MutualFirst Financial has reported a net income of $1.2 million for the first quarter ended March 31, 2008, compared to a net income of $1 million posted during the same quarter in 2007.
The comparative enhancement of income for the three-month period was primarily due to an expanding net interest margin and a mandatory redemption of Visa stock.
Annualized return on assets was 0.51% and return on average tangible equity was 6.80% for the quarter of 2008 compared to 0.44% and 5.79%, respectively, for the same period in 2007.
Total deposits were $678.1 million at March 31, 2008 an increase of $11.7 million, or 1.8% from December 31, 2007. This increase was due primarily to increases in core demand, money market and savings deposits of $11.2 million.
Dave Heeter, president and CEO of MutualFirst, said: We are pleased with the financial results to begin 2008. We continue to operate in a difficult credit environment, however, we believe we are effectively managing this environment.