Greensburg-based MainSource Financial Group Inc. (Nasdaq: MSFG) is reporting a net income of $35.5 million in 2015, up from $29 million in 2014. Chief Executive Officer Archie Brown says the growth is primarily due to an increase in net interest income and the full-year impact of the company’s acquisition of MBT Bancorp.
MainSource is also reporting a net income of $9.1 million for fourth quarter 2015, up from $6.6 million during the same period in 2014. Brown says the net income for the quarter and the full year was the highest in the company’s history.
"Our late 2014 acquisition of MBT Bancorp and August, 2015 purchase of five branches, combined with strong loan growth and checking account acquisition, were the primary contributors to our record performance," said Brown.
In November, MainSource announced the acquisition of Cincinnati-based Cheviot Financial Corp. (Nasdaq: CHEV), a deal that was valued at more than $107 million. Brown said the integration planning is underway and the company hopes to complete the merger in second quarter 2016.