NasdaqGM:MFSF

Stock Analysis Report

Executive Summary

MutualFirst Financial, Inc. operates as the bank holding company for MutualBank that provides various financial services in the United States.

Snowflake

Fundamentals

Flawless balance sheet with acceptable track record.


Similar Companies

Share Price & News

How has MutualFirst Financial's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.2%

MFSF

1.4%

US Banks

1.0%

US Market


1 Year Return

-12.4%

MFSF

0.2%

US Banks

6.7%

US Market

Return vs Industry: MFSF underperformed the US Banks industry which returned 0.2% over the past year.

Return vs Market: MFSF underperformed the US Market which returned 6.7% over the past year.


Share holder returns

MFSFIndustryMarket
7 Day1.2%1.4%1.0%
30 Day-4.6%-2.6%-1.8%
90 Day-4.5%0.8%-1.8%
1 Year-10.1%-12.4%3.1%0.2%9.1%6.7%
3 Year17.3%9.9%52.0%41.5%46.1%36.6%
5 Year52.9%37.3%69.7%51.2%66.9%48.6%

Price Volatility Vs. Market

How volatile is MutualFirst Financial's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

12.12x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: MFSF ($30.56) is trading above our estimate of fair value ($27.24)

Significantly Undervalued: MFSF is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: MFSF is good value based on its PE Ratio (12.1x) compared to the Banks industry average (12.5x).

PE vs Market: MFSF is good value based on its PE Ratio (12.1x) compared to the US market (17.5x).


Price Based on Expected Growth

Low PEG Ratio: MFSF is poor value based on its PEG Ratio (14.4x)


Price Based on Value of Assets

PB vs Industry: MFSF is overvalued based on its PB Ratio (1.2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

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

0.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: MFSF's forecast earnings growth (0.8% per year) is below the savings rate (2.7%).

Earnings vs Market: MFSF's earnings (0.8% per year) are forecast to grow slower than the US market (14.5% per year).

High Growth Earnings: MFSF's earnings are forecast to grow, but not significantly.

Revenue vs Market: MFSF's revenue (4.7% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: MFSF's revenue (4.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: Insufficient data to determine if MFSF's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has MutualFirst Financial performed over the past 5 years?

12.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: MFSF's earnings have grown by 12.4% per year over the past 5 years.

Accelerating Growth: MFSF's earnings growth over the past year (62%) exceeds its 5-year average (12.4% per year).

Earnings vs Industry: MFSF earnings growth over the past year (62%) exceeded the Banks industry 31.8%.


Return on Equity

High ROE: MFSF's Return on Equity (10%) is considered low.


Return on Assets

ROA vs Industry: MFSF's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate MFSF's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MFSF has a low level of unsold assets or inventory.

Debt Coverage by Assets: MFSF's debt is not covered by short term assets (assets are 0.3x debt).


Financial Institutions Analysis

Asset Level: MFSF's level of assets compared to its equity is low.

Allowance for Bad Loans: MFSF has a sufficient allowance for bad loans.

Low Risk Liabilities: MFSF's liabilities are made up of primarily low risk sources of funding.

Loan Level: MFSF has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MFSF's loans are broadly funded by customer deposits.

Level of Bad Loans: MFSF has an appropriate level of bad loans (0.39%)


Next Steps

Dividend

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

2.76%

Expected Dividend Yield


Dividend Yield vs Market

company2.6%marketbottom25%1.5%markettop25%3.8%industryaverage2.5%forecastin3Years2.8%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: MFSF's dividend (2.62%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: MFSF's dividend (2.62%) is low compared to the top 25% of dividend payers in the US market (3.77%).

Stable Dividend: MFSF's dividend payments have been volatile in the past 10 years.

Growing Dividend: MFSF's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.9%), MFSF's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

11.3yrs

Average management tenure


CEO

Dave Heeter (57yo)

16yrs

Tenure

US$673,887

Compensation

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”) s ...


CEO Compensation Analysis

Compensation vs. Market: Dave's total compensation ($USD673.89K) is about average for companies of similar size in the US market ($USD1.17M).

Compensation vs Earnings: Dave's compensation has been consistent with company performance over the past year.


Management Age and Tenure

11.3yrs

Average Tenure

56yo

Average Age

Experienced Management: MFSF's management team is seasoned and experienced (11.3 years average tenure).


