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2. MutualFirst Financial

Shares of MutualFirst Financial (MFSF) of Muncie, Ind., closed at $7.13 Wednesday, down 22% year-to-date. Based on a quarterly payout of six cents, the shares have a dividend yield of 3.37%.

The shares traded for just under 0.5 times their June 30 tangible book value of $14.34, according to SNL Financial.

MutualFirst had $1.4 billion in total assets as of June 30, operating over 30 MutualBank branches in Indiana.

The holding company fully redeemed $32.4 million in preferred shares held by the government for TARP assistance, partially replacing the funding with its new participation in the U.S. Treasury's Small Business Lending Fund, through which MutualFirst received $28.9 million in government funding, while issuing new preferred shares to the government for the privilege.

Second-quarter net income available to common shareholders was $1.2 million, or 18 cents a share, declining from $1.3 million, or 19 cents a share, during the second quarter of 2010. The provision for loan losses increased to $1.7 million in the second quarter, from $1.5 million a year earlier.

MutualFirst's tangible common equity ratio was 7.03% as of June 30 according to SNL, and the company's nonperforming assets ratio was 2.60%, increasing from 2.25% a year earlier.

The shares trade for eight times the consensus 2012 earnings estimate of 96 cents a share, among analysts polled by FactSet.

Both analysts covering MutualFirst have neutral ratings on the shares.

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