For the first quarter of 2011, the company posted a net interest income of $24.95m, compared to $25.23m for the same period in 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 $2.8 billion as of March 31, 2011, a decrease of $93 million 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.
The company's regulatory capital ratios remain strong and as of March 31, 2011 were leverage ratio of 10.2 percent, tier one capital to risk-weighted assets of 16.2 percent, and total capital to risk-weighted assets of 17.4 percent. In addition, as of March 31, 2011 the company's tangible common equity ratio was 6.8 percent.
Archie Brown, Jr., president and CEO of MainSource Financial Group, said: â€œTotal nonperforming assets (including troubled debt restructurings) declined 18 percent from the same quarter one year ago and 11 percent from the previous quarter.
â€œOur 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).â€
Will the firm further increase net income in Q2?
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