MainSource Financial Group (MSFG) Reports Q2 EPS of $0.38

MainSource Financial Group (NASDAQ: MSFG) reported Q2 EPS of $0.38, versus $0.27 reported last year.

Net interest income was $35.5 million for the second quarter of 2017 compared to $28.2 million a year ago.

CEO Comments

Mr. Brown commented on the Company's second quarter performance, "We had a very good quarter on an operating basis. Excluding the non-operating items mentioned above and the effect of gains in the securities portfolio, earnings per share were $0.53, an 18% increase from $0.45 a year ago. The addition of FCB Bancorp in late April, organic loan growth over the past twelve months and a very strong net interest margin were key drivers of our strong earnings performance."

Mr. Brown continued, "Loan balances were virtually flat on a linked quarter basis as loan activity was softer than expected. We are disappointed that we did not achieve the growth we anticipated. Our loan pipelines indicate stronger performance in the second half of 2017 and we are optimistic that we will achieve loan growth during the remainder of the year similar to our historic norm of mid to high single digits on an annualized basis. We were very pleased with our loan quality trends for the quarter as non-performing loans slightly declined and net charge-offs remained at historic lows."

Mr. Brown concluded, "We completed our acquisition of FCB Bancorp on April 30 and converted systems in late June. The transition has gone very well and we are very excited to have a meaningful presence in Louisville. We look forward to making a positive impact in the Louisville community and bringing additional financial solutions to our new customer base.

For earnings history and earnings-related data on MainSource Financial Group (MSFG) click here.

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