MutualFirst Financial, Inc. reported unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest and dividend income of $16,748,000 compared to $14,109,000 a year ago. Net interest income was $13,584,000 compared to $11,713,000 a year ago. Income before income taxes was $4,592,000 compared to $4,231,000 a year ago. Net income available to common shareholders was $4,007,000 compared to $3,206,000 a year ago. Diluted earnings per share were $0.50 compared to $0.43 a year ago. Return on average equity was 9.81% compared to 9.09% a year ago. Return on average assets was 0.93% compared to 0.82% a year ago. Return on average tangible common equity was 10.53% compared to 9.23% a year ago. Non-GAAP net interest income was $13,862,000 compared to $12,101,000 a year ago. Adjusted diluted earnings per share were $0.57. Adjusted return on average assets was 1.05%. The increase in net interest income was a result of an increase of $162.9 million in average interest earning assets, due to the acquisition in the first quarter 2018 and organic loan growth, and an increase of fourteen basis points in net interest margin to 3.35%. Book value per common share (GAAP) was $22.28 compared to $19.42 a year ago. Tangible book value per common share was 18.97 compared to 19.13 a year ago. The company reported net charge offs for the first quarter ended March 31, 2018. Adjusted return on average tangible common equity (non-GAAP) was 11.90%.

For the quarter, the company reported net charge offs of $300,000 compared to $200,000 a year ago.