MainSource releases Q3 earnings report

first_imgGreensburg, In. — Archie M. Brown, Jr., President and Chief Executive Officer of MainSource Financial Group, Inc. announced today the unaudited financial results for the third quarter of 2017.  For the three months ended September 30, 2017, the Company recorded net income of $11.1 million, or $0.43 per common share, compared to net income of $11.7 million, or $0.48 per common share, in the third quarter of 2016.  During the third quarter of 2017 the Company recorded $3.0 million of expenses related to the FCB Bancorp, Inc. acquisition and the upcoming merger with First Financial Bancorp.  In addition, the Company also recorded a charge of $1.2 million related to the closing of seven branches.  These items reduced earnings per share by $0.11.  During the third quarter of 2016, the Company recorded $0.6 million of expenses related to the Cheviot Financial Corp acquisition which reduced earnings per share by $0.02.Brown said, “I am very pleased with our operating results for the third quarter of 2017.  Our operating earnings per share of $0.54 were the highest in the history of the Company and represented an 8% increase on an operating basis over the prior year.  The primary driver for the increase in earnings was the acquisition of FCB in the second quarter of this year.  We have fully completed the integration of FCB and it is performing to our expectations.  Also contributing to our strong quarter was our excellent credit quality. Non-performing assets remain at a very low level and the overall level of problem loans declined significantly from the previous quarter.”Total assets were $4.6 billion at September 30, 2017, which represents a $588 million increase from a year ago.  The increase in assets was primarily related to the acquisition of FCB ($524 million) and organic loan growth over the past twelve months.  Loan balances increased by $21 million organically on a linked quarter basis, or 3% on an annualized basis   The Company’s regulatory capital ratios remain strong and as of September 30, 2017 were as follows: leverage ratio of 9.5%, tier one capital to risk-weighted assets of 12.8%, common equity tier one capital ratio of 11.3%, and total capital to risk-weighted assets of 13.4%.  In addition, as of September 30, 2017, the Company’s tangible common equity ratio was 8.4% compared to 8.3% as of June 30, 2017.last_img

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