Profile: MainSource Financial Group Inc (MSFG.OQ)
26 May 2017
MainSource Financial Group, Inc., incorporated on March 30, 1983, is a bank holding company. The Company operates a banking subsidiary, MainSource Bank (the Bank), an Indiana state-chartered bank. Through the Bank, the Company offers a range of financial services, including accepting time and transaction deposits; making consumer, commercial, agribusiness and real estate mortgage loans; renting safe deposit facilities; providing personal and corporate trust services, and providing other corporate services, such as letters of credit and repurchase agreements.
The Bank offers various loans, such as commercial loans, commercial real estate loans, residential loans and consumer loans. Commercial loans include secured and unsecured loans, including real estate loans, to individuals and companies and to governmental units within the market area of the Bank. Agricultural loans are generated in the Bank's markets. The Bank generates residential mortgages for its own portfolio. As of December 31, 2016, the Bank's total loans were $2.6 billion.
The Bank's investment securities portfolio consists of state and municipal bonds; the United States Government sponsored entities' mortgage-backed securities and collateralized mortgage obligations, and corporate securities. The Bank has classified its investment portfolio as available for sale. As of December 31, 2016, the Bank's total investment securities available-for-sale were $1 billion.
Sources of Funds
The Bank's sources of funds include customer deposits and securities sold under agreement to repurchase (repurchase agreements) along with shareholders' equity to fund earning assets. Federal Home Loan Bank (FHLB) advances are used to provide additional funding. It offers various deposits, which include demand, interest bearing demand, savings/money markets and certificates of deposit. As of December 31, 2016, the Bank's total deposits were $3.11 billion.
The Company's non-banking subsidiaries include MainSource Insurance, LLC; Insurance Services Marketing, LLC; MainSource Title, LLC; MainSource Risk Management, Inc., and New American Real Estate, LLC. Through its non-bank affiliates, the Company provides services incidental to the business of banking.
MainSource Financial Group Inc
201 N Broadway
PO Box 87
GREENSBURG IN 47240