 1999
Number of employees
Current staff
Staff numbers
507
MutualFirst Financial employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 23:41
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/09
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.