Greensburg, 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.
BCS will be using My Race Pass pre-registration for this event, which is now available by visiting https://www.myracepass.com/tracks/1151/registrations/2726. VINTON, Iowa – Four IMCA divisions will be on the track, on the big screen and on pay per view when Benton County Speedway opens for the season this Sunday, May 24. The main fairground gate will open at 2 p.m. for the Drive in Theater. Restrooms and limited concessions will be available, but no beer sales, so bring your own cooler. The pits will close and everyone must exit by one hour after the last race. Pit passes are $30 or $12 for youth ages 12 and under when accompanying a parent or guardian. Reserved stalls will be honored. Pits open at 1 p.m. with hot laps at 4:30 p.m. and racing to follow. A maximum of 10 people will be allowed per vehicle. Cost will be $8 per person or $25 per vehicle and season pass holders will be individually honored. IMCA Speedway Motors Weekly Racing national, regional and state, but no track points will be awarded. Modifieds race for $100 to start, Stocks and SportMods both $60 and Hobbies for $45. No grandstand seating will be sold and a maximum of 10 people admitted with each car in the pit area. Security will be on the grounds to enforce social distancing. All social distancing guidelines must be followed. Face masks are optional. IMCA Modifieds run for $1,000 and a spot of the Fast Shafts All-Star Invitational ballot at The Bullring while IMCA Sunoco Stock Cars and Karl Kustoms Northern SportMods both chase $400 top checks and the IMCA Sunoco Hobby Stock feature pays $300 to win. Vehicles must be parked six feet apart and fans will be allowed to sit in lawn chairs in front of their vehicle while maintaining the same social distancing from other groups. IMCA.TV broadcasts the event, which features the first All-Star ballot qualifier of the year in Iowa. A portable Drive in Theater will be set up in front of the grandstand entrance in the grandstand parking area. The race program will be live shown live on a jumbo screen thanks to Shadoe Vogt at Cedar River Billboard and track officials will have an FM transmitter for fans to tune their car radio and hear the announcer.