MainSource Bank (merged into First Financial Bank)
MainSource Bank reported total assets of $4.6 bn at Q1 2018, its last Call Report before it merged into First Financial Bank. The CET1 capital ratio at MainSource Bank was 12.98%, and the uninsured share of MainSource Bank was 29.26%. Source: FDIC Call Reports.
Key takeaways
- Since , MainSource Bank has taken over 2 institutions; the latest was The First Capital Bank of Kentucky on (FDIC Call Reports).
What sets MainSource Bank apart
How large is MainSource Bank?
The balance sheet of MainSource Bank at : assets $4.6 bn, deposits $3.5 bn, net loans $3.0 bn (loans equal to 86.50% of deposits). Securities make up 23.6% of total assets at MainSource Bank. Since , when MainSource Bank held $3.4 bn, its assets grew 33.6%. In the year to , deposits at MainSource Bank rose 9.2% while its total assets rose 12.7%. At , MainSource Bank employed 763 full-time equivalent staff across 95 offices, about $6.0 mn of assets per employee and $36.4 mn of deposits per office.
How much funding at MainSource Bank is uninsured?
At MainSource Bank, uninsured deposits (above the FDIC limit) made up 29.26% of domestic deposits at (-1.73 pp on a year earlier). In dollars, MainSource Bank estimated $1.0 bn of uninsured deposits.
Key facts, Q1 2018
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $3.5 bn | $3.2 bn (Q1 2017) | |
| Net loans and leases | $3.0 bn | $2.6 bn (Q1 2017) | |
| Loan-to-deposit ratio | 86.50% | 81.93% (Q1 2017) | |
| Tier 1 leverage ratio | 9.64% | 9.76% (Q1 2017) | |
| Total risk-based capital ratio | 13.57% | 14.32% (Q1 2017) | |
| Net interest margin | 3.67% | 3.58% (Q1 2017) | |
| Return on assets (ROA) | 1.16% | 1.34% (Q1 2017) | |
| Efficiency ratio | 66.86% | 58.46% (Q1 2017) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $10.5 mn | Turned from a gain into a loss | |
| Noncurrent loans to total loans | 0.40% | 0.77% (Q1 2017) | |
| Net charge-offs to average loans | 0.48% | 0.02% (Q1 2017) |
US rank of MainSource Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
MainSource Bank: assets, deposits and loans
- Total assets $4.6bn
- Deposits $3.5bn
- Net loans $3.0bn
Capital and securities
The CET1 ratio of MainSource Bank stood at 12.98% in , -0.55 pp year on year. Low and high at MainSource Bank since : 12.84% () to 14.17% (). Equity capital of MainSource Bank at : $567.0 mn, or 12.4% of total assets. MainSource Bank also reported a total capital ratio of 13.57% for , and a tier 1 leverage ratio of 9.64%.
The available-for-sale portfolio of MainSource Bank showed an unrealized loss of $10.5 mn at ; the loss turned from a gain into a loss over the year.
MainSource Bank: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 9.6%
MainSource Bank: unrealized securities gains and losses
- Available for sale -$10mn
- Held to maturity $0
Profitability and loan quality
For the year to , MainSource Bank earned a return on equity of 9.29%; return on assets: 1.16%. Net interest margin at MainSource Bank: 3.67%, +0.09 pp in a year. MainSource Bank net income: $13.3 mn, down 2.0% year on year. The efficiency ratio of MainSource Bank was 66.86%: about 67 cents cost per revenue dollar, against 57 cents at the median peer.
At , noncurrent loans were 0.40% of total loans at MainSource Bank; net charge-offs: 0.48% of average loans. Gross loans and leases at MainSource Bank: $3.0 bn at , against $2.6 bn at .
MainSource Bank: profitability
- Return on equity 9.3%
- Net interest margin 3.7%
- Return on assets 1.2%
Peer group of MainSource Bank
The peer group of MainSource Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of MainSource Bank (state nonmember bank) and 0 have head offices in Indiana. Against them, MainSource Bank shows CET1 ratio 12.98% against a peer median of 11.92%, return on equity 9.29% against a peer median of 10.64% and uninsured deposit share 29.26% against a peer median of 30.03%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Univest Bank and Trust Co. | State member bank | PA | $4.6 bn | 11.01% | 8.71% | 40.08% | |
| Beacon Bank and Trust | State member bank | MA | $4.6 bn | 11.77% | 10.95% | 30.66% | |
| The Washington Trust Company, of Westerly | State nonmember bank | RI | $4.6 bn | 11.70% | 15.27% | 20.55% | |
| MainSource Bank | State nonmember bank | IN | $4.6 bn | 12.98% | 9.29% | 29.26% | |
| Dime Commercial Bank | State member bank | NY | $4.5 bn | 12.07% | 10.33% | 56.73% | |
| Great Southern Bank | State nonmember bank | MO | $4.4 bn | 12.38% | 11.04% | 1.43% | |
| Midland States Bank | State member bank | IL | $4.4 bn | 12.20% | 0.99% | 29.40% | |
. FDIC Call Reports.
Last eight quarters
Two years at MainSource Bank, to : assets $4.0 bn to $4.6 bn, deposits $3.1 bn to $3.5 bn, equity $496.3 mn to $567.0 mn. Staff 770 to 763; offices 94 to 95.
| Metric | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $4.0 bn | $4.0 bn | $4.1 bn | $4.0 bn | $4.6 bn | $4.6 bn | $4.7 bn | $4.6 bn |
| Total deposits | $3.1 bn | $3.1 bn | $3.1 bn | $3.2 bn | $3.5 bn | $3.4 bn | $3.5 bn | $3.5 bn |
| Bank equity capital | $496.3 mn | $506.8 mn | $490.8 mn | $493.3 mn | $572.6 mn | $576.4 mn | $579.1 mn | $567.0 mn |
| CET1 ratio | 13.79% | 14.17% | 13.88% | 13.53% | 12.84% | 12.88% | 12.88% | 12.98% |
| Return on equity (ROE) | 8.29% | 9.29% | 9.82% | 11.03% | 9.52% | 10.01% | 10.72% | 9.29% |
| Uninsured share of domestic deposits | 33.42% | 35.94% | 33.55% | 31.00% | 30.81% | 30.25% | 30.82% | 29.26% |
| Full-time equivalent employees | 770 | 768 | 790 | 783 | 867 | 829 | 803 | 763 |
| Number of offices | 94 | 94 | 95 | 92 | 102 | 102 | 102 | 95 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of MainSource Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Cheviot Savings Bank (FDIC certificate 27946).
- . Absorbed The First Capital Bank of Kentucky (FDIC certificate 34125).
- . Merged into First Financial Bank (FDIC certificate 6600).
Questions and identifiers
What were the total assets of MainSource Bank?
MainSource Bank reported $4.6 bn at in its Call Report.
Is MainSource Bank the same as its holding company?
No. This page covers MainSource Bank, FDIC certificate 5766; MAINSOURCE FINANCIAL GROUP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is MainSource Bank profitable?
MainSource Bank reported net income of $13.3 mn for the year to ; annualized return on equity: 9.29%. So yes: MainSource Bank made a profit over these months.
When is data for MainSource Bank next updated?
MainSource Bank no longer files Call Reports; its data ends at .
Where can I check the figures for MainSource Bank?
In the FDIC BankFind Suite record for certificate 5766, and in the Call Reports of MainSource Bank (RSSD ID 623445) at the FFIEC Central Data Repository.