Board Age and Tenure

13.6yrs

Average Tenure

63.5yo

Average Age

Experienced Board: MFSF's board of directors are seasoned and experienced ( 13.6 years average tenure).


Insider Trading

Insider Buying: MFSF insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

BuyUS$4,95026 Aug 19
Michelle Altobella
EntityIndividual
Shares150
Max PriceUS$33.00
SellUS$176,00014 Aug 19
Sharon Ferguson
EntityIndividual
Shares5,500
Max PriceUS$32.00
SellUS$80,89724 Jun 19
Michael Marien
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,580
Max PriceUS$31.64
SellUS$10,15621 Jun 19
Michael Marien
EntityIndividual
Role
Member of the Board of Directors
Director
Shares325
Max PriceUS$31.25
SellUS$117,42730 May 19
Michael Marien
EntityIndividual
Role
Member of the Board of Directors
Director
Shares3,800
Max PriceUS$30.90
BuyUS$25,25008 Feb 19
James Bernard
EntityIndividual
Shares1,000
Max PriceUS$25.25
BuyUS$1,84407 Feb 19
William Hughes
EntityIndividual
Role
Member of the Board of Directors
Director
Shares49
Max PriceUS$38.65
SellUS$94,70506 Dec 18
Charles Viater
EntityIndividual
Role
Member of the Board of Directors
Senior VP & Director
Shares2,636
Max PriceUS$36.01
SellUS$13,28319 Nov 18
Charles Viater
EntityIndividual
Role
Member of the Board of Directors
Senior VP & Director
Shares370
Max PriceUS$35.90
SellUS$71,65516 Nov 18
Charles Viater
EntityIndividual
Role
Member of the Board of Directors
Senior VP & Director
Shares2,000
Max PriceUS$35.92

Ownership Breakdown


Management Team

  • Chuck Viater (64yo)

    Senior VP & Director

    • Tenure: 11.3yrs
    • Compensation: US$447.32k
  • Dave Heeter (57yo)

    President

    • Tenure: 16yrs
    • Compensation: US$673.89k
  • Pat Botts (55yo)

    Executive VP & Director

    • Tenure: 15.9yrs
    • Compensation: US$519.77k
  • Dorothy Douglass

    Vice President of Human Resources

    • Tenure: 0yrs
  • Chris Cook (46yo)

    Senior VP

    • Tenure: 9.4yrs
    • Compensation: US$352.49k
  • Dianne Harris

    Vice President and Audit Manager

    • Tenure: 9.8yrs

Board Members

  • Chuck Viater (64yo)

    Senior VP & Director

    • Tenure: 11.3yrs
    • Compensation: US$447.32k
  • Wil Davis (64yo)

    Chairman of the Board

    • Tenure: 20.8yrs
    • Compensation: US$102.17k
  • Dave Heeter (57yo)

    President

    • Tenure: 16yrs
    • Compensation: US$673.89k
  • Rich Lashley (60yo)

    Director

    • Tenure: 2.4yrs
    • Compensation: US$38.00k
  • Mike Marien (71yo)

    Director

    • Tenure: 11.3yrs
    • Compensation: US$35.60k
  • Linn Crull (63yo)

    Director

    • Tenure: 20.8yrs
    • Compensation: US$76.18k
  • William Hughes (71yo)

    Director

    • Tenure: 20.8yrs
    • Compensation: US$37.80k
  • Pat Botts (55yo)

    Executive VP & Director

    • Tenure: 15.9yrs
    • Compensation: US$519.77k
  • Mark Barkley (55yo)

    Director

    • Tenure: 1.7yrs
    • Compensation: US$28.73k
  • Ed Levy (70yo)

    Director

    • Tenure: 11.3yrs
    • Compensation: US$36.40k

Company Information

MutualFirst Financial, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: MutualFirst Financial, Inc.
  • Ticker: MFSF
  • Exchange: NasdaqGM
  • Founded: 1889
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$260.562m
  • Shares outstanding: 8.53m
  • Website: https://www.bankwithmutual.com

Number of Employees


Location

  • MutualFirst Financial, Inc.
  • 110 East Charles Street
  • Muncie
  • Indiana
  • 47305
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MFSFNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDDec 1999

Biography

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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 01:14
End of Day Share Price2019/10/11 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.

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