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

-0.4%

NasdaqGM:MFSF

0.3%

US Banks

0.9%

US Market


1 Year Return

-16.7%

NasdaqGM:MFSF

-13.6%

US Banks

0.3%

US Market

MFSF underperformed the Banks industry which returned -14.2% over the past year.

MFSF underperformed the Market in United States of America which returned -0.5% over the past year.


Share holder returns

MFSFIndustryMarket
7 Day-0.4%0.3%0.9%
30 Day-0.7%-5.1%-1.9%
90 Day2.6%-3.5%1.6%
1 Year-14.7%-16.7%-11.2%-13.6%2.6%0.3%
3 Year23.0%15.4%43.6%33.7%41.0%31.8%
5 Year75.4%58.0%53.7%37.0%55.2%38.0%

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?

12.66x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

MutualFirst Financial's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

MutualFirst Financial's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

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

MutualFirst Financial is poor value based on expected growth next year.


Price Based on Value of Assets

MutualFirst Financial is overvalued based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is MutualFirst Financial expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

0.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

MutualFirst Financial's revenue is expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).

MutualFirst Financial's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).

MutualFirst Financial's revenue growth is positive but not above the United States of America market average.

MutualFirst Financial's earnings growth is positive but not above the United States of America market average.

MutualFirst Financial's earnings growth is positive but not above the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if MutualFirst Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


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

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 (62% vs 12.4%)

MutualFirst Financial's earnings growth has exceeded the US Banks industry average in the past year (62% vs 33.2%).


Return on Equity

MutualFirst Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

MutualFirst Financial used its assets less efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

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.


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

Information is not available.

Information is not available.


Financial Institutions Analysis

MutualFirst Financial has an acceptable proportion of non-loan assets held.

MutualFirst Financial has a sufficient allowance for bad loans.

MutualFirst Financial's liabilities are made up of primarily low risk sources of funding.

MutualFirst Financial's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at MutualFirst Financial are broadly funded by customer deposits.

MutualFirst Financial has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

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

2.64%

Expected Dividend Yield


Dividend Yield and Payments Analysis

MutualFirst Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).

MutualFirst Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.84%).

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

Dividends paid are well covered by earnings (3.2x 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.


Next Steps

Management

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

11.1yrs

Average management tenure


CEO

Dave Heeter (57yo)

15.8yrs

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

Dave's remuneration is lower than average for companies of similar size in United States of America.

Dave's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

11.1yrs

Average Tenure

56yo

Average Age

The average tenure for the MutualFirst Financial management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

13.4yrs

Average Tenure

63.5yo

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.


Insider Trading

MutualFirst Financial individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

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: 11.1yrs
    • Compensation: US$447.32k
  • Dave Heeter (57yo)

    President

    • Tenure: 15.8yrs
    • Compensation: US$673.89k
  • Pat Botts (55yo)

    Executive VP & Director

    • Tenure: 15.8yrs
    • Compensation: US$519.77k
  • Dorothy Douglass

    Vice President of Human Resources

    • Tenure: 0.0yrs
  • Chris Cook (46yo)

    Senior VP

    • Tenure: 9.3yrs
    • Compensation: US$352.49k
  • Dianne Harris

    Vice President and Audit Manager

    • Tenure: 9.6yrs

Board Members

  • Chuck Viater (64yo)

    Senior VP & Director

    • Tenure: 11.1yrs
    • Compensation: US$447.32k
  • Wil Davis (64yo)

    Chairman of the Board

    • Tenure: 20.6yrs
    • Compensation: US$102.17k
  • Dave Heeter (57yo)

    President

    • Tenure: 15.8yrs
    • Compensation: US$673.89k
  • Rich Lashley (60yo)

    Director

    • Tenure: 2.3yrs
    • Compensation: US$38.00k
  • Mike Marien (71yo)

    Director

    • Tenure: 11.1yrs
    • Compensation: US$35.60k
  • Linn Crull (63yo)

    Director

    • Tenure: 20.6yrs
    • Compensation: US$76.18k
  • William Hughes (71yo)

    Director

    • Tenure: 20.6yrs
    • Compensation: US$37.80k
  • Pat Botts (55yo)

    Executive VP & Director

    • Tenure: 15.8yrs
    • Compensation: US$519.77k
  • Mark Barkley (55yo)

    Director

    • Tenure: 1.5yrs
    • Compensation: US$28.73k
  • Ed Levy (70yo)

    Director

    • Tenure: 11.1yrs
    • 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$272.073m
  • 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 Analysis2019/08/19 23:40
End of Day Share Price2019/08/19 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.