MainSource has record growth

Staff Reports

MainSource Financial Group, based in Greensburg, has reported full-year net income of $35.5 million for 2015, which is $1.62 per common share, up from $29 million, or $1.39 per common share, in 2014.

The company also reported fourth-quarter net income of $9.1 million, or 42 cents per common share, compared to $6.6 million, or 30 cents per common share, during the fourth quarter of 2014.

Excluding non-operating expenses related to the third quarter branch acquisition and branch closures, net income for the fourth quarter and year was at the highest level in the company’s history, said Archie M. Brown Jr., president and CEO.

“Our late 2014 acquisition of MBT Bancorp and the August 2015 purchase of five branches, combined with strong loan growth and checking account acquisition, were the primary contributors to our record performance,” Brown said.

Net revenue for the fourth quarter increased 7 percent from the same period a year earlier, and net revenue for the full year was 11 percent higher than in 2014, the company reported. Loans grew at an annualized pace of 15 percent for the fourth quarter, with a 12-month growth of 10 percent, it said.

MainSource in November announced the acquisition of Cincinnati-based Cheviot Financial Corp., a deal valued at more than $107 million.

MainSource has local offices in Columbus, Hope, Edinburgh, North Vernon and Westport, in addition to locations inside retail stores and ATM locations.