MutualFirst Financial, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest and dividend income of $20,836,000 compared to $15,026,000 a year ago. Net interest income was $16,417,000 compared to $12,264,000 a year ago. Net interest income after provision for loan losses was $15,847,000 compared to $11,894,000 a year ago. Income before income taxes was $6,312,000 compared to $4,883,000 a year ago. Net income available to common shareholders was $5,402,000 or $0.62 per diluted share compared to $3,751,000 or $0.50 per diluted share a year ago. Pre-tax pre-provision earnings were $6,882,000 compared to $5,253,000 a year ago. Return on average assets (ratio of net income to average total assets) was 1.07% compared to 0.95% a year ago. Return on average tangible common equity (ratio of net income to average tangible common equity) was 12.92% compared to 10.24% a year ago. Return on average stockholders' equity (GAAP) was 11.16% compared to 10.11% a year ago. Tangible common equity to tangible assets was 8.39% compared to 9.38% a year ago. Adjusted diluted earnings per share (non-GAAP) were $0.64 compared with $0.60 a year ago. Adjusted return on average assets (non-GAAP) was $1.11% compared with 1.05% a year ago. Adjusted return on average tangible common equity (non-GAAP) was 13.37% compared with 13.22% a year ago.

For the nine months, the company reported total interest and dividend income of $58,204,000 compared to $43,787,000 a year ago. Net interest income was $46,609,000 compared to $36,064,000 a year ago. Net interest income after provision for loan losses was $45,089,000 compared to $35,194,000 a year ago. Income before income taxes was $15,652,000 compared to $14,354,000 a year ago. Net income available to common shareholders was $13,573,000 or $1.60 per diluted share compared to $10,855,000 or $1.45 per diluted share a year ago. Pre-tax pre-provision earnings were $17,172,000 compared to $15,224,000 a year ago. Return on average assets (ratio of net income to average total assets) was 0.95% compared to 0.92% a year ago. Return on average tangible common equity (ratio of net income to average tangible common equity) was 11.34% compared to 10.14% a year ago. As at September 30, 2018, the company's tangible book value per common share was $19.50 compared to $20.06 a year ago. As at September 30, 2018, the company's book value per common share (GAAP) was $22.56 compared to $20.33 a year ago. Return on average stockholders' equity (GAAP) was 9.97% compared to 10.00% a year ago. Tangible common equity to tangible assets was 8.39% compared to 9.38% a year ago. Adjusted diluted earnings per share (non-GAAP) was $1.81, adjusted return on average assets (non-GAAP) of 1.07%, adjusted return on average tangible common equity (non-GAAP) was 12.85%.

The company reported net charge offs for the third quarter ended September 30, 2018. For the quarter, the company reported Net charge-offs in the third quarter of 2018 were $290,000, or 0.08% of average total loans on an annualized basis, compared to $418,000, or 0.14% of average total loans on an annualized basis in the third quarter of 2017.