For the first quarter of 2011, the company posted a net interest income of $24.95m, compared to $25.23m for the same period of 2010.
Total non-interest income for the first quarter of 2011 was $9.31m, compared to $9.83m for the same period in 2010. Total non-interest expense was $23.82m, compared to $22.48m for the same period in 2010.
Total assets were $2.8bn as of March 31, 2011, a decrease of $93m from the same period a year ago. The decrease was primarily related to a decrease in loan balances. Loans decreased $182m year over year and were partially offset by a $90m increase in investment securities.
Charge-offs of non-performing loans and overall weak loan demand continue to drive loan balances down.
As of 31 March 2011 the company’s tangible common equity ratio was 6.8%.
MainSource Financial Group president and CEO Archie Brown said total nonperforming assets (including troubled debt restructurings) declined 18% from the same quarter one year ago and 11% from the previous quarter.
"Our net revenue remained relatively flat with the first quarter of 2010. Net revenue totaled $34.3m compared to $34.5m one year ago after adjusting for insurance commissions (the company sold the property and casualty insurance lines during the fourth quarter of 2010)," Brown said.
