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MainSource reports increased earnings

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MainSource Financial Group Inc. on Monday announced first-quarter earnings, reporting net income of $6.2 million, or 30 cents per common share.

This compares to first-quarter 2013 results of $4 million, or 19 cents per common share.

During the first quarter of 2014, Greensburg-based MainSource announced plans to close three banking offices and incurred $600,000 in costs relating to those closures, according to a company news release.

This reduced earnings per share by 2 cents during the quarter.

During the first quarter of 2013, the company prepaid a $15 million Federal Home Loan Bank advance and incurred a $2.2 million prepayment penalty. This reduced earnings per share during the first quarter of 2013 by 7 cents.

Archie M. Brown Jr., president and chief executive officer, said he was pleased with the company’s first-quarter results. Reasons for the improvement were lower provision expense and lower marketing and collection expenses, he said.

Brown also said he was pleased with improving trends in net interest income, driven by a 9 percent increase in loan balances from a year ago.

Brown also mentioned the recently announced agreement to acquire The Merchants Bank and Trust Co. of West Harrison. The acquisition will “significantly strengthen our market share in Dearborn County and provide momentum to our recently opened Cincinnati loan production office by adding three offices in Hamilton County, Ohio,” he said.

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